At 12:42 PM ET on Thursday the news feed carried a press report that a leading artificial-intelligence developer's annualised revenue is about 20 billion dollars less than previously signalled. Provider commentary said chipmakers and artificial-intelligence infrastructure shares were hammered on demand concerns after the report. The semiconductor index closed down 3.39 percent. The Nasdaq-100 cash index lost 1.39 percent, against a 0.47 percent decline in the S&P 500 and a 0.10 percent gain in the Dow.
Settlement came at 30,969.50, down 432.75 points or 1.38 percent from Wednesday's 31,402.25. The 674.00 point range was the widest since the 958.75 point range of 09/21 and ran 1.39 times the published 14-day average daily range of 486.63 points. The settle finished at 26.3 percent of it. Both ends stepped down again. It was the lowest settle since the 30,760.50 settle of 10/01. The Friday session reopened at 6:00 PM ET Thursday. Next up is the University of Michigan preliminary survey at 10:00 AM ET Friday, per the news-feed calendar and unconfirmed.
December Nasdaq-100 futures settled at 30,969.50, down 432.75 points or 1.38 percent. That is 26.3 percent of a 674.00 point range and 106.33 points beneath the Pivot Point at 31,075.83. The 31,466.00 high printed inside the 10:30 PM ET bar of Wednesday evening and the 30,792.00 low inside the 1:00 PM ET bar. Thursday's 2026-10-08 row on the provider's daily record shows volume of 685,470 contracts, against 509,635 on Wednesday's revised 2026-10-07 row; open interest, a column that lags one session, reads 281,627 on Thursday's row. The composite multi-indicator read eased to 80 percent buy, strength minimum and direction weakening. The settle sits beneath the 5-day and 9-day averages and above the 20-day through 200-day. Dealer positioning puts the cash close 264.19 points beneath the modeled volatility threshold at 30,990, or 31,233.69 in futures at the 243.69 point basis, and 109.81 points above the modeled gamma flip at 30,616, or 30,859.69. Overhead: the 9-day average at 30,985.92, the Pivot Point, one standard deviation resistance at 31,191.00 and Pivot R1 at 31,359.67. Beneath: the 30,922.97 target price, the 30,859.69 flip equivalent, the 30,792.00 low and Pivot S1 at 30,685.67. The primary setup is a short from 31,180 to 31,240, stop 31,380, targets 31,040, 30,870 and 30,700. Chips lead. The first-order event, in the review's judgment, is the 10:00 AM ET inflation-expectations survey, unconfirmed.
Thursday traded through the 31,180 to 31,220 band and its 31,050 stop
Our Thursday outlook set a long from 31,180 to 31,220 with a stop at 31,050 and targets at 31,350, 31,500 and 31,650. Thursday's completed bar, on the provider's daily record, opened at 31,403.00 at the Wednesday 6:00 PM ET reopen, marked a high of 31,466.00 and a low of 30,792.00, and settled at 30,969.50. Tonight's review states the same four prints. The band traded. So did the stop. The low ran 388.00 points beneath the band's lower edge and 258.00 beneath 31,050. Settlement came 210.50 points under the band and 80.50 under the stop.
Order matters for the targets. The open sat 183.00 points above the band's upper edge. The first 30-minute bar, the 6:00 PM ET bar, traded from 31,403.00 to 31,439.50, wholly above the band and 53.00 points above 31,350. The chart's 30-minute bars place the 31,466.00 high inside the 10:30 PM ET bar of Wednesday evening and the 30,792.00 low inside the 1:00 PM ET bar. The high cleared 31,350 by 116.00 points and stopped 34.00 short of 31,500. The record cannot show whether the band traded before that high. So no target is scored from the band. The record holds prints only. It shows no fills.
The exit lines can be scored. The card named a settle beneath Pivot S2 at 30,977.42 as its invalidation. Thursday settled 7.92 points beneath it. By the card's own terms, the thesis was negated at the settle. The low had traded 185.42 points beneath that line. Its second test was acceptance beneath 31,107.66, defined as two consecutive 30-minute closes. The low ran 315.66 points under 31,107.66. Yet the preserved bars hold one close beneath the line, the 4:30 PM ET bar's 31,021.25 after the settlement. That test cannot be scored from this record.
The weighted path missed. We had the contract holding above Pivot S1 at 31,189.83, with a pullback into the 31,189.83 to 31,205.10 band of Pivot S1 and the 5-day average weighted as a buying area. The low traded 397.83 points beneath that Pivot S1. The settle finished 220.33 beneath it. Our alternative was a further rise in yields after the thirty-year auction that takes the contract beneath 31,107.66 and toward Pivot S2 at 30,977.42. Its price leg came true. Its yield leg did not. The ten-year yield index closed at 5.23 percent, down four basis points.
Two session bands can be checked against a timed print. The Globex band of 31,250 to 31,520 held both timed Globex prints. The 6:00 PM ET bar's 31,403.00 low sat 153.00 points above its bottom, and the 31,466.00 high in the 10:30 PM ET bar sat 54.00 beneath its top. The afternoon band of 31,100 to 31,600 did not hold. The 1:00 PM ET bar reached 30,792.00, 308.00 points beneath its bottom. The London and morning bands need a fuller intraday record, so they go unscored. Across the full session the low broke the 31,250 bottom of the low-range case by 458.00 points, the 31,100 bottom of the mid-range case by 308.00 and the 30,950 bottom of the high-range case by 158.00. The high stayed inside all three. Only the high-range case held the settle, 19.50 points above its bottom.
The macro override named a sharp rise in yields after the thirty-year auction or an escalation in the Gulf. Yields fell. The thirty-year yield index closed at 5.61 percent. The President said at 12:17 PM ET, per the news feed, that the United States would not attack Iran before the midterms. Later items came after the cash close. At 4:17 PM ET the news feed carried an Iranian state media report of explosions in the southern Strait of Hormuz. Press reports between 4:42 PM ET and 4:45 PM ET said the Pentagon had drawn up plans for three days of strikes on Iran. No gap beneath 31,050 occurred, since the session opened 353.00 points above it. No record here ties any of these to a price move. We grade the card as written.
A 31,466.00 high, a 30,792.00 low and a 674.00 point range
Thursday opened at 31,403.00 at the Wednesday 6:00 PM ET reopen, 0.75 points above Wednesday's settle. Its first 30-minute bar traded from 31,403.00 to 31,439.50 and closed at 31,436.25. The 31,466.00 high came inside the 10:30 PM ET bar of Wednesday evening. The 30,792.00 low came inside the 1:00 PM ET bar. Settlement came at 30,969.50, 496.50 points beneath the high and 177.50 above the low. Only selected 30-minute bars were preserved. Nothing here describes the path between them.
Late quotes sat near 31,000. After the settlement, the chart's 4:30 PM ET bar traded from 30,995.25 to 31,026.00 and closed at 31,021.25. That quote is not used as the settlement. The Friday session reopened at 6:00 PM ET Thursday. The provider's day open, high and low of 31,020.50, 31,036.25 and 30,995.00, shown at the time of writing, belong to that new session, not to Thursday.
Those extremes also come from the ladder. Thursday's high and low are the completed-session inputs behind the published pivot ladder, back-solved from the outer pivot pairs and checked against every rung. The third resistance point at 32,033.67 minus the third support point at 30,011.67, divided by three, returns 674.00. The second pair, 31,749.83 and 30,401.83, divided by two, returns the same 674.00. Three times the 31,075.83 Pivot Point less the settle gives 62,257.99. That is one hundredth from the 62,258.00 sum of the solved pair, because the published pivot is rounded, and the pair reproduces all seven published rungs. The provider's settlement row and the chart's completed Thursday daily bar carry the same high and low.
Against Wednesday the bar stepped down at both ends. The high sits 55.00 points beneath Wednesday's 31,521.00 and the low 351.00 beneath Wednesday's 31,143.00. That makes two lower settles in a row. Activity jumped. Thursday's 2026-10-08 row on the provider's daily record shows volume of 685,470 contracts, against 509,635 on Wednesday's 2026-10-07 row, which was revised after our Thursday outlook carried 500,010. Open interest reads 281,627 on Thursday's row, the figure Wednesday's row carried when that outlook was written. Wednesday's row now reads 280,402. The column lags one session, so no open-interest change is asserted.
The prior week still frames the move. That week, September 28 through October 2, spanned 30,356.75 to 31,282.50. Thursday's high sat 183.50 points above its top, while the low stayed inside its range. This week, October 5 through Thursday, has spanned 31,616.50 to 30,792.00. The 52-week, 13-week and one-month high of 31,616.50, set on 10/06, sits 647.00 points above the settle. The one-month low of 29,053.00 sits 1,916.50 points beneath it. No prior-quarter high or low was captured, so the 13-week extremes serve as the quarterly reference, 31,616.50 above and 27,482.00 beneath.
Session highs over the last six sessions read 31,151.50, 31,282.50, 31,371.00, 31,616.50, 31,521.00 and 31,466.00. Lows read 30,529.25, 30,760.25, 30,957.50, 31,309.25, 31,143.00 and 30,792.00. Settlements ran 30,760.50, 31,061.75, 31,317.75, 31,483.25, 31,402.25 and 30,969.50. Daily ranges for the last eight sessions ran 353.50, 393.75, 622.25, 522.25, 413.50, 307.25, 378.00 and 674.00. Settle changes over the same eight read plus 47.00, plus 85.50, plus 61.75, plus 301.25, plus 256.00, plus 165.50, minus 81.00 and minus 432.75. Thursday's range was the widest of the group.
The retracement grid published for Friday places the 38.2 percent retracement from the four-week high at 30,637.24, the 50 percent retracement of the four-week range at 30,334.75 and the 38.2 percent retracement from the four-week low at 30,032.26, all beneath the settle. The 38.2 percent retracement from the 13-week high sits at 30,037.12. No four-hour series was captured. Swing structure here rests on daily bars only.
The settle now sits inside the average stack. Computed from the provider's daily settlement series for the December contract, 259 completed sessions through Thursday, the 5-day stands at 31,246.90, the 9-day at 30,985.92, the 20-day at 30,520.24, the 50-day at 30,057.26, the 100-day at 30,025.07 and the 200-day at 28,179.05. The settle sits 277.40 points beneath the 5-day and 16.42 beneath the 9-day. It is 449.26 above the 20-day, 912.24 above the 50-day, 944.43 above the 100-day and 2,790.45 above the 200-day.
Window arithmetic still lifted every short average. The 5-day rose 41.80 points from Wednesday's 31,205.10, because the 10/01 settle of 30,760.50 left the window and was replaced by 30,969.50. The 9-day rose 8.92 points from 30,977.00 as the 09/25 settle of 30,889.25 left its window. The 20-day rose 77.19 points from 30,443.05 as the 09/10 settle of 29,425.75 left, and the 50-day rose 67.12 points from 29,990.15 as the 07/29 settle of 27,613.75 left. The 50-day sits 32.19 points above the 100-day. The older 50 settles in the 100-day window averaged 29,992.88. The 20-day sits above the 50-day because the 30 older settles in the 50-day window averaged 29,748.61. The projection grid gives the prices at which each average would be crossed on Friday: 31,038.38 for the 9-day, 30,707.31 for the 18-day and 30,150.84 for the 40-day.
Momentum cooled. The oscillator figures are as published on the provider's technical page dated for the Friday session, read after the 6:00 PM ET reopen, so the page may carry the live Globex price in place of the settle. Relative strength reads 56.24 on the 9-day, 57.93 on the 14-day and 57.32 on the 20-day. The 9-day raw stochastic reads 48.64 percent and the 14-day 62.22 percent. The 14-day %K sits at 81.90 percent, beneath %D at 89.90 percent. The smoothed lines have turned down from high readings.
Positive direction still leads. On the 9-day the directional index reads 27.84, with positive direction at 24.11 and negative at 20.19; on the 14-day it reads 19.40, with positive direction at 24.49 against negative at 19.42. Historic volatility reads 11.99 percent on the 9-day and 15.78 percent on the 14-day. The composite multi-indicator read published for the Friday session is 80 percent buy, down from 88 percent in the prior session's snapshot, with strength described as minimum and direction as weakening. A week ago it read 80 percent buy. A month ago, 56 percent. The short-horizon group averages 80 percent buy, the medium-horizon group 50 percent and the long-horizon group 100 percent. The composite trend indicator reads buy.
Volatility frames Friday. The published 14-day average true range stands at 465.69 points, 1.50 percent of the settle, and the 14-day average daily range at 486.63. The 9-day figures are 466.37 and 469.83, and the 20-day figures 474.92 and 472.40. One 14-day average true range either side of the settle spans 30,503.81 to 31,435.19. The published standard-deviation bands are narrower, built from five settlements. One deviation spans 30,748.00 to 31,191.00, two span 30,656.25 to 31,282.75 and three span 30,585.85 to 31,353.15. Those bands describe settlement dispersion only.
A 3.39 percent chip slide, lower yields and the positioning map
Chips set the tone. The semiconductor index closed at 12,623.71, down 442.44 points or 3.39 percent, after a session range of 12,483.95 to 12,997.48. The desk note, the 5:11 PM ET edition, said data-center related shares saw sharp declines. It cited drops of about 5 percent in several chip and infrastructure names, about 4 percent in two others and about 3 percent in the largest chipmaker. It said energy and consumer staples showed relative strength as capital rotated toward defensive sectors. At 2:17 PM ET the news feed carried a press report that a chip-design software company is looking to help Chinese artificial-intelligence labs speed chip design.
The broad market fell less. The Nasdaq-100 cash index closed at 30,725.81, down 1.39 percent. The S&P 500 cash index closed at 7,765.36, down 0.47 percent, and the Dow rose 0.10 percent. Among the largest companies, the news feed reported at 12:02 PM ET that the largest handset maker announced an October 13 product launch event. At 4:00 PM ET it carried a press report of a further launch around October 27. These are statements carried by the news feed and not earnings data. The captured calendars carry no mega-capitalisation earnings entry for Thursday evening or Friday.
Yields eased. The ten-year yield index closed at 5.23 percent, down four basis points, and the thirty-year yield index at 5.61 percent. A thirty-year bond auction stopped at a high yield of 5.618 percent with a bid-to-cover of 2.540, per the news-feed calendar and unconfirmed. Weekly initial jobless claims came in at 197 thousand against a forecast of 200 thousand, per the news-feed calendar. Lower yields did not lift the Nasdaq-100 on Thursday, which in this review's interpretation points to the earnings-outlook concern as the session's driver, ahead of duration.
The Fed voices leaned hawkish. A regional Federal Reserve president said between 1:45 PM ET and 2:04 PM ET, per the news feed, that more firming will be required and that rates ought to be going up in the next six to nine months. The calendar lists a Federal Reserve governor who spoke at 4:30 AM ET on Thursday, October 8, 2026.
Volatility rose across the board. The Nasdaq-100 implied-volatility gauge closed at 21.98, up 0.98, and the S&P 500 volatility index at 15.41, up 0.33. The desk note put the volatility-of-volatility index at 88, up five points. The dollar index slipped 0.10 percent to 102.14. November crude settled at 91.49, up 3.64 percent, and December gold at 4,157.0, up 16.3. The desk note said the S&P 500 hedging-flow measure finished at about minus 2 billion dollars of delta, driven mainly by same-day put buying. It put the broader equities measure at about minus 3 billion, dominated by longer-dated call selling, and read the day as a risk-off session.
The basis edged wider. The measured closing basis, the December settlement of 30,969.50 less the 30,725.81 cash close, is 243.69 points, against 242.17 on Wednesday.
The desk note comes next. Its reference prices are the prior session's closes, not Thursday's. The NDX reference of 31,160 equals Wednesday's 31,160.08 cash close, and the QQQ reference of 757 equals Wednesday's 757.71 fund close. Taking 1.39 percent off 31,160.08 gives 30,726.9, consistent with the 30,725.81 close. Every level is therefore read against Thursday's 30,725.81 cash close.
On the cash index the primary call-side ceiling sits at 31,500 and the largest gamma concentration at 31,000. The modeled volatility threshold sits at 30,990, the modeled gamma-flip level at 30,616 and the primary put-side support base at 28,000. The 30,725.81 close sits 774.19 points beneath the ceiling, 264.19 beneath the threshold and 109.81 above the flip level. The note lists 31,000, 31,500, 30,000 and 32,000 as key strikes. Gamma tilt reads 1.591 for the index and 1.054 for the fund. Gamma notional reads plus 14.193 million dollars for the index and plus 245.869 million for the fund.
The fund proxy sits beneath both lines. Its primary call-side ceiling and largest gamma concentration sit at 760, the modeled volatility threshold at 757, the modeled gamma-flip level at 750 and the primary put-side support base at 700. The fund's positioning console, marked as updated 2026-10-08, showed a 748.74 quote against a 757.71 previous close. That quote sits beneath both the 757 threshold and the 750 flip level. The console shows call gamma of minus 859 million against put gamma of minus 2.2 billion. It attributes 15.70 percent of gamma to the nearest expiration, up from 12.59 percent. Its high and low volatility point fields are treated as low-confidence and excluded.
Conversions carry four cash levels into futures. At the measured closing basis of 243.69 points, cash 31,500 corresponds to 31,743.69 on the December contract, the 31,000 concentration to 31,243.69, the 30,990 threshold to 31,233.69 and the 30,616 flip level to 30,859.69. These are conversions made by this review. The source publishes no Nasdaq futures pair. The threshold and the flip level are model outputs, not option strikes.
In this review's interpretation a cash close beneath the modeled volatility threshold on the index, and beneath both the threshold and the flip level on the fund, leaves the contract in the less dampened zone. Thursday's high traded 232.31 points above the 31,233.69 threshold equivalent. The low traded 67.69 beneath the 30,859.69 flip equivalent. The settle sits between the two, 264.19 points beneath the first and 109.81 above the second.
The trade map for Friday
The primary setup is a short from 31,180 to 31,240, around one standard deviation resistance at 31,191.00 and 31,233.69, the December equivalent of the modeled volatility threshold. The case rests on position. The settle sits beneath the 5-day and 9-day settlement averages after a 674.00 point range that closed near the lower quarter, at 26.3 percent. The cash close sits beneath the modeled volatility threshold, and the composite's strength is described as minimum with direction weakening. The stop at 31,380 sits above Pivot R1 at 31,359.67 and three standard deviations resistance at 31,353.15. Two readings cut the other way. The composite still reads 80 percent buy, and positive direction leads on both directional systems. So the setup is an analyst judgment that Thursday's chip-led selling extends from a rally. It is not a measured edge. The settle sits beneath the entry band, so the setup needs a rally to engage. The 14-day average true range of 465.69 points compares with a 170 point stop distance from the 31,210 midpoint.
Overhead the references start 16.42 points above the settle, at the 30,985.92 9-day settlement average. The 4:30 PM ET bar closed at 31,021.25 after the settlement, and the new Friday session had printed 31,036.25 by the time of writing. The 9-day average crossing price at 31,038.38 and the Pivot Point at 31,075.83 form the first resistance. The 3-10 day average crossover stall at 31,122.18 comes next. Then the zone. One standard deviation resistance at 31,191.00 and the 31,233.69 conversion of the cash 30,990 threshold sit inside it. The 31,243.69 conversion of the cash 31,000 concentration and the 5-day settlement average at 31,246.90 sit 3.69 and 6.90 points above its top. Two standard deviations resistance at 31,282.75, three standard deviations resistance at 31,353.15 and Pivot R1 at 31,359.67 follow, all beneath the stop. Wednesday's 31,402.25 settle, Thursday's 31,466.00 high, Wednesday's 31,521.00 high and the 31,616.50 52-week high sit above it. Pivot R2 at 31,749.83, the 31,743.69 conversion of the cash 31,500 ceiling and Pivot R3 at 32,033.67 are the extended references.
Support starts 46.53 points beneath the settle, at the 30,922.97 published target price. The 30,859.69 conversion of the cash 30,616 flip level comes next, with Target 2 at 30,870 sitting 10.31 points above it. Thursday's 30,792.00 low, the 30,760.50 settle of 10/01 and one standard deviation support at 30,748.00 follow. The 18-day average crossing price at 30,707.31, Pivot S1 at 30,685.67, two standard deviations support at 30,656.25, the 38.2 percent retracement from the four-week high at 30,637.24 and three standard deviations support at 30,585.85 form the next grouping, 121.46 points deep. Then the deeper levels. The 20-day settlement average at 30,520.24, Pivot S2 at 30,401.83, the 30,356.75 prior-week low and the 50 percent retracement at 30,334.75 sit beneath it. The 40-day crossing price at 30,150.84, the 50-day average at 30,057.26 and Pivot S3 at 30,011.67 are the deeper references.
The night comes first. Globex reopened at 6:00 PM ET Thursday with the news feed's 4:17 PM ET state media report on Hormuz and the 4:42 PM ET to 4:45 PM ET press reports on Pentagon strike plans already released. It had traded between 30,995.00 and 31,036.25 by the time of writing. Japanese household spending is listed at 7:30 PM ET, per the news-feed calendar and unconfirmed. Bias reads neutral to lower beneath the Pivot Point at 31,075.83, with an expected Globex band of roughly 30,800 to 31,150.
Europe follows. A European Central Bank governing council member is listed at 3:30 AM ET, per the news-feed calendar and unconfirmed. Thursday's 674.00 point range shows that moves well beyond the average daily range remain possible. Bias reads neutral to lower, with an expected band of roughly 30,750 to 31,200.
Then the data. Canadian employment and the unemployment rate are listed at 8:30 AM ET, with forecasts of 5 thousand jobs and 6.5 percent, per the news-feed calendar and unconfirmed. A European Central Bank executive board member is listed at 9:30 AM ET, as the cash session opens, also per the news-feed calendar and unconfirmed. Then the survey. The University of Michigan preliminary survey is listed at 10:00 AM ET, with forecasts of 47.6 for sentiment, 4.7 percent for one-year inflation expectations and 3.5 percent for five-year expectations, per the news-feed calendar and unconfirmed. The morning band runs roughly 30,650 to 31,280. Above the Pivot Point, the 31,191.00 to 31,243.69 band is the first meaningful resistance.
The afternoon closes the week. The cash close at 4:00 PM ET is the last before the weekend, and a regional Federal Reserve president is listed at 4:00 PM ET, per the news-feed calendar and unconfirmed. The afternoon band runs roughly 30,650 to 31,250. No Friday evening session follows. Globex resumes at 6:00 PM ET on Sunday, October 11, so two days of weekend headline exposure separate Friday's close from the next open. The calendar lists Monday, October 12, as the Columbus Day holiday, with Globex on normal hours and products settling at normal times. A weekend gap above Pivot R1 at 31,359.67 or beneath Pivot S1 at 30,685.67 would reset the level map.
That is the hinge. In this review's judgment the first-order scheduled event for the Nasdaq-100 on Friday is the 10:00 AM ET inflation-expectations survey, per the news-feed calendar and unconfirmed, with chip-sector follow-through the main unscheduled influence. Further out, the calendar lists the largest bank's results at about 7:00 AM ET on Tuesday, October 13, 2026. It lists the consumer price index for September at 8:30 AM ET on Wednesday, October 14, 2026, and the largest contract chipmaker's results conference at 2:00 AM ET on Thursday, October 15, 2026.
Three scenarios frame the day. Across the full session the low-range case runs 30,750 to 31,200, the mid-range and most likely case 30,650 to 31,300 and the high-range case 30,500 to 31,435. All three nest. In this review's analyst judgment the most probable path holds the contract between Pivot S1 at 30,685.67 and Pivot R1 at 31,359.67, with a rally toward the 31,191.00 to 31,243.69 band that fails beneath Pivot R1 weighted above a sustained recovery. Three grounds carry that weight. A settle beneath the 5-day and 9-day averages. A cash close beneath the modeled volatility threshold. A composite whose strength reads minimum, with direction weakening. One risk stands out. The alternative that would invalidate this reading is a recovery in chip shares that lifts the contract through Pivot R1 at 31,359.67 toward Wednesday's 31,521.00 high.
Two sessions after the 52-week high, Friday asks whether the 31,191.00 to 31,243.69 band caps any rebound.
The complete data picture
Every number behind Friday’s plan, charted first, then the full level map, then the complete numeric reference underneath.
Cash-index levels at the measured 243.69 point basis: the 31,500 call-side ceiling translates to 31,743.69 in futures, the 31,000 largest gamma concentration to 31,243.69, the 30,990 modeled volatility threshold to 31,233.69 and the 30,616 modeled gamma flip to 30,859.69. No other cash level is translated.
Full numeric reference, every remaining figure from the session review
3.1 Resistance, level by level
The settle at 30,969.50 sits 16.42 points beneath the 9-day settlement average at 30,985.92, and the 9-day average crossing price at 31,038.38 and the Pivot Point at 31,075.83 form the first resistance. The 3-10 day average crossover stall at 31,122.18 and one standard deviation resistance at 31,191.00 follow, then 31,233.69 and 31,243.69, the December equivalents of the modeled volatility threshold at NDX 30,990 and the largest gamma concentration at NDX 31,000, the band that anchors the setup. The 5-day settlement average at 31,246.90, two standard deviations resistance at 31,282.75, three standard deviations resistance at 31,353.15 and Pivot R1 at 31,359.67 come next, then Wednesday's 31,521.00 high and the 31,616.50 52-week high. Pivot R2 at 31,749.83, the 31,743.69 equivalent of the primary call side ceiling at NDX 31,500, and Pivot R3 at 32,033.67 are the extended references.
3.2 Support, level by level
Beneath the settle, the published target price at 30,922.97 and the 30,859.69 equivalent of the modeled gamma-flip level at NDX 30,616 come first, followed by Thursday's 30,792.00 low and one standard deviation support at 30,748.00. The 18-day average crossing at 30,707.31, Pivot S1 at 30,685.67, two standard deviations support at 30,656.25, the 38.2 percent retracement from the four-week high at 30,637.24 and three standard deviations support at 30,585.85 form the next grouping. The 20-day settlement average at 30,520.24, Pivot S2 at 30,401.83 and the 50 percent retracement of the four-week range at 30,334.75 follow, then the 50-day settlement average at 30,057.26 and Pivot S3 at 30,011.67.
1. Executive Summary
The December Nasdaq-100 contract settled at 30,969.50 on Thursday, down 432.75 points or 1.38 percent from Wednesday's settle of 31,402.25, after trading between 31,466.00 and 30,792.00, a 674.00 point daily range. The settle finished at 26.3 percent of the range, and the 674.00 point range was 1.39 times the published 14-day average daily range of 486.63 points. Thursday printed a lower high and a lower low against Wednesday and a second consecutive lower settle; the range was the widest since the 958.75 point range of 09/21, and the settle was the lowest since the 30,760.50 settle of 10/01.
Semiconductors led the decline. The news feed carried at 12:42 PM ET a press report that a leading artificial-intelligence developer's annualised revenue is about 20 billion dollars less than previously signalled, and the desk note, the 5:11 PM ET edition, said data-center related shares fell sharply, with declines of about 5 percent in several chip and infrastructure names and about 3 percent in the largest chipmaker. The semiconductor index closed down 3.39 percent. The Nasdaq-100 cash index closed at 30,725.81, down 1.39 percent, against a 0.47 percent decline in the S&P 500 and a 0.10 percent gain in the Dow.
The settle sits beneath the 5-day and 9-day settlement averages and above the 20-day through 200-day, positive direction still leads on the 9-day and 14-day directional systems, and the composite multi-indicator read is 80 percent buy, with strength described as minimum and direction as weakening. Dealer positioning places the Nasdaq-100 cash close 264.19 points beneath the modeled volatility threshold at NDX 30,990 and 109.81 points above the modeled gamma-flip level at NDX 30,616.
The published 14-day average true range of 465.69 points is 1.50 percent of the settle. The Primary Setup below is a short from the 31,180 to 31,240 band, around one standard deviation resistance at 31,191.00 and 31,233.69, the December equivalent of the modeled volatility threshold, stopped at 31,380 above Pivot R1 at 31,359.67, with objectives at 31,040, 30,870 and an extended 30,700.
2.1 Intraday and Session Review
The Thursday session opened at 31,403.00 at the Wednesday 6:00 PM ET reopen, 0.75 above Wednesday's settle, marked a daily high of 31,466.00 and a daily low of 30,792.00, and settled at 30,969.50. The chart's 30-minute bars place the 31,466.00 high inside the 10:30 PM ET bar of Wednesday evening and the 30,792.00 low inside the 1:00 PM ET bar. Only the session extremes and selected bars were preserved, not a complete intraday series, so this review makes no claim about the path between those bars.
After the settlement, the chart's 4:30 PM ET bar closed at 31,021.25; that post-settlement quote is not used as the settlement anywhere in this review. The Friday session reopened at 6:00 PM ET Thursday; the provider's day open, high and low of 31,020.50, 31,036.25 and 30,995.00 shown at the time of writing belong to that new session, not to Thursday.
The session extremes used here are the completed-session inputs behind the published pivot ladder and were not read independently from a bar, back-solved from the outer pivot pairs and verified against every rung. The third resistance point at 32,033.67 minus the third support point at 30,011.67, divided by three, returns 674.00, and the second resistance point at 31,749.83 minus the second support point at 30,401.83, divided by two, returns the same 674.00. Three times the Pivot Point of 31,075.83 less the 30,969.50 settle gives a high plus low sum of 62,257.99, 0.01 from the 62,258.00 of the solved pair because the published pivot is rounded, and the pair of 31,466.00 and 30,792.00 reproduces all seven published rungs. Independent corroboration: the provider's settlement row and the chart's completed Thursday daily bar carry the same 31,466.00 high and 30,792.00 low.
2.2 Daily Structure
Thursday's 31,466.00 high sits 55.00 points beneath Wednesday's 31,521.00, and its 30,792.00 low sits 351.00 points beneath Wednesday's 31,143.00. The sequence of session highs over the last six sessions reads 31,151.50, 31,282.50, 31,371.00, 31,616.50, 31,521.00 and 31,466.00, and the sequence of session lows reads 30,529.25, 30,760.25, 30,957.50, 31,309.25, 31,143.00 and 30,792.00. Settlements over the same sessions ran 30,760.50, 31,061.75, 31,317.75, 31,483.25, 31,402.25 and 30,969.50.
The prior week, September 28 through October 2, spanned 31,282.50 to 30,356.75; Thursday's 31,466.00 high sat 183.50 points above that week's high, while its 30,792.00 low sat inside that week's range. This week, October 5 through Thursday, has spanned 31,616.50 to 30,792.00. The 52-week, 13-week and one-month high of 31,616.50, set on 10/06, sits 647.00 points above the settle, and the one-month low of 29,053.00 sits 1,916.50 points beneath it.
No prior-quarter high or low was captured, so the 13-week extremes serve as the available quarterly reference: 31,616.50 above and 27,482.00 beneath.
2.3 4-Hour and Swing Structure
Daily ranges for the last eight sessions ran 353.50, 393.75, 622.25, 522.25, 413.50, 307.25, 378.00 and 674.00, so Thursday's range was the widest of the group. The settlement changes over the same eight sessions read plus 47.00, plus 85.50, plus 61.75, plus 301.25, plus 256.00, plus 165.50, minus 81.00 and minus 432.75.
The retracement grid published for Friday places the 38.2 percent retracement from the four-week high at 30,637.24, the 50 percent retracement of the four-week range at 30,334.75 and the 38.2 percent retracement from the four-week low at 30,032.26, all beneath the settle. The 38.2 percent retracement from the 13-week high sits at 30,037.12. No four-hour series was captured, so swing structure here rests on daily bars only.
2.4 Moving Averages
The averages cited in this subsection were computed from the provider's daily settlement series for the December contract, which holds 259 completed sessions through Thursday. The 5-day average stands at 31,246.90, the 9-day at 30,985.92, the 20-day at 30,520.24, the 50-day at 30,057.26, the 100-day at 30,025.07 and the 200-day at 28,179.05.
The 30,969.50 settle sits 277.40 points beneath the 5-day average and 16.42 beneath the 9-day, and 449.26 above the 20-day, 912.24 above the 50-day, 944.43 above the 100-day and 2,790.45 above the 200-day. The 5-day average rose 41.80 points from Wednesday's 31,205.10, because the 10/01 settle of 30,760.50 left the window and was replaced by 30,969.50. The 9-day average rose 8.92 points from 30,977.00 as the 09/25 settle of 30,889.25 left its window, and the 20-day rose 77.19 points from 30,443.05 as the 09/10 settle of 29,425.75 left. The 50-day average rose 67.12 points from 29,990.15 as the 07/29 settle of 27,613.75 left its window.
The 50-day average sits 32.19 points above the 100-day because the last 50 settlements averaged 30,057.26 against 30,025.07 for the full 100, which means the 50 older settlements in the 100-day window averaged lower, at 29,992.88. The 20-day sits above the 50-day because the 30 older settlements in the 50-day window averaged lower, at 29,748.61. The projection grid gives the prices at which each average would be crossed on Friday: 31,038.38 for the 9-day, 30,707.31 for the 18-day and 30,150.84 for the 40-day.
2.5 Oscillator and Trend Readings
The oscillator figures below are as published on the provider's technical page dated for the Friday session, read after the 6:00 PM ET reopen; the page may carry the live Globex price in place of the settle, so they are quoted as published. The 9-day relative strength reads 56.24, the 14-day relative strength 57.93 and the 20-day relative strength 57.32.
The 9-day raw stochastic reads 48.64 percent and the 14-day raw stochastic 62.22 percent, while the 14-day stochastic %K reads 81.90 percent and the 14-day stochastic %D 89.90 percent, so the smoothed lines have turned down from high readings.
The 9-day directional index ADX reads 27.84 with the 9-day +DI at 24.11 and the 9-day -DI at 20.19; the 14-day directional index ADX reads 19.40 with the 14-day +DI at 24.49 and the 14-day -DI at 19.42, so positive direction still leads on both. The 9-day historic volatility reads 11.99 percent and the 14-day historic volatility 15.78 percent.
The composite multi-indicator read published for the Friday session is 80 percent buy, down from 88 percent buy in the prior session's snapshot, with signal strength described as minimum and direction as weakening. The snapshot history reads 80 percent buy a week ago and 56 percent buy a month ago. The short-horizon group averages 80 percent buy, the medium-horizon group 50 percent buy and the long-horizon group 100 percent buy, and the composite trend indicator reads buy.
2.6 Volatility and Expected Range
The published 14-day average true range stands at 465.69 points and the 14-day average daily range at 486.63 points; the 9-day average true range is 466.37 with a 9-day average daily range of 469.83, and the 20-day average true range is 474.92 with a 20-day average daily range of 472.40. Thursday's 674.00 point range was 1.39 times the 14-day average daily range.
Adding and subtracting the 14-day average true range of 465.69 points from the 30,969.50 settle frames Friday between 30,503.81 and 31,435.19. The published standard-deviation bands are narrower because they are built from five settlements: one deviation spans 30,748.00 to 31,191.00, two spans 30,656.25 to 31,282.75 and three spans 30,585.85 to 31,353.15. These bands describe settlement dispersion, not intraday reach.
4.1 Mag7 Earnings and AI Capex Cycle
The news feed carried at 12:42 PM ET a press report that a leading artificial-intelligence developer's annualised revenue is about 20 billion dollars less than previously signalled, and provider commentary said chipmakers and artificial-intelligence infrastructure shares were hammered on demand concerns after the report. Among the largest companies, the news feed carried at 12:02 PM ET that the largest handset maker announced an October 13 product launch event, and at 4:00 PM ET a press report of a further launch around October 27. These are statements carried by the news feed and not earnings data, and the captured calendars carry no mega-capitalisation earnings entry for Thursday evening or Friday.
4.2 Semiconductor Cycle and Tech Sector Rotation
The semiconductor index closed at 12,623.71, down 442.44 points or 3.39 percent, after a session range of 12,483.95 to 12,997.48. The desk note said data-center related shares saw sharp declines, with drops of about 5 percent in several chip and infrastructure names, about 4 percent in two others and about 3 percent in the largest chipmaker, while energy and consumer staples showed relative strength as capital rotated toward defensive sectors. The news feed carried at 2:17 PM ET a press report that a chip-design software company is looking to help Chinese artificial-intelligence labs speed chip design.
4.3 Fed Policy and Real Yields (Duration Sensitivity)
The ten-year yield index closed at 5.23 percent, down four basis points, and the thirty-year yield index at 5.61 percent. A thirty-year bond auction stopped at a high yield of 5.618 percent with a bid-to-cover of 2.540, per the news-feed calendar and unconfirmed. A regional Federal Reserve president said between 1:45 PM ET and 2:04 PM ET, per the news feed, that more firming will be required and that rates ought to be going up in the next six to nine months, while a Federal Reserve governor spoke at 4:30 AM ET on Thursday, October 8, 2026, as the calendar lists it. Weekly initial jobless claims came in at 197 thousand against a forecast of 200 thousand, per the news-feed calendar. Lower yields did not lift the Nasdaq-100 on Thursday, which in this review's interpretation points to the earnings-outlook concern as the session's driver, ahead of duration.
4.4 Geopolitical Backdrop
The President said at 12:17 PM ET, per the news feed, that the United States would not attack Iran before the midterms. After the cash close, an Iranian state media report at 4:17 PM ET attributed explosions in the southern Strait of Hormuz to tankers striking mines, and press reports between 4:42 PM ET and 4:45 PM ET said the Pentagon had drawn up plans for three days of strikes on Iran. Crude rose 3.64 percent on the session. These are statements carried by the news feed and were not confirmed.
4.5 Cross-Asset and Volatility
The Nasdaq-100 implied-volatility gauge closed at 21.98, up 0.98. The S&P 500 volatility index closed at 15.41, up 0.33; the desk note put the volatility-of-volatility index at 88, up five points. The dollar index slipped 0.10 percent to 102.14. The December contract's settle of 30,969.50 less the 30,725.81 cash close gives a measured closing basis of 243.69 points, against 242.17 on Wednesday.
4.6 Institutional Positioning
Thursday's volume on the December contract was 685,470 contracts against 509,635 on Wednesday. The open-interest column on the provider's settlement series lags one session (the 2026-10-08 row reads 281,627 and the 2026-10-07 row 280,402), so no open-interest change is asserted for Thursday. The desk note said the S&P 500 hedging-flow measure finished at about minus 2 billion dollars of delta, driven mainly by same-day put buying, and the broader equities measure at about minus 3 billion, dominated by longer-dated call selling, which it read as a risk-off session.
5. QQQ Options Flow Context (Proxy)
This section uses the QQQ fund as the proxy for the positioning data available, alongside the index levels published in the same desk note. The desk note read for this section is the 5:11 PM ET edition for Thursday. Its reference prices are the prior session's closes, not Thursday's: NDX 31,160 equals Wednesday's 31,160.08 cash close and QQQ 757 equals Wednesday's 757.71 fund close, and 31,160.08 less 1.39 percent gives 30,726.9, consistent with the provider's 30,725.81 close. Every level below is read against Thursday's 30,725.81 cash close.
On the Nasdaq-100 index the primary call side ceiling sits at NDX 31,500, the largest gamma concentration at NDX 31,000, the modeled volatility threshold at NDX 30,990, the modeled gamma-flip level at NDX 30,616 and the primary put side support base at NDX 28,000. The 30,725.81 cash close sits 774.19 points beneath the 31,500 ceiling, 264.19 points beneath the threshold and 109.81 points above the flip level. The note lists NDX 31,000, 31,500, 30,000 and 32,000 as key strikes. Gamma tilt reads 1.591 for the index and 1.054 for the fund, and gamma notional reads plus 14.193 million for the index and plus 245.869 million for the fund.
On the QQQ proxy the primary call side ceiling and the largest gamma concentration sit at 760, the modeled volatility threshold at 757, the modeled gamma-flip level at 750 and the primary put side support base at 700. The fund's positioning console, marked as updated 2026-10-08, showed a 748.74 quote against a 757.71 previous close, beneath both the 757 threshold and the 750 flip level, with call gamma of minus 859 million against put gamma of minus 2.2 billion and 15.70 percent of gamma attributed to the nearest expiration, up from 12.59 percent. The console's high and low volatility point fields are treated as low-confidence and excluded.
At the measured closing basis of 243.69 points, the December settlement of 30,969.50 less the 30,725.81 cash close, NDX 31,500 corresponds to 31,743.69 on the December contract, the largest concentration at NDX 31,000 to 31,243.69, the modeled volatility threshold at NDX 30,990 to 31,233.69 and the modeled gamma-flip level at NDX 30,616 to 30,859.69. These are conversions made by this review; the source publishes no Nasdaq futures pair, and the modeled threshold and flip level are model outputs, not option strikes.
In this review's interpretation a cash close beneath the modeled volatility threshold on the index, and beneath both the threshold and the flip level on the fund, leaves the contract in the less dampened zone, and the 31,233.69 threshold equivalent is the level the setup in section 8 sells against.
6.1 Night Session (6:00 PM ET Thursday to 3:00 AM ET Friday, Globex and Asia)
The contract reopened at 6:00 PM ET Thursday with the 4:17 PM ET state media report on Hormuz, carried by the news feed, and the 4:42 PM ET to 4:45 PM ET press reports on Pentagon strike plans already released. Japanese household spending is listed at 7:30 PM ET, per the news-feed calendar and unconfirmed. Bias neutral to lower beneath the Pivot Point at 31,075.83, expected Globex band roughly 30,800 to 31,150.
6.2 London Session (3:00 AM to 8:00 AM ET Friday)
A European Central Bank governing council member is listed at 3:30 AM ET, per the news-feed calendar and unconfirmed. Thursday's 674.00 point range shows that moves well beyond the average daily range remain possible. Bias neutral to lower, expected band roughly 30,750 to 31,200.
6.3 Morning Session (9:30 AM to 12:00 PM ET Friday, RTH Open)
Canadian employment is listed at 8:30 AM ET, and the University of Michigan preliminary survey at 10:00 AM ET with a one-year inflation expectation forecast of 4.7 percent, both per the news-feed calendar and unconfirmed. The cash open at 9:30 AM ET sets the session's first directional test after Thursday's chip-led decline. Expected band roughly 30,650 to 31,280, with the 31,191.00 to 31,243.69 band the first meaningful resistance above the Pivot Point.
6.4 Afternoon Session (12:00 PM to 4:00 PM ET Friday)
The cash close at 4:00 PM ET is the last before the weekend, and a regional Federal Reserve president is listed at 4:00 PM ET, per the news-feed calendar and unconfirmed. Expected band roughly 30,650 to 31,250.
6.5 Night Session Forward (6:00 PM ET Friday)
There is no Friday evening session; Globex trading resumes at 6:00 PM ET on Sunday, October 11, so two days of weekend headline exposure separate Friday's close from the next open. Monday, October 12, is the Columbus Day holiday, with Globex on normal hours and products settling at normal times, as the calendar lists it. A weekend gap above Pivot R1 at 31,359.67 or beneath Pivot S1 at 30,685.67 would reset the level map.
6.6 Expected Range (Friday Full Session)
Low-range scenario: 30,750 to 31,200; Mid-range scenario (most likely): 30,650 to 31,300; High-range scenario: 30,500 to 31,435.
6.7 Most Likely Path
In this review's analyst judgment the most probable path holds the contract between Pivot S1 at 30,685.67 and Pivot R1 at 31,359.67, with a rally toward the 31,191.00 to 31,243.69 band that fails beneath Pivot R1 at 31,359.67 weighted above a sustained recovery, because the settle sits beneath the 5-day and 9-day averages, the cash close sits beneath the modeled volatility threshold and the composite's strength is described as minimum with direction weakening. The alternative that would invalidate this reading is a recovery in chip shares that lifts the contract through Pivot R1 at 31,359.67 toward Wednesday's 31,521.00 high.
7. Friday Economic Calendar
The Friday session reopened at 6:00 PM ET Thursday. Japanese household spending is listed at 7:30 PM ET Thursday, per the news-feed calendar and unconfirmed. A European Central Bank governing council member speaks at 3:30 AM ET Friday, per the news-feed calendar and unconfirmed.
Canadian employment and the unemployment rate are listed at 8:30 AM ET, with forecasts of 5 thousand jobs and 6.5 percent, per the news-feed calendar and unconfirmed. A European Central Bank executive board member is listed at 9:30 AM ET, and the University of Michigan preliminary sentiment survey at 10:00 AM ET, with forecasts of 47.6 for sentiment, 4.7 percent for one-year inflation expectations and 3.5 percent for five-year expectations, all per the news-feed calendar and unconfirmed. The cash session runs from 9:30 AM ET to 4:00 PM ET. A regional Federal Reserve president is listed at 4:00 PM ET, per the news-feed calendar and unconfirmed. The captured calendars carry no mega-capitalisation earnings entry for Friday.
Monday, October 12, is the Columbus Day holiday, with Globex on normal hours, as the calendar lists it. Bank earnings begin on Tuesday, October 13, 2026, with the largest bank's results at about 7:00 AM ET, as the calendar lists it, the consumer price index for September is scheduled for 8:30 AM ET on Wednesday, October 14, 2026, as the calendar lists it, and the largest contract chipmaker's results conference is scheduled for 2:00 AM ET on Thursday, October 15, 2026, as the calendar lists it. In this review's judgment the first-order scheduled event for the Nasdaq-100 on Friday is the 10:00 AM ET inflation-expectations survey, per the news-feed calendar and unconfirmed, with chip-sector follow-through the main unscheduled influence.
8. Primary Trade Setup
Direction: Short
Rationale: The settle sits beneath the 5-day and 9-day settlement averages after a 674.00 point range that closed near the lower quarter, at 26.3 percent, the cash close sits beneath the modeled volatility threshold at NDX 30,990, and the composite's strength is described as minimum with direction weakening; a rally into one standard deviation resistance at 31,191.00 and 31,233.69, the December equivalent of that threshold, offers a short with a defined risk point above Pivot R1 at 31,359.67. The composite still reads 80 percent buy and positive direction leads on the directional systems, so the setup is an analyst judgment that Thursday's chip-led selling extends from a rally, not a measured edge.
Entry Zone: 31,180 to 31,240
Stop Loss: 31,380 (above Pivot R1 at 31,359.67 and three standard deviations resistance at 31,353.15)
Target 1 (T1): 31,040 (1.62 above the 9-day average crossing price at 31,038.38)
Target 2 (T2): 30,870 (10.31 above 30,859.69, the December equivalent of the modeled gamma-flip level)
Target 3 (T3, extended): 30,700 (14.33 above Pivot S1 at 30,685.67)
Risk-to-Reward: Approximately 1:1 to T1, 1:2 to T2, 1:3 to T3
Invalidation: A settle above Pivot R1 at 31,359.67 negates the thesis. Short of that, the edge is removed by acceptance above two standard deviations resistance at 31,282.75 and not by a touch, defined as two consecutive 30-minute closes above 31,282.75.
Macro override: A sharp recovery in chip shares, or a fall in yields after the inflation-expectations survey that revives large-capitalisation buying, would invalidate the short in real time. In that scenario a gap above the 31,380 stop removes the setup, and Wednesday's 31,521.00 high and the 31,616.50 52-week high become the references within one 14-day average true range of 465.69 points.
Alternate setup: the session review states none.
Sources and methodology
This outlook is built from our session review of the December E-mini Nasdaq-100 contract, NQZ26, the December ’26 contract, prepared after Thursday's close on October 8, 2026 for the Friday, October 9 session. Thursday's open, high, low and settle come from the provider's daily settlement record for the December contract and match the chart's completed daily bar. The Globex session reopened at 6:00 PM ET Thursday, so the day open, high and low on the provider's overview at the time of writing belong to the Friday session and are not used as Thursday's range. The high and low are also the completed-session inputs behind the published pivot ladder, back-solved from the outer pivot pairs and checked against all seven rungs. Only selected 30-minute bars were preserved: they place the high inside the 10:30 PM ET bar of Wednesday evening and the low inside the 1:00 PM ET bar, and the 6:00 PM ET and 4:30 PM ET bars charted above come from the same chart record. No other order within Thursday's session is stated.
The settlement averages were computed from the provider's 259-row daily settlement series, which excludes the incomplete Friday row, and are shown to two decimals; their gaps from the settle are measured from the unrounded averages. That series also supplies the seven closes charted above. Volume and open interest come from the provider's daily record: the 2026-10-08 row reads volume of 685,470 contracts and open interest of 281,627, and the 2026-10-07 row now reads volume of 509,635 and open interest of 280,402, where Thursday's outlook carried 500,010 and 281,627 for Wednesday. The open-interest column lags one session. The oscillator readings are cited as published. The two volatility-gauge percentages and the gold percentage are computed from the provider's closes and stated changes, and the crude percentage matches the dated settles. The 52-week high cited is 31,616.50, set on 10/06. Every key level comes from published pivot arithmetic, published standard-deviation bands, published moving-average projections and target price, settlement averages computed from the provider's daily record, or the completed-session extremes; the four positioning conversions are added. The desk note is the 5:11 PM ET edition for Thursday; its reference prices are Wednesday's closes and are used as such, and the fund console is marked as updated 2026-10-08. Cash-denominated levels are translated with the measured 243.69 point basis, the settlement against the 4:00 PM ET cash close; the modeled threshold and flip level are model outputs, not option strikes. Scenario ranges, session bands and the path weighting are analyst judgment and carry no calibration. Items marked unconfirmed come from the news-feed calendar or press reports and were not matched on the calendar used for confirmed times, and every catalyst whose time had passed at the start of collection is recorded as completed.
Thursday’s outlook for this contract is here and the broad-index outlook for the same date is here. Outlooks for ES, NQ, GC and CL are collected on the market outlook page, and our forward trading record is on the performance statement.
