 Hi, everyone. No growl. This is Basil Chapman sitting here for Tom O'Brien. I do the 10 o'clock to 11 o'clock Show on the TFNN five days a week and that's the my service here is the opening called a newsletter and We're looking at something very interesting here because within the context of markets and patterns that I look at all the time One of the patterns that I look at is let me just draw this in here because some of you are new to my work I thought I had this already. There are three basically there are three patterns that I love to look at First of all, I start off by trying to identify the lowest low bar and merely count each success to be higher peak And that's as simple as that one penny above the previous peak Alphabetically starts the next letter B and one penny above B starts C Go all the way to a G but at D the fourth highest peak other things can happen You can have your sharpest decline look here in the Dow peak D in the top it on the 5th of January at 36,000 952 And you could also recycle and continue higher. So most importantly That's the the the pattern that we try to identify Once we've got the buy signal a buy signal that's upgraded to a buy mode It means that you should go to at least four higher peaks That's kind of its obligation in the Chapman wave I also look at three patterns straight up straight down straight line up that straight line down Cup formation of art formation with a combination where you can go down sharp You make a lowercase h and you take that out and that becomes a very big negative If it closes decisively below and on the upside if it closes above the green left side point that is positive So with that in mind, let me show you what we're looking at We're looking at the Dow getting to that peak D We've been in a buy mode for subscribers to my opening call from the 15th just under 32,000 We still have our long position way back from the lows of 20 2020 What we're looking at is the peak D failed to get to the 35,000 824 level So that's going to be the big struggle. So that's for the Dallas a daily chart. There's the weekly chart That's the monthly chart. Look at the S&P the S&P Was looking absolutely fantastic when we were going to the highs The in the intro week high last week all the way into Thursday and then kaboom You have that smashed to the downside over there, but it's still a peak D. It's holding very nicely It's up 32 at 45 77 the dollars up about a hundred the and the S&P monthly charge later in the show We'll talk about this monthly chart property anticipating for April I'm doing a webinar on that a week from Wednesday Let's look at the QQQ and that's what I said to subscribers this morning These QQQ's look like they have to play catch up They are desperately wanting to break to the upside and that's a peak B We should still get a leg C and then a peak C and then a leg D. So the Q's are up 6.89 and 368 74 they need to break one penny above D 71 83 in the daily chart just out of leg C. You got the IWM the Russell 2000 Do okay, but really lagging also made that peak D So the only one that didn't work. It was the QQQ now We're looking at gold and gold is up but not as up as sharp as it was It's up at 11. It's had a spectacular move now This lowercase h is going to a lowercase m if there is a break into the 1978 1982 area that arch will change into a cup that'll be very favorable I think we're gonna stay in this consolidation a little longer crude oil same thing huge move up And now big move today up four at a hundred three forty six But I think that is kind of stuck in this range for a little while if it starts to trade back in the hundred fourteen hundred fifteen area That's a very good action for for crude oil the TLT failing It's down again today a dollar dollar at one thirty one thirty two and that means that yields are still up of the The upper range and that's something very important if you look at the IYT Which is the transportation index huge move down from earlier last week We hit the 276 level now underneath the fort right on the 200-period moving average in the daily But if you look at the weekly weekly says you know what we just in this true big big trading range you shape once you shape twice Triple top with the 287 level 281 and then 280 so you can anticipate There's a lot of resistance But we've got to keep an eye on both the transportation index because it does tell us quite a lot about the general market And we've got to keep it in touch with the SMH's which have pulled back very sharply And they are fading to lead and that's always something that makes me a little bit cautious But I think the rotation is what we've got to focus on the rotation says as long as there's rotational strength as long as you see something like the the the Growth stocks start to move higher after being some of them would decimate it I mean some of them like a square gets clogged it comes down from 289 to 82 It deserves a break. It made a pd in this cup formation left side right side price time match says It's got another few days in order to try to get to the left side high Which was the high of a hundred and the last have a hundred fifty two point seventy And that was back on the 12th of January went from a hundred and fifty to cut in half to eighty two and now it's trying to come back It's a very good comeback, but when you've been at two eighty nine Square that's a cool block ink, so that's really quite important now What we're also looking at and I just need to check this I can keep right on track with all the things that we do here at TFNN Oh having that word there, so that's still good now another thing that is really important Look at the VIX index the volatility index this wallet Why did I not type it in the right place volatility index there we go the dollar VIX dot X that's how I get it It's at nineteen point oh eight when it was making those tops a double where we are right now back in the thirty eight Level on the 24th of January slumps down to the 19th and then screams back up to thirty seven seventy nine And that's when the Ukraine situation was getting really bad and yet with rates Russia Ukraine I mean all these things going on and yet it couldn't break to a new height So it came down as broken the rectangle lower base that was forming at about 20 and now we're at 1907 So all week if we don't stop running into the 22 80 to 2350 area But stay down under 20 point 20 in the 19's perhaps even going lower That's going to give buying pressure so that as much as everything we look at says this market How can it go high there was such bad news out there the market itself is rotating through different sectors and my contention since the summer of 2010 after we had gone along there what was it March the 6th of 2009 got long the doubt Those corrections were rotational corrections Periodically we've had those big big sell-offs and even then very quickly to saw the rotational correction find some I'll be back in a moment. I believe we should have Steve Rhodes coming on. I hope so For an interview. I'll be back in a moment Basel Chapman city for tumble brine thousand