earnings. Some open eyes. That's always fun. But first let's look at some levels and let's talk about what to watch in the technical situation. Kevin Green is with me here this morning, Mr. Kagi. So Kevin, we're basically just to start off, you know, not the worst off the overnight highs. But after yesterday's big run, we're sitting right there still. Yeah. And actually the breadth is looking a lot better this morning than what we saw yesterday. Yesterday we did see a major push by the mega-cap names as you kind of talked about Nvidia being one of them here. But now we're starting to see a little bit of a dispersion across other sectors. You're looking at energy catching a little bit of a bid here today as crude rebounds. Also looking at utilities utilities continues to be a very strong sector pretty much regardless of what the interest rate environment is looking like now that has been a catalyst or a tailwind for them. But it does appear that there's a lot more appetite for the utility sector in general because of the fundamentals than I think the market has priced in before. So what we want to be able to do today is obviously have a broadening out of this rally that we've seen, especially from yesterday and continue to move to the upside. And if we do see a little bit of a failure, we do have some levels to be able to highlight here. Some of the ones that I'm looking at is going to be 5500. Obviously, that was an area of resistance. Now that's going to be turning into an area of support. We actually now see that as a negative gamma level. Some put structured activity taking place at that level. And then the next one that we're going to be really focusing on is the 5400. We've kind of been talking about that we've been rebounding off of that. I don't want to move that one up yet, Oliver, because we have this big range, as you can see, with that megaphone that we've been tracking. And so if that range is going to continue, we could continue to see, you know obviously some some volatility. And then the last one that I wanted to highlight here is the 5470. If you do a linear regression or a regression channel for all of the prices over the last five trading sessions, your line of best fit sitting at 5470. So if we see a failure of the 5500 level, we go back and test 5470. Expect maybe a rangebound move, maybe some buyers kind of stepping in here. And if we have actually a flush of that, then that's where you would probably see an acceleration on an intraday basis. And that's something that we want to kind of avoid for right now. Yeah okay. So as long as we basically retain some altitude we don't even need to retain all of it. Right. We just got at least find some support at the old resistance levels at like minimum. So that gives us some breathing room right. Like we could have a pullback day to day. And it would be very much within the trend of this upswing off the lows. Yeah. And we actually have gaps pretty much to the upside and downside when you're looking at positioning. That's why I have it at 5575 for positive levels for today or potential resistance area. The true area is actually 5600. There's already a build up of positioning that is sitting there, but I just wanted to kind of be a little bit mindful that, you know, we had a lot of options trading activity yesterday if that's going to be followed up by today, maybe some of these open interest levels are going to be overtaken by the volume flows that we see on an intraday basis, especially for the zeroed out options. So a measured move or even trying to even test that 55, seven, 55, 75 level would actually be a win for today. We don't have to have these outsized moves of 2% or 1.5% on the S&P 500 to the upside each and every day to try to recover. In fact, that probably wouldn't be as healthy if we also have thin liquidity within the marketplace. You want to see gradual moves to the upside on very strong volume. That shows that we have some price support yesterday. One thing to kind of note here, it was actually the largest or the largest spread or cost of trade in order to roll positions. When you're looking at the E-mini S&P futures, we have quarterly expiration happening next week. So what you are now seeing is a lot of institutional traders selling out of their September contracts for the futures, getting into the December contracts, if that spreads widening out. And because we have lack of liquidity we could also see obviously some intraday volatility within the market here today and over the next couple of trading sessions. And then we start talking about volatility risk or that banner risk that we have. And then also charm risk which is going to be time premium basically decaying off of the options for S&P 500. So it's a nice move that we had yesterday I'm very happy about it. But we still have some headwinds coming up with the FOMC meeting next week. And expiration a quarterly expiration next week as well. And then trying to manage the October volatility for the first two weeks of October. And then we start to prepare for election season. And then the end of the year low vol usually Santa Claus rally to wrap it up. Okay. That would be the nice little cherry on top. Get it warmed up for Kris Kringle to come drop in the big close to the year. Now Phil's point earlier was that the things basically election bears like black swan risk. What do you think about that? K.G. I don't I have no I don't know what that even means. But look, yeah, basically it could have a it's like huge the vol doesn't show that. Right. Because there's like kinks around, January and November isn't there like in the VIX futures. October October. It's the October. Okay. The October contract is pricing. It's not pricing in Black Swan though. No no not yet. If we did we would see a pretty massive backwardation. Probably a six point or even eight point backwardation between the contracts. We're just not seeing that now. The October contract has the election premium actually being built in. When you go to November, it's actually falling off and then December is even lower than that. And then we have a nice little movement to the upside. Just just to highlight. Usually we see that October Vol being priced in because once we get closer and closer, the election's first week in November, right as we get closer and closer, the polls are going to really solidify where, you know, the election is going to go. And it's not only just the presidential Oliver, it's what the outlook is for the House race as well as the Senate race. And that's really what they care about. If they can get two of the three where they're confident that the polling is going to align, then the market's going to back them, the, just real quick, K.G, you did say, though, that the pricing, the vol kind of kink around that has actually subsided a little bit recently. Did I hear you say that right. No. Well, a little bit, when you're looking at the spread, but the structure itself is still intact. Okay So meaning that there is still a backwardation there, but the spread is very small. So I wouldn't even, you know, put it on your radar. The market probably disagrees with Phil then frankly at this point. Right. He could totally be right. But the market basically saying this is not like a massive volatility event, but it's higher than the average. So there's something there. There's something to it. Well, well, black swan events are unforeseen events of course. Right right right right. The market's trying to price in a you know if we have a high vol you can't price into the auction that that wouldn't be real right. So a black swan event would never going to make you any money. You know. Yeah. Yeah Jill Stein winning the election because electoral. R