 The following is a presentation of TFNN The Trader's Edge with Steve Rhodes Toll free at 1-877-927-6648 or internationally at 727-873-7618 The Trader's Edge now Steve Rhodes Good day from TFNN Welcome to the August 19th, the magical Monday edition of today's Trader's Edge show. I'm your host Stevie Perseverance Rhodes Who absolutely knows that each of us should always be pioneers of our future versus prisoners of our past Hope everyone out there is having a great day. Hey, let's make sure we have an extraordinary one and the easiest way to do that It's to always remember that life is happening for us Not to us That's right when you and I make that one little two by four shift It means we can find the gift in every set of circumstance that life is gonna toss at us today You and I we're gonna go check on the circumstance of these markets We're gonna go figure out what the bulls in the bears what those buyers and sellers are communicating to you And I just passed well, it's just past eight o'clock in the morning So if you're listening at the normal time at one o'clock I'm gonna make today's show as pertinent as I possibly can and thanks for listening in Of course, if you're listening at eight o'clock in the morning, I would love to hear from you So give us a call at 877-927-6648 if you can't call in you can always send me an email Steve at TFNN.com inside that subject hitting please put radio show question Of course in our Tigers Den any ping will do so let's go ahead get this show started on magical Monday Of course, this is tiger financial news network. I'm Steve Rhodes. Welcome to less show so date Oh eight in the morning Dow equity futures are up 267 points That's about 1% the same thing across the board the ESP needs up 1% or 29 points and then queues up one and a quarter percent That's 92 points the upside the Russell is up 1% that's 15 points trade out at 1508 Overseas last night you had all of Asia trading higher 2% in China and in Hong Kong The Nikkei was up just under 1% 144 points over in Germany right now The DAX is up one and a half percent the FTSE up one and two tense percent 1% to the upside in Australia last night gold is pulling back 17 30 17 dollars and 30 cents trade out of 1506 Signs of a major top out there confirming the roads will meant to mitigate or top from last week inside gold So we'll take a look where price is likely to pull back to silver is back about one and a half percent or 25 cents 1687 you've got natural gas back just a tad lights We crude up 22 pennies and the Treasury bonds also appear to be forming a top But we'll need some end of the day readings there. So let's go ahead and begin with let's begin with really Friday's action out here Let's take a look at the ES mini specifically so in essence We're looking at the S&P 500 and as you and I were discussing on Friday We were taking a look at the roads momentum indicator bottom that had formed by the end of the day on Friday when we received when it generated that three River Morning Star pattern out here and And that's what every roads momentum signal needs either a bearish reversal signal or a bullish reversal signal in this case here What we got was the bullish reversal signal now when you get a top or a bottom what that tells you and I is that in the case here Let's talk about the bottom that prices first move should be up to resistance Well in the case of the ES mini that resistance level on the September contract is 2907 we're trading at 29 21. This is a daily time frame chart I have no idea where the contract closes this afternoon But if it does close above 2907 that tells you to expect and anticipate a further rally In fact, this is a fairly significant bottom here It would not be out of the question to make a move all the way back up to the top out there But you can see where we had this big old bear sash candle out here from just a few days ago So that really puts the next resistance level above 2970 in the 29 to 44 area So it's 2907 that you're gonna be watching today in the ES mini Well to go take a look at the S&P 500 I'll switch over to that in a moment so that you can pay attention to that figure Remember these numbers here Stevie's red line is gonna change, you know by a point or two in either direction Depending on what price is doing but it gives you a really great framework to be able to interpret what the message of the markets is above 2944 in the ES mini in essence above the high from August 13th, and that says You could easily run all the way back to the highs now There's a possibility of an a to b equal CD pattern if in fact that high from August 13th gets taken out That a to b equal CD pattern I'm not projecting this just yet because you've got to do this one step at a time But that a to b equal CD you can see which would set up or could set up the Gartley cell pattern Wouldn't take effect until you get up to the 2986 a level out there And but again one step at a time 2944 in a quarter is a key level of resistance 2907 which price is trading above as well now Let's go take a look at the S&P 500 give me a moment just to switch over to that that way You'll be able to be focused on this at 111 in the afternoon see where price is trading and then as well be able to take a look at The 4 p.m. Level now again my red line is going to be slightly different During the day, but on Friday the close was 2906 87 so it's a 2907 level Let's call that as the area to watch and then with regard to is there going to be an a to b equal CD We're not taking a look at that inside the S&P 500 You really can't draw an a to b equal CD pattern here The only thing you could potentially draw you're not potentially the only thing you can really draw here is the Consolidation that's going on or appears to be going on at the moment. So that consolidation looks like this Try to do my best to to draw that in so here's your consolidation pattern. Let me let's lift this up just a tad There's your consolidation pattern. So the high of the consolidation In essence are going to use that August 13th high, which is 29 43 So a close above 29 43 that then suggests that you would have a break of a consolidation We can see that the top is relatively well set So too is the bottom and the beauty of a consolidation pattern if it's broken is you then have a measured move to the upside of the Downside in this case here that we're dealing with the measured move to the upside well in this case what you will see I've got to actually squeeze that is a technical term for hey make that chart a bit smaller out there That is a technical term that says if the consolidation is broken then the S&P 500 will go on and make a higher high Take out the old highs does that mean we're ready for the breakout to the upside? No, I don't think so We're still in a larger term consolidation, but those are the two numbers to be watching inside the ES Inside the S&P 500 today. It's gonna be 29 07 and then it's gonna be the 29 44 level out there That's what's going on in essence just by taking a look at what's going on inside the ES mini That is what's going on inside the markets now with regard to the Dow itself the Dow cash Indici it on Friday generated a rose momentum indicator bottom So its key level of resistance becomes Stevie's red line. That's at 26 131 any close above that that says okay It's going to deal with its consolidation its consolidation runs from about here That's pretty good consolidation. We'll go ahead and pull that back again. No a to b equal CD Why no a to b equal CD better? It's it's impossible to to to to generate on the Dow Jones cash chart out here But what's not impossible to generate is the consolidation and should price close over the top of that consolidation that number out here By the way, it doesn't have to be today, but that number is 26 4 27 Then you're looking at a move to at least 27 281 That's the breakdown level, but the measured move of the consolidation takes you back to the old highs Possibly a new all-time high out there So at 8 14 in the morning and probably 1 14 in the afternoon things are more bueno very bullish Don't be short. Don't be short just yet If you're not currently using the Taz profile scanner when looking at setting up your trading opportunities Then your arsenal is short a mighty weapon The Taz profile scanner is a standalone piece of software that instantly filters over 2,500 global financial markets such as stocks ETFs commodity futures and forex headed by Steve doll Taz Understands that in today's technological world the use of top-flight software applications and technical analysis Expertise is essential to successful trading in today's market You also gain access to the webinar that Steve doll and Tom O'Brien just hosted the best way to use the Taz profile scanner to profit This webinar archive is available for all subscribers Immediately upon signing up all new subscriptions also come with a 30-day money-back guarantee so you have nothing to risk Start your subscription by visiting the front page of tfnn.com today And you'll find the Taz profile scanner under the services tab sign up today Are you in the market for buying or selling real estate in the Bay Area including the surrounding st. Petersburg Tampa and Clearwater markets Tiger real estate LLC is a firm that has extensive experience in the Tampa Bay area whether you're looking to sell your current property for maximum value Or you're in the market for a second home or investment property Tiger realty has the experience across all areas of real estate in the Tampa Bay Area to help buyers and sellers make the most informed decisions across all price levels from the price You should be paying per square foot in certain up-and-coming areas to the type of cash flow Investment properties are capable of creating Tiger real estate can help you make the best decision when it comes to all areas of the market Before you make one of the biggest decisions of your financial future call Tiger real estate LLC today at 727-329-8322 Or email us at tiger at tfnn.com that's 727-329-8322 call us today Many of our new listeners have heard about the Tiger's Den The Tiger's Den is a lively community where professional traders and investors can meet, exchange ideas and information in a comfortable moderated atmosphere Hear all of the TFNN shows plus see all of the charts as they happen live and have access to archives of all of those charts You can test drive the Tiger's Den absolutely free for 30 days and greatly enrich your knowledge of these markets and how to make your money work for you Details on the Tiger's Den are on the front page of tfnn.com Whether you're watching Tiger TV live in high definition or just accessing your newsletter subscriptions We even have new pricing in six months and yearly options Check out the new tfnn.com now and experience all the upgrades tfnn.com educating investors Welcome back folks so when we were going into the by the way if you're listening at the normal time of 118 thanks so much for doing that We're recording today's show at 819-818 in the morning And I'm not trying to make the show as pertinent as we can And as we were going into the break out there What I shared with you I said hey don't go short at least not just yet Now of course it all depends on the timeframe trader that you are out there I'm not really referring to more of the swing intermediate term timeframe trader The reason why I say that is because if we decide to go especially since it's just the equity future Or all the futures that we're taking a look at this morning Pull over Stevie's Bob analysis or market analyzer out here Provides me provides clients with signals to let them know what the status of the current market conditions are For example on a 30 minute on the ES minutes in a consolidating Bolts in a breakout bull mode breakout bull for the 1 hour 2 hour And it's consolidating the 5 hour timeframe that tells me but what I mostly search for are their topping and bottoming signals out here We just took a look at the daily timeframe charts for the Dow cash in to see And the ES mini those showed the rose momentum indicator bottom now in a short term You can see that all four of the equity futures are showing some short term rose momentum indicator Top so the 30 minute and the 1 hour so let's go take a peek at those so again It all is a matter of perspective and the time frame And so if we take a look at the 30 minute timeframe here for the ES mini What we can see is that here is that rose momentum indicator topping signal out here You've got what's really close to a shooting star up here at the high Now this would suggest on a pullback First price is testing the top of its current 30 minute profile in the 2019 level If price closes below that then the target and this is a bullish structure 30 minute profile Price will be targeting 2911 and 2914 If things really begin to pull back what you're looking for is a support area at 290375 That is the last breakout level that's that red solid line on my screen out there If we take a look at a 60 minute timeframe for the ES mini let's go see what its chart pattern Is suggesting to both you and I It's suggesting that the last bar the last hourly bar at 8 o'clock That was bar number 8 of the TD set up at 9 count as long as the current bar here coming into 9 Close above the close of bar number 5 that's around 29 looks like 12 or so Then you've got a TD 9 count set up and that says that price really should find support This is a bullish structure profile as well at 2910 What you can see here on the 60 minute timeframe to pull back right now is Let me just update the chart out there sorry is really just testing Stevie's green line So there's it's got a topping signal not a pattern because during this hour Bar that we're in which doesn't until 9 a.m. You've got to get a bearish reversal candle And then you also must close below Stevie's green line and none of that has happened out there So hey, what do you do on a short term basis? I don't think you take the short trade here either but look I want to be fair I want to always just communicate to you what the charts are communicating to us And it has nothing to do with my opinion out here But the reason why I say and not so fast out here is you don't have any clear breaks of The first level of support inside the ES mini out there And the same is in essence for here take a look at the end queue Another another of the futures contracts that you can see a bit It went ahead and it cleared wave number seven out there But here price on the end queue even though it's got that topping signal No level of support not even the top of its profile at 7698 has been pierced Ultimate support here on any kind of pullback and I'm not saying it's going to get down there But the buy the dip place would be a 7636 in a quarter out there A lot of work to do to the downside before that would be pulled off So that's what's going on short term Now earlier before we began the show there was a request to go take a look at the March 2020 futures contract for natural gas So as we take a look at that that's what you're looking at right now And here's what we can say John about that What you see is that price right now natural gas that is the 2020 The March 2020 level is trading below the bottom of its weekly profile That's a real key level of support out here 2.489 Now what that tells me John is that we should expect lower price Now I'm not just using it from I've been expecting to see one more push lower inside of natural gas It had nothing to do with taking a look at the market profiles But now of course seeing that it's a weekly profile we're looking at So it doesn't really matter until Friday folks But here let me show you what it is that I'm looking at And I had to put up the continuous contract in order to show this And what I'm showing here on the weekly timeframe chart And that's why the weekly profile is kind of a key level Here's what we know We know that natural gas formed its top with its TD9 count out here This is back in November of 2018 From there if we just start doing our wave count to the downside This is just only one minute portion of the Chapman wave So it's just the numbering or lettering counting to the downside We got to wave number 6 That's letter F on my screen 2 weeks ago That was because we had a higher low last week Now we know that when we get to wave number 7 We love how the market sings in the key of G out there What we'd like to do is see an additional lower low Bringing into play that 7th wave move out there And with price really being able to close above Stevie's red line Or even its profile levels out here All of this suggests be patient Maybe it's not this week that you see that lower low Maybe it's next week out there So I think that natural gas is maybe trying to line up for us I just don't see it as we speak at the moment out there So that takes care of taking a look at natural gas We had a request to go take a look at the XLE I believe let me make sure that that's what was asked Jim asked if we take a look at XLE and XOM I wonder if you feel they have formed a bottom here So let's take a look at the XLE The XLE was close but no cigar I lost my chart Okay let's repost that No good to not see the charts out there And since the charts were lost Let me make sure I put Oh shoot I already changed it to natural gas Hopefully you saw that If not during the break folks what I will do Is repost that chart for natural gas for you John But let's move on to the energy sector out here What do we know about it And Jim is looking for some type of bottom So here's what we know with regard to profile levels Let me just see where is this trading at Right now in the pre-market So close to $57.02 last trade fired off at $57.61 We take a look at our profiles The bottom of the daily profile Jim is $57.79 So at a minimum price needs to close above that If you didn't see a price close above $57.79 $58.41 becomes the next resistance point To close above $58.41 would say You would at least have a counter trend rally Or should have a counter trend rally That would move price to $60.30 out there Price also below the bottom of its weekly profile That's $59.77 out there Now the reason why I say it was close and no cigar Because price was pushing lower Doing a less route of energy But we did not get that bullish reversal candle on Friday We did inside the Dow We did not inside of the energy sector the XLE So I would just suggest to you to be patient out here I don't have any kind of bottoming signal On the weekly time frame chart I don't have anything on the monthly time frame chart With price being below profiles I think it's prudent, prudent I say To just be patient out there But alone I didn't really see anything significant Going on a light sweet crude In some of the other charts that I pay attention to If anything price is pulling back to $54.80 You're right there Since 1984 Basil Chapman has been using The Chapman wave methodology To advise traders of his expert market opinion While originally hand drawing charts From the late 1970s into the 1980s Basil noticed that prices under most circumstances Virtually always had a certain number of legs To the upside before declining sharply Later Basil found that computer software Which included the standard market technical indicators Enhanced the degree of accuracy in calling price turns As well as market trend calls Thus was born the Chapman wave sequence Using the Chapman wave methodology Along with other indicators Basil Chapman advises his subscribers Of his expert market opinion Each market day with his opening call newsletter Right now you can get a two week free trial To the opening call Basil's daily trading newsletter By visiting the front page of TFNN.com Cancel at any time during that trial And pay absolutely nothing Get your two week free trial to Basil's newsletter The opening call today by visiting TFNN.com The path of 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the art of timing the trade charts today By visiting TFNN.com This segment is brought to you by Think or Swim For more information just click The Think or Swim banner on the front page Of TFNN.com Got folks so if you're listening at 1 o'clock or it's 1.30 right now Thanks so much for doing that we're recording the show In the morning right now You've got gold trading down $14 Let's go ahead and take a look at the gold contract A little conversation inside the Tigers Den Here's what we know right now about Goldilocks We know that it confirmed both twice last week A rose momentum indicator Top it did it with this key reversal session here That was on the trading session Of August 13th For those of you that don't know what a key reversal Session is You have to be there's really three things that are Required you need to be in extended condition Well that was the case we know that the case Just simply because of the move But here we had price being stretched Doing it with less relative energy out there So you've got to be in an extended condition Number two the current bar So this is a daily timeframe chart We're looking at the current bar The price must be exceeded From the high and low of the Prior bar must be exceeded Well that happened right here again This is the trading day of August 13th And then the final thing is you have to have Closed in the opposite direction of the trend Well we did that you can see just simply the Red bodied candle out there You then had a bearish engulfing Candle session out here on Friday but price did not close below Stevie's green line out there Which is at 15-22-20 so it was impossible It was really a competing Top pattern going to get Support and whenever you get a top Price is always going to go or should go At least back to support And you've got to understand where those support levels are That's going to help you with regard to reward risk Whether or not you want to get in on that trade Now if we see it close below 15-22-20 today What that's done is that has Then said okay there should be a further retracement Says we've got to go back and take a look See if there's any new market profiles On this timeframe chart which there aren't At this stage of the game maybe there will be At the end of the day and so here This says price would pull back to its most Recent breakout level that would be 14-12 That's about 100 points below Where it's trading right now and 14-12 Would be or could be an ideal Point to buy into Goldilocks Now that's what the daily timeframe chart Is communicating to you and I If I look at the weekly timeframe chart Let's go take a look at it See what its signals are You can see the A to B equal CD to the upside Out here a 1 to 1.618 A to B equal CD And it's possible that this week Will be a bearish reversal candle We just don't know if it is this week That confirms an intermediate term top We want to take a look at daily a swing Weekly as intermediate And long term being monthly Time frame charts out there So there's potential here Here this would say the pullback would be to Stevie's green line at 1457 Nothing being wrong there Now where are we at 8.33 in the morning Well in the Tiger's Den what I was Suggesting because the question was Hey should I get into dust right now And my response was well I would wait Now we know that there is a directional Correlation between Gold and the GDX out there And dust being the three time EETF for the gold miners ETF to the downside The bearish side of it But here if we just take a look At the tools that you and I use It's just a handful of tools There are only a handful of tools That you really need to learn You don't have to go through the Thousands ten thousands of hours That I've gone through to bisect As our leader Obi-Wan Kenobi Likes to use for terminology out there You don't you just need to know What I know Works so well and here we do it Each day each afternoon Each morning out here we use really the same patterns It's probably gets boring to you right No never gets boring because the market's always Moving we're just looking for the signals Now here's what we know we know that the 30-minute time frame chart formed its top With Rosamund indicator top We can see that with the bearish and golfing out here The 30-minute time frame if we just start Our wave count so we just took a look at Natural gas before the break we said You know what from a weekly standpoint Even the daily weights trading Let's wait to wave number seven letter G Well if we do the same thing From the top here in gold on the 30-minute base We do our wave count we can see That the last half hour That ended at 830 we can see That it is in or it's at now has confirmed Wave number seven letter G Now what price is doing on the 30-minute Is taking on Stevie's red line That looks like it's about 1508 We're trading at 1509 This is a 30-minute chart next bar doesn't Conclude until nine o'clock but if price Closes above I would say 1510 Bullish structured profile Of the 30-minute chart for gold out here That would then say price should Bounce up to 151260 So if SNP was trying To time the Or anybody out there was trying to time The short into dust Watch the 30-minute time frame chart We have the numbers out here I'm not going to be a soothsayer and tell you exactly Where price is going because I don't know What we do know is where to look What to look for we know to look for wave number seven That's letter G we know to look for the roads We're meant to mitigate our top and bottom signals We know what to look for when those signals Get generated and then we can use Stevie's red green line We can use our task market profiles They're going to help us with support and resistance And then finally we can use our TD To set up trend lines out there That's where prices either break out or break down In our case here the breakdown level Was 151990 That may be your ultimate place For a rallying Goal to then come into a trade Inside of dust out there So that's how I see it Just simply take things one step at a time Let the market communicate to you What it wants to do out here But right now the signal is The signal is to be risky We're going to trade And certainly in the pre-market at 836 So looks to me again We're just using the exact same tools The exact same tools For any time frame And they just simply assist us greatly With regard to understanding what the Market's intent is and what it wants to do And just let it do its thing And then go ahead and take action What I'm not going to do Is try to convince you that you can Sell the top tick or buy the bottom It's a It's like It's futile It gets done out there Somebody's got to do it right And I've done it a few times out there And I just consider it to be more blind luck Than anything else or just simply trading Right into a resistance level Like Stevie's Apigee, Paragee, Pivot Point Or things of that sort out there But what you want to do Is you just simply again let the market Communicate to you and go from there To these bottoming signals that we got out here Yeah, you've heard You hear me talk about the seasonality And so forth and seasonality Isn't anything that we're going to just simply Hang our hat on Yeah, we're in an unfavorable seasonal cycle Out here, but we know what to be looking For, we know the bottom signals that get generated Inside of the Inside these markets, we know how they make Significant bottoms and significant tops out here And that's why we say Okay, so we're in the unfavorable Seasonality cycle, maybe it's just going to Because the tide's going out, it's going to be A little bit more difficult, but look At a minimum, we should see the ESPINI trade Up into the 2940 level And above that, you're looking at 2986 Maybe 3032 out there As it's target areas So that's what's going on inside of gold Right now on multiple Timeframes out there If we take a look at T-bonds out here T-bonds are, oh, I guess I can do this Because the show's going to be replayed And I know somebody will ask the question out there Well, what's gold doing in all the major currencies Out here, and here's what we know Gold pulling back in terms of euros In terms of yen, in terms of Pound sterling out there And that is what is needed in order for gold To continue to retrace and Pull back and move lower out here It needs to see the price of gold trading Lower in all currencies, when that happens Then you can have sellers across the globe If it's moving lower in dollars and higher in yen And higher in pounds out there And here in the U.S. there's sellers And over in Europe or Japan There are buyers out there But right now, as of 838 We're seeing price pull back with regard to Goldilocks With regard to the U.S. Treasury bond Out here, what's it doing? Hey, look, it generated wave number 7 I don't make this stuff up I just simply count the waves Wave number 7 it is A Rosalind and Mindicator top as well And right now, a three river evening star pattern Opposite of the E.S. minis E.S. three river morning star pattern We'll be right back If you're in the C.D. market And looking for a secure investment The Tiger First mortgage program may work for you The security for these first mortgages Are building lots in the tax opportunity zone In St. Petersburg, Florida The tax act of 2018 set up tax free zones Across the country where you can build and hold for 10 years And pay no tax on the profits Which makes these lots valuable The investment is anywhere from 30,000 to 75,000 The rate is 7% yearly paid on a monthly basis According to bankrate.com The best rate for a four-year CD in the country As of February 20th is 3.1% A $50,000 investment At a normal four-year CD rate of 3.1% Would give you income of $1,550 per year Or $6,200 over the four-year period That same $50,000 investment In the Tiger First mortgage program Would give you $3,500 per year Or $14,000 over the four years What should you prefer? $6,200 or $14,000 of interest on your investment If you'd like more information About the Tiger First mortgage program You can call me at 877-518-9190 That's 877-518-9190 It's amazing to think that Tom O'Brien Started his weekly gold report 17 years ago With the first issue published April 7th, 2002 When gold was trading at under $300 per ounce Gold peaked at more than $1,900 in 2011 And after spending many years consolidating At lower prices, gold may be poised For its next big run Tom O'Brien publishes his weekly gold report Every Monday morning for subscribers Consisting of coverage of the XAU, HUI, GDX The Dollar, Bonds, South African Rand As well as 25 different mining equities With specific buy-sell recommendations As of April 1st of this year The gold report currently has 8 active positions With an average unrealized profit Of almost 8% for each open trade Subscribers get a 30-day money-back guarantee So you have nothing to risk For all the details and to start Your gold report subscription today Visit the front page of TFNN.com Don't let gold's next big run pass you by Sign up today Are China A shares hot or not? 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I got Dow equity futures up 283 SNP 31 Nasdaq up 104 and so Hector listening in wrote in and once take a look at Skyworks solutions and his question is you know has this bottom so let's take a look at Skyworks solutions ticker symbol there SW KS right now in the pre market trade in the 78 and change level close at 76 66 out here so it's going to get back inside it's a profiles now here what you're going to see let me just put up the daily time frame chart Hector here what you're going to see is really only a bottom and a top let me turn off price it's going to be easier so that you can see the profile level see most profiles like the prior box at a center a top and a bottom this current profile does not it only has a top and a bottom not so fast it's also got a bottom it just happens to be at the price level where are I mean the set also as a center it happens to be at the price level where the bottom is at so that should be a key level of support you don't want to see I know that you're long you don't want to see price closing below that a level out here so prices trading above that what's that say well let's also take a look at Stevie's other chart out here for Skyworks but well let's finish this off here you are trading above or it is trading above its weekly profile so that's good it is trading in between its monthly and its quarterly profiles out there so let's look at the daily time frame chart for Skyworks solutions what do we know out here well we know that it formed its top well first we know it formed a bottom with a rose momentum indicator bottom pattern we know from there if we do the wave count to the upper side it went ahead and formed its high with wave number seven that's letter number g it's why we pay attention and we also know that a few days ago Stevie's green line turned red now Hector when that occurs out here when the red line or green line when they switch colors that tells us that the price oscillator is at zero there's a phenomena associated with it so here's what you're looking for let's go back to the prior change in color here's the prior change in color takes place looks like on July 2nd or July the 3rd out there and then what that tells us is that we should anticipate that price and Stevie's red slash green line are going to catch up to each other that's the phenomena I can't tell you why it works I just know that it does work I know that you pay attention more so than that I know that you're looking for the test to tell you what its real intent is the market's real intent is price pulls back and test that level it got down very close to it on July 9th it got close to it on July 11th it actually tagged it on July 18th that was the final test to say okay I tested it I rejected it I'm moving higher moves higher does wave number seven so because that line changed color what I don't want you to do is I don't want you to think that this morning's pre-market rally is the sign of a bottom out there it is not it is just the extension of the exact opposite of what you and I just looked at for skyward solution on the daily profile on the daily chart out here that's the same thing that is unfolding because that line turned from green to red that means that's going to be your real key level out here Hector 7888 is the print this is going to change after the market opens but you can use that figure pretty well so 7888 is where you want to see price you don't want to see a test and rejection now if you do get a test and rejection that would then say okay price maybe is just consolidating the bottom here it should pull back and test the bottom of that box out there we took a look at that area but if it closes below the bottom of that profile as it has for the last couple of days you could see an a to b equal cd to the downside that would look like this we don't have that pattern just yet I'm not going to say that's the pet well that's the pattern that I quite frankly is in play out here and the bottom really might be around 6678 what happens if price Hector closes above Stevie's red line excellent question I'm glad you asked well price it then go to the next level of resistance 81 96 in order for this to generate some type of nicer bottoming signal out there and I don't really have a bottoming signal but just simply that and the rose momentum indicator top or wave number seven or a TD setup bank out is not at every top and every bottom it's just when we see those patterns form we don't ignore them we're not going to ignore this so a close above Stevie's red line at 7888 says price would then target 81 96 a close above the top of that daily profile says okay you've got something price may run back up to its highs out there but right now you don't have that you have the counter trend rally that you would anticipate because Stevie's red line which turned green and now has gone from green to red says you should just see price just the natural phenomena price testing that level to tell you what its real intent is so I hope that helps you out at best of luck with that trade you're off to a good start and now let's just watch to see if this thing can break through resistance levels and thanks for writing in early in the morning so no other questions that are out there so what do we want to take a look at what else can we take a look at that's important well let's take a look at let's take a look at the new york stock exchange so the new york stock exchange this morning we're going to see it's advanced a client oscillator above zero the question is will it close above zero today now when you close above zero you can see right now the reading is minus 32.91 when you close above zero you need to see a second reading close above zero out there and if you get that that tells you that the buyers are back in control it also says that you could see it's advanced the client oscillator reading get up to the plus 150 level it's at the plus 150 level where we may take a look at the rally the ensuing rally right now begin to stop the other level on this chart that we want to pay attention to again it's 848 in the morning the spotball utility index is trading right now at 1746 that is still above its 50-day exponential moving average that number is 1638 of course that number is going to change by a penny or two but write that one on your pad of paper 1638 that is the level of what could be support where the spotball utility index travels to yeah support now if price closes below the 50-day exponential moving average and you've got the advanced the client oscillator reading above zero and then you get a second reading above zero the following day this would tell us that the spotball utility index is headed towards a $12.76 area and what that would mean to me is what that would mean to us what that would mean to the chart patterns out here is that consolidation that we looked at inside the s and p 500 cash industry and inside the Dow Jones cash industry out here is likely to get busted through and that run back to the highs we're not there just yet we just know what to be watching for and right now this says because prices below 1835 the VIX is trading at 1745 odds favor move down to that 50-day exponential moving average 1638 and there ain't no way that the markets are going to go lower with the spotball utility mix moving lower out there and so that's something else for you to be paying attention to at 149 in the afternoon of course we're watching it right now at 849 in the morning but everything really is set up for price for this rally to continue and very likely for at least two days but let's watch the spotball utility index which by the way on Friday generated another one of its another one of its initiation signals that's the green arrow on the chart we looked at that on Friday it actually was confirmed at days and and that says hey at least two more days left in the rally again we know what we're looking for and that's in that 2944ish area inside of the s and p 500 so at 850 in the morning Dow futures up 297 298 s and p 33 nasdaq up 108 russell 2017 gold back 15 silver down 20 pennies steve roger tfnn will be right back for the two minute wrap i'm certain you are or strive to be one of the best of the best at everything you do in life it's the most common trait that we tigers and tigers share if you're looking to become the best of the best when it comes to managing your money let me teach you to do what most wealth managers tell you can't be done which is how to time the markets i'm steve rode's author of mastering probability and for the last 12 months timer digest has been tracking my newsletter signals which have earned me the ranking as their number one market timer in the nation for the s and p 500 for the last 12 6 entry months timer digest also ranks me as the number one market timer for gold as well the fact is markets can be timed and i'll teach you the exact set of tools that i use that has transformed me 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question is what it looks like ruby is that price is going to test the bottom of that daily profile at 11 dollars and 37 cents out there so if it can form that little higher low okay maybe but ideally you would see if that's occurring you'll see some type of profile form on a 60 minute time frame chart and you know at least to give you some kind of backing out here maybe additional signal if i look at the daily chart out here using my other set of tools and i want you to ignore the profiles on this chart i'm going to go with my black background chart here's what we know sugar makes a road to an indicator indicator bottom price bounces right up to resistance that's where price had broken down the 1294 level and then from there if we do a wave count to the downside well what we likely have is wave number seven back on august 7th so that higher low that entry point that would be nice out there right so but of course if you see price closed below 11 27 out there that's not looking good i mean there could even be an a to b equal cd to the downside out here so your question was an entry point that 1137 area is the place you can consider but what i would do is i was shorted up to a shorter term time frame and see if you can see some type of turn maybe a 30 minute time frame something like that ruby so i hope that helps you out thanks for a sweet start to our day folks stay tuned you've got two great shows coming up if it's uh if you're listening at 8 56 it's larry pesevento and if you're listening at 156 it's david white so have a marvelous monday and i look forward hopefully to seeing you on terrific tuesday take care thanks for a great start to the day