 is a presentation of T F N N. Traders edge with Steve Rhodes. At 1 877-927-6648 or internationally at 727-873-7618. Traders edge now Steve Rhodes. Today is January 28th edition of today's Traders edge show. Of course, this is taco Tuesday. Great to be with you. Hope everybody's having a great day out there. Currently we've got the Dow up 210 points. All the indices are pointing green. We're going to go ahead and rip these markets apart. Take a look at what levels we ought to be looking at. At today's close out here. They'll be important to help us at least add to the probability of what tomorrow's action might be. But right now we've got the T F N N. Traders edge with Steve Rhodes. We've got the Dow up 210 points. Of course, I would love to hear from you. And the easiest way to do that is to give us a call at 877-927-6648. If you can't call in, well, we've got you covered there. You can always send me an email. That would be at Steve at T F N N dot com. And inside the subject heading please put radio show question. Of course, it'd be great if you could send those messages in early. That way by the time you send it and goes to the ISP, gets to my cell phone here, I'll be able to get a question before the show and answer it. And of course, inside our Tiger's Den, well, any ping will do there. So let's go ahead and take a look at these markets out here. Of course, this is Taco Tuesday. Terrific Tuesday. January the 28th out there. I'm Steve Rhodes. This is, of course, Tiger, Financial News Network. Welcome to the show. So let's go immediately and take a look. Let's go right into our first question out here, Teriyaki Tuesday. Not too bad as well. The first one coming in from Tim. Tim writes and he says, Steve, would you want a close above the bottom of the TAS box today for the ES? Many diminished the chances of a further retracement. Was hoping to go short, but not so fast. So now when you say a further retracement, geez, I don't know, Tim, are you referring to a further retracement lower retracement hired to sell into the rally? I don't know. But let's just go take a look at you. You pose an excellent question and we can go take a look at the charts and answer the question for you. So let's go do that. Let me go here. There's a chart out here. As it turns out, I happen to share this with subscribers this morning. So I just have to find where did I put it here? It should be like right here where it should be really right here. Where is it? Where is it? I guess it's not around the PTRs. Son of a gun. Hold on. Give me one second here because I've got it. There we go. TAS profiles daily. It's got to be this one. There we go. OK, so what Tim's doing is we spent a little bit of time yesterday and we should always spend every morning understanding where support and resistance is. Can you imagine? We got the Super Bowl. I mean, I'll be played here on Sunday, just, you know, about 40 minutes down the street 45 about an hour down the street. But can you imagine coaching the Super Bowl and not really understanding where your players where your supportive resistance is so to speak out? Oh, we got to take a look at the charts son of a gun. There we go. OK, this is going to be helpful to you. Thank you. Thank you, my wingman in the studio. So now we're taking a look at the ES mini. This is the daily time frame out here. And what took place yesterday was that we saw a break of support and support being so we spent a lot of time yesterday. Take a look at support. We look at our daily or weekly or monthly profiles. We also can take a look at our TD nine count breakout levels out there. We can look at Stevie's red or green line, the oscillator and change. And those are our levels of support and resistance. Now, what Tim's question is, is if the ES mini today closes above 30 to 6850 on my screen, it says 30 to 6843 folks, the ES mini cannot trade to that. It trades in quarters. All right. And don't don't ever use the ES mini as a round number object out there. It trades in quarters. You've got a 25% chance. Is that 20? Yeah, 25% chance that it's going to be a round number out there. But what I want you to 30 to 6850, if there's a close below that, then what we have is a second close below support. However, if there's a close below above that level, which Tim is asking, I think he's asking, will the ES mini trade higher? Well, take a look at some examples here. If we go back and just take a look at last time we saw close below bottom of a box was on December the third. What took place on the next session? Well, price got back inside the range, closed back inside the box. And then price went up and tested the high. It actually took out the high. So there's an example of a close below. Here's an example of a close below a new box. This is on the trading day of October the 8th. The following day, price did test and reject it, but then the day after, darn it, if price didn't just sneak back into the profile and where did it head to? Right? It couldn't bust out the lows. It was a false break or a knee jerk reaction. However, whatever language you want to use out there and price went right back up to the top. Instead, what we should see if this is a real break, a real break of support, heading to lower prices, much more like the action that we see back here on August 1st of 2018, 2019. You get a close below the very next day. You get some follow-through. And then, of course, we saw a lower price, which lasted for a couple of days out there. And then we saw a bit of a consolidation. So Tim, the answer to your question is, goes like this. If the ES mini closes above the bottom of its profile out there, that's 326850, then that suggests a continued move higher tomorrow. Now, will resistance be 3291 or 3306? I don't know the answer to that. The other level to be watching forward, so if we take a look at the, if we took a look at Stevie's green line, we'll shoot. That is above the daily profile. I'd be at 3316. It's not that price can't get up there, but there's some other levels of resistance. So, Tim, you're asking where is it that you should go short? And I can give you basically two numbers out here. First to close above that 3268 level should take price up to 3291 to 3306. Now that's in trade in the ES mini, right? So that you can go ahead, you can set up that trade, you can trade that overnight. If you're going to try to coordinate that with an ETF, well, I guess you can do it through some of TD Ameritrade's ETFs that will trade around the clock. I'm not sure what the liquidity is in those vehicles and what your entry price would be, at least in the ES mini, you can sell right to the tick. You just simply identify that level out there. So, Tim, I hope that answers your question out there. And thanks so much for writing in. Our next question out here, and it will get to the markets, but you're kind of getting the gist out here. I think Tim just kind of nailed it, but Tom writes in, so we've got a Tim and Tom show, and Tom writes in and he says, I am in a long trade and wondering if you should go ahead and buy some more. So let's go take a look at Dusty. Dusty Rhodes, that is. And of course, that's not who it was, but, you know, I did garner that nickname kind of hard not to, right? As a kid with the last name Rhodes. So we want to go take a look at dust. So if we're just simply going to look at dust, I'm going to give you the profile levels out here. We're going to look at more than that to answer your question, Tom, but with regard to dust, what it has done today, if we're just going to use dust as our proxy in the market profiles, and what's taken place today is price ran right into resistance. That would be $6.08. So in your case, Tom, I think I get a feel, a little bit of a feel for the type of trader that you are. I'd be sitting on that trigger, potentially that trigger today. I'd be having a tight stop. I believe that's kind of the way that you trade out there and price ran into resistance. I don't know if that's the case for the GDX. We'll go take a look at that because in essence, really, that's what dust is feeding off of the GDX. And of course, the GDX is feeding off the gold. So we really need to take a look at those. And I'm sure others have questions about that. So we're going to do that when we get back from this break. We're going to take a look at the GDX for Tom. And of course, I want to hear from you. Steve wrote to the GF and in. I'll be right back. If you're not currently using the TAS Profile Scanner when looking at setting up opportunities, then your arsenal is short a mighty weapon. 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Now it's up to 12 S&P 32. We're going to go back out to the question which is what Tom wants to take a look at dust. We took a brief peek at dust but now I pulled up the GDX and the GDX is going to give us better information dust as a triple inverse of the GDX. And so you know his profile levels I always consider those to be somewhat suspect out here. I'd rather rely upon the one to one which is the GDX and Tom is asking hey it's now the time to add. So you're going to see here we're going to get two different messages right on dust we saw that price was running right in resistance at the top of its daily profile and that was saying okay if you can't bust it out we don't know what resistance is held. Now in the case of GDX what we can see is price is actually trading below support or what if it's support levels that being the bottom of its daily profile 2848. So Tom I would say you know you're looking to add to it you know one day's close below the bottom market profile while Stevie always likes at least a two bar close so you know do you add now I don't know let's go take a good Goldilocks see what it's doing now in the case of Gold what we know is we know we've got a nice wave number seven top out here that's letter G we also know that yesterday in that move higher it was beginning to form erosment and indicator signal out here now the problem is it's not really a problem we don't have a bearish reversal candle and so I don't have a secondary topping signal but what we also see is that price inside the Gold contract is testing Stevie's green line that's 1570 to 10 out there if price closes below that level then Tom I would say okay I could see where you would consider adding to your dust position however you probably see exactly what I see too what is that look at this little and this is where it gets a little bit more tricky I would say look at all of the higher lows that the Gold contract has made out here Tom now granted today it looks like we're going to have a close below the low of yesterday so that could be a factor that suggests lower lows out here but I can't see you getting carried away just yet on this trade here I just I you know yes look the Golds move higher to a certain extent for the most part it's really been geopolitical at this stage but you know I Tom I mean here I just posed the question do you do you trust that everything you're reading in the media with regard and we can we know yesterday's reaction and then Friday's reaction to the to the issues over in China so now do you believe that the information that we are receiving from China is is all out there totally transparent it's in fact it's in fact it's aggressive they're giving they're making it even worse than it is just to you know try to if you believe that then okay maybe but what if they're not and things are actually worse than they are and we've seen how the markets or we believe we've seen how the markets have responded that and that is including gold and so in geopolitical senses it's really hard to be short gold yeah I can have a bearish outlook but other than if you're trading out there so I hope that helps you out I know we went beyond dust but really we didn't because we really needed to consider all of those things out there so hope that helps you out now let's go take a look at just the general markets out here for the next couple of minutes take a look at things to look at let's go look at the let's go look at the actual cash indices out here let's spend a little time there now I did the things that we were looking at was the beginning it was a spot volatility index now right now it's lowered by 11.25% if you look at the bottom panel of my screen out there you're going to see two yellow lines 1 at 10% plus 10% 1 at minus 10% out there now what those mean and you're looking because it's a line chart it's really just looking at closes the blue arrows and green arrows on my chart are referencing the blue arrows the green arrows are when there's a 1 day rate of change below minus 10% or minus 10% or less out there and right now that is what we have now if you take a look at green arrows out here what they typically indicate I just simply call them initiation move signals out here and that would suggest not a down day tomorrow not that you can't have that but not a significant down day tomorrow and the likelihood and the very high price doesn't work all the time no they still don't have that tool that works all the time but it works enough it's not a coin toss this tool is not a coin toss it puts the odds in your favor out here so if there is a 1 day rate of change today below minus 10% it's suggesting that we're going to see we're not going to see some kibosh to the downside tomorrow more likely than not we're going to see some kibosh to the downside out there and then I put that together here with the S&P 500 specifically many people don't really access the S&P 500 but you do have access certainly or should to the S&P 500 and its number is 32 60 66 that was the TD 9 count breakout level the price did close below if the S&P closed below 32 60.66 that's suggesting that we're going to see price head down to lower levels and the next lower level inside the cash to see is 31 26 but right now prices above the breakout level again in other words this was a potentially the buy that if we take a look at the S&P cash different than the S&P S&P it would suggest to you that in that area is where the countertrend rally if this is just a countertrend rally would end a close above that and we're back to the new all-time highs well we won't be right back to him but it would suggest that in fact that would be the likely scenario now the other level to watch and this is important because we have mixed signals out here mixed signals from the 789.10 and in essence price has tested and rejected that level so the Dow the Dow is still in a bearish operation it would need to close today above 28 789.10 can the Dow take things lower yes the bigger and more important aspect of the Dow Charter what we're looking at here and if there is a close below 28 789.10 what is signaling to you and I think is not flowing into the Dow and that's always a bad thing for the markets because we lose one of our big liquidity options for it you see the Dow is really the even though maybe you don't own the Dow a lot of international and big big funds most certainly do and international money they take a look at the Dow as the trophy horse so to speak so watch the markets lower all the time is always a lack of liquidity so you're looking for those types of things so inside the NDX100 you've got Apple I believe coming out with earnings after the bell to today the NDX100 just got the topping pattern wave number 7 that's letter G out here but no breaks of any kind of support inside the NDX100 none zero nada zippo you know if you can't bust support we'll be right back I'm certain you are or strive to be one of the best of the best at everything you do in life it's the most common trade 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 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 in what I do sign up for Mastering Probability today by clicking on the newsletter tab on the homepage of tfn.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 a great market calls to sign up today if you're a trader in the 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timing the trade your ultimate trading mastery system David White has programmed an outstanding piece of software that will complement any traders methodology using this first of its kind program the art of timing the trade charts allows you to scan thousands of stocks and much more the art of timing the trade charts is designed to help you when scouring the markets for stocks just beginning to form the trading patterns that many investors spend days, weeks or even months searching to find and right now we're offering licenses available at only $79 a month we are so confident that you're going to love this new charting software that will even give you a 30 day unconditional money back guarantee don't miss out on this incredible new piece of software that you're going to find at www.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 dowes up to 18 S&P is up 32 we're going to go out to Philadelphia and speak with John John thanks for calling thanks for holding how are you doing today Steve I'm doing my pleasure as always and we're going to discuss heating oil why don't you tell the folks what we're going to look at how we can help you Steve you know my hypothesis since early October which has been the idea that crude oil under 50 for very long was unsustainable frankly on account of the fact that US oil production is very high cost and if it remains below that price for too long we'll just see low price curing low price with US oil producers in places like the Permian or the Bakken going on business and pulling back production anyway so that's a hypothesis we've had this severe drop in the price of oil and its products of course the past two weeks on the concerns over slackening global demand particularly with this virus problem so oil has cascaded lower and it hasn't quite hit the lows of October August June interestingly as I was doing my chart work the past week I noticed that heating oil you know one of the two major products out of a cut of a barrel of oil came down and actually broke the October and I already got all the way back to the December 2018 low and as you saw I took a speculation just as a short-term trader picking or speculating the possibility of a double low bottom forming and frankly the only reason I'm going after heating oil is just because of that and the potential double low possibility and frankly that's just to try to get me back into getting confident about an oil excuse me a bottom in crude in the CL contract anyway so that's the background I'm wondering in doing your chart work and using all your tools is there any set of parameters you can share with us that we can use or rely upon and looking at the things short-term or looking at things short-term over the next one five ten days as clues of a bottom in heating oil and I transfer that into crude oil itself OK so excellent thank you for stating the question so well and so easily and so folks one of the charts that John is taking a look at is the weekly timeframe this is the March contract is it the March contract John that's active for heating oil that is yes so we're taking a look at the March contract here and one of the first things so John is talking about a double bottom basically he's really referring to a retest of a prior swing point as he mentioned it it was the swing point low from December the week that began December 24th 2018 and what you can see is so far this week that level has been tested that was a buck 70 1.7018 to be specific and price so far today we do know the prices below the weekly profile we also know the prices below the daily profiles out here the 240 minute price has just gotten above so John's asking here that he's short term signals to suggest that his entry into a long position in this is starting to begin to see some type of change in trend signal or resistance levels that would fail and so the first one that you would be looking for just kind of stepping down a little bit from weekly daily then go to the top of that box and so any close on a four hour base I believe that would be two o'clock so in less than 30 minutes here if you see heating oil close above the top of that level which is 1.7114 that is suggestive of a of a change in trend because in fact if we pull backwards just I'm out of curious I don't know what we will see what we won't see but we're just looking to see how often the 240 minute profile on the move down there was a really small profile back in here in the January 14 time frame so small that you kind of have to my opinion have to discount it a tad out here but really this is the first this could be the first time and if you had follow-through that would so you'd be getting a good signal John on the four hour time frame with regard to profiles in the 60 minute I think you use a 60 minute chart short term to help confirm it's out here let's in fact pull over a different 60 minute chart now let's pull over my white background chart it's got some of the rogement and indicator signals our TD counts things a wave counts things of that sort and so on a 60 minute basis John price was pushing lower doing less relative energy you got a piercing candle let me get a crosshair out here will be able to maybe see it a little bit easier just simply move sideways sort of retested that really did retest that level out there again then you had another bullish reversal candle on the one hour time frame chart suggesting that at least buyers were trying to support that low that you were looking at out here and now what's going on is we've seen over the past couple of hours we've seen price break above a key resistance level where it had last broken down on a pullback that we're seeing in this one hour period here between one and two p.m. prices as busted above that is now pulling back and if it can stay above that an old resistance level potentially old resistance level will become new supportive price closing below that it doesn't mean that we haven't seen a bottom price could easily pull back and test my oscillator and changel and that's about a buck 68 so the 60 minute is giving you that bottom signal time frame chart John we looked at that with price trading above the top of it's a profile out there this I've got as a rosement of indicator bottom as well and then I've got wave number seven letter G so I see the bottoming patterns on the short-term time frame chart on a daily time frame chart I don't have anything out here to identify a bottom but you also mentioned oil so let me pull that over here real quickly and then we'll have about a minute to respond to any of your questions oil light sweet crude is very likely targeting its breakout area 51.76 this is a level that is held it's a T.D. setup breakout area 51.76 been tested three times three or four times here over the past many months going back to June and that should be a pretty good question whether price will get all the way down there or not it's right near a support level so that's what I see in trying to put all that together did that help you? yeah immensely thank you I'll just as I stack up all the info you've mentioned the heating oil four hour charts potentially moving above the top of a TAS profile of your oscillator excuse me oscillator on change line love that stuff so you answered all my questions I want to continue bottom picking sounds great hey John excellent thanks so much for calling in and to have a great day folks we got you bet you bet Dow is trading up by 205 S&P 31 we'll be right back if you are in the CD market the security for these first mortgages are building lots in the tax opportunity zone in St. Petersburg, Florida the tax act of 2018 set up tax free zones across the country where you can build and hold for 10 years and pay no tax on the profits which makes these lots valuable the investment is anywhere from 30,000 to 75,000 the 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hit watch Tiger TV that's the latest to market information welcome back folks that was up to 16 S&P 20 32 points right now let's go to our next question that came in this one coming in from Craig Craig says hey Steve any good potential resistance point on this bounce in Lightsweed Crude for a good short down to the 51 area so if we just simply pull this daily chart back out here and I'll go take a look at profiles with you the best area would be a test of Stevie's red line which presently is printed out at 56 71 if price bounces up to that level it won't be 56 70 won't be 56 71 but I would have to use my oscillator and change line right now on this chart is the only chart that would provide us with a you know a good a good potential resistance point I don't know if you there's a a large consolidation that's going on here in Lightsweed Crude Craig and you can see the top it's really well identified it was where the TD set up nine count breakdown level took place and that's at 6306 there's been two moves up to that area both have been rejected now granted there was a slight close for one day above that level but then the follower two days later taken price down to support and support 51 76 has price actually gotten down there no no look if it doesn't get down there because the other two like there's been in essence the first time down here was back in the August time frame right so just look at the chart here August 7 the next time that price came back and even though close below it the very next day it's right above really think about the opening day is not curtains it's got to prove itself to you and I otherwise it's just a one hit wonder and you're not going to get paid off on one hit wonders out there it just doesn't happen and so in this case here okay with light sweet crude look at the very next time that price came down here October 3 October 3 it was a slightly higher low but it's still test that level here's the third test out here on the even higher low out here maybe this time price is not going to get back to that low and you've got another higher low really suggesting Craig that yes I mail prices below Stevie's red line out here but it really suggests that you're down towards the bottom of the consolidation until it proves itself to us otherwise but right now it's true it's that that's the bottom that's you're so near support and I just don't know that the reward risk is in it but I'd say odds favor more if you can't bust them down it'll try to bust them up and that could be another run up to the 63 level out there so that's what I see right now when I take a look at the chart for light sweet crude Hector writes in Hector and the fuel injectors Hector loves taco Tuesday that we got to go to we got to go grab some tacos maybe a corona possibly a shot of tequila but I don't think so then you could one tequila two tequila floor you know that song out there so maybe we don't want to do that but what Hector wants to look at is SQ and snap if we have enough time so let's go do this here let's pull up SQ and snap let me pull over still working on the automated the overall automated tools but really getting pretty close out here but let's just punch in SQ and your question can you back up the truck which is the better play SQ or or snap now here's the daily timeframe the daily timeframe we see a road diminicator bottom that was really your time to step in out here what do we have today price and I don't have any kind of topping signal looks like maybe A to B CD patterns to the upside that's what where I don't have a bottom pattern per se but we can't see is that the last low was a higher low too so maybe this is just simply trading in between the fifty five sixty area you know up to about eighty eighty five something like that I don't see you know I don't see any I don't say thing bearish about the weekly timeframe chart for the moment which suggests higher price the monthly is not going to give me a whole lot your other question was snap the answer to that would be should like to see a bottom look at snap here on the monthly timeframe but TD set up nine count road's momentum indicator top so on a monthly timeframe that's a positive outcome however the weekly is saying price is moving higher doing less relative energy you've gotten into wave number seven that was that was last week out here so that suggests we've got the bearish and golfing candle yesterday neither of these are backup your truck candidates the backup your truck candidate the easier backup your truck Hector I'd love you to learn that these patterns out here like you got wave number seven a road's momentum indicator bottom back in snap on a daily basis back in the October timeframe I'd rather you see those signals to do that backup your truck just the odds a let's go grab a good meal out there I like I like this shrimp in steak but it's got to be good steak if it's not good steak it's not worth eating out there so no other questions that we have folks if you're inside the Tigers Den and you've got something that you'd like me to go take a look at please let me know otherwise I'll just simply peruse around the charts out here see what it is let's go take a look at where are we trading where are the markets trading in relationship to the 2019 highs out here now in the very left hand columns out here you're going to see the equity futures contract you're going to see the ES the NQ and the Dow out here and if we take a look at all three of those are trading above their 2019 high it's bullish still more important yesterday when all those levels but they just simply haven't held now it's different if we take a look at the New York Stock Exchange Russell 2000 and the semi-conductors however it's just the New York Stock Exchange and the Russell they're trading below their 2019 high the semis are not take a look at the S&P cash different than the ES many out here but the S&P cash never closed below the 2019 high the Dow did but it's back above it the Nasdaq composite never did as well now gold is above that again just going back to Tom's question you know should he pile on more inside of the dust trade the trade above last year's high out there it's not bearish yeah we've got topping signals yes yes yes but it's not like it's overly bearish you know where I would say yeah back up the truck as Hector was asking as an example silver well below that 2019 high as our treasury bonds out there so okay so that's interesting yes it's interesting to me it's helpful to me if this market really bearish or if it does get really bearish you're going to see price first trading below last year's highs out there we take a look at the New York stock exchange well we know that yesterday you and I talked about this we were discussing this chart as we were looking at the roads with the mitigator signals on the short-term timeframes we knew about the spot volatility index of a bouncer bottom out there and then we said hey that New York stock exchange advanced decline oscillator it was down below minus one fifty yesterday and we know that's an oversold reading so this could be a counter trend rally or it could be just simply a knee-jerk reaction yesterday and the day before Steve Rhodes with TFN will be right now since 1984 Basel Chapman has been using the Chapman wave expert market opinion while originally hand drawing charts from the late 1970s into the 1980s Basel noticed that prices under most circumstances virtually always had a certain number of legs to the upside before declining sharply later Basel found that computer software which included the standard market technical indicators enhance the degree of accuracy and calling price turns as well as market trend calls thus was born the Chapman wave sequence where Basel 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 Basel's daily trading newsletter by visiting the front page of TFN.com cancel it any time during that trial and pay absolutely nothing get your two week free trial to Basel's newsletter the opening call today I'm going to describe my gold report the gold report took profits in four of its equities in the gold portfolio in the first week of January for a combined profit of 99.2% with two positions left in the portfolio that have a profit of 67.5% as of January 7th the gold report is a comprehensive look at the metal sector as well as the markets that move gold which is the currency and bond markets new subscribers the XAU HUI JDX as well as more than 30 different mining equities to see for yourself the types of profitable trades that are recommended within the gold report sign up now by visiting TFN.com don't miss out on the next great gold trade sign up today you know what's cool taking something that's good for you something specifically formulated to help with weight loss better sleep stress reduction and the need to detox for health in their wild environment but today our food sources no longer contain the vitamins minerals and nutrients our bodies need to stay healthy and strong that's why we need primal edge daily nutrition it includes a special blend of ionic soil based vitamins minerals fatty and amino acids in an easy to use liquid form primal edge is powered by highly concentrated folic and humic acids nature's preferred page they ensure we receive all the nutrition we need to be healthy and thrive we take it every morning primal edge formulated and approved by nico and page of living a primal lifestyle buy it today for just $89 click on the primal edge banner on the front page of TFN.com this is David White stay tuned because coming up next is the power trading hour out there at David White he's coming up next Tom O'Brien after that so I believe Apple is out with earnings is it today folks I believe that it is and so let's go see if there's some kind of tell inside of Apple from taking look at the charts can you or I surmise how the market thanks David tonight at 4.30 how the market might react so here if we take a look at the longer term picture the weekly price is well above well above any kind of support levels support levels resistance levels those being the top of their profiles the daily we do have a profile that form maybe half a dozen days ago or so and we can see that yesterday's move lower right into support never a break of support right to where the buy the dipsters would be and they were at 305.16 and that held now those buy the dipsters have been able to push price the resistance be the top of the profile that number is 317.57 so the real question for you or I if this just a counter is this is there any kind of topping pattern that's out there and if so then maybe this could just be a counter trend rally possibility so let's go take a look at the daily time frame chart and see what we see out here we see really two topping patterns right well I say right do you say I don't know what do you mean right well if we do from the low on December the third out there what you'll see is the actual high that came in was on wave number 7 wave number 7 we know how the markets like to sing in the key of G when we see those well it tells us of a potential change in trend or at least a potential top well we got the potential top oh the second pattern the roads meant the indicator signal that was confirmed yesterday with the gap to the downside but remember whenever we get there really trying to understand is do they have the ability to bust through support and the answer that you and I have is no they were not able to do that so get to your conclusion Steve oh in the next 10 seconds I don't have a conclusion we can call this a counter trend rally up into the top of that box out there the topping signal still in play what I play some kind of put your call turnings the answer would be no it's kind of take care folks we'll see you tomorrow