 This is TFNN the tiger financial news network Good morning everyone Basel Chapman here on this 17th the when a Thursday 17th of August Tiger Financial News Network 10 a.m. Market Update does up 80 points at 34,846 had a really ugly day This is called the Chapman wave Roman candle that we saw yesterday my show coming up tiger technicians I'll talk a little bit more about it. Most importantly, we've had a number of these inverted Roman candles So it is quite important on the session. We'll talk about it in terms of where what we'll be looking for if certain levels are hit the S&P This is going to be important because the S&P at this stage is Up eight or nine at 44 13 had quite an ugly session yesterday So Chapman wave Roman candle and all the technique all the technical indicators that I monitor are negative I meant to mention yesterday Finally the doubt did that crossover the red Well pink nine-period moving average showed up We've been waiting for that for some time that confirms that the dows in a cell mode That just gives it a designation of where it is doesn't mean to say immediately couldn't turn up or down or whatever It is it just is that's where it is The QQQ down 18 cents at 362 Doesn't look very strong at all that goes together with the SMH's which had a spectacular day four sessions ago And now it's down to 146 level. It's really struggling these semiconductors I think there's going to be a glut of chips at this particular point IWM the Russell 2000 small caps getting closer to the 200-period moving average of 18472 is in 18592 right now Gold this is going to be interesting Why because gold is trying to establish some kind of a base the on balance volume is extremely negative It's oversold, but the stochastic at 80 percent says there's no no sign of strength at this particular point So what happens next is going to be important because the dollar did squeeze up to a leg F in the Chapman wave methodology Today it's gone a little higher than yesterday, but that 200-period moving average of 103 16 is still it's right there now Oh bonds. Look at this bonds Down again yields are higher I'll be back to talk about all these different aspects as soon as I return for the time can finish missions out I got a webinar coming up this coming Wednesday for subscribers. We'll talk more about it