Transcription
So when you talk to institutions about markets, they often mention gap fills. Over the last 24 hours, we saw one fill, but could there be two more to come as volatility starts to spike in markets around the world? And which areas should we be focused on as traders and investors?
In today's video, we break down some of the key points that have happened, including some of the big warning signs that we saw over the last two sessions, and why we might all need to be focusing on gold as it enters into a bare market once again. Could we be going for the first major support? Guys, there's a lot happening in markets and that means that we need to discuss stocks, commodities, and cryptos together. This one's not to be missed and we'll see you very soon.
Well, welcome back, guys. It's great to have you here. And today we're discussing everything in markets. Whether you're a trader or an investor, we'll be talking about the macro, the darkpool flow from Wall Street, and of course, plenty of other things. But did you know that actually twothirds of the market was almost up over the last 24 hours? Yet because big tech was down, we had some extreme volatility. It really is a sign of things that could be coming. And if it's like 2020, we'll talk about that a little bit later on.
Today, we'll be covering everything in terms of flows, price action, and of course, the data. But we'll start off here with sentiment because sentiment has been one of those things that kind of changes with a click of of your fingers because it is moving so quickly here in 2026. It just goes to show why we stopped using this read about a year and a half ago. Take a look here. Agreed was a week ago. Now we're in fear straight away. And we're only a couple of percentage points off the all-time high when it comes to the S&P 500.
Now, what has been kind of working has been the idea of the KISS principle. Keep it simple, smart. Remember on this channel we're about the abundance mindset. There's always another opportunity. There's always something else happening in markets. There's always another sector, stock, market, index, and something else. We are always around abundance. But when it turns to keep it simple smart and the VIX goes over 20, we want to always kind of bring back markets to one of these key things. And one of those can be moving averages.
Now, since March, we've been talking about the idea of the 2hour 50 exponential moving average. And I don't see this mentioned too often, but it's been fairly good. Over the last 24 hours, we talked about how what was dynamic support may become dynamic resistance and actually nailed this level during the open of the session and then proceeded to sell off quite aggressively. Now, we do have CPI numbers coming in less than a few sessions, which means that we need to be paying attention, of course, to what's going on next, and we have some data on that a little bit later on. But you can just see here that not only has the market acted pretty technically in spite of all the news going around, but we can keep things simple sometimes when it comes to these markets and having a look at those next levels.
So, let's begin here by talking about the gap fill. A lot of people are mentioning this one because of course the first gap has been filled now successfully and the market rallied off that point basically coming straight back up and this gives us a couple of key levels because at the moment we're going lower low high lower low that is we're in a downward trend on many of the market uh points and we may have just ch started to change trend on the daily which is very important. Do we have other gaps? There are arguably a few gaps kind of left here by the markets over previous periods, but two main ones stick out that are around 68 6880 and 6600 due to just a very aggressive market back in March. And this of course, you know, brings up that question. Could we be seeing another two to go?
Well, to answer that kind of thing, we need to look at what is the market doing, not what they saying. What is Wall Street actually doing in terms of the flows? And guys, this is where it gets kind of gets interesting because as you know, one of the things we look for in Wall Street is that we actually look for the market to rotate. And at the moment, this is exactly what's been happening over the last 5 days. So, we took this chart here from Koi and as you can see, healthcare has actually been the best performer. Now, funnily enough, it actually started to perform before the drop. And sometimes this is what you can see. And if you go back to some of our other videos, we talked about healthcare. It's kind of a sleeper market, which has been incredibly bad for quite some time. but just started to fire up. Also, you generally expect when markets are turning defensive, staples to be up. And funnily enough, also financials are up, which indicates that we might be seeing breakouts in yields because financials are quite correlated to that as are often energy stocks, which held pretty well.
What's not doing so, you know, kind of hot? Well, all those things that absolutely ramped over the last couple of weeks. Metals, solar, clean energy, semiconductors, these types of markets have struggled. But let's talk about this chart here from macro charts because I don't think I can remember a period of time when the market is so quick to react to something. Obviously, the concern of the AI bubble is what is causing this. You would have to think in markets. But according to the latest chart here from macro charts over on X and macrocharts.com, you can see here that we just hit a record in terms of put volume and the markets only just sold off a couple of percentage points. Wow, that's pretty wild because when you get puts this high, usually you're at actually a low point. And if markets do hold under some important zones that we'll look at later in today's video, then you're entering into negative gamma. So yeah, puts they're everywhere and it only took a couple of sessions. That is pretty nuts indeed.
Let's now take a look at a couple of other things that have come through. And this is where it gets interesting again because of darkpool activity. Volume leaders here shows that there have been quite a lot of large trades. And I saw in the comments down below that you were mentioning things like are we just seeing more number ones or is this always a common thing? Well, I can say that number ones aren't uncommon on different market areas and sectors, but to have so many number ones like we're getting in 2026, particularly clustered around these highs is a little unusual.
So, let's have a look here first at the S&P 500 where we got the fifth largest trade ever recorded on SPYM as the markets rebounded. Now, I think it's also important to note that as the S&P made that higher high today, and remember that's when the NASDAQ hit the 2-hour 50 exponential moving average, we actually saw a sweep occur at that point. Now, for anyone that doesn't know, not only is this a dark pull, which means two trades between institutions kind of went through, but at the same time, it was a sweep, which means it was done with haste. It was done with I want to get it filled at any price. And you can see sometimes when sweeps occur, we get really quick price movement. Another example of this would have been IBIT from just the other day where we got a sweep and the markets proceeded to then sell off tens of thousands of dollars on Bitcoin. So, just goes to show that sometimes it's a very important read. And although we can only really capture it after the end of the session, it does just go to show that there's some bigger players at force sometimes here at those key technical levels. And I think that's exciting for all of us as traders and investors as well because we can see it on the charts.
Now, there are a couple of other things that are interesting. Small caps as well have had quite a lot of clusters here. You can see ESML, which is a kind of IWM style narrative, has a whole bunch of transactions on it. And this kind of goes with what we've been seeing recently, which is that around this price, that is around this kind of area that we've now retraced back to, we're starting to get some monster transactions. EW, arguably one of the most important sectors or indices in this case, cuz of course it's the South Korean market, saw the number one largest transaction ever on it at the lows, which it's still holding at this stage. But if this level is dropped, that could be incredibly significant. So, should all eyes be on this? Yes, we need to be paying attention. The Q's also saw a whole bunch of transactions around this area and then a bounce. And then, of course, we now know that we have also a little bit of darkpool activity up the top that's pushed it down and rallied it back to this point, making the next 24 to 48 hours and the CPI number even more important when it comes to expectations and of course volatility that could be there.
But what about the CPI in itself? Well, most of the forecasts here for the CPI have headline around.5% and core at about 22%. Previous month was 64 and 38. So you can kind of get here an idea that actually the market expects in inflation to actually lower and in general that comes from across all of the biggest banks. Now in terms of how markets move around those types of periods of time that gets a little bit more interesting. The estimate is that if the S&P 500 will see a rate between.3 and.35% on the core that we might fall between 75 to 1 and a half%. We don't know that's going to happen but you can see here based on blue kurdic market insights that in the past we have had some fairly volatile days with a bit of a coin flip style market. Now if it comes in really hot.35% plus that expectation is that we might fall between 2 and 3%. Because what will happen is we're going to get a change in what expected yields are going to do. And if we have a look here at yields which we have here from duality research already the market is now expecting that we will have upwards of possibly two hikes over the next 12 months. Now remember we go back to 2025 for just a moment and the expectation was multiple cuts. So all eyes are going to be on yields over the next 24 to 48 hours. US 30-year in particular and of course treasuries as well as we may see some fancy stuff happen as well with the Bank of Japan 160 is of course an important area and if you're not familiar with that check out our previous video we did discuss it.
Now why is this all important? Well this week is more than just one thing. It's not just the CPI that we're looking at. It's also the increased volatility and of course the interest in the IPO that is SpaceX coming in this Friday and this is going to be a huge one. We will be live streaming the open to have a look at it. Of course, it's one of those monumental days. So guys, if you're around, if you're interested, subscribe to the channel, smash the like button, hit the alert so you get these alerts. And I'm really excited to at least discuss this with you because one of the things is we're witnessing history. We just don't often see these types of alltime mega style IPOs. And this year we might even get three of them.
Now why is this important? Well, Polycarp actually put together a pretty cool chart here which just shows over on X if you want to follow Polycarp. And you can see here it just goes to show that when it comes to IPOs, often the really dangerous period is over that first 3 to 12 months because that's when you start to get the unlocks of the overall stock. So is it going to be volatile? I would say you've just got to put risk management in place and understand kind of what you're getting involved in when it comes to these markets.
A couple other things that are important is why is this market rebalancing? Well, part of it is geopolitical tensions. Part of it is longerlasting higher for longer kind of pressures on the economy, but it's also questions about the use of AI. Now few weeks ago we talked about the costs of tokens and going up and tokens are becoming more expensive as it becomes more aware that certain companies are busting their token budgets within just a few months. I think Uber came out and said they use 12 months budget in just 3 months. And we've recently heard unverified reports that certain businesses are spending upwards of potentially half a billion dollars in one month just on the cost of AI bringing the question up of return on investment. Now whenever you have a high multiple which is of course in those sectors then we start to say well are we in a bubble and will this thing pop and the big question really doesn't come back to will that happen eventually probably will at least in my opinion but at the same time is when and this year we've been talking about earnings earnings earnings and IPOs IPOs IPOs and we can see here that 21 times was where we just recently reached the market according to duality research and we could be still going up to 22 or 23 although that's going to be hard to justify without more debt being written into the system. And I think that's an important point. We need debt to be written into the system. And at the moment, that is coming from the Magnificent 7, which is why we've been tracking them so closely because, as you guys know, over the last couple of sessions, we've seen the Magnificent 7 actually weaken, particularly Apple, uh, and some of the others to the stock market. And this just goes to show that they're buying the picks and the shovels. They're buying the hardware, but at the same time, the market's saying, "Well, wait a second. How much debt are you really going to go into for this? And are you paying too much?"
Now, does it lead into VIX seasonality and of course midterm seasonality? Well, for markets to turn volatile, often it happens throughout the back end of June into July during midterm years. And one of the reasons why this occurs is we often get VIX spikes around this time. And this is now the question, are we going for a standard midterm election year, at least based on statistics? Are we going to sell and see markets potentially find a lot of volatility into the October period? Well, let's take a look at the charts together and have a look at some of the key levels.
First up, we check out the US dollar. And remember guys, these markets are all interconnected. This is the thing that we all know and you know in particular that once you start looking at charts, you might start in FX, you might start in gold, you might start in crypto or stocks or anything like that. Once you further understand them, which I know you do, then you start to realize that there are connections here, particularly with the US dollar, which is at the moment at around that resistance point. So, if we do break through this resistance point, some people have likened this to Woff style bases, and that could actually equal into, of course, a bit of an accumulation pattern that could potentially start a rally in the dollar. Now, a rally in the dollar would usually mean yields higher for longer. it would usually mean maybe safe haven demand um and all sorts of things around those. But you can also see here that there's a pretty interesting zone should we break up because there's not that much on the left hand side stopping the dollar if this does occur and this could actually create kind of a flow on effect when you start to consider other areas of the market.
Now I think this week was really defined by a couple of charts and we talked about the mag 7 before which we'll look at in a moment but actually Apple was one of the worst charts we saw. We talked about the last 24 hours. Not a good chart and actually ended up crashing about 3.64%. And I'll call it a bit of a crash because it's actually quite a big move here on Apple over a couple of sessions. 9.24%. That's almost correction territory in just a couple of in two sessions alone. And this is because the market actually went to go for a swipe up here on the highs. Now, this is really interesting. And by the way, guys, if you did sign up, thank you so much for the support. Quite a few people coming to our education session next week. We have more announced in the future. So, make sure to sign up. That one I think we have to close for now, but more coming in the future. So, that'll be really, really cool. But you can see here that the Apple market uh came up, kind of hit that high, went down, fell another session, and it doesn't really look like it's found major support yet. Yes, you're on the 50 exponential moving average, but the market itself did weaken.
So, what we want to do is we want to go and take a look at Magnificent 7. And you can see here we went slightly underneath and ended up closing above this support. So I guess that's a good sign for MAG 7 traders because if we take here a look at the double topping pattern then that's completed in terms of what the technical would generally do. But when we take a look at MAGS versus SPY which is just performance you can see here that actually the Magnificent 7 has been performing very poorly very poorly to the S&P over the last kind of month in particular. And this goes to show the market's not dumb guys. It knows what you know. It knows that there is debt being written and there are serious concerns out there about certain things. It's just that no one's really talking about it yet. But it seems like the flows are starting to recognize that. And when you look at something like an Amazon, you look at it on the charts, yeah, okay, it doesn't look too bad. Uh when you look at something like a Microsoft, obviously it looks a little bit worse after rallying into kind of that that little bit of supply the other day. And when you look at something like an Nvidia, which is of course the most important stock in the world because it is the largest stock in the world, it's also looking a little bit weak. Kathy Wood by the way unfortunately buying up here. Is that a signal? I don't know. Uh but this did happen and of course we ended up seeing the markets drop down to their first key support when it comes to Nvidia. I think ultimately one of the things we will be watching is semiconductors and we'll talk about that later on today's video. But basically it is holding up on volatile times and effectively extremely large kind of positions being placed. Look at the volumes here guys on semiconductors alone. Is this just a reflex by the dip from retail or is this part of something else? I want you to let us know in the comments down below your opinion on this. Do you think this is a actual topping pattern for maybe a correction or something worse? Let us know what you think. Is it a correction? Is it just a standard buy the dip? I always say one of the big things that we talk about at least my opinion is that when volatility enters the market you want to be paying attention and we saw that around the 12th of May and so far we've come back to that level. So it just goes to show you know when you have a little bit of you know more conviction in that kind of in a concept that you always look at then Wall Street will push to the very ends of both zones and you'll see why when we start to look at puts in a moment how important this zone is.
So, we mentioned before the 50 exponential moving average on the way up pretty nice. Then it dropped it, rallied, dropped it through it, rallied, dropped it through it, and we ended up seeing basically the NASDAQ come back to a key level of support. By the end of the session, it had held these two important areas. So, if I was to line this up over the last 24 hours, I would have said something in here is pretty important to hold and we managed to do it. Now, are we out of the problems yet? Well, not really because what's occurred is we have a market that now has a low, we have a high, we have a lower low. So, the market is actually still in a downward trend. Could that change? Yeah, if we made a higher high, we'd be technically changing trend towards the upside. But at this stage, it's actually a little bit weak there on the charts, at least in terms of the potential. The actual advanced decline line though is not the same. Have a look here at the S&P and look the advanced decline. that is more stocks were advancing over the last 24 hours than declining and it was really a size of big tech and this brings up the question of if we go back all the way back into 2020 this type of thing. So this was where we started to see rotation and you'll notice here look at the advanced decline line guys it never really busted down. So what happens we got volatility we rallied we actually saw heaps of stocks broadening out then we dropped then we rallied uh on big tech as well and effectively we saw huge amounts of advancement of a broader market. So this was things like Russell things like financials things like things like that. So we have to therefore consider it but continue to watch the market because what actually has happened over the last 5 days of flow is that we saw mostly defensives start to pick up. So I think that's a very interesting observation.
Let's now have a look at the S&P 500 from the perspective of the futures market action. We can see there weekly. Have we gone down to a weekly 20 moving average? Often considered mean reversion. No, not yet. If we close like this for the end of the week, we'd be at a longleg dogee. So basically indecision. And if we go down to the smaller time frames again, we see the power of the moving average, the keep it simple smart, the 50 exponential. You know, it's not the first time we've mentioned this. It's probably not going to be the last at this stage. It's continuing to find weakness. So, where do things change a little bit? If we manage to get through this high, then that 7500 level, also a big psychological zone, that could become quite important. And note the 7500. Remember, we mentioned 500 1,000 point increments often do this. They often create pits, that is pullbacks in time where markets do this huge level of crazy volatility and then make a decision or they can even create further kind of moves down like corrections or periods like that. But the weekly 20 moving average is down here at around 7100.
Let's now take a look at the options cuz the flows become so important to you when you understand like these are the levels that Wall Street at least sees the most amount of activity. First up, when we look at the S&P, it seems to be around 7,300 is the major put wall and then 7,400 as well with negative gamma coming in when we go underneath that kind of 7,400 zone. And that's pretty normal. That's what we usually expect. 74 7350 on the next 24 hours coming into the CPI. And when we look at the Q's, it's 700. And again, 700 is such a big level for the Q's. Look how many strikes there are there. Over 100 million to the negative side. So, are there a lot of puts? Yeah, macro chart shows it. This chart here from Menthol Q shows it. Many charts show tons of puts and that has traditionally held markets up. But if markets are still going to make a series of lower lows and lower highs, then of course if we get pressure through here, could we be going could we be going towards the weekly 20 moving average? Interested to hear your thoughts. Now Q's again 700 707 kind of area over the next 24 hours as we see markets go through and Nvidia is just a bunch of people stuck in calls at this stage above 210 to 220 so quite a lot of movement there. Tesla's in focus as well the next couple of sessions it's been moving actually quite a lot on the day sometimes upwards of 5% not too much on the option side of course 450 is where we've seen the most strike uh levels and for IBIT we did see sailor of course buy some extra Bitcoin and funnily enough that was happening at right on the massive put wall. Now, if Bitcoin loses this level, could we be seeing a significant flush? Very important zone. And of course, this is why the markets are at these critical zones. So many puts and also I think why you had that buy by the end of the last session to get it back above this put zone. No decisions really have been made by the street, but we are at that pivotal point. So, keep watching. Make sure to subscribe. We've got a lot to talk about.
US 30-year. Yep. It's still high. Still sitting at five. Still, of course, awaiting more news. Watch these ones. We are seeing slight movements into the overall announcement that's coming. And you can see here that the 2-year actually closed to a new high just recently on Monday. So again, yields are spiking up a little bit.
I also went back to kind of the books. Now when I say I went back to the books, I went back to what used to work. And I think it's important to note that on this channel, you know, and we know that we have to adapt. You know, I think it's what they say, adapt or die or something like that is a statement. It's the same thing in markets. Sometimes you have to know when a good read is still good and when it started to weaken. Now fast forward well actually go back about 7 8 years. I was very big fan of copper gold. I was actually a big fan in 2020 of copper gold. The idea was that if copper was going up against gold then you were seeing growth in the market. You often seeing inflation or at least rising yields expected to come through. Now if we have a look here that's exactly what just happened. We're about to potentially snap what has been a very bad downward trend here on copper gold. And you'll notice a higher high was formed just a few weeks ago and gold. Copper has actually done quite well and gold has done quite poorly. Uh so it just goes to show again it is there but I wouldn't say it's the read it once was. Maybe we'll investigate that again a little bit more in the future.
Now let's have a look at high yield junk. A lot of people consider what happens in junk bonds or bonds in general to of course force through the market's real pain. That is, are we actually seeing a huge level of of weakness? We've also been looking at the move markets as well and the VIX, which is the volatility of the VIX, but we're not quite seeing the signs of a freakout just yet. And I think that's probably going to take a negative gamma event uh before we see the bonds market actually say, "Yeah, that's serious business."
Let's now move over to a couple of the commodities. First up, let's have a look at US oil or UK oil together. Slight lower low being formed. No higher high. Could this be stopping the freight train and still moving up? I think oil the kind of verdict's out on this one. It's very political trade, very difficult trade. And in many ways, we we're looking at the energy stocks more so, which actually did hold okay over the last 5 days in terms of flow movement. No higher high though for UK oil, US oil. So, at the moment, if you zoom it up, you'll know why this is important level, but we haven't quite seen any personal any potential potential like movement yet to say, okay, it's going down lower or it's going up high. It's at that kind of either accumulation or distribution zone.
Let's now have a look at gold. Now, this is where things get kind of bad. We took a look at the most traded zone. We've also taken a look at the 4,000 level to about 4,100. And gold is in freef fall at this stage. And a lot of people are scratching their head saying why. Well, gold is a currency, guys. It hates yields up. It hates kind of what it's seeing right now. And a lot of people think it's some kind of geopolitical hedge. It tends not to be. Um, and you know, we've been talking about gold for a very, very long time. And unfortunately, what happened in January, as you know, maybe go, okay, it's going to be a while. I usually would say 6 to 10 months, 6 to 8 months before we actually get stability. And in this case, we're getting closer to that point, but we're not quite necessarily loaded out yet. you know, gold underneath the daily 200 moving average, which is about here. Paul Judah Jones says nothing good happens underneath that zone. And you can kind of see here because it's a freight train, we may need structure coming through. So, very important levels coming up for gold psychological zones, but unfortunately, it still is in a downward trend at this stage. If you are feeling bullish on it, what about silver? Well, technically, again, this is the type of thing that we're seeing here. It's still in a downward trend at this stage. And you can see again, new lows being formed. Generally, silver is going to follow gold, but yeah, not not exactly a strong market. Now, underneath the daily 200 moving average, and they've both entered into what you would call technical bare zones as well, over 20% from their highs.
Semiconductors versus SPY. Is the hardware trade intact? I guess it is because it's still holding that 20 moving average. Is it volatile though? Yeah. Does that make me uneasy generally? Yes, it does. It makes me want to just chill. I mean, that's my opinion. and I just chill when this type of thing happens and then I look for the next piece of evidence. I always say patience, react, don't predict and I think when you get this type of volatility in any of these markets, you've got to be careful.
When it comes to the Cosby, you can see here on the US market, the Cosby is continuing to hold that most traded zone, which is also where we saw the number one transaction go through EWY. But this market, all eyes are on it, and you can see why it's been pretty pretty wild. SanDisk also holding on to the daily 20, but the problem is it made a lower high. So like most of these markets, we've got this, we've got this. If we go back down again, could get kind of nasty quickly. So I think, you know, it's a wait and see on these types of markets.
When it comes to defensives, have a look here at XLV, guys. Actually trying to make a new higher high after a pretty good accumulation for a while on the charts. And you can see here as well, XLP kind of holding its own. They're not doing as well, but they are outperforming. One of the things I noticed and we do cross analysis for this is that actually healthcare was beating the spy quite considerably now for a while. So remember, Wall Street does show itself in the flows. It doesn't necessarily show itself in the news. So if it's in the if it's in the press, it's in the price. If it's in the flows, maybe it's a little bit uh in that first third ideally before uh everyone else starts to pick it up.
Copper, meanwhile, still holding, but guys, not as strong as it was. And you can see here that stocks like Meta are still kind of struggling and not really moving up that much. So again, this this idea that the mags are buying all the picks and the shovels, the hardware, the markets are starting to blow out their credit default swaps a little bit and we will look at those in the next video. So stay tuned for that.
Chinese markets not looking too good either. Really pressuring these low. CSI 300 looks a little bit better than the hang, but again not a strong market and this could be what we call a head and shoulders towards the downside. So again, a critical point here for these markets and indeed um you know some big questions starting to get asked when it comes to the Russell as well. I thought I'd just kind of put this in 50 exponential on the daily. It's actually holding up quite a lot better and what we have noticed and again this is late stage cycle markets is that Russell is holding better than the stock market itself. We're getting that broadening pattern and some people see that as bullish. I tend to see it as late cycle. So that's why, you know, we focus on earnings and I'm kind of excited for the next earnings because this year is fascinating in these types of things. Earnings, earnings, earnings. And even after doing this all the way since back in 2007208, guys, I'm still always excited. You know, I don't know what it is. You're excited, too. I know you're excited because there's always something else to to look forward to and also to watch in markets to try to play, I guess, what it is, the game of chess.
Now, let's have a look here at Bitcoin. Yes, sailor may have bought some, but did the market go up? It's kind of that that meme that's going around. Sailor buys 32, sells 32 Bitcoin, the market gets trashed. He buys 1,500 Bitcoin. The market goes up like, you know, once half a percent or something. So, yeah, it's still on the way down. To stop a freight train often does take more than this. And at the moment, we just know that it went underneath the low. And the current trend, at least technically, is currently in a series of lower lows and lower highs.
If you enjoyed today's video, then please remember to subscribe to the uh channel. Also, hit the alerts for this week's live stream and next week's one as well. I'm sure there's going to be all sorts of things going on with news coming everywhere. If you want to follow us over on X, make sure to do so. And again, guys, let's just do a quick summary here. This market is clearly extremely volatile. We're seeing huge amounts of puts at a certain zone here, which is unusual. You've seen it. That macro charts chart shows how many puts are there. So if we do end up going negative, it could be kind of a big negative gamma event and that can create extreme volatility. So are we at a point of crossroads? Yeah, that seems to be what's happening. And when we say, you know, when volatility enters the chat or enters the markets in this case, guys, then we need to be paying attention to our risk management. And of course, you know, you also want to be paying attention to the next big technical zones. So at the moment, could we be going for mean reversion? It's certainly possible. Could we also rally? Yeah, I guess that's possible. But we're at that crossroads level on the S&P. And I think the dark pools and everything else kind of shows you the importance of these really good zones when you're looking at markets. It just shows that, you know, what you're looking at in terms of the psychology on the charts is really important. Thanks so much for watching. Subscribe. We'll see you in the next one. And bye for now.