 Network PFNN headline news update Good afternoon folks Steve Rhodes coming to you live from sunny delray beach, Florida. This is your 1pm update. Currently, we've got a little bit of a mixed bag out here. You've got the Dow up 255. S&P is up six points and NASDAQ 100 down 56. Spot polytonics is off a buck 11 trading out a 3108 that's below. It's 50 day exponential moving average that's bullish for the S&P 500. Gold's off a buck. Silver down 24 cents. Lights recruit is up 17 penny. So let's go take a look at some screens out here. Let me get the screen here going. Let's start by taking a look at the S&P 500 and see what it is we know. We'll focus during this a couple minutes here on the S&P and the NDX 100. So what took place yesterday inside the S&P? Well on the cash contract as we're looking at right now, it generated a roads momentum indicator top. It also generated a wave number seven. That's letter G out there as well as a TD nine count. So you got three. You got a triple. You got a triple crown out here inside the S&P 500 meaning a topping pattern. Now it's very possible that the countertrend rally is over. If we were going to pick a countertrend rally point, we would choose Stevie's green line that's priced at 3176 about the high of today's session. So an absolute sell signal because we got three different patterns out here. All that were confirmed yesterday and continue to be confirmed here with a with as long as price closed below Stevie's green line. If it doesn't, then price is just going to be trading in between support and resistance. That green line could become support right now. It is resistance. If we go take a look at the ES mini, the reason why first Stevie's green line on the daily basis would be a logical place for a countertrend rally to end. If we take a look at the 30 minute time frame chart here for the ES mini, this really helps us to draw that conclusion at least as of 1.02 in the afternoon. Why is that? Well, first of all, if you take a look at the high that formed out here, road's momentum indicator top. Now this is not a 30 minute time frame. So the patterns work on all charts, all instruments, all time frames. Take a look at this morning's bottom. This morning, we were going to go short in the newsletter this morning. And, but then all of a sudden there was a push down into the nine o'clock time frame that triggered the road's momentum indicator signal. And my message was no, no, no, no, no, no, we don't do that. Why? Because we should see some type of bouncer rally. And that's exactly what took place inside the ES mini at 10 o'clock. But look where price ran into resistance. The top of its European opening range, 3164. That's why in the S&P 500, the countertrend rally may be done. Hey, stay tuned, folks. We couldn't get to everything. Stay tuned for the one o'clock show of the trader's edge. If you're off to start your twos, they have a terrific one. We look forward to seeing you soon. Take care.