 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 afternoon from TFNN. Welcome to the July 18th, the one terrific Thursday. I'll get my days right. It's the terrific Thursday edition of today's Trader's Edge show. I'm your host, Steve. Perseverance Rhodes, who absolutely knows that each of us should always be pioneers of our future versus prisoners of our past. Yeah, like most people. Hope everyone out there is having a great day. How about if we have an extraordinary day? Yeah, let's have one. We can have it no matter what. We can have an extraordinary day. The easy way to do that is to always remember that life is happening for us. That's right, right here, right now. What happens for us, it means we can find the gift in every set of circumstance that life is going to toss at us. Today, you and I, we're going to go check on the circumstance of these markets. We're going to go figure out what those bulls and bears, what those buyers and sellers are communicating to you and I. Just passed one o'clock in the afternoon. I want you to know that I'm absolutely grateful for your presence here, but way more important than that. During this next hour, this next 60 minutes, I'm here to serve you. So feel free to pick up that phone, dial on in at 877-927-6648. If you can't dial in, we've got you covered. Send me an email. Let those fingers do the walking. Steve at TFNN.com inside the subject heading. Just put radio show question. And of course, in our Tiger's Den, well, any ping will do. So let's go ahead and get this show started on terrific Thursday. Of course, this is Tiger, Financial News Network. I'm Steve Rhodes. Welcome to LUS Show. Right now, the Dow off 85 points, about three tenths of a percent to the downside. S&P nearly flat us off two points. NASDAQ 100 down 39 points. Trained out at 78-49. You got the Russell up basically flat. It's up 40 cents. Semis are up 13 bucks, nine tenths of a percent to the upside. We took a look at that yesterday. Said that it hadn't really identified a top, that that might occur, I believe, by tomorrow or Monday. Yet the New York Stock Exchange slightly green. Transports are up 87 points. What a wild ride over the last several days. Spot volatility index is flat. Trained out at 13.96. It's still below its 50-day exponential moving average. Gold is up $4.00. Silver 19 pennies. Lead the charge to the upside dollar-wise. Chipotle. 11 bucks in change, one and a half percent. Booking holdings up 11 bucks. That's a half a percent there. Precia, presaia, free, I don't know, PHREES, S-I-A. Not sure how to pronounce it. It's up 44 percent. Maybe it's an IPO. Phillip Morris is up about eight bucks to the downside. Netflix taking it on the chin. 22 million shares. That's volume to the downside. Down off about 40 bucks or nearly 11 percent. Amazon down 31. Zebra technology is 18. Dollars to the downside are 9 percent. So plenty to look at. Of course, I want to look at what you want to look at. No request so far. So let's just kind of pick up where we left off yesterday. Hey, here's some numbers we want to pay attention to to help us identify what the market's intention is. And what we said was, based upon the new profiles, and it was a new profile that was forming in the Dow, we weren't sure if it was going to take hold. It has taken hold. And the level we were looking at was 2717, 27175. Now, as the cash market closed, the YM, the Dow Equity Futures contract was above that as the trading continued through the next half hour. What we saw was price get down to test that level. And then overnight, we saw price pierce through that. We're trading below at 27175. Dow Equity Futures contract does not have a topping signal. It doesn't have one of Stevie's topping signals out here. But here's what we can say. We can say this. If we do see it close today below 27175, note that on your pad of paper out there with the Dow is signaling to you and I a further pullback and possibly a change in trend out there. Now, the change in trend signal I would have to say for the Dow really won't get going or can't get going until we see the same thing take place inside the S&P or the ESMini and the NASDAQ. Those levels to be watching are 29, 69, 50. The ESMini got within about four or five points of that. Let's see the low so far today, 29, 74, 50. So still about five points away. As in tested it, maybe close, no cigar, so to speak. Inside the NQ, the level to be watching is 77, 94. We're well above that area. If in fact we get those indices, those equity futures contracts to close below the bottom of their profiles and in essence we would have a unanimous vote. Not that I'm ignoring the Russell 2000, but it has been so weak and just moving sideways. I don't believe that our best signals will come from there. The next thing that would give you that change in trend or whopper to the downside potentially is going to be that spot volatility index. We don't have that just yet. What I mean by that specifically is if we take a look at the spot volatility index, it's trading right now at $13.95. It's down two pennies, no big deal. You'll see that the 50-day exponential moving average, that's at columnars at $14.74. That's the number that the spot fix index needs to close above in order for a price to really give you that bearish message out there. The reason we say that now, this will be interesting to see because as we switch over, we take a look at the Advanced Decline Oscillator Reading inside the New York Stock Exchange, which is below zero. It closed below zero yesterday. As you and I know, we need a confirmation that sellers are in control and using that tool, the Advanced Decline Oscillator Reading, you've got to have follow-through on that first day below zero. Well, at this stage, at 1.12 in the afternoon, we have that. I don't know what it's going to be coming to the close at 4 p.m., but right now the message is that it has seen a change in trend from the standpoint of an additional pullback. Now, where it is that we'll have to, and the reason why I say this will be kind of interesting, let's say the market continues to gradually move lower out here. The Advanced Decline data continues to move lower when it gets to the minus 150 level, and it could do that right around the time frame that SpotBallAutidex is getting above the 50 day. That's where it'll be interesting to navigate because when you get down to minus 150, just like at plus 150, at minus 150, that is where the oversold bounces and or bottoms can actually form out there. We're not there yet, but we know what to be paying attention to. Right now, with regard to SpotBallAutidex, that would be one of the next cards to fall, so to speak. So, let's sum this up here. The Dow Equity Futures contract has given us a change in trend signal. We say that because price is below $27,175. If it closes below that at day's end, then that will give us our change in trend signal. Now, where is it that the Dow could actually move back to? And that's a great question out here. As we take a look at, because really our role, yours and mine, is to try to find support. Well, on a daily timeframe chart, a move below that says you move all the way back to 24A26, the breakout. So, right down to that June 3rd, June 4th area out here, that would be the longer-term play. I would feel more comfortable with providing you that diagnosis if we really had a nice topping pattern inside the Dow. We don't because of the very structural, specific way that I take a look at markets in the way that they bottom and the way that they top. So, that was a mouthful. Hey, I would love to hear from you. So, give us a call at 877-927-6648, Steve at tfnn.com and inside the Tiger's Den. Ping away, so to speak. We'll be right back. We'll be right back. Thank you 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 task profile scanner under the Services tab. Sign up today. We'll be right back. 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 to- 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. Let's go out to Brent in Martinez, California. Brent, thanks for calling. Thanks for holding. How are you this morning? I'm doing great, Steve. How are you? I'm doing well. Thanks for asking. And we're going to take a look at Lightsweed Crude, I believe, folks. Brent, how can we help you? We've had a bit more erosion from the last time we talked, and I just wanted to see where we're at with some of the levels. And again, I don't have a position. I'm just thinking, I guess my thought is that if it continues to break down the way it has, that's going to be a negative for the overall market. Wonder your thoughts on it. So if we take a look at Lightsweed Crude, specifically what it's doing right now, and we're taking a look at the August contract, what we can see here, folks, is that, and you'll see some green horizontal lines and blue horizontal lines. The blue horizontal lines are referring to the daily profiles, both the top, bottom, and center. And the green ones are the weekly. And right now, Brent, if we're just going to use profiles as one of our tools, which we will, this suggests because price is trading below $56.53, the bottom of the daily box, that price should be targeting $52.19 to $53.58. That is a bullish-structured weekly profile. And we would anticipate that that's where Lightsweed Crude would find support. Because it's bullish in structure, if we were to see it closed below $52.19, I'll put it up here. It could actually form an A to B-equal CD to the downside, which would give us a approximate price projection. I don't know if I've grabbed the exact swing points out here, but that would take into about $45.50 to $41.31. So that's a bigger picture. We're not there. I wouldn't be drawing the A to B-equal CD. It's potential. But right now, I'd have to say $52.19 to $53.58. The last time that Lightsweed Crude broke out on the daily timeframe chart, it was at the price point of $51.72. So that would be the general area that I would be watching to see if, in fact, it finds support in that range out there. I don't see anything, Brent, if I were to take a look at my weekly chart example. The other set of charts out here to look, then a, we're on a weekly base where Lightsweed broke out was $49.93. That's where we saw the beginning, or we actually saw the low of the TD setup nine count out there. So that, in essence, is the range. Now, it's very possible that what we will see over the coming hour or so, Brent, would be some type of bounce in Lightsweed Crude. I say that because on a 30-minute basis, the low that was formed, and that's right here just about 12 noon out here, it was with bar number eight of the TD setup nine count pattern. So as long as that low holds, price could bounce all the way up to $57.20. That's where price began the breakdown if we use the TD setup system out here. Folks, I'm not forecasting right now that that's where Lightsweed Crude would head to. It should bounce from here because of this pattern. It could bounce all the way up to where price broke down. That would be that $57.20 level. So when I take a look at Lightsweed Crude, Brent, and utilize all those tools and different timeframes, that's what I see. What questions does that pose in your mind that could help answer for you further? I guess I'm looking a little more, I guess, intermediate term, like you're talking about what it can potentially go down to. And then my thought is, I don't know if you really looked at the correlation of the overall market. I know it's a fairly heavy weighting within private S&P anyways that if that were to show enough weakness, I know there's a lot of stock that will be impacted by that and it could potentially put a little pressure on the market itself. That's my question. Yeah, so I must see if I can pull that up here real quickly. The correlation chart, you know, there certainly was a point in time where the correlation between the direction of Lightsweed Crude and the direction of the S&P as an example was really strong. This should bring it up here and we should be able to post this in relatively quickly out here. So let's just put the... Let's use the... Let's just use the S&P 500 out here. I hesitate because I'm looking... Actually, I have Lightsweed Crude. Let me just use the futures contract. My... One of my tools. So here we're taking... Give me one second just to add one more element to this to correct this. So we're looking at the correlation. I've got everything. So here is the correlation from a daily standpoint, Brent, and using a period of five days. Let me change that to just 10 days out here. And when the bars are above zero, folks, what you're looking at is the bottom panel out here, those bars and when they're above zero, just tells us that over the average of the last 10 days activity that there's a positive correlation, meaning whether the market's going higher or lower, there's that positive influence in correlation. So right now, if we just simply take a look at the last five or six bars out here, it does say you've got that positive correlation. Because you're looking more intermediate term timeframe, then what I would probably shift my focus to would be the monthly chart out here. And the monthly shows that at 4733, 4733 Brent takes us back into September 2017. And from there, you saw those nine consecutive moves where each bar was a close above the bar four bars earlier. And that's where the breakout began. The interesting thing here when we use that system, that tool, that we can see that the pullback into December of 2018, which we had the pullback into the market, found support at that level, at that 47 area. The actual close was 47 bucks, but close enough for me, the market moved off of that. So I'd have to say that 4733 might be the level again for us to take a look at with regard to where Lights We Crewed is headed to more from an intermediate type term basis. As you know, and I'll put this up here for everyone as well, the question is, have we made the type of top that is normally associated with the summertime blues, so to speak? And what I mean by that, folks, is just the seasonality of it. And here's the seasonality chart right here that shows that typically on or around July 21st, today's July 18th, that that is when the actual true unfavorable seasonal cycle really kicks in and the market moves down into the middle of October. So it's because of the patterns. That's for the Dow. So the thing here, Brent, that's kind of difficult for me to wrap my head around, I have real clear topping signals inside the ESMini and the S&P, the rose momentum indicator top. So it's clear to me that it says, okay, we have top, but what I don't have in the chart that you and I just looked at was a seasonality of the Dow. And I just don't have a Dow topping pattern out here. So I don't know. Did I throw more out there than I should have? No, you can never do that, Steve. The more the more information, the better as far as I'm concerned. It's all helpful and it's all things that, you know, and I can put my toolbox. I appreciate it. Yeah, so the I'd appreciate that. So we have clear topping patterns inside the NQ inside the NASDAQ 100, inside the ES, inside the S&P 500. So I think that if you the question that you're asking, you know, Lights We Crew looks like it's headed lower. Maybe the market's going to be moving lower too. If it's going to be a move lower into October, Brent, over the intermediate term timeframe, the NQ will close below 7743. That will be the key level to give us that signal. All right, my friend. All right. Thank you very much, Steve. I always appreciate you have a wonderful day. Take care. You bet. You too. That was Brent in Martinez, California. Steve Rhodes with TFNN. We'll be right back. 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&P 500 for the last 12, 6 and 3 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 into one of the best at what I do. 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The Art of Timing the Trade Chart is designed to help you when scouring the markets for stocks just beginning to form the trading patterns that many investors spend days, weeks, or even months searching to find. And right now, we're offering licenses available at only $79 a month. We are so confident that you're going to love this new charting software that will even give you a 30-day unconditional money-back guarantee. Don't miss out on this incredible new piece of software. Get your copy of The Art of Timing the Trade Chart 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. Welcome back, folks. We've got an email here from Craig E. And Craig wants to take a look at Boeing ticker symbol BA, which is what we have up on our screen right now, the daily, the weekly, and the monthly profiles. But you and I, we're not going to spend time taking a look at this really per se because the daily chart, my other daily chart, really shows and Craig just wanted me to take a look at it. Doesn't tell me if he's long short, looking to get in, any of those kinds of things. But the reason we're going to take a look at this daily chart is because the tools that you and I use to identify support resistance, bottoms, tops, and so forth is really working so very well. This is the daily timeframe chart. So here's what we know when we take a look at Boeing. As it made its low, as the market did, on June 3rd, price was moving lower, doing less relative energy. That's part of the Rhodes Movement Dominicator signal and package out there. And then you had, excuse me, that bullish hammer candle. Now, it was both a hammer candle on that day of June 3rd as well as a gap to the downside. So you had a bearish and a bullish signal out here. So how do we know which one? Well, in that very next trading session, price closed over Stevie's red line. That's a beautiful thing to say, okay, the rally should be on here inside of Boeing. And also that candle session created another bullish, a three river morning star candle session out here. So it had the two bulls in a row, so to speak. We're just simply interpreting the message of the markets, what buyers and sellers do for us. And then from there, we would say, well, where is price likely headed to? We would have had two levels to look at. The first level would have been the top of the box, which a price held that for a couple of days around the 351 level. The second would have been 381.20. Now price didn't actually get up to 381.20. What it got up to on the 19th of June was 379.31. 381.20 is where price broke down. So price made it up to that level and then turned around and started moving lower. Now on that move lower, it bottomed again. And it bottomed again in July, July 9th to be specific. When did it do it? It did it on bar eight of that TD setup nine count. We wouldn't know if it was bar eight, nine, or the bar following bar nine, but then on bar number nine out here the following day, that made a higher loss. It was a pretty good indication that, okay, here's a turn. We would have looked at and said, where would price have bounced to? We would have said 369.93. Why? Because that was the high of that TD setup nine count. If we take a look at yesterday's action, the actual high out here, 369.75. Again, didn't make it all the way up there, but let's cut it just a tad bit of slack out here. Now price is moving lower. Well, Craig, here's the next key level out here. The next key level out here is Stevie's green line. See how the line in Boeing, Stevie's green red line turned from red to green back on July 16th, just a couple of days ago. That suggests that what's going to occur next, which has occurred today, is a test of that line. Price didn't say today necessarily. It just said to anticipate on July 16th that price and Stevie's green red line will catch up to each other. Well, you're getting that test in essence now today. Now the day's not over. Here's what you and I don't know. Is that level going to hold the support? And is it going to trade around? And look, it's got to get above 369.93 in order to move to its next level, which will be 379.31 out here. If price closes below 360.54, whether it's today or whether it's tomorrow out here, that tells us that, okay, there's probably an A to B equal CD to the downside. Where would that take price to? Well, let's go take a look at that. That A to B equal CD pattern. We don't have it just yet. Nothing confirmed. But if price does close below Stevie's green line, it would indicate to me, you indicate to you that that's probably where things are headed to, which would be back to that June 3rd low out there. Maybe it's just 338.67. Maybe it's around 330.20.330. We'll just call 330. Forget about the pennies out there. But when I take a look at what Boeing is doing, if you're trading this, then you want to be paying attention to these patterns out here because it's just simply been working well as long as it's working well. How does Jay say it? As long as working, keep going with it. I know that's not exactly how he says it in the den. But in essence, that is the theory behind it. Now, we would suggest to you that Boeing is going to head lower. We do that because from an intra-week standpoint, it's only Thursday, what we've seen as Stevie's green line has been tested on a weekly base, 366.88, as hell has been rejected and says, you know what, 309.40 from an intermediate term standpoint, that's probably where price is headed back to. If you're wondering when Boeing made its high, made its all-time high, was there any signal out there that would suggest that price was going to move lower? This was before the major incident, so to speak, out here, the idea that they really weren't straightforward with regard to, you know, simple tools that could have avoided things. But anyway, it was with that TD setup bank out. That was really the most important thing for me to be able to share with you at that stage. If that wasn't enough for you and you were in Boeing and you were ignoring that pattern out there, and you were saying, I'm just going to wait for a monthly pattern. Well, the monthly patterns got that road momentum indicator top, bearish and golfing, key reversal session out there. That was enough to suggest that price was getting ready to crack out there. So Craig, that's Boeing taking a look at the daily, the weekly, the monthly timeframe and tools out there. If you'd like to learn those tools, just become it. Maybe you are a subscriber. I don't know, but if not become a subscriber, just simply because of the, the number of archive workshops that are out there that show you exactly how to generate the same signals, if you will, on your system out here. R.H. writes in and says, hey, Steve, could you do my analysis on Freeport-Macmaran, F-C-X, and we can. And let's pull this up here. Now, what I will say to you, share with you, Robert, is if you're trading Freeport-Macmaran, you're really trading the Australian dollar. This is probably the easiest way for me to show it. I think I've got this here already just programmed on its own special chart. Let me see if I can find it. Let's see if I put under F-C-X, Australian dollar correlation. Now, that would make sense to, as a way to name a spreadsheet, or not spreadsheet, but a sheet. Well, here you go. So, Robert, the bottom panel out here is Freeport-Macmaran. And I know you think maybe you're trading metals and copper and so forth that's coming out of their mind. I would say we'll take a look at the top chart and the bottom chart. Top chart is the Australian dollar. Bottom chart is Freeport-Macmaran. And not to say the currencies rule, but in your case, currencies rule. So if you're trading Freeport-Macmaran, we're going to go look at patterns out here. But, folks, please do not disregard the direct correlation between the Australian dollar and Freeport-Macmaran and its price behavior. Now, let's try to get back to those three different timeframes out here. You've got price below the daily, price below the weekly, price trading into the bottom of its monthly profile. That's 1045. So if you see it close below 1045, it's Curtains. Well, Curtains says, head back to about 710. At least that's what the longer-term charts suggest to you and I. The daily chart says that this topped, I know you're probably getting sick and tired. Nah, you can't be sick or tired. Actually, it could be both. But you're probably not that tired. You probably appreciate the fact that we go to charts often and we see how the tops form patterns associated with tops and bottoms out here. And is it surprising to you that on the trading day of June 27, that that was a nine-count bar, the high out there, and prices move lower? Now, what that says to you, Robert, what it says to me, is anticipate that the next move in Freeport-Macmaran should take us to $10.45. And what Stevie will say is the only thing that's going to change that would be a move higher in the Australian dollar. So pay attention to that as well. Hope that helps you out. Thanks for writing in. A lot of here from you, too, folks. 877-927-6648 or Steve at tfnn.com. We'll be right back. The interest paid 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 20 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. If you haven't checked out the newsletter's page of tfnn.com, what are you waiting for? All of the tfnn newsletters are informative, up-to-date, affordable, and a must-have for every trader looking to gain a competitive informational edge in today's markets. tfnn newsletters cover every aspect of the markets to offer you the very latest in market news. Plus, new subscribers get to test drive our newsletters risk-free for 30 days. 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The Prospectus or Summary Prospectus should be read carefully before investing. An investment in the funds is subject to risk including the possible loss of principal. The funds are designed to be utilized only by sophisticated investors such as traders and active investors. Distributor Four Side Fund Services, LLC. Don't forget, you can listen to tfnn live on your mobile device 24 hours per day. Go to tfnn.com and hit Watch Tiger TV. That's tfnn.com and hit Watch Tiger TV for the latest market information. Welcome back, folks. One of the Tigers' Den wrote in and asked, Steve, what does it say to you? The S&P peaked on Monday, July 16, 1990. Here, let me pull this chart up here for you. Now, I've got the monthly chart out here. So here, the red arrow in essence is correlating to John's date that's the month of July. It began a drop of about 20% into October of 1990. And then Iraq invaded Kuwait in August of 1990. The S&P had a high of 30, 17th on July 15, 2019. Can I envision, you know, something analogous to a 20% decline over the next 90 days? So with regard to the percentage decline, you know, I don't know. It's really, for me, John, I've got to take things kind of more methodical one step at a time. Do I see where the market can make a top in July and a bottom in October? And the answer to that is definitely yes. That's something that Brent and I had taken a look at, which was on average, the equity markets top in July. In this case, on average, it's around July 21st. And then they moved down in average into October. Don't be paying attention to the length of the decline, so to speak. Just we're using those really as turn dates more than anything else. And so it's got to be one step at a time out there in order for me to make that call. So what does one step at a time mean? And if we take a look at the daily cash, the S&P cash out here, here's what we're going to see right now. What this tells us, John, is that I don't know what the percentage move is. It's over 10%, this much I know. You don't have to be a mathematical genius to figure that out. What I mean by that is so we've got this high out here of three days ago. We had the bearish reversal signal two days ago. It had the evening star. We're below Stevie's green line out here. And this says, John, if in fact the market has top, then the target to the downside, the initial target of downside is 2762. So what is that at several hundred points out there? So it's in the 10% dish range out there. Can we go beyond that? Well, we can most certainly. If I go to the monthly chart for the S&P 500, I pull over this chart out here. That could take you back to 2245. I'm not giving that as a target to the downside here just yet. But if we were to see some type of bearish reversal candle in the month of July, August, or what have you, that would be an indication because that would confirm another roads momentum indicator topping pattern. So all of that downside activity is in the play out here. But I've just really got to take things one step at a time. Now, the next step out here, John, that you and I should be looking for is what does the market breath for the S&P 500 tell us right now? So here's the S&P 500. And this is great because we have this wonderful tool that lets us know you and I use the TAS boxes out here. And so we know that when price is broken above resistance, that's trading above the top. It's bullish. Price should continue to move higher. Likewise, we know the opposite. When price is trading below the bottom of the box, support has failed, and that price should continue to move lower. Now, with this top panel, the red and green lines out here tell us, they tell us right now how many constituents, how many issues in the S&P 500 are trading above the top of the box, breaking out. That number is 141. How many are below 127? What we don't have yet is the bearish crossover. John, that's really the next thing that you and I would be looking for as a message to say, you know, those topping signals, those topping patterns that Steve has, now they've really taken hold. Usually, there are times where you have a choppy market. So you have to be careful of those choppy markets out here. Or, nearly, when you're not in a choppy market, you get those crossovers. They can last for a long time. They have significant and important meetings. For example, last bullish crossover took place on June 27th out there. Prior to that, the top, it was on June 24th, June, I'm sorry, June 4th out there, right after the bottom. So what we're watching for is to see some type of crossover. Now, earlier, later this morning, maybe 11 o'clockish or so, they were, there was actually, it actually did have a crossover. But this is an end of day reading. We don't have that out here. So, John, this is, this would be the next element in my opinion for us to look at. If you're looking for that larger decline, then what we have to see is the weekly timeframe. And as we take a look at the weekly timeframe, what we know is things are very bullish out here. What I mean by very bullish is you have 238 issues inside the S&P 500-ish that are above their weekly profile and only 55 below the weekly. Now, what you and I know is that we're going to see turns in the shorter-term timeframes first. So right now, and I noticed that you had just taken, I believe, a short position. So here what you're looking for is 196 issues. It's like 50-50. It's almost a coin toss right now because you have 196 issues above the top, 194 below the bottom out here. That's just using a one-hour timeframe out here. So you really want to see that crossover to confirm your trade action because you want to see that market breadth negative, so to speak, out here. So what we have are four different timeframes. The one hour, the four hour. We take a look at the four hour. It is in the bearish mode camp out here. And the bearish mode camp, that turned at about 8 o'clock this morning out here. So that's what the market breadth tells us. Tucker writes in, isn't that weekly view of the breadth chart what you would expect to see at a market top? I've tried to find something out there that I can use from a profile standpoint. Tucker, you can't use... Well, you can do whatever you want. I haven't found a way to use market breadth data on a weekly level to give me the turn signal. I just want to always know what I'm up against, what we're up against. You know, when you take positions out here and my signals to go short were based upon the daily timeframe. And I also know and recognize that this is going to be a lagging indicator. Typically, sometimes only lagging by a day, such as the June 3rd low where you got the positive crossover on June 4th. What I know, what I can share with you is the tools that I do share with you that show those turns. We use it consistently for all instruments, for all different timeframes out there that they work well enough that it gives you the edge. That's how markets form tops. Doesn't mean it's always going to work, but you're looking for an edge. It's an edge. Those patterns that you and I look at provide us with that edge. And then we start looking for those lagging indicators to give us the confirmation of the turning signal. So I don't know if that answers your question. It's the best answer I have for you. It's the only answer I have for you because it's actually how I use it and use the tools. Inside the NASDAQ 100 on a daily basis, even though weak because of the weighting inside here, this is not showing us the weighting, right? This is showing number of constituents above or below the boxes out here, 32 above the top, 25 below the bottom. So still not with the bearish crossover. That would be the next thing to take place out there. So the cool thing in utilizing the TAS information is that Market Breath information that you and I just looked at combined with the nice TAS market profiles out here. So, Tuck, I hope that helps you out as well as everybody else out there. How do we sum that up? We still don't have negative Market Breath crossover on the S&P and NDX 100 on a daily timeframe, not just yet. Be right back. 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 of the opening call today by visiting TFNN.com. 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It includes a special blend of ionic, soil-based vitamins, minerals, fatty, and amino acids in an easy-to-use liquid form. Primal edge is powered by highly concentrated folic and humic acids. Nature's preferred delivery system. They have been called miracle molecules because, like sunlight, air and water, life cannot exist without them. That's right, Paige. They ensure we receive all the nutrition we need to be healthy and thrive. We take it every morning. Primal Edge, formulated and approved by Niko and Paige of Living a Primal Lifestyle. Buy it today for just $89. Click on the Primal Edge banner on the front page of TFNN.com. This is David White. Stay tuned because coming up next is the power trading hour right here on TFNN. Welcome back, folks. We've got a couple questions here. One coming in from Sylvia. Sylvia wants to take a look at Netflix, actually two that request out there, but Sylvia, I've got another person that's written in two. I don't know if I can get to both of them in the next two minutes. But let's take a look at Netflix. Your question was, what would you see as a bottom in Netflix? This is a real easy thing for you and I to see as what Netflix is doing. It's been trading with inside the range of its breakdown and breakout areas. This on a weekly timeframe, and that's $380. $380 is the breakdown level. We saw that price get pierced on May 3rd, the week of May 3rd, 2019 price immediately got back below that the very following week. If we take a look at last week and the week before, price was again running right in that resistance level. It was already communicating to you that it couldn't handle getting past the breakdown level. Now, what price is doing is trading below the bottom of its weekly profile. That number to be specific is $323.89. So, Sylvia, I'd say if price this week closes below that level, where price is headed back to is $256.58. That's quite a bit further down. But if you can't bust them to the upside, you try to bust it to the downside. So keep those hands in your pocket as we speak right now. There's no other signals that I see as like today being a bottom as an example. The next question came in from LB. LB wanted to take a look at the IWM. He bought it this morning. I wonder if you can get my near-term target for the next three days. Look, he bought it this morning. The 30-minute timeframe chart out here showed a nice bounce. A little rose momentum indicator. And it's topped with wave number seven on a 30-minute basis. Letter G out here. I say be careful with regard to your buy inside the Russell 2000. I don't have a great read on the Russell other than from that short-term perspective. The daily says price wants to move back. The next question is the price in equity futures contract 152720 is its target out here. You can stay put if you want. Just pay attention to Stevie's green line. That's 1549 on the weekly chart. If it gets below that, LB, I don't think you want to be long. The Russell 2000. Folks, stay tuned. David White is up next. Have a great Thursday. Hey, tomorrow I'm going to do the show from eight to nine a.m. Join me tomorrow morning, early, eight to nine a.m. If not, it'll be replayed from one to two. Have a great weekend. Have a great Thursday. Take care, folks.