 Welcome back folks. We have the now flat nasdaq is down six s&p's are off seven and a half Let's go over to our man Mr. Steve Rhodes as we do each and every Monday at 20 past the first hour Don't forget folks. Steve has an outstanding show here every trading day one to two eastern standard time Also has a great newsletter another way you get the newsletter you come over to our website at TFNN You're gonna see it right under featured content mastering probability You can just hit that subscribe button and you can get Steve's newsletter for $149 for one month You can get it for a year for six months for 695 dollars, which is a savings of a hundred ninety $199 you can get it for a year for eleven ninety five, which is a savings of five ninety three They all come with a 30-day money back guarantee folks check it out right in the front page of TFNN Steve Rhodes, what's going on? You know Tom? I was thinking if if Tim Cook had just simply contacted you and in his rollout today is Paid for news service included TFNN news. I would sign up for that. I'll tell you man It thank you for all of us, but it's so weird man. I mean it is so weird It's like so check it out folks like the two big things was that yeah, you get the Washington Post the Wall Street Journal Well, great that that's that's they're great to Newspapers is no doubt, but guess what you can get all that stuff for nothing No doubt no doubt and we've been talking the Apple TV thing, you know for a now look I've got to you know Apple TV, you know boxes in my house, and it's great simply because of the move the music Yeah, you know, I've got I've got all of my music that you know, I can play however. I want to they have that nail There's no doubt. There's no doubt man Yeah, you know and that's a great thing, but you know the these these so-called other Apple TV stuff I've just never really yeah, you know hasn't caught man. They got all the devices, but Yeah, we'll see Let's take a message from the markets of the Dow. Is that what I'm looking at here Yeah, the bulls and the bears always fighting out just like you were talking about and thanks for that update too about Each of the meetings going on over in the UK out there So to be interesting to watch the currency markets trade yeah night, you know as those things happen But what I thought we could do here for the next several minutes is just I wanted to focus on primarily the double We'll take a look at a couple of other things and I wanted to because we have so many different types of Investors and traders in the audience They just start by take a look at the big picture and then we'll hone it down a little bit more For the Dow now when I'm looking at the Dow folks What I'm beginning with here is a quarterly chart for the Dow equity futures contract and the reason that I'm looking at The equity futures contract versus the cash contract is because I get to use these terrific Tools that Tom has been able to help integrate With this relationship with the folks over at Taz and here what we have are the quarterly profile So really big picture out here with regard to support and resistance And that's what these tools can really be used for to assist us in understanding what the message of the markets are So on a quarterly basis and we take a look at the the move that we've had off of the lows in December prices run into resistance, which is this red line It's at 25 855 and this on a quarterly basis out here. So that's resistance. We've run into it It makes sense that we're seeing Some pullback as we speak right now now support if price were to if this were to be a more significant top that we've seen and This is as of Friday because that move on Friday is one where it could signal some type of larger top out here Price could easily get back down and test those December lows That's 21 141 as far as the market profile is concerned now the monthly time frame chart Also shows the Dow the YM the Dow equity futures contract running into resistance, which is 25 928 And so if in fact the markets are going to pull back its target the monthly target takes us into the 23 756 24 118 level if we take a look at profiles on a on a weekly basis We can see that resistance and this is where it really sticks out Resistance for the Dow equity futures contract 26 144 and that is held like a very solid line I don't know the exact top tick of last week, but it looks like it was pretty much right there So here a pullback says I'd say 24 746 to as low as 23 814 The daily time frame chart and this is really the key So we've looked at larger time frames, but in order for there to be a change in trend we really need to see support fail and Here on the daily profiles that level is 25 341 This chart was a snapshot for maybe about an hour ago So I don't know exactly where we're trading but folks the the level you want to watch tonight The level you'd want to watch when I say tonight not just going to the close but overnight or tomorrow morning It would be 25 341 if you see the Dow equity futures contract trading below that that could truly be a Changing trend and signal out there So my conclusion based upon the TAS market profiles Tom is that no level of support or resistance has failed just yet And price is just consolidating But should we see a close inside the Dow equity futures contract today tomorrow whenever below 25 341 That will signal a change in trend and then you can start taking a look at those larger areas of a pullback That we looked at on the weekly the monthly the quarterly time frames now if I go take a look at just simply trend lines Things remain bullish from a quarterly standpoint Here's the bullish trend lines out here if we take a look at the monthly time frame These trend lines also remain bullish at this time frame But we can take as far as resistance levels I take the high from January and then the high from I believe was October September October as a level that the Dow would need to clear before it would change its trend to the upside the weekly time frame We can see that little descending trend line So resistance about the 26 to 50 area out here and if we take a look at the daily time frame It's nice because I've got a short-term daily trend line that in essence really lines up with the bottom of that market profile And that 25 341 level so it's really great to have Multiple levels of of support that are showing up here so that if if that breaks It just sends a really clear message or should be a clear message with regard to a change in trend If I look at horizontal trading ranges out here the monthly time frame show support right now at about 24 743 the weekly show support at 25 268 these would be levels We would be looking for if the daily time frame closes below the numbers that we looked at Here on the daily time frame chart for the horizontal trading range is prices trading below its level of support 25558 that's why I go back to that daily chart Watching that trend line watching the bottom of that Taz profile because here this would say the next move to the downside would be about 24 925 out there So my conclusion with regard to the Dow is really watching this 25 341 level Lastly and to switch off from the Dow for me It's going to be about the spot volatility index and that is the bottom portion of this screen out here Okay, and the blue line on the bottom portion is the closing price of the spot-bix index and where I have the red Kind of rectangular box around price on the S&P which is the top portion as well as the red box around the bottom Which is the spot-bix index this shows when price when the spot-bix index is trading by its 50-day exponential moving average My interpretation of that is it shows lack of liquidity inside of the market and what you can see by the red Rectangular is that has always put selling pressure inside the S&P 500 if you look at the green rectangular box This doesn't catch the bottom, but this catches the trend We have been below the 50-day Exponential moving average up until the close on Friday and so today the key number is about 16 12 1613 and the spot-bix index closes above that Watch those levels of support I gave them in the Dow in the ES mini the numbers going to be twenty eight hundred point two five It is amazing, you know like right here folks the markets not even down it's flat And they're still buying insurance because we're at 1673 Yeah, which always tells you there's so it's gonna be interesting to the folks come over to our website at TFNN You're gonna go to feature content master in probability hit that subscribe button Steve. Thanks so much, man We look forward to show tomorrow