 Hey everyone, just give me one moment as I get everything ready here. All right We are good to go So folks, thanks for tuning in to this episode of back to the futures with me markets and mayhem We're gonna be looking at a number of different instruments today stocks Futures commodities really going across the board should be quite a bit of fun But first got a couple of things to get through first Before we get the whole Presentation started here so a little bit about me my trading journey began in 2005 funding my own account trading stocks and then moving on to options futures and forex and Really cut my teeth during the great financial crisis, which was quite a lot of excitement pain Fun big gains big losses, you know the whole early trader journey thing I went through all of that and really the biggest lessons I took away from that on the longer term of trading was that macro and momentum equal opportunity You can't have one and not the other for a really good longer term trade set up But for the shorter term trade setups I also learned a lot about the ideal ways to manage risk and really that comes down to Be sure you always have dry powder for the next trade because even if you think you're a hundred percent right about something You might not be and so you always got to be ready for that next setup on whatever time frame you're on But especially that short term where you might be churning out a lot of trades in a short period of time So my approach is systematic. I look at momentum I look at price action options flows positioning as well as well as volume profile When I'm trading on various different time frames. I trade intraday all the way out to swing I also do a lot of investing investing is really the key when you make money trading you should invest it Right, so it's not about like getting your trading account to some obscene number. It's about consistently making profits Parking them in investments and having those investments grow over time So that's sort of the way I do it to try to make sure that there's always sort of a nest egg That's growing from those trading profits and if trading profits aren't happening then that's a question that you've got to ask What's going wrong? Why am I not making profits? You know, obviously every trade is not going to win But you got to cut your losers quickly. There's nothing wrong with being wrong. There's everything wrong with staying wrong, right? So I began working with book map in early 2022 because I saw a great value in the way their platform and Including really especially the heat map icebergs and stops Illustrated what's happening in the market Right, you can always have a dom and that they're they're useful and traders You know use them and gain value from them and I could absolutely appreciate that but what I like about book map is really the ability to Dive into both where liquidity has been and where there's interest That for me has added a lot of value. That's one of the reasons. I have it running every single day Even if I'm not trading just to get a better sense as to what's going on in various markets and after using book map for, you know, really several years and Incorporating it into my trading and seeing the growing role of options and how important they've been for price discovery Across the whole S&P chain single stocks ETFs, etc I built a tool called the advanced SPX options visualizer that focuses on the index options in the S&P 500 and Visualizes them in S&P 500 futures levels on screen. So we'll look at that once the market starts trading and Then Everyone's favorite part here the disclaimer the disclosure all book map limited materials information presentations are for educational purposes Only it should not be considered specific investment advice nor recommendations trading futures equities and digital currencies involves Substantial risk of loss and is not suitable for all investors past performance is not necessarily indicative of future results And if you'd like to follow my work You can check me out on Twitter and on YouTube same name mayhem number four markets mayhem for markets is my username You can also find my trading ideas coaching and tools at trader a comm for the advanced SPX options visualizer I built for book map that you'll see as we get into the cash trading session You can find that at trader a comm slash SPX and my long-term trading and investment ideas research and consulting services are available at macro visor comm and I live stream regularly including for book map every Tuesday at 9 a.m.. So be sure to come back and join me regularly here And now we're going to move on to book map on screen here So just give me a second to get all settled into this and Folks while I'm streaming here. If you have any questions about anything feel free to ask at any time I'll be checking around on the the YouTube channels and elsewhere as we go And of course on the book map discord. Good morning, Stephen. I Hope everyone else out there is having a great day. Thank you all for tuning in All right, so going into today. I think you know just a little bit of A holiday shortened trading week causing much lighter volumes yesterday had pretty significantly light volume Some said it was the lightest volume since the day after Thanksgiving So that's going to increase the potential for intraday volatility and what I mean by that is when there's less Overall participation in the market and you could see the order book for the S&P only has an order book depth pre-market of 38,000 Which is still low even for pre-market That tells you that you could have a little bit more erratic price discovery, right? What do I mean? So if there's less people participating in the market It takes less volume to move the market That increases the distribution of tail risks in either direction Right, so it's something that we have to factor in if we're going into today hoping to set up some day trades in US equities Whether it's futures or stocks or ETFs we need to be aware of that trading environment and for me what that means is less liquidity Amplifies the potential for volatility higher volatility potential means I take smaller position sizes and I'm much more careful about what trades I take Okay, so in that environment, I think it behooves us as traders To be a little bit more cautious because we don't know if we're gonna get this sort of fills if we're gonna deal with slippage What kind of moves that we might see realized in today? So I prefer to be just a little bit more careful in that environment Now I'm looking at 52 36 on ES on the Front month contract is really a key level I don't think we'll get back to that level today unless we see some pretty serious selling But that's a level that I'm watching with interest as a potential pivot because if we do move meaningfully below that level and build acceptance I think that sellers can take control on it on an intraday timeframe and push things lower And we do have a gap down there We could potentially look at filling but overall I'm looking at that as sort of my decision zone. So for now buyers are in control, right? We could see that with overnight futures The implied open here is you know a gain of SPX going up about a quarter of percent As we sit here at about 9 10 a.m. 20 minutes before the open Nasdaq implied gain of about a third of a percent on cash at the open and Looking around other commodities. We've got oil bit up just slightly to 82 20 We've got cocoa which is settling off its highs. It was above 10,000 earlier cocoa outperforming so many different assets just absolutely alarming trading like a cryptocurrency really there is a story with cocoa and The story is that there's been droughts. There's been disease. That's Harps that's harmed crop yields and on the other side Speculators hedge funds are absolutely piling into it. So that's one of the reasons it's become so overheated We've also seen some Resilience coming back and some of these the agricultural commodities that are grains soy soy oil wheat all starting to look a little bit more interesting here and of course Bitcoin recently topped 71,000 That's got the attention of many folks that are looking at crypto here And of course some of the peripheral sympathy plays in crypto if you look at things like You know Micro strategy yesterday as an example So there's definitely trading opportunities out there from my own perspective Looking at this from the longer term view from a from a kind of quarter to view is that if we continue to see this re-acceleration of inflation as a theme that there is some room for late cycle plays to excel here So I would be looking at things like industrials materials Utilities even because of the growing power needs in this country global copper miners energy stocks They all on a swing basis look very attractive to me And if you all been watching my work here on the book map stream and just overall You know, I've been pretty bullish on energy Even when we were in the high 60s and low 70s I felt we were going to go higher and I've been advocating Allocating to energy stocks. That's been some of the biggest plays that I've made in terms of Reflation plays this year and they've been pretty good overall, but I think we're still early-stage because comparatively speaking Those are still pretty cheap parts of the market So I still like that. So let's look around as we get ready for the cash open here First overnight session we can see this in the S&P. We had a nice little bid It pulled the point of control higher now. We're starting to see that rolling over a bit here pre-market Now this has gotten back to the level of interest we saw from SPX options buyers That's where the highest level of call interest was on yesterday's tape We can see that in the SPX options visualizer column on the right side here So it is an area where we see interest yesterday. We're back to that level today We'll be watching that as we get closer to the open and start trading Let's take a look at the Nasdaq here pretty choppy, but let's see. Does it have the same look? Yeah, pretty much the same look as the S&P kind of retreating to its overnight lows Russell building a little bit pre-open here But also kind of a similar look but not nearly the level of weakness In fact, you could argue Russell microstructure still looks a bit like an uptrend here and it looks like it just made a higher low So small caps showing a bit of resilience comparatively speaking crude oil This one has been getting stronger overall even overnight. You can see that there's a bit of a gradual rise in crude prices And there are still reasons if we have a world where central banks are cutting rates and economic growth is continuing You know and goods production is starting to get back to to kind of expansion territory There's every reason for crude and copper and other commodities to run Some of these commodities have risen over 20% from their quarter for lows So what that's telling you is there is a re-acceleration of inflation in some key areas and crude is a beneficiary of that that re-acceleration of economic growth and stimulation from central bank cutting led by emerging markets and Here's gold gold has been Absolutely bonkers all over the map. We did see a bit of a bid overnight We're coming off that bid here just a little bit But overall this also looks like a microstructure uptrend and we just appear to have made a higher low in gold So gold setting up pretty nicely today overall. Let's look at the twos probably not Terribly exciting, but we are seeing some selling here in the twos now just for folks out there that aren't super familiar with how these trade These are in futures for treasury two-year notes So when the price of these futures goes down the rate on those two-year notes goes higher, right? And so when we see those rates moving higher sometimes that can put a bit of pressure and equities when we're seeing a little bit of that this morning Let's take a look at the tenure note Similar look here as well a bit of a draw here. We had some economic data come out this morning with durables They came in stronger than expected as I recall and I think that's putting some upward pressure on rates And that's giving equities just a little bit of skittishness ahead of the open Let's take a look at the euro here Euro not quite as sensitive to that data release just sort of chopping sideways pre-market and we've got the yen Yen is weakening a bit versus the dollar pre-market here And we'll look at a lot of these stocks as the market starts trading But we'll take a quick look pre-market around some of these names as well. We have Nvidia on screen We can see there's a pretty large amount of resting liquidity at some of these key numbers that we'll be watching 960 where there's been interest in calls. We are seeing it build there But really 965 and as we zoom out the bigger numbers have some really large resting liquidity like a thousand Right a thousand's got forty six thousand eight hundred ninety eight hundred ninety eight on offer Right. That's a that's a pretty big offer there That is also an area where there's been a lot of options interest in this stock So just an area to watch but overall Nvidia has continued to move higher and the AI conference the announcement of the Blackwell chip Continuing to give bull some optimism on the stock. We also saw a little bit of a reset in the extended skew dynamics and calls on Nvidia You know basically allowing buyers to step back in with a little bit less resistance a little bit less distributive flows SMCI is also starting to climb back up It has not made new all-time highs like Nvidia but it is well off of its lows after it did that dilutive offering and Metta Metta has been one of the terrific two this year if we look at the mag seven they've kind of shrunk to the terrific two overall And to me what that's really telling us is that that leadership from you know, what was once Apple alphabet Tesla Amazon Microsoft Nvidia and so on that shrunk to really meta and Nvidia in terms of that Component of mega cap growth in tech Leading the way and of course we see Tesla really is one of the worst stocks in the S&P I think it is the worst stock in the S&P 500 this year Apple really can't catch a break and Google's trying to fight being the odd one out of the Used to be a member of the the mag five club, right? But I think we are really down to the the terrific two in terms of that's where the most leadership is it is Hinged on this AI story and we need to see something kind of validate that. I think we need to see in my view Earnings for this quarter start to show companies attributing Bottom line expansion and productivity growth to AI so we can say there's some real staying power to the story But nevertheless that that's the terrific to and that's the story there And we do see some little bit of weakness to some of these You know heavier weighted stocks pre-market just flashing across the board here through meta Amazon Microsoft Apple Google and Tesla here Now Tesla is above a pretty key level. I still like watching 177.77 is a key pivot for the stock it has pushed above there, but it is still overall in a downtrend Let's see if the Bitcoin data is working here. No, it's still saying connection is lost. We'll revisit that next week I do want to start covering Bitcoin on here as well And we do see a little bit more selling pressure coming in pre-market here or just about 10 minutes away from the open And so the durable goods order this morning just going back to that the actual print month over month was 1.4 percent versus a forecast Is 0.7 percent so that was a pretty big gain. I think that was one of the reasons we got a little pressure upward on rates We also got Johnson Red Book year-over-year actual came in at 3.9 percent prior was 3.4 percent Well, it's interesting. However, is if you look at retail sales with a little bit of nuance what you see is they're actually In real terms Not growing right? So that's a bit of an issue Because if you're looking at the consumer and saying wow everything is so great, you know They've never done better. That's true of the top quartile top 25 percent are absolutely loving it The bottom two quartiles not so much where interest spend is is really surging on their credit cards as they've been using them to Fill the gap in the the family budget because prices have gone up and wages have not really risen commensurate with that And we see that in real retail sales What that's showing us is if you net out inflation people are paying more to get the same or less So just something to take into consideration when you see those Johnson red book numbers year-over-year showing growth It's not exactly what it looks like. It's a nominal measure So it's not factoring inflation and inflation even though it has come down is still a concern We also got the home price index just about 22 minutes ago The forecast for that was 0.1 percent, which was also the prior reading. It actually came in month over month lower at negative one tenth of one percent And coming up at 10 we'll get the Richmond Fed manufacturing index And then at 10 30 the Dallas Fed services index and then we have a five-year auction coming up at 1 p.m So that's today's Event volatility catalyst calendar and the five-year auction probably the one that has the most potential But yesterday's two was not terrible. It did have a bit of a tail But um overall it was well received foreign bidders were were at the auction buying up a fair amount Now I would also say that a smaller pivot today as we're looking at s and p futures would probably be about 52 80 Now we see the midpoint on screen from yesterday's options interest around 52 85 But we also see the most active put right around 52 80 and there is still a reasonable amount of resting liquidity below there I think if we do slip below 52 80 we do still have Some room to the downside intraday, right? That's another level that I would watch just based on the four hour s and p chart And let's just zoom out a little bit here So we can see we are making new lows from the overnight session to the present in the s and p futures Got a similar look in the Nasdaq here as well We're just about five minutes away from the open with all of this happening And the Russell not really showing the same look. It's actually surprisingly resilient in comparison So we'll go back to the s and p and we'll zoom in a little bit here as we get ready for that opening bell Hope everyone out there is having a good week so far It is a holiday shortened week remember that even though we get pce data on friday It is good friday. So the markets will be closed So be sure to kind of Set yourself up for three day weekend mode here I hope you all have some fun plans ahead And once the market opens we're going to get some more data that we can parse here There will be more options trading and single stocks and ETFs Which i'll be looking at as well as in spx, which we will see visualized on screen In the s and p 500 futures contract with my advanced spx options visualizer Usually starts to populate around 10 15 minutes in when there's been enough flow to really register Looking around the commodity complex this morning off screen coffee has got a pretty good bid up about 2% Sugar up 1.3% cotton up 1.4% lean hogs up 2% gold's up about Three quarters of a percent here and cocoa shedding some of its gains now up just about 0.67% All right, we're going to go ahead and and follow on with that and just roll our gold contract over to june And as i do that i'm just going to spend a moment to kind of clean up the chart here And just move the tab over to where i Usually keep it right around oil All right, we've got less than a minute until the market opens here And we could see the heat map getting a lot hotter as we approach the open liquidity really coming back to the books but not in a major way that would say okay We don't need to worry about vol right so we have about 35 000 order book depth Just as we get to the open here now s and p when it's more liquid has between 50 and 60 000 So it gives you a sense. It's still a light week still a light day And we have just hit 930 the markets are now open and that real lack of reaction the s and p there kind of Tells you how light it is usually you get a little bit more vol in that first You know 30 seconds to a minute not seeing it quite as much yet Let's take a look at the nasdaq here And we're going to zoom in a little bit more here. It looks like it's trying to find a bottom but so far I would be a little bit skeptical unless we start to build some acceptance really above 185 75 see it's Just pretty volatile here And a 72 million in balance to the buy side on market on open here We are seeing nasdaq now slip to new lows, but it's a volatile open so far Take a look at the russell here Russell just doesn't care about the nasdaq and the s and p it's doing its own thing I mean some of this has to do with the way that the russell is highly shorted So it tends to do well When the other indices are not doing as well, but I think there's a little bit of a different story There's also an increasing appetite for small caps Oil here getting just a little bit more of a bid we'll zoom in on this one as well But it's starting to build a base here at 82. It looks like pulling up that point of control We've got the new gold contract on screen for june. We do see a reasonable resting offer above us, but Nothing too big and then 2200 a pretty reasonable resting bid as well as 2204 and 2208 Let's take a look at some of the most popular stocks that people like to follow including invidia Pretty volatile trade so far in this one Just sort of chopping sideways at the open SMCI showing a similar look here, but a little bit more distributive pressure Meta zooming out of the open here up up about two and a half bucks Amazon dropping a bit here Kind of continuing that pre-market look with a little bit more vigor Microsoft chopping sideways a bit more volatile apple dropping Google chopping sideways as well And tesla well tesla is doing what tesla does It is a bit more volatile as well And then the semiconductor etf getting a bit of a bid after a drop right at the open here So we do see some buyers coming back into s&p futures We see the point of control coming down just a little bit here But the volume bubbles the fact that these delta bubbles are becoming more green That is showing you a little bit more buyer absorption of selling pressure here You're seeing that buying pressure build just a little bit It's a nice reversal up above the point of control now testing it And you can see that heat map also getting hotter more liquidity coming in but it's still rather light It's only 38,000 order book depth And see how the Nasdaq is faring here a bit choppier as to be expected with the high beta beast cousin of the s&p 500 But getting a decent bid here We'll zoom out just a little bit. We can see the point of control is quite a bit higher We do have some interest here Right around 18620 overhead Buyers putting in a nice nice little fight here I like to look at the 20 minute opening range So we're just starting to form that we're in the first four minutes of forming that 20 minute opening range So we'll see how that progresses We also see a lot more call activity than put activity and the unusual flows the signal stream that I tend to watch We have calls coming in for Nvidia Micron city group Micro strategy tesla smci square Palantir all across the board Talking about millions and millions of premium paid and on the put side, we just have triple q tesla and z scaler So, you know when when the calls outpace the puts puts this aggressively in the unusual flows It is usually bullish in today And we're looking at tesla 180s for this friday about 125,000 in premium paid for those And then another sweep for 180s this friday about 839,000 in premium paid for those so let's take a look at tesla some pretty interesting call flows Coming through on that one here Yeah, boy. There you go You can see it in the price action those sweeps really helping to push the price up A lot of targeting a 180 this morning if you just look across all the sweeps in tesla And now we got two tens two tens printing for April 26 142,000 in premium paid for those two tens tesla continuing to be bid here Got tesla 200s coming across 392,000 in premium paid for those expiring may 17th tesla 230s may 17th 106,000 in premium paid for those so we can see you know when when this amount of flow comes into a a stocks options You know market makers have to hedge their exposure. They're not just going to sell calls and risk All that exposure having to pay out a higher price if those calls increase in value So they hedge their delta by buying shares Right. So when you get really aggressive call buying it has an impact on the actual underlying asset in this case You've got market makers buying some of those shares and that accounts for some of that pop we saw And tesla skew is not too stretched. So it doesn't take an enormous amount of flow to really push this thing Got some microsoft 425s coming in for april 26 125,000 in premium paid And tesla 185s 400 5000 premium paid for april 19th on the call side So just they just keep coming through on tesla In fact, this is one of the first days. I remember in a while where we're seeing tesla and invidia kind of competing for who has the most unusual flows micron 120s and 120 ones about 672,000 in premium for april 5th calls We'll take a look at micron that one's been a pretty big winner And it's a beneficiary of the whole AI race here as memory is pretty important So let me just take a moment to get micron on screen. We can see what's going on with that one And i'll just clean up that chart And see if we can backfill it by two hours or so. We'll give it a minute And there's that 120. That's one of the strikes. They were targeting pretty aggressively 120 ones above there as well Also see smci amazon jp morgan and invidia calls all coming through. There's just such aggressive call buying going on right now Just lighting up my screen micro micro strategy 2100s for this friday triple q 452 383,000 in premium for april 19th And on the put side there are puts coming through there are some teslas, but it's just pales in comparison to what we're seeing on the call side tesla 200s 170 for april 19th We'll go back to tesla here. See what what's going on there. It's building This makes sense. I mean look the amount of sweeps that are happening in this stock tell you that there is a lot of interest It is causing hedging pressure and that pressure is causing shares to move higher So we're going to focus on where the interest is because hey, it's interesting so For for home gamers, you can always look at a service like benzinga To to look at call and put flows and you can set up your own scans and things like that I have data directly from cboe that i'm parsing as well Through a python routine that i've developed So that's something that i'm building on that will eventually be a publicly available product with a little bit more fine tuning capabilities But there are some you know basic Scanners out there that you can use right now as well Also, i'll be looking at creating single stock Options tools for book map as well We can see there's a bit of a of a latency issue here with rhythmic on some of the other feeds So we're going to just stick to the stocks for right now as that works itself out You can see tesla continuing to build here Micron not seeing the same kind of pressure. So it's really tesla. I'm just going to quickly restart book map as As it has that rhythmic data issues to just bear with me one second Yeah, so what I was saying with the option sweeps is again, you know, there are services like benzinga out there We do have a great discount for trade raid members I think you can get up to 40 off If you're a trade raid member of of benzinga pro and it's not cheap So actually it's cheaper to become a trade raid member and get the discount Um But yeah, that's that's what I would say is is probably going to be your best bet as a home gamer And then I'm working on a tool to filter out the flow That we can see it inside a book map or with more customizable alerts So that's something that uh, you know, you can probably expect Q2 q3 of this year when I get done with that software development Seeing tesla 180 fives for this friday coming through about 160 000 in premium s and p slipping a bit here You know, really not a great look for the s and p this morning not able to get off the mat Nasdaq also slipping although off of its lows for now And russell wow, look at that. I just gave up the ghost completely It was it was the relative strength performer pre-market and just completely gave it all up You can count on russell to do things like that. It is it is an absolute champion At disappointing people unless you were shorting it then I imagine you're overjoyed You can see tesla still still building that strength here I don't really pay a whole lot of attention to dark pools to be honest with you I don't I mean, maybe some folks can generate alpha consistently using dark pool flows But to me, I don't have a really strong sense as to what's happening and why it's happening So I don't necessarily put a lot of stock into that personally because there's a lot more clearing happening on exchange than off exchange So I'd rather just pay attention to what's happening on exchange I personally think dark pools have been given way too much attention and significance Root has some really heavy flows. This one had a big squeeze higher and They're now targeting Looks like the 60s for may but not seeing much of that in the price action of root today Probably because these are farther out options But tesla continuing to build this has been a decent A decent little pop here. We had that acceptance built above the point of control and then we continued to rally on those aggressive sweeps And that flow continues. We'll be watching that as the day goes on. We're just going to shift back over To us markets here at the index level and look at the s and p So again, just contextualizing this from the pre-market action You know, we've got this little bit of a pop off the lows, but overall it's it's been kind of uh more of a consolidation here After sliding pre-market off the um overnight highs in the morning highs Now we should start to see those most active options levels coming through any moment now From the spx options visualizer Bookmap global is is pretty awesome. I I really like the stops and icebergs functionality for the s and p and naztac in particular I think that's such an important part. I mean, there's a lot of different ways of of measuring You know, uh absorption and there's a lot of different assumptions made about where icebergs are happening I've seen traders talk about all different things about what they think is an iceberg But what I really like about book map and the way they contextualize the data and what comes through from rhythmic is that You know, what is an iceberg? It's not guesswork It's not looking at a session volume profile and some big bump in it and saying boy I think that's an iceberg Well, you don't know unless you see the order flow and what's really cool about book map is you do See that iceberg order flow, right? So there's no guesswork and I'll be quite frank a lot of the folks out there that are calling certain things icebergs on the volume profile They're not icebergs I'm just I'm just putting that out there. It's important to understand what an iceberg is. So let's talk about it Let's say you're a really big institution And you've got a you've got to offload, you know, 50 million dollars worth of s and p futures But you can't just put that out there on an offer If you put that size of an offer out there, you'll probably scare folks away So typically what you're going to do to make sure you get better price You know fulfillment on your order is you're going to hide the total size of what you're trying to sell So if you've got 50 million on offer, maybe you maybe you hide it as 5 million on offer And you do 10 rounds of it So what happens is with an iceberg you're going to show that 5 million of your 50 million on offer And every time that's cleared there's going to be another 5 million that comes up until all 10 lots have been filled right So when you're doing an iceberg order as a larger trader your goal Is to get out of that trade at the best price possible without sort of showing the market your hand So seeing that happen from those larger less price sensitive traders Is a really important part of the order flow if you see really aggressive iceberg selling Into a rally you get a sense that some larger, you know, larger desks are taking profits there And if a lot of small stops were blown out into that rally You can kind of get a sense that maybe momentum is starting to get a bit more exhausted And we may have a good area to start taking profits into and if we do see a momentum reversal in price It can also be a short signal. So knowing what's an iceberg rather than guessing what's an iceberg is so important So we do see twice as much interest in puts versus calls for spx so far And we see that also the asterisk by the hot put telling you something else That's telling you that across the entire s and p chain There is more put demand more put transacting Then there is call transacting So I would say that right now what spx options are telling us and we're starting to see the hot call level perk up Now we've got the midpoint painted on screen. What we're seeing is this is right now a market in balance It's no coincidence that the midpoint has been painted where the point of control is and where price is Right, so we see there's demand for calls up here, which would be yes 53 20 there's demand for puts down here around 52 60 But because that supply and demand Is relatively balanced My tool has created the midpoint on screen And that midpoint is telling you that, you know, we have three methods of analyzing an auction to understand the distribution Of supply and demand you've got excess supply, which is selling You've got excess demand, which is buying and you've got a market that's in balance Which is sort of, you know Around the same amount of buying and selling around the same amount of demand for calls and puts That's where we are right now and that's why the midpoint is on screen And it lines up pretty well with the point of control because you have that real convergence there So for now, I would say that options are telling us this is a relatively Balanced market for now. Thank you. Thank you Still seeing that tesla options demand start to pick up now looking at 190 strikes getting a little action Let's switch over back to our Tesla chart here Still seeing a bit more upward momentum being built here Not necessarily the same level of interest we had before And the flow into tesla calls has also slowed just a little bit Yeah, and if you do buy bookmap global be sure to take advantage of the discount you can find in the description You can get up to 40 off Going through that affiliate link that we have and the team at book map are great They've got tons of videos about how to set yourself up about You know how to use the different tools they have and of course, I'm here every Tuesday talking about how I use bookmap So we're all happy as a community here to help you get set up and make sure you get the most out of bookmap Tesla 185 is another 130 35 000 in premium paid for the april 5th strike Yeah, the folks over there are great. They'll they'll always take care of their clients anytime I have a question about bookmap they they're able to provide an answer and you know able to do it pretty darn quickly too So we see tesla continue to build that positive momentum here as we just saw more sweeps coming across the 185 Strike has been popular and we see the resting liquidity pretty strong there off the open as well another tesla 185 sweep for this friday 119 000 in premium paid Again, we're seeing the effect of that option buying in real time through bookmap in the liquidity of the stock Now I'll build some individual tools for the the mag 7. I'll create Options visualizers for those that's kind of my next project Is to create something where you have the ability to see what we see in the s and p But for these single stocks and then also for the etfs like spy Iwm and triple q so more tools coming out soon. That's the next area. I'm really focusing on Let's go back to the majors here. I've got just about five minutes left I want to thank everyone for tuning into this stream. I will be back on the book map stream next tuesday at 9 a.m. Eastern Of course, if you want to learn more about book map Check out trader a dot com slash book map You can get up to 40 off on that affiliate link and learn more about how the program works If you're interested in the spx options of visualizer that visualizes these flows that are helping to move the market You can check out trader a dot com slash spx and it'll bring you right to the book map marketplace Of course, you do need book map and you should be using You know either the es contract with dx feed or rhythmic to take advantage And someone asked me on the book map discord. Do I screen share on trader a yes? I do I try to stream regularly um, and then I also Share trade ideas and educational resources about book map about swing trading and beyond on the trader a discord And folks if you're interested in longer-term swing trades and investing check out macro visor dot com where we feel macro and momentum Make for great opportunities And let's just zoom out as we start to wrap up the stream here We can see that this has not been a particularly great session For the s and p the naztac just a little bit more resilient here But still struggling none nonetheless rustle coming off of its lows, but gave up those pre-market gains Crude starting to build a little bit after a recent draw Gold above 2200 overall gold showing some resilience here may be starting the next stage of a breakout Two-year notes. Well, not a lot to see here this thing coming down a little bit after stronger than expected durables orders Let's look at invidia here invidia coming off of its highs, but still trading around 953 smci Continuing this sort of idea of pushing higher the stock had a beat down after it did a dilutive offering But now it's trading at 1080 again Meta coming off of those highs that pop we had right off the open being given back a bit Amazon selling down a bit here as is microsoft apple pushing higher after some selling earlier google consolidating here and tesla Well tesla has been relatively strong and we've seen it in the options flows today And seeing more invidia sweeps coming through 960s 955s about 500 000 in premium paid for this friday And folks if you have any questions about anything, let me know You can always shoot me an email mayhem at traderade.com You can message me on twitter. My inbox is open Whatever works best I always want to make sure that folks that are watching get some value out of these streams That's the whole purpose of me doing them I want to try to educate to share to give it some insights about how I look at these markets some the inner market relationships that occur as well Remember, we do have a five-year note auction coming up with results posting after 1 p.m It's probably not going to be a huge event, but it's always worth at least watching those auction results So what you see now doc holiday is there's a plus at the hot call So what that's telling you is this hot call is the most active strike on the entire chain But there's no asterisk there because across the entire chain. There's still more volume and puts And the midpoint is still on screen because overall this is still an options flow paradigm that's relatively in balance You got it Just got about a minute left on the stream Yeah, cb consumer confidence at 10 a.m Not often a big market mover, but it is a good one to watch as well Particularly just looking out over longer term. How is the consumer feeling? We have had a mixed Set of data about the consumer the top quartile are doing quite well the bottom two quartiles not quite as well This has everything to do with the top quartile being really asset heavy So they're enjoying gains and stocks in real estate They're also enjoying being able to park money in a savings account and earn four or five percent Whereas the bottom 50 percent are more, you know having to do with higher rates on their debt and aren't as asset heavy So this has been more of a I would say challenge challenging environment with Inflation, you know not being forgiven that is to say prices haven't come down while the rate of changes slowed prices are still moving higher Yes, that is all part of book map if you look at the At the screen here. You see the Current order book That is everything that is on offer Above and everything is on bid below. So offers are red bids are blue You've got the session volume profile, which shows you where there's been Transacting in the market, right? So you can see where there's been a lot of buying and selling Buyer these are all deltas. So buyer excess is in green seller excess is in red And then the spx options visualizer is a tool that I created which is available in the marketplace on book map So I want to thank everyone for tuning in really appreciate it I hope you found this enjoyable and useful the recording will be available immediately after it closes So if you didn't catch the whole thing or if you wanted to review it again Please be my guest and to find more about my work visit trader aid calm and macro visor calm And thanks again everyone. I hope you have a great rest of your week And remember we've got friday off three day weekend ahead. Take care