 The following is a presentation of TFNN. Trade what you see with Larry Pezzavento. Call now toll free at 1-877-927-6648 or internationally at 727-873-7618. Now Larry Pezzavento. Good morning folks, not the voice of Larry Pezzavento. This is Steve Rhodes filling in for Larry. If you're listening in live, well, that's great. And I would love to hear from you. You can give me a call at 877-927-6648. If this show is going to be replayed during my normal hour at 1 to 2 p.m. So if you're listening to that show, we'll try to make today's show as pertinent as we can. Of course, if you can't give us a call, you can always reach me by email. You can send me an email, Steve, at TFNN.com. If you'd be kind enough to put radio show question in the subject heading, that'd make it easier for me to spot your email and we'll get right to your question. So let's go ahead and get this show started on terrific Tuesday. Currently, we've got the Dow Equity Futures. All equity futures contracts are trading lower. The Dow by 108 points, trade down to 27088. The S&P off 16 points. The Russell down about 10 and the Nasdaq off 63 points. Overseas last night, all of Asia traded higher, closed higher, as did Australia. The DAX this morning is taking it in the short, so to speak, of 283 points. That's two and a quarter percent to the downside. We'll take a look at that for Nick, who sent in a request at about 8 o'clock this morning. The FTSE is off 20 points, about a quarter of a percent. You've got gold up about $9, trading at $14.29. Silver's up eight pennies. That's a half a percent to the upside, trading at $16.52. And LightSuite crewed us up a quarter, trading out at $57.11. Bonds relatively flat out here. So where do we want to begin? I'll tell you where we begin. We'll begin by just simply take a look at natural cycles that exist inside the market. And that's this cycle right here. That's the cycle of the average Dow movement over the last 86 years out here. And what you can see is that we typically see the actual summertime blues top occur in July. It's typically right around, it has averaged out to be about July the 21st. And then the market moves lower into the middle of October. And that's really where the Santa Claus rally begins. So we're truly right now. It's really not the so-called sell in May is a myth. It would really be, it doesn't, the sell in July just doesn't seem to rhyme or what have you. And I forget the name of the lad that produced the seasonal cycle data. Just, it needs to be updated. Well, here you go. It's updated. It's really the sell in July cycle, not the sell in May. Now May forms an initial top and then you see price typically move lower into about the June time frame. And then one last move to the upside and boom, then to the downside. So that's the cycle. That's if you were swimming in the ocean, that's the tide. And right now the tide would appear to be, well, going out. I don't know if it's coming in or going out. Let's just say it's going the lower is what the tide says out here. So now what we got to do is go take a look at the markets and see what type of signals we can see out here and to do that. And that was the Dow that we were looking at. So if you're going to take a look at the Dow to try to understand, is it following through with its cycle? Well, all you have to do is come out here and take a look at one of Tommy DeMark's tools. One of his tools, which is called the TD Sequential System. We got a confirmed sell on the trading day of, that confirmed on the trading day of July the 18th. The reason why it confirmed that is because it closed lower than the trading session close on July the 12th out here. Now this is the daily cash in to see that we have. So this is, and this would have said the top would have been July 16th. That was the intercession high out here versus July 21st. We're really not going to worry about Stevie's charts. And whether it's July 21st or July 30th or July 16th or whatever the date might be, we're using it as a benchmark frame of reference to understand what the Dow typically does. And then what we do is we look for topping signals and patterns out there. And voila, that's the signal and the pattern that is in play inside of the Dow. Now, in order for the Dow to really change its trend out here, it would really need to close below the bottom of its profile. And to a certain extent here, let me pull over this chart. Now this is the Dow equity futures contract. We don't have the same TD Sequential count on it. We can't see that prices trading below the bottom of its profile, 27175. So the question that you and I have to answer this morning is, well, the Dow's giving us the signal, but the others are they following along? Because really in order for markets to move lower, at least here in the U.S., we need to see all of the markets move lower. And we don't have change in trend signals in the other indices, at least not just yet. Maybe we get them. Maybe it's that. I don't know that it'll be today. But we can take a look at one of the numbers that you and I are going to be watching. So we'll certainly take a look at that. Now with regard to the ESMini as an example, in reference to the S&P 500, here's what we know. We know that coming off of the low in June, if we just simply do our wave count, now that's one of Basil Chapman's tools. But what I'm showing you is not the Chapman wave. Instead it's just simply the letter counting out here. And what Stevie, that's me, Stevie Perseverance Rhodes likes to look for are those seventh wave moves. Now those seventh wave moves, those are letter G on my system. The reason, I still, if you count the letters A through G, you see G is number seven. That's your seventh inning stretch, so to speak. And they can't identify tops or bottoms out here. So you've got that pattern in play. You had a Rhodes momentum indicator signal that had confirmed out here on the trading day of July 16th. That was a short signal. And in fact, what that did, because whenever you get a bottom or a top signal, what you then are looking for is support or resistance. In this case here, support. Support was the bottom of the box. 26, 29, 69, 50. Actually hit that tick to the day. July 19th, that was a Friday. We can see that that held. Price moved higher, did it into the trading session of July 26th. Right around that July 27th time frame. Boy, that's interesting with regard to the markets. Makes that seventh wave move letter G, but also price. Gives you another signal of a Rhodes momentum indicator top. Now that topping signal from July 26th may be confirmed today. The reason I say maybe is because we don't know what the end of day candle looks like. In order for this pattern to confirm, you must have a bearish reversal candle. That should be easy to do because of yesterday's doji candle. Doji is a really important up of resistance. Well, yesterday what you saw was the yes mini was testing resistance. That was the top of its daily profile out there. So any close lower today because of yesterday's doji candle out there, the Japanese would refer to it as the leaves falling off of the tree out here, would be a signal that you should anticipate lower price. Now the reality is, let me give you the straight scoop, the straight poop on this. You've got to see the yes mini close below 3,675. Get below 3,675. That's the center of its current profile. Of course, there's a new one that is attempting to form. We'll look at that during this hour as well. But price must close below that in order for it to go explore 2,969.50. That's where the metal, that's where the rubber meets the road, so to speak out here. You must see it close below 2,969.50 inside the yes mini. Then join the Dow Equity Futures contract which says that a change in trend is in place out here in order for things to get rocking and rolling to the downside. Yes mini, we took a look at the Dow. I know that Nick wants to take a look at it on the 60-minute base as well as the DAX. By the way, with regard to the DAX out here, we take a look at it. You can see a total change in trend signal. That's coming off of its May 31st low. We're just looking at closing prices right here. But you can do the trend line and you can see that it was broken this morning as Tom likes to say in spades. Steve Rhodes with T.F. & N. Filinin for Larry Pescevento. We'll be back in just a few. Steve Dahl. 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. 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The DAX here's a 60 minute time frame on Nick for the DAX. Unfortunately, my tools don't get a my system, my other set of tools, which will take a look at the white background charts, don't get a live feed of the DAX. I got to figure that one out and so I can't go to that to help you identify support or resistance. All that you and I or all that I can do right now is just take a look at swing points, recognize that we're below the swing point out here from three o'clock in the morning on July the 18th and that would just suggest that price would likely be targeting the 11,987 area. That's a June 18th swing point that took place about four o'clock in the morning. So that's all that I've got out there with regard to other patterns like A to B equal CD patterns. I don't have that. We take a look at the daily time frame. The reason I say I don't have that is this retracement on the trading session of July 25th was like an 80 or 90 percent retracement and so that doesn't really set up much of an A to B equal CD to the downside. So no reason to watch that either. And I don't have anything on the daily time frame to help identify a level of support at this stage. But we can go take a look at the Dow Equity Futures contract, Nick, and take a look at it. And we had already discussed the 30-minute time frame chart. Now, the reason why we discussed the 30-minute time frame chart is I've got this tool out here. It lets me know. So when I sit in front of my screen, I can quickly take a look at those things, those instruments that I want to be paying attention to, but I'm actively trading, and take a look at what's going on on the shorter-term time frame. So I typically am looking at the 30-minute, the 1-hour, the 2-hour, the 5-hour time frame. And I'm looking for my system to generate. All these things are automatic out here. They tell me what the condition of the chart is for that time frame. And then over on the right hand side, they tell me whether or not there is a Rhodes momentum indicator top or bottom signal. So right now, the only bottom signal in the Equity Futures contract comes from the Dow, and that's on its 30-minute time frame. With regard to gold, I've got top signals on a 30-minute and a 1-hour time frame. So it just allows me to focus real quickly and be able to understand what's going on. I've got it for the larger time frames as well, daily, weekly, monthly time frames. But especially this time of day, early in the morning before the market opens in about 10 minutes, we like to see if there's some kind of tell in the marketplace. You know, I used to do the 9 to 11 o'clock segment for years out there. I always loved doing 9 to 10, especially because it was pre-market. And so pre-market allowed us to say, okay, we got the opportunity to play Liars poker. What was the real message of the market? You might see the market trading lower, like the Dow by 100 points. But what did that really mean out here? And the really meaning, so to speak, depended upon the time frame that we were looking at. So in this case here, what we can see, we took a look at the ES mini, the daily time frame. We took a look at those rose momentum indicator tops. This is the opposite out here. Now it's a 30 minute chart, Nick. We'll go take a look at the 60 minute. But again, we can see that price is pushing lower, doing less relative energy doesn't mean a thing. And if it ain't got that swing, and the swing would be some type of bullish reversal signal. The bulls and bears, the buyers and sellers have got what just one role for you and I, and that's simply to paint those candlesticks. And it's really important for you and I to understand the real bullish and bearish reversal candles to assist us with our trading and investing. So doesn't look like we're going to get a bullish signal in the next nine minutes, but anything could happen in the next nine minutes. But here's Nick's 60 minute time frame chart. So what's the 60 minute time frame communicating to Nick? Well, first of all, what is communicating to all of us, we can see that this topped with your Gartley sell pattern out here. So let me get my cursor going. It did it yesterday. Really, the confirming signal came in at midnight. You see, there was no, even though I have the pattern drawn in here. And of course, Larry LP, he taught me this pattern as these taught it to each of you out here. But the key is when does the pattern complete? Now I'm going to go ahead and erase the pattern. And it's got to complete for me, it's got to complete with some type of topping signal. Now just happens to be that this pattern has completed twice or confirmed twice. The one topping signal that it generated at midnight, that was midnight and yesterday was a TD set up nine count pattern. You'll see the numerical sequence on my system here. And when you get to bar nine, well, really, when you get to bar eight, you have to be the hair on the back of your neck must stand up. If you have any, I've got a fresh shave out here. So don't have much just to just do, but that's besides the point. But here is the point. A top or bottom can form when you get to bars eight, nine, or the bar following and well, that's exactly what happened here. And then to just prove that point of that Gartley cell pattern, you had a move higher and a little shooting star, sorry, that was at 11 o'clock, not midnight. And then you had a follow through candle, bearish, bearish engulfing candle at exactly at midnight. And then what price has done, it's come down to test where it had most recently broken out, Nick, on the 60 minute timeframe that was 27, 116, that was established by that TD set up nine counts. So prices below that, ordinarily, Nick, you and I would say, hey, prices below that, it's going to head lower. Lee Corso would say, if he were doing the charting right now, he would say, Nick, not so fast. The reason why he would say not so fast is you got to love these patterns. So on the 60 minute timeframe, the bar that formed at nine o'clock was bar number eight. So now the hair on the back of your neck must be standing up or should be standing up because a bottom could occur, could have occurred at nine or could occur at 10 or could occur at 11. Those would be the only three time frames out here where the TD set up nine count because it could be the low bar eight, nine, bar eight, nine or the bar following nine. Now, that's the beauty of the pattern. Does it always work? No, but it works so often that you must pay attention to it. And when it doesn't work, it tells you about momentum to the upside out here. So that's your signal at 9.24 in the morning on the Dow Equity Futures contract. We know the 30 minute chart, we would be waiting for a bullish reversal candle to signal at least a countertrend rally or maybe some type of bottom out here. Likewise, the one hour chart has reason to say caution to the downside. So the beauty of looking at the shorter term time frames and you stepping to the screen and seeing that the Dow Equity Futures contract is off 100 or the Nasdaq down 65 is this will stop you from maybe taking action that you shouldn't take action until it would be confirmed out here. And that's how you and I read the message of the markets. Now, for those longer term time frame traders out there, they're trying to understand, hey, is that seasonality really kicking in out here? Well, one of the things that you and I want to pay attention to our TAS market profiles. They also help us measure support and resistance. What you're looking at on my screen is Stevie's advanced Doppler radar reading out here. You're going to see a new set of profiles in the ES and the NQ. Now those may not take hold out here. When I say it's an advanced warning system, I do mean advanced and these numbers can change out here. So we've really got two sets of numbers to watch the bottom of the ES mini profiles. Now 2981, just slightly above where yesterday's profile was, which is 296950. Inside the NQ, it does make a difference. If this is truly the new profile, the number to be watching here is 788620 versus yesterday, that bottom of that box was 779470. Now you might be saying to me, and I can kind of hear you, Stevo, what does that really matter out there? Come on. What's it matter? Well, for you, that say, what does it matter, all we have to do is look at this chart right here, this chart here for the ES mini. What you need to know is in markets that are moving to the upside, sustained bullish markets, price will just simply pull back to test support. Those are the green arrows. You're not going to change in trend until you break support. Those are the red arrows. Right now, we've just got a yellow arrow, so to speak, a yellow arrow in Stevie's quiver. So swing traders ain't going to be no change in trend until you see a close below the bottom of the daily box in the ES mini. I'll be right back. On a daily basis when the markets opened and even on weekends, each Monday, you'll receive Larry's written report that provides detailed commentary and a summary on the charts and videos that Larry sends out. And throughout the week, when warranted, Larry will send out via charts or videos or both the key markets that he is watching during the day. This will be up to the date active trading information that will help you in your daily trading. In Larry's first week alone, he sent out 25 charts, six videos, and a full report to his subscribers in just one week. If you're a technical trader that uses patterns and retracements to trade, then Larry's service Fibonacci 24 seven is something that you must try. Right now, new subscribers can get a full 30 day money back guarantee with nothing to risk. Sign up now to Larry Pezzavento's Fibonacci 24 seven by visiting the front page of tfnn.com under trading newsletters. The path of least resistance is David White's daily trading newsletter. And if you're looking for active trading ideas, then now is a perfect time for a 30 day free trial to this powerful daily trading advisory service. David uses his years of trading experience to offer his subscribers his trading ideas each morning in his path of least resistance newsletter using a combination of equity trades along with options. 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Spot follow till the next is up trade down to $13.95. We're going to take a look at that. That's up about 9% this morning. Let's go to our first question, the second question that came in, this is from Ben. Ben writes in, what does bull over mean on your TAS? Saw that for your five hour timeframe. So Ben is referring to this. This was, we were taking a look at my short term timeframe signals out here. So I pulled this over. And what Ben was looking at is this little five hour outlook. So the market outlook shows right here for the Russell 2000 says bull over. So bull over says that the bullish move on a five hour timeframe, Ben, if that's what you were using as your, as the timeframe that you were trading would in essence tell you that you've broken through support. Now actually go ahead. Remember we were taking a look at the bottom of those profiles on a daily basis just as we went into the breakout there. So let's go ahead and well, Ben is really up early out here. He's out in Hawaii. Man, I got to love it. Yeah, you are my hero, Ben. I got into technical trading for a couple of different reasons. But what my initial intention was and where I began, and how I began working with Larry Pesevento was my intention was to just pack up and move to, move to Lanai. I know you're not on Lanai, but you can kind of say, I don't have a problem being with just a few thousand people with just a beautiful golf course. And the whole reason that I began really immersing myself in technical, in understanding the technicals of the market was so that I could trade currency pairs because there you're trading those 24 hours and it was much easier with regard to the time, timeframes and time zones. But getting back to your question out there, so we're looking at, Steve, I call that my Bob system, bullish or bearish out there. And here's the five hour chart for the, for the Russell 2000. What we're going to see is that this tells me, tells you, if you're following along with that, that price is broken through support. When you break through support says you go down to the next level of support. Now on a five hour timeframe, but that's what we're using for the Russell 2000. We don't have any new profiles that are out here. The last one, which price broke through was 1564 30 or 1559. So the target, first of all, your logical target has to be the prior swing points. That's in about the 1545 level. But where the Russell 2000 on a five hour timeframe broke out, Ben was at the price point of 1520 80. And so you get below that 1545 ish area. If it does, that would become your price target. Pulling back to where price previously broken out on the timeframe chart that you're paying attention to, you're watching, that would be normal out here. So that's what the bowl over means when taking a look at the five hour timeframe chart for the Russell 2000. And then answered your question, what do your patterns show for price targets today on the Russell 2000? So there you go. As Gus would say in my big fat Greek wedding, we also have another question coming in from Tim. Tim wants to take a look at BlackRock. So to do that, what we do is we change over to our three timeframe. This is how we start off. This is how I like to start off in being able to help you answer what is BlackRock. That's Blackstone. Not BlackRock, I apologize, Blackstone, which is ticker symbol BX. It would be helpful if I actually gave you the right name of the equity that somebody's calling in or in this case, you're emailing in on. So here's what you and I know right now and Tim is in golden Colorado. You've got to love that. And Tim, here's what we know right now. Just take a look at this chart here. We're first just trying to identify key levels of support or resistance. We're also trying to understand where is price trading on a daily, weekly, monthly, and even quarterly timeframe. What we know about the Blackstone Group is, yes, price is pulling back, but there's a brand new profile that formed yesterday. Price is trading above the top of that box, $46.96. What does that mean? I mean it's the first level of support on a pullback is going to be $46.96. If price were to get below that area, and I don't know if it will or it won't, if it were, price would then pull back to $45.54. If you were an intermediate term timeframe chart investor, you wouldn't really give a rat's patootie about the, I guess you can't use rat today. I won't go there, but I did. And if you're looking at the weekly timeframe chart out there, you can see that price is trading above the top of its weekly profile, and that's $46.82. So any pullback you'd be looking for support to hold at $46.82. You're well above the monthly set of profiles, so everything there looks good. Now, what we have to do is we've got to go to Stevie's advanced set of tools out here. This helps us to understand, hey, what are we doing in relationship to support and resistance out here? Now, with regard to Blackstone Group, what we can see is price has been moving higher, doing it with less relative energy, and yesterday was that bearish engulfing candle. Now, what that does is that confirms a top out here. And when you confirm a top, it says what you should do, what price should do, is go down and test support. Well, we just discussed how it's above support at $46.96 level. So price really should get back to there. $45.54 would be the next level out there. And if price were to break below that, then where Blackstone Group broke out from, the price that it broke out from was $39.12, and that's what you would be looking at. This says just be careful because you have kind of a mixed signal here. You do have a top, but price is still above support out here. It hasn't broken support. And it would really all depend upon where you're at in the trade, what your timeframe horizon is, and so forth. Now, we don't want to just stop there because I mentioned your timeframe horizon. So what we want to do is say to Tim, last week, so far, was the high in Blackstone. And that was bar number eight. And what you and I know is that a top conform using the TD set-up nine count pattern on bars eight, nine, or the bar following nine. Now, what we don't know, and you have to have at least the ninth bar confirmed. And the only way the ninth bar gets confirmed this week is if price closes over bar number five. What is bar number five? That is $47.21. I'm referring to the close of bar number five, not the high of bar number five. So that's what you would be watching for. So the weekly could be giving you a signal of a top, says that price would pull back to support. Remember, support here is $46.82. You've also got support at $45.92. That's TV's green line. And then the final level of support, well, can't say the final level. The next level of support would be $42.36. And if that gets busted through to assist you with your trade, where price broke out using the TD set-up nine count, tools to help us identify that is $33.05. That's your intermediate term timeframe. I don't have any signals to suggest a top longer term, even longer term. And that would be on the monthly. So thanks for writing in. I hope that that helps you out with regard to Blackstone Group. And of course, folks, I'd love to hear from you. There's about 20 minutes left in the show. You can reach me at 877-927-6648. Or what you can do is you can send me an email, Steve at tfn.com. Just put radio show question inside that subject heading. So what else is it that you want to watch today, folks? What is it that you want to watch today? You want to watch. Here's the deal. You will get from me just the facts. You will not get everything which is really important out there because otherwise it could just be BS before Steve shared with you the facts, the facts that we're taking a look at how markets make bottoms, how markets make tops, what to be paying attention to out here. I mean, it's just, and what I mean by that is, you know, I mean, in my background, I've got the TV screen is going and I've got the old, you know, Trump beating up Powell about, you know, lowering rates out there. When we come back from the break, I'll show you a chart that shows you that that statement is pure BS. Mark wouldn't be 10,000 points higher. We'll be right back though. If you're in the CD 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. 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It's amazing he started The Gold Report more than 17 years ago when Gold was trading at only $252. To celebrate, we're having a special Tiger Dollar sale. Right now, you can spend only $495 and will give you $200 extra Tiger Dollars, so you'll end up with $695 Tiger Dollars, which is the yearly price of The Gold Report. Tiger Dollars can be used for any TfN newsletter or service, and this offer is open to new and current subscribers. With gold making six-year highs and gold mining equities trading higher, this is a great time to sign up for The Gold Report at a dramatic savings. For all the details, visit the front page of tfnn.com. This deal ends July 31st, so don't miss out. Get your Tiger Dollars and sign up today for The Gold Report 900th issue sale. Will the S&P 500 continue to climb? For bold trades on U.S. large cap stocks in either direction, trade SPXL, SPUU, or SPXS, directions daily S&P 500, bull and bear, leveraged ETFs. Direction leveraged ETFs. An investor should carefully consider a fund's investment objective, risks, charges, and expenses before investing. A fund's prospectus and summary prospectus contain this and other information about direction shares. To obtain a fund's prospectus and summary prospectus, call 866-476-7523 or visit Direction Investments.com. A fund's prospectus and summary prospectus should be read carefully before investing. An investment in the fund 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. Next on TFNN. Welcome back, folks. Steve Rhodes Villanan for Larry Pesavento. Thanks so much for joining me and you can always catch my show at one to two. Today's show is going to be, this show is going to be replayed between one and two. So if you're new, if you haven't heard of me before, listen, you can always catch the archives as well or go to the YouTube channel and watch those or listen to those while you're driving around. If you really want the honest information about what the markets are doing and you've got the Fed that is going to likely go ahead and reduce rates out here. It has nothing to do with the stock market. That is for sure. So when you see tweets that say, hey, rates weren't moving higher, the market would be up 10,000 points. That is absolute BS. Before Steve shared with you this chart here, because you see folks, that is just simply not the way the markets operate. And this is, I don't want you to fall into some kind of trap out here. I don't want you to fall into trap thinking that if rates rise, that the markets are going to get crushed. That's what the media out there, the financial news media, this stuff here that I'm looking at, there's no reason that they can't look at it like this. There's no reason why they can't go back and do a little bit of fact-checking. This goes back 27 years to 1993. The bottom portion of my chart is the S&P 500. The top portion is just the short-term 13-week treasury bills. You can see when interest rates are rising out here. You see that in each and every single time frame. Now we're looking at monthly time frame. So we get rid of a little bit of noise out here. What does the market do? The S&P 500 specifically when interest rates rise, the market goes up. The S&P 500 has been moving higher since 2009, clearly. But since 2015, when interest rates, short-term interest rates started moving higher as well. You see, those are the facts. So don't get taken by what goes on out there. Now what really is important, because what you and I are interested in is, hey, what's the market going to do next out here? Is it heading higher or lower? Are we in that? We're in that end favorable seasonal cycle. So what is it that we need to be paying attention to? Well, one of the things that we need to be paying attention to is the spot volatility index. You and I, we don't really care what the spot volatility index is trading at. Right now it's trading at $13.81. It wouldn't matter to you and I if it was at $13.81 or if it was at $45 or it was at $65. It just doesn't matter what the number is. Do not get taken by what that number is. It doesn't matter whether it's at $9, it's at $13, it's at $14. What matters is, where is the spot volatility in trading in relationship to its 50-day exponential moving average? That's what this chart shows you. This chart just simply tells you the way that it is. The bottom panel of this chart is the spot volatility index. That's the blue line. The red line is the 50-day exponential moving average, which by the way is priced at $14.25. That's the number you want to have on a pad of paper today. That's what you're going to be looking at. Is there a close above that? You see, if you go back to the left-hand side of the chart, back in 2018, the yellow rectangle helps you to show what the S&P 500 was doing during the time period where the spot volatility index was trading above its 50-day exponential moving average. Go next to that when you saw the rally. Now, this is not going to call the top or call the bottom out here, but what it is going to do, it's going to give you the information you need to understand a sustained uptrend in the S&P or sustained downtrend in the S&P. What typically occurs, you can then see in that green rectangle box out here that the spot volatility index was below its 50-day exponential moving average. What did the S&P 500 do on average? Then go forward into the high that took place out here in May, the May-day high out here. Where was the spot volatility index? It was above its 50-day exponential moving average. Where are we now? Where we're at right now is we are still below that level. I don't want you to get trapped into a short position. Do we have signals in the Dow? Do we have a potential signal in the S&P 500? Do we have a signal in the NDX100? The answer is we do. In order for a sustained move in the markets to actually take place, and it is this simple, you can go back and do your own fact checking. Go take the spot volatility index. Go back as far as you want. I suggest you go back into 2007, 2008, 2009, and there you will see when the spot volatility index was in the 50s and 60s and the 40s out there, then you will see that the number itself doesn't mean a thing. The question is always, where is it trading in relationship to its 50-day exponential moving average? Now, you've got the New York Stock Exchange. That's what tool I know that Larry likes to take a look at, and so do I, even though we can't trade it out here, but it gives us a general feeling for what's going on. And here what we can see is you can see if you look to the right-hand side of the panel, down towards the bottom, what you're going to see is you're going to see a set of declining tops in panel number three. Panel number three is the advanced decline oscillator. I know you might say, what's an oscillator's divo? An oscillator's a difference between two things. In our case, the two things are going to be energy, are going to be the exponential moving average. In this case here, we use the 39 and the 19 periods. Why? Because it is rocket science out there, literally is rocket science. I won't go into that story just yet, but here's the deal. When that advanced decline oscillator reading is below zero, sellers are the ones that are in control. What we really pay attention to is its price rising or moving sideways, but yet what it has is it has a declining tops pattern. So the New York Stock Exchange for quite some time, when I say quite some time since about July 3rd, has been signaling that there is a top that is forming in the market. Now, how far is that going to take price down to? That's where we go back to our support levels, whether it's our TAS market profiles and the equity futures contracts or some other tools that Stevie has. But the key here is there's not going to be a sustained move in the New York Stock Exchange, let alone the other markets, until you see the spot volatility closing above and staying above its 50-day exponential moving average. So 1425, folks, that is a key level for you to be paying attention to. There was a question earlier inside the Tiger's Den. The Tiger's Den was, can we take a look at natural gas? And here's natural gas, and here's all that you really need to know is that there is no bullish reversal candle just yet. I know we're just looking at a bar chart. I guess you'll just have to trust me on this. I can take a look at it and know whether it's a bullish or bearish or candle out here. But right now, and so at this stage, you're trading below its daily and its weekly profiles. Yes, price is testing the swing point back here from July the 20th. We're actually trading below that, just slightly below that. Sometimes you get back to a swing point. And what you can see is this is where price will stop and it stopped there before. There may be an A to B equal CD to the downside that is underway out here when we take a look at it. But here's the deal. I don't see a bottom just yet inside of natural gas. And that was from one of our deniers out there. Might have been Tucker. Yeah, it was Tucker. So Tucker, that's what the daily and weekly timeframes are showing us. And quite frankly, if we just go to a 60-minute timeframe, just like we looked at on the ES mini on the daily timeframe, and we were saying, you can't call a change in trend until you see support being broken. Well, we can do that for all different timeframes. And here, if you look at the 60-minute timeframe, that's the panel on the left, price must close above the top of a 60-minute profile in order for there to possibly be any kind of even short-term signal out here. And we don't have that. That would require right now a close above $2.14 cents out here. So I know everybody is hunting for a bottom inside natural gas. You really want to wait for, at least on the daily chart, some type of bullish reversal signal myself. And even when you get that, you're going to have resistance at 224 and resistance at 230. That was the weekly and daily market profiles, respectively. As Steve Rhodes filling in for Larry Pes vento, we'll be back for the two-minute wrap in just a few. I'm certain you are or strive to be one of the best of the best at everything you do in life. It's 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 Rhodes, 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&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. Sign up for Mastering Probability today by clicking on the newsletter tab on the homepage of TFNN.com and get immediate access to workshops where I take you step by step how to use an extraordinary set of tools as well as provide great market calls too. Sign up today. 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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. 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. Steve Rhodes-Fillenden for Larry Pesavento. Join me at one o'clock, although not today because the show is going to be archived and replayed at 1 p.m., but tomorrow would be a good time to join me live. So our last question coming in from a e-mailer out here wanting to take a look at, oh, I see there's a couple out here. Let's see if we can get to both of them. Oh, there's three, my goodness. So let's take a look. The question is about lights weed crude. What do we see in lights weed crude? So when I look at the daily timeframe chart, I don't see much. I don't see any significance of a top or a bottom. I can tell you that 63.14 is going to be significant resistance and 51.84 is going to be some support out here. That's where price most recently broke down and broke out. That's what the daily timeframe chart shows me. I don't see anything on a weekly or a monthly out here. I think trading lights weed crude. If you take a look at even a 30-minute timeframe chart out here, I don't have any really great signals. I don't have any great signals of a top. We can see that the price is trading below on a 30-minute basis where it last broke out. That was at 56.33 out here. So I don't have a good feel one way or the other with regard to lights weed crude and where it wants to head to. If I did, I would absolutely give that to you. So hopefully that helps you out. So if you're not in the trade, I wouldn't get into the trade because I don't see any good bottom or top, even on a short-term timeframe out there. And the next questions that came in, the last questions were gold and what's going on there. And the easy way for me to tell you is that this is a big bull trap out here. Big bull trap. Look, what we have out here on a weekly basis is two confirmed tops out here. You've got the A to B equal CD pattern that was confirmed with the shooting star several weeks ago. Then two weeks ago, we had a TD set up. Well, it was last week we had the confirmed TD set up nine count with bar eight being the high out there. That tells us of a top on a weekly basis. The daily chart out here for gold tells us of a top as well. It's got Stevie's roads momentum indicator top. That was confirmed with that bearish engulfing candle, which also happened to be wave number seven. So we got a lot of sideways action out there. Of course, we have that sideways action because if you're sitting over in London town right now and you're holding on to pounds, you're saying, how the heck do I get out of dodge? And where those pounds are flowing right now are in the gold. So traders over in London over in pounds are buyers, not sellers. That's why gold priced in dollars is not headed lower just yet. Folks, thanks so much for being here. Stay tuned. Tom and Tommy O'Brien coming up next. After that, you've got the, you've got the forget what you have. But then Basil, my replay, David White, Tom O'Brien. Have a terrific Tuesday, folks. I look forward to seeing you soon.