 I'm Amis the Basel Chapman as we do each and every Tuesday at 20 past the hour and don't forget folks Basel is an outstanding show here every trading day 10 to 11 Eastern standard time also is a great newsletter the opening call now it's very easy to get Basel's opening call come over to our website folks at TFNN you go into newsletters you're going to see it right on the left hand side the opening call you can get the opening call for one month for $149 you can get it for six months a 695 which is the savings of $199 or 22% and you get it for one full year for $1195 which is the savings of $593 and 33% now they all come with a 30 day money back guarantee folks okay when you get Basel's newsletter you're going to get approximately 12 separate archives so you can see how Basel looks at the market each and every day and how you can understand how to ride the Chapman wave Basel how are you doing I'm doing well Tom how are you good good a lot of grief lately and I just want to say that at least on my behalf I think that we lost a really dear friend and there's there's very little we can say the speed of with which it happened is just unbelievable and what I can say is I know there's you know the toughest thing about death folks is there's always a void the void is as heavy as you can get and what happens is that they it affects everyone differently and you know there's there's to me there's always this void and you know no matter what words you say they're never enough man I mean that's that's like wow man okay um yeah it's like are you kidding me man at least at least he's left us with not just memories but a lot of technical indicators which is really cool I know a lot of expressions that throughout the day we repeat them you know don't don't wait wait for a loss to increase just get out when you can it's just the best thing that you can do have your choice so what I wanted to show you is that within the context of all that I look at and I use nine-period moving average 14-period moving averages the MACD that's the moving average convergence divergence the slow stochastic the on-balance volume most importantly what I look at is how prices move down and how if there's a divergence between the indicators and then I also like to look at other areas of the market so what's really fascinating for me is that this little cluster this is on the left side here is the Dow chart okay we have long positions going all the way back from 2020 the law of 2020 we try to keep those and we trade around them and we add to them so on the very short term for subscribers we've been training for quite a long time now the three times long Dow and even though the trend has been down we've been able to get some really nice big spikes to the upside and we've gone and profits there and then if we're taken out we're taken out of it holds it holds but we treat it as if it's a trading possession so we added to trade we've done it twice now from the very low actually the day before the law I think was last Wednesday 31,429 but what I really wanted to talk about is you what you're talking about the negativity but what's really important about this is that there's been price movement if you look at the Dow and you see here yes the 200 period exponential moving average at 32,900 we are still way down to 32,522 so there was a period where the Dow and you can see the weekly chart there was a period where the Dow was absolutely the leader and then it started to pull back and if I show you the S&P you'll see that it's very oops I typed it into the dent by mistake let me just do that again you'll see that the S&P right here and I'll show this in my show tomorrow in the Tiger Technicians hour at 10 o'clock I'll show some of these techniques in greater detail so here's the 200 period moving average this time the S&P is right on the 200 period moving average plus there's these two little trend lines here the green and red I call the Chapman wave inside track repellent zone how many times look how many times the price has been pulled back from that level if we break above it for whatever reason next week we can get into the 4,000 and 32 area I think that'll be an important breakout but now look at this the QQQ this is the NDX100 the 200 period moving average which was like a magnet before is actually now moving like a propellant to the upside so the 313.38 high that was made the very beginning of February look how nicely the the NDX100 this is the data chart if you look at the weekly the monthly chart it's not looking good at all but on the data chart this is good and if you look at the SMHs and I always like to think that the SMHs in many ways kind of a predictor of the general market trend they're doing very well they actually went above the high of the 2nd of February at 255.64 so I just wanted to put things into into perspective to say this is a very diverse market whereas before we had the Dow leading them the S&P then the Q's this time we've got the Q's that are actually doing very nicely the S&P's actually lagging in the Dow's lagging the those two so there when we're looking I don't think this is one market and I think that's the reason why whatever the Fed says tomorrow yes it could impact the financials but I'm starting to see and this is for subscribers we're looking at certain areas I call them under the radar that are starting to work very well besides looking at the market if you look at those sectors if you're able to isolate that isolation can keep you in a trade a lot longer than you'd expect because they are not as volatile on the market pullback so I think this is a period where stock selectivity is going to be really important it is it has been already and you know I'm always looking for peak D's if you look at the gold that's the fourth highest peak when you start to buy signal to a buy mode gold did that it did that peak D back at February I think it was the 2nd and pulled back very sharply and we just got that peak D because today there's a very sharp pullback so I do see some digestion there but the weekly chart is in the leg D so if you put it together there is a chance that whatever the Fed does the market can interpret it tomorrow afternoon or Thursday by saying wait a minute this is very selective because maybe the financials find some stability and gold is just telling us that I always think of gold as the place to go to when there's a financial crisis and that just might say that at least for the moment we might be able to get through the next few days without any major crisis so I'm looking at both sides of the coin I can see the downside but when I go deeper in I think I'm looking at very selectivity selectively the upside says you know um some things have rallied very sharply off the bottom so even if there's a pullback they're still much higher than they were just even a week ago and that I think is important yeah this is this is always a interesting time uh the Chinese would say right because the bottom line is that you know at least they saved the banks and you know they had to save the banks that's the bottom line there's a great we know that there's a great cost at what they've just done and the cost it'll unfold over a period of time but when you're saving everybody which is really kind of you know what they're saying uh we'll see what happens this is this is a complex period and I don't think you need to be very aggressive you don't need to be uh you don't have to put yourself on the line you put your stops in and I think you put your position well we know there's not enough money to save everyone absolutely they're never that's a fact so the real question here is is that you know if we have four top banks and you know you think that that's going to be it well then you got to hope without one of those the four top banks don't make any bad trades and you never want to get to the position where you've shrunk down to three or four of anything right that's just that's not the way it should be right so tomorrow I'll discuss the night period moving average that David and I discussed so a year ago being great detail we'll do it tomorrow folks it's on 10 o'clock in the morning check it out Basil thanks so much have a great one a safe one thank you Tom