 The following is a presentation of TFNN. The Trader's Edge with Steve Rhodes at 1-877-927-6648 or internationally at 727-873-7618. The Trader's Edge. Now Steve Rhodes. Good morning, folks. Welcome to the May 25th, the terrific Thursday edition of today's Trader's Edge show. I'm your host, Steve Perseverance Rhodes, who absolutely knows that each of us should always be pioneers of our future versus prisoners of our past. Hope everyone out there is having a great day. Let's make sure we have an extraordinary one. And the easiest way to do that, well, is to always remember that life is happening for us. Not to us. That's right. When you and I can make that one little two-by-four shift, it means we can find the gift in every set of circumstance that life is going to toss at us. Now today, you and I, we're going to go check on the circumstance of these markets. We'll go figure out what those bulls and bears, what those buyers and sellers are communicating to you and I at just past 11 o'clock in the morning. I do want you to know I'm absolutely grateful for your presence here, but even more important than that. And that's this. During this next 53 minutes, I'd love to serve you so you can give us a call at 877-927-6648. If you've got a question but you can't call in, you can always send me an email. For that, send that out to Steve at tfn.com. And inside the subject, and if you'd be good enough to write a radio show question. Now, if you're inside our Tiger's Den, and you all should be, well, any ping will do. So let's go ahead and get this show started on terrific Thursday. Of course, this is Tiger Financial News Network. I'm Steve Rhodes. Welcome to the show. Right now, we've got a mixed bag out there. The mix goes like this. The Dow's off 46. The S&P is up 31. The Nasdaq's up 300. The Russell's off 15. Summai's up 162. Trendy's up 112. But it's definitely a mix out there. Gold is off 19. And Silver's down 13 cents. While Light's Recruit is trading out 7199. That's up 44 pennies. Natural gas is off 6 cents. Trade out at 232. And the 30-Year Treasury, 125-29 is a print there. That's off 21 ticks. So what do we want to look at? Well, I think what we want to look at are these markets. What are they doing? So pretty easy with regard to levels to watch today. Really just one level. It's all about the NQ. That is the level of $13,979.25. If price closes above that, it'll negate itself signal and suggest that we move higher. Move higher to where? Excellent question. For that, we just simply go type in on the daily basis. Let's go type in the A to B equals CD pattern out here. So the A point down here on December the 28th. The B point up here on February the 2nd. February 2nd. That'd be nice if that actually, there we go. And then the C point of retracement down to the low on March the 13th. That was a 57.61 retracement. You can see that price has made the 1 to 1 A to B equals CD level. If price is able to take out this $13,979.25, the next price projection level becomes $14,591. That's a take a look at the daily NQ. If we look at the ES mini, just a good old-fashioned consolidation with inside its daily profile at this stage here. Price got back to support. That was a support level of its slightly bullish structured weekly profile, not at $4113. Yesterday's low was $4114. If we take a look at the now equity future contract, it has an A to B equals CD pattern to the downside. Its initial price target is $32,495. In the case of the Russell 2000, the profile that was formed yesterday did take hold. The numbers have shifted. 1798.50 being resistance. And now price is testing support at 1756.50. If price closes below support, I would say it is likely going to go run down to test at least its swing point from May the 4th. And that could be anywhere between the range of 1707.90 to 1743.50 out there. So to summarize, consolidation with the top inside the ES mini, you still have a Rosemont Dominicator top that's subject to what we'll see at the end of the day, whether that's going to hold or not. We've got an A to B equals CD to the downside inside the Dow, good old fashion consolidation going on inside of the Russell 2000. If we take a look at my other charts out there, the white background charts, we'll switch over, take a look at those here a moment here. We'll just take a look at any kind of counts out here that might be of interest to us. So let's go take a look, see what we have. This is the NQs chart. We'll come back to that. Let's take a look at the daily timeframe chart. So what we see out here, we don't really see much of anything else. Not anything additional other than, you do have the Dow and the Russell trading below red-octodont change lines. That's a bearish signal. The NQ trading above a green-octodont change line and trading above the top of its profile. Its overall signal is neutral, period. It gets bullish when you close about 13, 9, 7, 9, 25. If you were looking to short, okay, if you're looking to short these indices, and I'm in that camp, and I'm considering this, just simply taking that short right now, right here, right now. I won't go take a look at the intraday charts before we just say that. But what I'm basically saying is you've got the best reward risk out here. And that is, you could take it now. We're printing out at 13, 9, 58. 13, 9, 79 is the go-no-go zone out there. And if you close above it, you just simply close out that trade. Maybe wait till it gets a little bit close. Let's look at those intraday charts. Let's go see on those intraday charts if there's any kind of a pattern that we could pay attention to out here. So now on the intraday charts, what do we got? Boy, we got zip, not a zilch. The only thing we've got is a 15-minute timeframe chart that I can see that's going, well, I see another one, hold on. So on a 15-minute basis, you've got a Rosemont Dominicator top, price above profile. It's going to go target that high. It's already trading into that swing point. That high out there is at 13, 9, 76 level. So that's what the 15-minute chart says. The 240-minute chart says you've got a TD9 count top. You're above its breakdown level, 13, 9, 34. Yeah, it's going to go test that level. So now it's not the time to take that short position out there, not at least based on the way that I'm taking a look at these intraday charts out here. And on a 10-minute, we're only at wave number six, but bar number six of a TD9 count, shoot, let's go down to a five-minute chart here. Let's really get granular. And the five-minute chart says, yeah, no, there's no topping signal. So just price running into that potential resistance level at that 13, 9, 79, 25 area out there. What's the reason it goes short? Good question. What is the reason it goes short? Well, I don't know. Let's go take a look at market breadth right now. First, let's look at the short-term market breadth. And that would be the 30-minute. That's the shortest-term timeframe that I have out here. Market breadth for the NQ, let's say the S&P, and the S&P is bullish. No, I take that back. The S&P is bearish. Let's just look at the NDX one. Let's stick with one thing out here. The NDX 100 shows, at the moment, that's bullish, 49 above, 24 below. So it's going to go tag that 13, 9, 79, and it may, in fact, take that out. So let's cancel that idea out there. Let's look at the other four timeframes that we can monitor. And on those other four timeframes, what we have out here for the NASDAQ, here's where it's suggesting, okay, find a spot to consider taking that NQ short. Why? Let me just refresh this. Let me just switch over to the S&P, or let's switch over to anything, really. And we'll come back here. There we go. Yeah, we are bearish. Weekly, daily, 240 and 60. And it was bearish on that 30-minute. So it's just a couple of stocks, clearly, that are taking the markets higher out here. But if we do get it close above 13, 9, 79, 25, we're at 13, 9, 80 as we speak right now. So if you were going to take that short position, this basically would be about the time or wait for some pattern on an intraday basis out here. But it is up at resistance, so it's going to be interesting. Now, the other element that's interesting out here is let's take a look at the semis. So if we go take a look at the SMHs out here, which the SMHs yesterday formed an island top at an A to B equal CD pattern. But clearly it didn't care. That island top, that's a Gilligan's Island. That's Sayonara, baby. The question is, can these markets really top without the SMHs topping? That's the question. Steve Rhodes with TF&M. We'll be right back. 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For all the details and to start your 30-day Tiger Forex report 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, you're going to need a crystal ball. After all, it's impossible to predict the future, right? Like any endeavor in life, before you decide it's impossible, get some advice from the experts. You might find that it's not so impossible after all. For daily market overviews that give you direction on the key indices, selective stocks, and commodities, subscribe to the Opening Call newsletter at TFNN.com. The Opening Call newsletter is written by Basil Chapman, creator of the trading methodology known as the Chapman Wave. The Chapman Wave up-down sequence gives you an edge in identifying price turns, finding the peaks and valleys in stock prices. Get the Opening Call newsletter by Basil Chapman and your inbox every day. 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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. We have 205 S&Ps up, 27 Nasdaqs up, 318, they're real quickly here, not to just focus in on the Nasdaq. Let's take a look at the last 10 years of the Nasdaq 100 and get a feel for where we're at right now. It turns out that May inside the NDX 100 over the last decade has been a very good month out here. It looks to me like it is the it's either the fourth or fifth best performing month. That red vertical line right now that we're taking a look at, that shows you where we're at today. In the case of the Nasdaq 100 over the last 10 years over the last decade it doesn't really top out until about the early part of June that makes that nice bottom around the end of June, moves up higher into the July-August timeframe and then down into October. That's the normal 10-year cycle out there. We can take this back 15 years. 15 years doesn't show us anything different suggests that we should move higher. 25 years, the same kind of pattern out there suggesting the same thing. So you'd have to say that's easily speaking what we're seeing right now take place inside the NDX 100, the NQ out there and it makes that level that we were taking because it's so key to watch today and that's at 13, 979 and a quarter which is being threatened as we speak right now. So let's go take a look at a couple of stocks out here, some requests. The first one coming in from Nancy. Nancy's question is what is Apple likely to do tomorrow? So, Nancy, I think after that first 15 minutes that we went through here you've probably formulated something in your mind with regard to what it is that I'm communicating. If you haven't let me try to do that for you. And that is this. If you see a close in the NQ above 13, 979, 25 that'll tell us that we have a failed top inside the NQ with Apple being the number 2 waiting 1 or 2 waiting inside the NDX 100 you'd have to say with price here Apple being above the top of its daily profile odds would favor a move up towards that oscillator and change on a 174 97. Now I can't tell you what tomorrow is really going to do but I can give you some data points that would assist you in increasing the odds of what might unfold out here. So in the NQ I'd watch that 13, 979, 25 even if that doesn't have well let's say that doesn't happen if it doesn't happen the NQ still retains its Rosemont Dominicator top and it's not going to take away from the top it's inside the ES it's not going to take away from the A to B equal CD down inside the DAO and if the NQ close below 1756 that's telling us it wants to run lower. So in that case if that's not taken out I know you're in an options trade and you're just kind of near the break even point give or take I would just take that and take it and I heard Basil as I was logging in he was talking about somebody saying that was a gift I'd just go ahead and say that's a gift then but you can watch that 13, 979 and a quarter with a weekly chart for Apple's got a TD 9 count top the monthly chart is a you know is a it's a mixed bag out here 168.79 is the top of the profile we're above that the green also turn changeline that is a bullish kind of a signal out there if we look at Apple just to take a look at seasonly what does Apple do a PL see if we can help Nancy out this way so in the case of Apple let's go back and take a look at last decade last decade suggest just like we looked at with the NQ should go make a top in the June 7 so we're not going to see anything really different here I don't think with regard to Apple and the NQ and the NDX 100 so again it makes that resistance level really key to watch another reason to consider just simply regardless of what may or may not happen but you're close to break even is just taking that beach ball home right now is a mere fact we took a look at market inside the NDX 100 it's bearish it was bearish across the board so just gets back more towards that gift type of idea out there Nancy so with regard to a 30 minute time frame chart what is Apple communicating to you and I the case of Apple it's telling us what telling us it had a nice little bottom out there was meant to mitigate her bottom but it was unable to get across its 173 38 goal line that was a teeny nine count breakdown level out there so break out you're going to stick to add to the idea of a further move higher tomorrow you are in bar number two it looks like of a of a higher close let's pull this up on a daily basis we know that most certainly in bear markets and we do have a top out here not a bear market let's say a market with the top that typically the countertrend move would be a one to two bar typically two bar knee jerk type reaction in case they are a baffle this is going to be it looks like this would be bar number two so you're getting a lot of indications to suggest you know it just take that trade off you're close to break even and don't don't sweat it out and don't worry about it but you've got to do what you've got to do I provided you with what I've got to do which is give you that information as to where the bulls and bears are and what's going on inside the general market so hope that helps you out Daniel he also wanted to kind of keep with the theme of the NQ and he asked if we could go take a look at that DAX NQ correlation so we most certainly can we're going to switch panels out here let's get to it that's this chart right here this set of charts I should say the top portion oh that's the wrong one well we're just going to have to do this here mandoline unless I've got it in a different spot I do not so we're going to do this here differently so okay so up here we're going to put in the NQ so let's put in let's do this here let me put in just the the actual cash in now I'll put in I'll put in QQQ so that's we'll put it up at the top right in that way the profiles that are there they're going to make sense and what the quarterly oh I didn't mean that sorry about that so you guys are seeing me do this live and then you're seeing the old fat finger Steve okay so we got that let's get rid of high-grade copper so let's change this out here we'll just do this right here so let's change that out let's get back to the correlation tool let's change from copper to the DAX what's the DAX symbol on this give me a second here to get over I always forget that XET piece of it so now let's come back to the correlation tool let's open up the chart here let's go ahead and input the DAX where high-grade copper was at where's the correlation tool here we go let's get the DAX in there and let's get the DAX up here as well alright so now they're getting a correlation between the DAX and the Q's out here and don't pay attention to the profile levels inside the DAX chart you can most certainly inside of the Q's so this is well let me see what time period I've got set up on this so let's first go we have to open up this data set one more time I didn't want to edit the bar wanted to edit the chart so let's open this up one more time Dano and sorry sorry to walk you through this but it's the only way that I can do it so right now we're set to a five day that's about the smallest time frame out here that I can I can put a smaller but I can put larger time frames but let's take a look at just simply so this kind of when I look at a five day it's kind of like a daily correlation out here so here's the daily I'll pull back just a tad now when bars are above the zero line which 95% or 90 at least 90 to 95% of the bars are above the zero line the message here Dano is that there is a directional correlation directional correlation higher higher lower lower out there and if we take a look at the DAX whereas inside the cues out here the cues themselves never had a island top the what did was the SMH's out there but if we take a look at the here the cues are trading above profile but we're really going to focus on the NQ out there it's still going to maintain the same type of correlation that we're looking at but because you still have this island top you can see that island top that's out here inside of the DAX that was really one of the reasons Dano why when we were take a look at the NQs in the early stages and Steve's got a a hankering for wanting to go ahead and try to go short the cues and it's really mo it's very number of different reasons and this is another one of those reasons out there so Dano I hope that helps you out but we get back to this break we're not done with Dano we're going to go take a look at Micron and use the ticker so we're going to look at Amazon Press and PSPSW for Stash and NVIDIA for Hector you're right Dano 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 O'Brien publishes his weekly gold report every Monday morning for subscribers consisting of coverage of the XAU HUI GDX the dollar 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 O'Brien's gold report newsletter now at TFNN.com you can join our community of traders for more than 20 years with live programming hosted by a variety of professional traders during market hours and now they are expanding their reach with the Tigers Den available to all Tigers and Tigresses for just $1 for the year there's no 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content streamed live on TFNN.com and TFNN's YouTube channel with Tiger TV live every market day from 8.30am to 4pm 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 8 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 we're taking a look at the ticker symbol MU Micron out here it's printing out right now at about 68, 69 let me actually see if I've got a little bit of a data flow issue here or not nope we're pretty good 68, 65 is what I've got on my other screen out here so what Micron is what is Micron doing out here we're going to go back and start with the monthly time frame Dano so on the monthly time frame it's very clear to us this like the question would be why did price stop where it did today in other words why could we have identified where the sellers were at and the answer is yes right I mean this is like in any event how do we know that it was the top of that monthly profile that's at 69.77 the actual high today is 69.85 so another price is dealing with that resistance level does that mean you need to sell your position you're allowing a 58 no it does not but no one anticipated to expect that you were up at that resistance level okay so you're up at resistance on the monthly what are we doing on a weekly the weekly has busted through two levels of resistance the first was last weeks on top of its daily a pop its weekly profile at 64.44 last week it closed above its TD nine count breakdown level 65.12 the message there Dano is our price wants to now move to the next level the next level would be 86.24 as we take a look at the daily time frame do we see any kind of a topping pattern the answer is we do not all that we see here is an A to B equal CD to the upside so let's try to draw that in but I have to try to draw it in we're going to draw it in so give me a moment here just get rid of this A to B equal CD to downside so we'll draw the A to B we'll just simply move the B A to B line over to the C point just to give us an approximate area of where this is headed to so we can see that we are already past the one to one level out here and so what you're watching for is some type of bearish reversal candle if you're not familiar with your bearish reversal candles Dano you can subscribe to Mastery Probability there's two workshops out there there's at least one that will go through the seven bullish or the seven bearish candles once you learn one you will then know the opposite and then you'll know exactly what to be looking for and what to pay attention to so you've got the A to B CD pattern that is in place out here and now as far as a top would be concerned it would only be a bearish reversal candle that would in fact generate that for you if we take a look at on the it's nothing else for me really to take a look at so how are we going to call Micron Micron is dealing with the sellers that reside on the top of the monthly profile that's at 6977 we're not seeing any reasons to sell but you know you want to have your seat belts fastened so Dano that is a moo and that's of course Tiger Woods well used to be his favorite sake it was about a decade ago when he was up in the Orlando-ish area so let's go on to our next request out here next request coming from S&P and S&P wants to take a look at Amazon Amazon which does have a TD 9 count top it's just simply consolidating S&P with inside its daily profile now what we can see here is this a bearish structured profile so the sell zone is between 11580 and 11767 the price were to close above 11860 it negates the TD 9 count top it says that we had much higher now Amazon very much like the NQ or very much like the NDX 100 has a daily TD 9 count top and a weekly TD 9 count top out there all the reasons for us to be cautious now in the case of Amazon the monthly resistance level that it's dealing with is that oscillator and change line so resistance on the monthly are top on the weekly a top on the daily and right now prices below its green oscillator and change line S&P I would not be surprised if we see Amazon at least go target the bottom of its daily profile out there and it's very possible that what yesterday was was the B point the C point of an A to be small A to B equal CD to the downside out there we're not going to worry about that now the swing point from two days ago did volume of 67 million shares so far we've done 25 so it does look like we are pushing lower with volume but that could slow down at day's end so that's what I see when I take look at the amazing one and that is Amazon so I do hope that helps out S&P and you have yourself a terrific Thursday the next request out here coming in by email so let me get over and actually see what the question is it's SBSW a must sell and that's coming from stash a must sell well this is trading below a TD 9 count daily TD 9 count bottom today so it looks like that pattern is going to get negated so if you were long this closing below that suggests lower price the weekly chart does not have a bottoming signal the weekly chart says it would need a bullish reversal candle and if that were to form then it would generate a roadsman to indicator bottom on a monthly time frame in the month is not over we're nearing that but price right now is trading below its breakout level at 739 it's not a ton below it but it is still below it so SBSW does not look good so stash you are right here it looks like it's now when you say it's a must sell it's not a must short but our price is headed lower well it looks that way because I don't see any bottom signals whatsoever for any kind of a time frame out here and in fact on the weekly basis let me see here if we have a confirmed A to B equal CD to the downside so the B point has volume of I'm looking at my other screen 20 million shares and it was closed below last week with 15-3 and you're only at 9.5 so you're still trading below this swing point it doesn't mean you don't have an A to B equal CD to the downside just means you don't have a confirmed one how about the monthly chart monthly swing point had volume of 75 million shares you're at 68 right now hmm so you could get a monthly you could get a monthly A to B equal CD to the downside but stash I'm with you I'm on board with you there's no reason to be holding a long position in SBSW at least none that I can find so I think you're right on the ball there thanks much for taking the time to write in the next request coming in from Hector Hector and Patty they want to take a look at N Bidia and Bidia on a roll that's an understatement out here trading out at 388 and change out there but if we're looking for topping signals well we just simply don't have them this is negating a monthly TD 9 count top out there it's looking pretty darn beautiful the question is where is Amazon headed to so for that I think we're going to go back to the black background screen so if give me a moment here we'll change over to those we'll pull up our throw we do have the three background charts up there and BDA and mostly going to be focused on long term charts out here so let's open these up and now let's take a look at Fibonacci expansions let's look at the long term A to B equal CD points but first let's look at the Fibonacci expansions so let's get that tool all set here this is N Bidia this is a monthly timeframe that we're taking a look at out here let's go to expansions we're going to go from the swing point high of November of 2021 down to the low of October of 2022 so the 1.272 expansion of that set of swing points is at 411.30 so I would say that the next price target area is 411.30 now there's no topping signals whatsoever now if in the case of N Bidia if we were to gap down let's say tomorrow there were to gap down but that could create a major island top out there but that's only if and let's not worry about ifs out here the swing point that Amazon is dealing with on a monthly basis did volume of 1.08 million we're at 845 so it's going to come in lighter doesn't mean it's not an A to B equal CD to the upside do I dare draw that in if I were to draw that in well I guess I'm going to dare to draw that in the A point you'd start all the way back here in 2018 that's your A point your B point is out at that swing that we looked at November 2021 we know the C point out here and so 1 to 1 A to B equal CD well that only gets us up to about the 423 level but look where this is trading on the left hand side Steve Rhodes with TFNN we'll be right back Hector it's headed higher you might think that 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American and T.S.X. under the symbol VGZ 200 S&Ps up 18 NASDAQ 126 the upside Brussels down 25 some eyes up 168 that's over a 5% move out there that is a big move inside the SMH we'll take a look at those momentarily the first let's take a look at a couple of requests out here the first one is a take look at XBI this for McGuppy I guess I didn't have that ready for us I thought I did but let's let's let's get it let's let's get it ready do we take care of Amazon yeah I think we took care of Amazon so let's go to XBI let's throw that up here and see what we've got I think it was another request was for Moderna MRNA okay and we are right MRNA okay so we take a look at XBI so XBI form a TD9 remains in place out here there may be even an A to B equal CD pattern to the upside it doesn't yeah there was there was even that but this TD9 account top is still the one that has capped off the highs out there now what we've got is prices trading below the bottom of its profile and so I would say that if XBI closes below 8386 today what that's signaling to you and I McGuppy has moved down to its breakout level of 7947 now that's a daily chart let's go take a look at the weekly chart is in bar number 8 of a TD9 count that should complete this week but the bar number 9 would need to close of a bar number 5 out here so likely the TD9 count is really subject to not forming out here but what we can say is that with the daily trading below profile support it should take the weekly chart back to its oscillator and change line so right now McGuppy we have both 7947 to 80 to 8107 as the price target area and then we look at the monthly chart it's an oscillator and change line is going to act as a real key level of resistance out there so it does look like XBI wants to continue to move lower out there and 7947 is being a target area 30 minute timeframe chart does not have a bottom signal it is in wave number 7 that's extended itself out there that could be a bottom that way that gets confirmed is what they need to do to get higher low on a 30 minute timeframe out here so XBI this will be day number 2 up consecutive moves to the downside out there you know in this bearish mode here it typically does looks like four days fairly often out there four day moves to the downside so it does look like you've got some some poor weather conditions for XBI McGuppy so I do hope that that helps you out and thanks much for taking the time to write in let's go check out what's going on here this is a ticker symbol well that's not it I swore I put it in there that's not it well XBI can swear all he wants he's going to have to oh there it is there we go so now we take a look at Moderna this generated a nice bullish roadsman demindicator bottom it didn't want to generate that bullish hammer candle back on May 18 and it took price on the daily basis up to where that it did yesterday that's a strong level of resistance so who wanted Moderna Moderna was ELO so ELO you've got strong resistance up at that 138 that oscillator and change line on the weekly time frame monthly charts got no bottom signal in your below profile so that's not I take it back it's got a TD 9 count bottom that is led to the bottom of its weekly profile the bottom which weekly profile is also the center TD 9 count bottom that is led to a sideways consolidation and basically it's been consolidating like that since June of 2022 so for one year Moderna has been consolidating out there so what's the likely outcome don't know prices back inside its daily profile it's open up the daily time frame let's try to give the best George Kell play-by-play that we can out here you're back inside the profile remember the bottom is 123.84 that's a likely target 126.39 is the center of its profile that's where it's trading right now and the top was up at 131.50 so it should at least target 126.07 it's also going to change on you get below that the bottom of the profile as far as volume the swing point out here on May 17th was 2.5 million shares so far today you've done 1.2 so you're moving into that swing point with a pretty good volume it should go test at least the top of that swing the top is at 126.99 and the bottom of that daily profile is at 123.84 that's the zone where Moderna is targeting so hope that helps you out ELO and thanks much for taking the time to write in any other requests so those and I remember are the donors to the magnificent nine winners that's a way to take a look at it okay so no other requests out there let's pull up the SMH is actually any divergences in the VIX good question so let's so it's a question we're going to have to answer that question Fletch we've got to switch screens so let's go take a look at that to do that we'll go over to our black background charts and I need to get something that says VIX where did I put those charts might be closed out here we go VIX primary now with regard to divergences let's pull up that chart which one is it is it this one was it that one that wasn't that one Okidoki is it this one there we go okay so here's our divergence chart so on divergences let me just move this to the downside so on the VIX we really don't because the VIX here if we take a look at this Fletch what we can see I'll draw in a line let me get over here to a line tool so here what we can see is that we've got a rising VIX which is about that arrow and we have falling price in the ESMini so no divergences there good question but no divergences that we've got out here with regard to the ESMini and that's what the VIX is really taking a look at out there so I don't think any reason for us to go further but great question and thanks much for taking the time to ask SMHs we're going to go take a look at the SMHs because you know I post that well you know what let's stand the black background charts out here let's take a look at the SMHs let's try to figure out if we can figure out what they are doing so the SMHs well that's pretty cool I'm glad that we pulled that up what are the SMHs doing here is Stevie thought these things were headed to the moon and now that we find that out or that we pull up these charts we find out well maybe not so fast why is that it's located at $140.03 the high so far today is $140.25 price to trade out right now $139.63 so the SMHs if they are going to generate this what looks like a very bullish set of charts out here we're going to need to see it close above $140.03 and if we get that well then we're likely going to go target its highs out here now the highs inside of the SMHs the actual high came in was it $159.34 $159.41 it was the month of November of 2021 the volume out there was $170 million shares but even if we close in it which looks like we will with lighter volume it still could move up and test the top so it makes that $140.03 a real key level for us to be watching with regard to the SMHs no reason for us to go on to the daily weekly at this stage and try to identify A to B because they just don't mean a thing until SMH has that swing and that swing would be a close above $140.03 you got the ESMini or the S&P trading up $917 points the Dow is down $199 the Russell is off $24 where is the Dow likely headed that's a great question I think we can probably answer that by looking at its horizontal trading range what do you think it's headed to let's answer that question if you're looking for potential trading setups in the stock market then Rocket Equities & 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 & 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 on the print page of TFNN.com TFNN Educating Investors you might think that if you want to be successful at trading in the stock market you're going to need a 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available to all tigers and traders for just one dollar for the year there's no cash 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 folks so the chart that we've got up on our screen out here this is the chart for the Dow cash industry this is the weekly time frame those green horizontal lines that you see those are referred to as horizontal trading range lines this is a tool or technique that was taken from Bud Rolfe's long time contributor here at TFNN all of his work was done manually I loved what he did and that just simply automated that process when I say automated the process what the process is doing right now it's taking all of this data that is on the screen so this data here takes us back to 1997 so it's taking all of that data and what it's identifying on a weekly basis are the opens and it's looking for the largest number of opens and closes turns out in the Dow Jones cash that level would be 10, 5, 58 that's 186 times on a weekly basis price open and close at about that area the next largest number came in at 13179 there was 46 of those that set up the horizontal trading range then it's easy once you've got that distance then you have the exact same distance for all the lines above and below now the vertical lines those are your channel lines out here so from a horizontal standpoint we know that 34152 has been a strong area of resistance inside of the Dow on a weekly basis we've seen 13 opens and closes at that level so you can't bust them up what do you try to do you try to bust them back to the downside and the downside out there would turn out to be about 31530 it really is 31530 but you do have that also the rising trend line out there so no idea price is likely headed to inside of the Dow it couldn't bust out that horizontal trading range at 34152 now it's going to go try and target the bottom of the rising price channel as well as the horizontal training range that is acted as support at least 8 times during the last about a year or less than a year out there so that's what's going on the market let's just make it real simple today just one thing that you've got to watch and that one thing better watch is the NQ and that level is at the $999.25 if you close above that there's no top at least inside the NDX100 folks stay tuned for all the great programming I'll see you back here on fantastic Friday he's having terrific Thursday take care