 The following is a presentation of TFNN, the Tiger Technician Hour with your host Basil Chapman. Call now toll-free at 1-877-927-6648. Hi everyone Basil Chapman on this Monday rainy Monday here in Boston rainy day but it is Monday the 10th of July and we're looking at the Dow up 198 points at 33,933. The reason why I'm saying it in such a surprise fashion is not that it can't happen of course it can happen because that nine period moving average is still above the 14 but look how close it got let me just show you this here quickly and I'm going to there it is this is with just the nine 14 period moving average green when it goes positive pink when it goes negative look what happened here when it turned pink and that was in May it went all the way down that it turned green and then it was so close around about the 26th of June turning down and then what it do it turned up but this amishay pattern is suggesting that there is some residual strength but we are getting closer and closer to seeing it turn pink doesn't turn pink for a day as it did where was it one day before we saw that in the S&P I think it was let me just go to the spy yeah just over there and back in May turns pink for a day or two green green green so this is still very positive the reason why I got a question here about oh what's that question short term buy or sell on the S&P on the spy what is my outlook for the next four to six weeks so my outlook is very mixed we're trying to do buying the only short we've got is a short on the on the semiconductors right now and the only reason is look at this SMH it's still if you're looking at this particular pattern look it's still green the 9p removing average over 40 but it's getting closer and closer to turning pink I don't know if it will but so far we've taken really nice gains in the very short term on the pop to the upside and now we've locked in again no matter what happens I hope that that can stay the stay that way but the reason why I'm looking at this in such a diverse way is because even within sectors you've got so many things going on friends let me just show you something here I'll finish this up by looking at the daily chart of the Dow look the weekly chart is still holding very steady nothing great happening but it's walking the 9p removing average the monthly chart is also walking the 9p removing average nothing great is happening look at the S&P look at the difference in the chart patterns between almost all these indices S&P made a peak Dm the chaff way peak Ds where other things can happen have an instant restart like you did here at the beginning of June and yes your second and remember I say the one lesson I've learned in the chaff way methodology that I've I've imported and really considered a very key component now of my notations is that whenever you get to a G consider immediately whether it could be a G slash C an alternate count that says you could pull back but then you might make one more new high that's the high that says start measuring vertically the the degree of strength when it hits the high 4448.47 back on the 16th of September well September 16th of June and then what happened when it hit the high just under that on uh around about the 28th or so of of June well the magnate deflected lower the sarcastic was running that's a good sign the unbalanced was running but less less so than before but look at the strength of the 9p removing average and that just says don't mess around with us because it's holding very well and the weekly chart is also extremely strong it's starting to stall stall doesn't mean to say it has to crash sources taking a breather and the weekly chart leads us to think that the monthly chart in leg C has almost done the one-to-one to the upside in chaff way falling x formation that's all very positive so I'm not looking at this very negatively I am looking at selective uh selectively uh either pulling back or waiting for buy most of the time we just want to add to long positions that have done extremely well and we've taken profits so in some of the positions we want to put some of it back and look at this he has the qqq at 37285 around about the 16th of June pulls back g-stash C and then it almost made that D so this just says stuck in a range you could the weekly chart fabulous but stuck in a range look at the monthly chart this is a leg a from the october law of 254 here we are 365 this is really nice action so I don't want to get so the answer Kevin is I'm only selectively short and we've still got a pretty tight stop in that we've taken as I say very very nice gain too too small but soft and within within that context all I can say is that um I'm I'm probably looking more to buy than to sell and within the the parameters that I give uh you know we have taken off in the let me just go to this so soft yeah so we've we have a little leeway now that's really what I'm saying so we've taken off we got up to a 12 percent 7 percent and the 12 percent gain um and I guess just gives us leeway and now I'm saying to the market hey show me what you've got look Nvidia has been an absolute superb leader but where did I type that type it over there and Nvidia one of the leaders but it's stalling it's down two it was up three something now it's add down only up two it hasn't broken down but it shows you look at the way the technicals are starting to weaken but that nine is still strong above the 14 I've drawn in the rectangle here I was completely wrong I'd say somewhere around here with the dreaded H that ran up to a new uh high I go into that peak F around about the 16th of June I said I'm pretty sure that we're going to be coming back and if we can break the 398 level we'll be very quickly going to the low that was made in that candle the gap up candle of 366 it's at 420 360 points higher it's holding fantastically so I like to do this because of what gets sent to me in emails I like to show Nvidia has this huge PE GE is completely different GE is rallying nicely today and look at this what I say this pattern here crawling walking above the nine period expenditure moving average is getting closer and closer to it says the momentum to the upside is beginning to stall in the shorter term for general electric two completely different things still making you money both of them making you money depends on how you want to invest this is for me probably a longer term outlook general aircraft engines electric equipment appliance just a whole bunch of things this is very nice even today it's up $1.28 1.955 up 1.19 percent but look at the way this weekly higher highs and high lows high just keeps doing it like a little worm walking up the the the limb of a tree all right so meantime back at the ranch what I wanted to show you is I had a couple of questions and I'll get to that in a moment let me just show you the IWM you see this cluster formation it made the dread the H pattern H pattern now it's trying to revert to a cup formation and that's what we look at all the time in the markets you're just fighting between a cup and an arch a cup and an arch or a V or an inverted V and it's how you walk the 9-speed moving average as far as I'm concerned that's really important and here it is IWM is still holding very well so this is up at 1.42 percent that is very nice relative strength compared to the others now I'm looking at the weekly chart and saying five years is the fourth week of the digestive phase and Howard closes this week it's going to be really important Basil Chapman does a 2.15 tiger munitions are and I think the sale might be ending today or maybe the end of the last night tiger sales check it out if you're looking for potential trading setups in the stock market then rocket equities and options report is a newsletter you should try Tommy O'Brien delivers options and equity trades when the markets present them using a combination of fundamentals and technicals sign up for rocket equities and options report today with a 30-day money back guarantee so you have nothing to risk for all the details and to start your subscription today visit the front page of TFNN.com TFNN educating investors you might think that if you want to be successful at trading in the stock market 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during market hours the Tiger's Den available to all tigers and tigeresses for just one dollar for the year there's no catch or added costs when you join our community of traders sign up today and become a part of this educational community of traders just visit the front page of TFNN.com toll free at 1-877-927-6648 internationally at 727-873-7618 i'll go through it back i'm just finishing up the notation the chat wave notation on this particular chart c it should still go through d a okay a b c d e okay so we're looking at i'm gonna go backwards i swear was the one that was asked about but i just saw in tiger youtube uh that earlier on there was a question on uh jizz basil i look i took a small position in g k o s and for a while it didn't go anywhere but it has a nice run-up recently do i add to it or has it run its course so i like it very much i don't know what they do uh let me just have a look yeah what is it called it's called always do the notations everything then i look at the price and then the name uh glauq glauqos company okay let's see what glauqos does glauqos it sounds like a foreign company does found in 1998 oh it's been around a long time i was an op ophthalmic yeah i am struggling to see the price and what is it i just see the name and what is it it is an ophthalmic medical technology pharmaceutical company developing and commercializing novel therapies for the treatment of glauqoma corneal disorders and retinal disease oh big market there but what we're looking at is and absolutely uh we're looking at uh i'm going to say so you just really want an analysis of whether your holders stay wrong yeah so i i this is what i would do first of all you're talking about going sideways for a little while um in a very frustrating arch formation but look at it in terms of the dreaded age it held the left side low after all that time i'm we're talking about a month or more going from about the march the 13th to may oh well quite a while and then finally it breaks out and what i love to do in this particular pattern uh i really should speak to chase station at some point i would love a line that i could take like this like this and all i all i want to do is to say hey if when you use up a lot of time going from the left side to the right side and the technicals then start to strengthen considerably not just a little bit but strengthen considerably i don't know if i can do this because i'm going to move the point but i'll try my best i like to say there's a chance that at some point this this particular stock i don't know if i think i've already moved a little bit ah it's done i think i'm close though yeah i think i'm close you can you can do a vertical test it doesn't look when you're trading at 45 to do this and say you know what this thing can go to the 72 to 75 area you look at this you you're absolutely out of your mind but i've seen this so many times where it has this long arch formation doesn't take out the left side low but all the time in this case the 200 p moving average is flattening out it's down it hasn't really turned up but it's really basically flat and then all of a sudden the technicals turn up so now what you've done is you've done this one to one from the horizontal axis to the vertical axis and now what have we got we haven't quite got to that level but look at the nine p moving average it looks so close to turning down over there that technically i i have to do this is the only thing that i really struggle with do i put it down ever i've had to do that a couple of times now and then change it to a plus sign because it did make that peak d e or f and then turn down sharply this one's doing the exact opposite is walking the nine-period moving average occasionally touching the 14 i like this very much so g k o s uh glaucus glaucoma glaucus corporation there it is final 1998 i like it very much all i'm going to say to you look because you asked me the question and you were actually prepared to get out or hold i'm going to say why don't you compromise why don't you for your own sake because you've done very nicely now take it just a little bit off compliment yourself give yourself a treat give yourself you know the pleasure of saying hey that was really successful i identified it i analyzed it correctly you could take a little bit off keep your corporate a big chunk of your core position and let it go then when it makes d which will be just one penny above the the candle with the the high most recent high that was about a week or so ago on the 29th it went to 71 86 made a tiny doji this is called a chaplain wave silent doji either on the left side or the right side of a high of of a peak or the left side or the right side of a low a trough and in this case it said well i pull back but look how beautifully i'm holding even today after two three doji candles i'm making a breakout to the upside i like this very much i would i would either you should take a little bit off to reward yourself or you could do this and this is probably what i would do right now it depends on your position but i'd probably say you know what i because i was about to take it off at 70.90 just a little bit why not let it run because it's a good day today why not let it run a little bit further to that leg d and the moment if it does and should do it in the next two days go above 71 86 by one penny at 71 87 that's where you can take off and you've made an extra point that's just one of the ways that i do it but if you don't do that i would also have maybe today's low of 70.07 i'd make that to stop if you're not going to get out now so one tiny little bit is a reward i would keep the core and that's the daily chart the weekly chart has something actually quite different the weekly chart has gone almost vertically after that arch formation the mac d strong stochastic strong the 90s way above the 14 the price is way above the nine and i think here it's saying yeah i might make that little extra pop to the 72s but that's where i probably start to stall i'm just saying probably i don't know because the stochastic said 90 that's what you look for this is fantastic i love this the the weekly chart so the daily chart is leading the weekly chart the weekly chart is leading the monthly chart which has gone peak a peak b and then it failed it came all the way down to another a b that came down so yeah we are this is in a b this is a leg c to the upside in the monthly chart also looking very strong so i'm just going to put this in while we're doing it and i'm thinking about it it's called uh glau cost corporation g l a u k o s core and then op felmic uh tech okay very nice so congratulations ron you've done very nicely and even as we speak somebody heard it and it just popped out a couple of cents because swab is the next question i had swav i said i'll look at the bonds in a moment i'll get there so i don't know if the question is just a look at it or whether you are looking to get in or you have it uh coder so here's your question and let me see if i can actually go back to the question and on the way back as i'm scrolling i have to congratulate flech great positioning and rig you're just absolutely determined to hold on you kept selling the whole den that rig is doing well and and and there's no rigor mortis there it's acting beautifully uh good morning prof swav please took advantage of a pullback last week to the double summer 260s okay really nice you got in almost at the low after a move into the three almost three and three teams uh about 317 pulls back to 260 and here you are at two i love that action the wiki chart is still very strong on the ninth week moving average i'll be back in a moment just a shockwave medical and cardiovascular medical whilst we're doing the medical stuff this morning uh that was a 183s it's a fifth we'll be back steve rhodes started his trading career as a student almost 20 years ago and the student has now become the master steve won the prestigious timer of the year award in 2018 and barely missed that mark again in 2019 finishing at number two for the year an amazing accomplishment steve rhodes is committed to sharing his techniques and knowledge with anyone who wants to learn and he shares his vast amount of trading knowledge every day in his mastering probability newsletter steve's award-winning newsletter mastering probability is delivered every trading day with updates throughout the afternoon sign up for steve's market newsletter mastering probability and you'll receive access to seven of steve's educational webinars absolutely free at tfnn all our newsletters come with a 30 day money back guarantee so you have absolutely nothing to worry about visit tfnn.com and try mastering probability 30 days risk-free today tfnn educating investors tfnn has just launched their new trading room the tiger's den hosted at discord tfnn has been educating traders for more than 20 years with live programming hosted 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excellent instruction from experts at tfnn you'll get advice and guidance from the authority and technical market analysis and it's not just dry tedious text either tfnn airs live financial content streamed live on tfnn.com and tfnn's youtube channel with tiger tv live every market day from 8 30 a.m to 4 p.m eastern for free each host is an experienced trader and gives their take on the market while taking calls and questions live from around the world from the moment the market opens until the closing bell sounds tiger tv has eight different shows with expert hosts to help you make the right moves with your money watch online at tfnn.com or on tfnn's youtube channel and become the investor you were born to be tfnn educating investors 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 so let me just do this on swath this is shockwave medical ink so what i like to use grab the most obvious left side bar if i can go to the midpoint and let me just do this right now if i can go to the midpoint and it's looking to me like there's a chance that you could have the same number of bars on the right side to the left then i'll do what i've just done here and i go click i add that to the other side over there all right right there change the color because green is on the way up red is on the way down and i try to get to a bar that is telling me on the left side that if i take that diagonal and i take it to where this i don't want to move it to the right because then i'll see where it ends up i should have the same number of bars coinciding with the diagonal going down to the base on the right side so without doing look yes peak a peak b peak c yes your peak d all right put down here and let's see what happens so this is what i was indicating to you so this is going to go to the end of this bar and look at that number of bars on the left i mean you couldn't be more perfect there's a 120 minute chart there's your midpoint yes your fulcrum or what i call the plum line in the middle right here so everything about this is it becomes very mathematical and of course being a technology company many a shockwave medical ink you want to be as precise as you can be all right so there we go left side right side match we go move that to the right there we go right there so that's a beautiful art formation so the chances are that it went under it and and now it's gapped and i just see shockwave medical ink later stock news three days ago thursday's i bd stock of the day as swab swav stock saw to actually saw that i completely forgot about until i looked at it right now but i did see it on friday i think it was and now what it says it's gone to where look how important this 200-speed moving average has been to the support now it's hit the resistance exactly on a pop to 285.72 from the low of about 261 i mean that's that's big stuff up 21 points up 8 percent today so now the question is you did get some so the way the way i would do it is i wouldn't rush to quickly get the next lot in let's see how the candle works because i think this market is starting to act uh the way i've been talking about for some time that with that nine-speed moving average in the daily chart of the key indices even the smh's still strong still holding beautifully it's a process if it's going to turn down it's going to be a process is going to take a little while and i thought the first week or two of july is basically where we're going to see what happens as it treated as strength to say this is fantastic this is another big move to the upside or what i am thinking is that there's a consolidate just a consolidation and it implies the daily charts are going to consolidate they might not even affect very much the weekly so this is the same thing that i'm looking at with a 120-minute chart here fabulous move up just stored right there at the 200p moving average which was support now probably going to be resistance so i would say you got a fabulous entry i would not push my luck i wouldn't want to average in by getting in now at 283 and then have it pull back and then all of a sudden instead of a really good position that you had even though it's your only your entry point i would prefer for you to wait so this is monday this is going to gain wednesday if it pulls back and doesn't take out 278 the pink nine-period exponential moving average support in the next few days but in fact somehow or other between now from this very minute we're talking at 10 34 am on the 10th of july if it can make a new high either today or tomorrow a new high on the bar that is high of today is so for 285 72 if it can manage to go above that preferably close above the high that was that was made earlier this morning into the 286 area then i'll say to you know what now on a little bit of a pullback i'd have a split position of adding something else but i wouldn't get the full second position i'd just have a split position to have that as now the trading position and try to keep your 260s position as your core that's what we try to do in my opening call try to keep a core and just trade around some other things that's what we do with the dow haven't gone back into the long side of the dow yet even though it's holding well because i think we're going to have some kind of a consolidation at last not much maybe not so much in points because we haven't had those minus 50 to minus 60 s and p turned downs at the open and then at the finishing at the low of the down at the close that to me is bare market material we've not had that so anything else said that they'll be buying so i want to see that unfold and and that'll include this medical ink say if you look at the whole sector i mean look boston scientific pull back after a really good move to an all-time high making an automation peak a peak b peak c right there holding beautifully in the wiki but it looks like it's just making the oval this could be a stall take formation so i'm watching it closely m m d t is m d t is metronic plc almost it's the same thing but it didn't act anywhere close to as well as boston scientific it didn't get to the the high was in the 130s the low was down the in the 70s and yet it is trading at 86 stuck to the 200 exponential moving average so just be a little careful there there was one other was god with tmi i must add tmo one of the great companies if them a fisher uh same thing uh it's got the same pattern so you're in the one that's acting extremely well in this whole area so that's shockwave medical all right next question came in where did it go where did it go or fxi could i look at the fxi why does the chart always do that funny fxi almost looks like those medical stocks um it's having uh it's down 11 since the 2707 but you see the pink nine-period moving average yes you dreaded h one dreaded h that's so successful goes through like an m shape formation or even a larger h and it took out the left side low no i think that these things are starting to stall so let me just add a quick question could i not know if it's a quick question it was a question could i update my one minute chart yes so it went from that low that was made at trough d at 9 30 this morning um we kept pulling back pulling back pulling back we had a beautiful yesterday on friday remember i showed you the arch formation oh in fact i did tom show and i had this down i said there's a chance that by this is the same technique i used a moment to go for uh was it uh what was the stock that i was looking at here uh ron uh oh gkos yeah that was the same technique there's a one minute chart the other one i was looking at was i think a daily or weekly chart look at this left side right side comes down tests it and holds holds holds and then breaks it and then starts a big rally at about just before nine o'clock strikes up pulls back holds the left side trough d at about a 44 30 area and then has a decent rally take sorry takes it out a little later on to another d then it goes peak a peak b whole steady and now i have to continue b because it didn't take out that low so that becomes c and we're always looking for at least a d in a by mode and this is a by mode so this goes c right here that goes d right there that goes e two doji candles and so be careful the unbalanced volume reverse sharpie lower the magnetic turn down and look what happened you made this little cup oh i i i'd like you it's not technical friday but i'd like to when i get back i want to talk about this formation it has become so familiar especially with the emini if you're an emini trader get to know this pattern this cup formation with the left side is right side old report as a precious metal gold is still king it continues to hold the most effective safe haven and hedging properties across the global major trading hubs of the london otc market the us futures market and the shanghai gold exchange the gold report tom obrien publishes his weekly gold report every monday morning for subscribers consisting of coverage of the xAU hui gdx the dollar bonds the south african rand as well as 25 different mining equities with specific buy sell recommendations the gold report new subscribers get a 30-day money back guarantee so you have nothing to risk subscribe to tom obrien's gold report newsletter now at tfnn.com are you looking for a way to consistently add winning trades to your portfolio tom obrien is here to help tom obrien has been successfully trading markets for over 30 years a frequent contributor to td ameritrade network and cnbc tom obrien found a tfnn over 20 years ago to help educate investors just like you tom's daily market newsletter market insights is published every morning when the markets open to give you the competitive informational edge you need to succeed these newsletters are packed full of tom's advanced technical analysis and are geared to deliver comprehensive strategies for a successful portfolio get tom obrien's newsletter market insights today and try all of our products and newsletters 30 days risk-free with our money back guarantee at tfnn.com tfnn educating investors biotech is booming but for how long whether you think the biotech bull has room to run or has run its course trade labu or labd directions daily s and p biotech three times bull and bear ETFs visit directioninvestments.com slash biotech today an investor should consider the investment objectives risks charges and expenses of the direction shares carefully before investing the prospectus and summary prospectus contain this and other information about direction shares to obtain a prospectus or summary prospectus please contact direction shares at 866-476-7523 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 this program is brought to you by vista gold traded on the nyse american and tsx under the symbol vgz i'm also a question i'm not sure just the kind of the nice run up in dkng that's draught kings and sports betting i mean look at this beautiful i keep saying to subscribe we want to buy this we want to buy it and we just like it it has these sudden sharp pullbacks so if you recognize it a little late you have to have a very wide stop and at this point i just don't really want to have wide stops but i do like it going forward so this makes it very difficult from 35 to 25 to 28 uh in just three days maybe you actually get anyway i do like it and everything about it is very strong and that's a good sign so i wanted to show you this look for any of you who trade the futures keep in mind this is a pattern but you see it you see it in the one-minute charge you see it all the time it's the cup formation i call it i used to call it the well i haven't actually used that expression for a long time uh that is this uh it's like the backhoe and it's got lifting up you know all the grit to put into the back and then whoof it comes tumbling down so you've got this u-shaped pattern if you look at the left side the technicals are great you look at the right side ooh the technicals are weakening but that nine is still over the 14 when suddenly it turns down and that's exactly what's happened now the futures are only a point 25 and that's what you got to be careful peak g in the week each in the in the 10-minute chart now it's under the 200 period moving it are kind of important that 200 period like a sine wave because under then over now under so i think that this is this is exactly what i was talking about the reason why i didn't want to get too carried away by going to the long side unless they've got pullbacks and what we wanted i'm prepared to wait for those pullbacks because that's what i'm looking at here and within that context i also wanted to point out that look i had a question where was it a moment ago it wasn't this it was the another song i did it too quickly what was the stock i was scrolling down um was it was it swept did it also do the same thing uh no well well in a sense it's got the cup formation but that's not really what i'm talking about a flat bowl type formation i'll i'll just find the stock in a moment i wanted to show you the relationship of the the one-minute chart to the chart that i was looking at just a moment i've just been looking at so many charts that i i'm i'm charted out so alright forget that question i had about fxi can i do that fxi yeah fxi is just in the lower range it got repelled to the 200 period moving average i shares china large cap etf it just looks to me like it's stuck oh talk about stuck so the tlt kept trading in this rectangle formation and it went to the top of that to the top of the range in the 10910 area a couple of months ago and then it broke the midpoint of the rectangle and that says to me be careful because then it could test the left side low well the left side low of importance is this lowercase h that goes so lowercase m and then a tiny little arch right there 98.88 was the low in the tlt the i shares 20 it's usually one etf back in march i think it was yep march the big of the third and then what happened is it ran up back to the 108s and then this the past two weeks because we've got to include today it's been coming back coming back wanting to test 98 88 98 bam today goes to 98 85 that's the low so far the day is young anything can happen but that is important to me because if we take that out you don't have much support on the left side 91 84 was the low back in was that january or february october so october of last year we get the 28th so i'm watching this closely why because you remember we looked at the tbt and the tbt had made a leg d in the weekly chart now this has not tested its high it's the inverse ultra short demon 20th ratio born etf but the third of march the week of the third 32 35 32 75 was the high and so far the high is 31 80 it's a point below it but it's only in leg c and that should go to a dc years and the statement made earlier was yeah watch those yields and what i say is only when you need to watch whatever it is remember i've got this thing called the dark news cloud cover there's always bad news out there it's when the market cheats the bad news has bad news then you've got to be very careful so this is the dark news cloud cover this is the entire range of resistance for two years by 11 22 a year and a half is over that and that's the big resistance so i say if the market now takes bond yields treasury yields tnet yields as serious that means you've got to be very careful so yes that means the tbt is starting to rally but if you look at this chart here oops i just got a ring let me just see what that says we've got william in boker at on william how are you i'm well i'm just getting over coven and over oh i'm sorry to get that this this new round um people don't realize how many people have got it but anyway um where you may ask for a change anyway um now that i'm getting over it um i'm looking at haliburton h al yes so do you have a position in haliburton yeah it had quite a week last week and so i'm not sure that you know i don't want to wait for a little correction or something but boy it took off last week so wait did you did you say you have a position in this or you're waiting to get you know what no i wish i had okay yeah all right so we go what we want to do is to look forward the way it's spry did this on friday i'm not sure actually in notating the whole thing on friday because i did rig i did this i did slumberge um so this is oil service it's up 33 cents a day 35 91 i when i did this work i said over over the weekend i was looking at i said i there's no other way i could count this as a g alternate count g slash b but that mac d is strong the stochastic's flat at 86 that's great on balance volume is rallying it's not overboard it's rallying the nine pin moving average is strongly over the 14 period in the daily the weekly um the weekly actually just at the close on friday flip to l which means long on just that particular indicator the nine over the 14 and i'm calling this a b because the way it may i might be wrong but the way it made this trough on the if you were watching this speed at hella burton move from the 20 uh let's call it 31 area from the 31 area just about eight sessions ago nine sessions ago to the breakout on friday away from the 200 period was really impressive so this is what i'm thinking about what think about what i just how i'm going about telling you what i would do um and then make adjustments according to the number of shares or whatever it is i like what's going on because it's going together with rig which is done very well also a little extended on the short term but fabulous action breaking oh that's what i want to look at so the pattern we were looking at in the one-minute chart is right here in the weekly chart of rig where it's taken out the left side low so the you didn't ask about that but they kind of go together this is the strongest one trans ocean if rig can close above for two weeks above the high that was made the week of the 10th at 774 and it's trading at 793 right now that'll be really good action i'm mentioning that only because how since it's kind of the leader in the group even though it's the lower priced one i think they're going to go together and that goes together with the oh i h the oh i h is that a nice break to the upside i'm also calling this a leggy so i tell you what i'm going to do i'm going to say yes i would start nibbling but when i get back i'll give you the plan i'll give you an outline of a plan that i would have at exactly this point is that okay i look forward to it all right i'll 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Fibonacci 24-7 newsletter today tfnn.com educating investors 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 my most back this is what i'm thinking i would start a small position right here at t587 because it's pushed so far away from the turn to period moving average of 30 through 18 if at any point it goes in the next two days it has to be speed we're looking at timing wise so if it starts to trade under 34 46 so that's a point i a point under where you get in right now or just a little bit more i'd say okay just watch it closely but i would start the position and if it does pull back if it takes two days in other words by wednesday if it actually starts to pull back into the 34 40 area if in other words if it quickly pulls back then i'd say watch it closely but if it takes this time and in fact it either goes higher or it pulls back i would add this i'd have a split position the first one's right now in a second position and this is all part of a half position that you're looking at overall because it has extended i would be looking at adding at about 34 40 if it was in the next day if it was by they choose the afternoon or wednesday morning and then the overall thing i'd have one position of that i would have about about a two point stop just to give it some room i like the action but it is a little bit extended on the on the daily chart so i hope that helps you thank you very much good and and i'll be following it tomorrow as well so folks just as we're about to wrap up if the doubt gives back a chunk today if it goes i mean it was up over 200 points if the doubt pulls back between now and tuesday often or wednesday morning and actually starts to slide and this is what i'm thinking is a possibility just in terms of saying that h pattern is is i call it the dreaded age for there's a good reason for it i think that nine free moving average will step down about below and go pink in the next couple of days so if it takes out in the next two days if it takes out today's low of uh let me see what that is of 33 705 in the next two days then i'll finally think it will go pink and the s&p if it gives back and goes minus nine by later so i'll keep that's not