 man Mr. Basil Chapman as we do each and every Tuesday at 20 past the hour. Don't forget folks that Basil does an outstanding show here every trading day. 10 to 11 Eastern standard time. Also is a great newsletter the opening call. Now it's very easy to get Basil's newsletter folks come over to our website at TFNN. You hit newsletters and then you're going to see it on the left hand side two down. You can get the opening call for one month for $149. You can get it for six months for $6.95 which is a savings of $199 dollars or $22% and you get it for one full year for $11.95 which is a savings of $593 of 33%. Now they all come with a 30 day money back guarantee folks and on top of that Basil has about 15 archives out there so you can understand exactly how he looks at the market each and every day and how he can ride that wave. Basil Chapman how are you doing? I'm doing well thank you Tom how are you? Good thank you good. So what do we got with this market here? So there are a couple of things that I'm looking at. Number one is if you're looking at the Dow chart on the left that's the dating the middle is the weekly and the monthly is on the right and we've got another couple of days to go to wrap up the month of March. So far the month of March has got this long-legged doji type candle we'll see where it closes but the weekly chart has thus far held this support level I call this inside track propalon zone it was a repellent zone for ages now it's been holding very nicely and we'll see what happens what I want you to do is to show you this I've discussed this with you before but I think it's worth going through it again. There's a particular technique that I use I call it the dark news cloud cover let me just see if I can get this place a little bit better than that okay there it is so I'm going to just shrink it a little bit so you can see so this chapter we've dark news cloud cover I use it for the Dow every time that I've noticed the market started to stall for a very long time there's been pretty much the same news but very often the market ignores that same news and another time it just takes it very seriously I call that when it makes highs I call it the internal high and the residual high think of it as an earthquake and the aftershock and I do the same thing at the bottoms and you can see that it's been going on for years now we've got these H type patterns at the bottom we look here it is back in 20 this is 2022 it makes an internal low balances up the bad news comes in again and it goes all the way down makes a residual low and it does that over and over so this is the longest that we had gone sideways this is from November of 2022 I drew in here dark news cloud DNCC for the dark news cloud cover and was filtering over the mark so it's like a dark cloud and that cloud can suddenly the sun can shine or it's just a heavy heavy downpour well it stayed in this range for a very long time even within that it made a little internal low and a residual low I was in December and then it was retested again a little later than that and it ran to the top now what we've got is this internal now I'm going to expand this again so that you can see it a little bit clearer now what I've said is there's a chance that this internal low that was made right here on the 15th of March at 31,429 and I'm using the Dow you know it's not all the charts have the same pattern but I'm using the Dow because it's something I follow every single day yeah um ran up and then it came back and it retested just three days ago higher than that at 32 at 31,805 so my contention has been that there's a chance that that low that was made in October is such a low with a huge rally that ran up to the highs that were made and this particular high was made on December the 13th and the Dow 34,712 and the other indices were very close to that date but every time the market rallies strongly we get this really bad news in this last instance it was the banks but my contention has been that we could have this rotational market that says that there's some strength enough strength to say that this October low so far is going to be is going to hold that's the way I'm looking at as it is right now so that every time there's a big rally that's when we get the bad news but we keep making higher lows and just recently we started to make low lows to the ones that we made in December and January but they are still when you think about the the market the seriousness of the news I'm kind of impressed so I just wanted to show you that there's one way that I'm looking at the market and I look at it as the internal low and we've just made a residual low if we take out this low that was made on the what did I say it was March the 13th I think it was all right here yes March the 15th I had 31,400 if we go below 31,200 all bets off because that will say whatever the news is now it's serious enough that we could go down towards the low of October all right so what we're just saying is because of the the news was so bad that the market still really held up right I'm saying two things one is that because we that October low was so serious and the spring to the upside was so powerful that now what we have is that all the lows that we seem to be making with all the bad news thus far as held very nicely above the October low so yes that's the one thing the other thing is that we've got a divergent in the indices themselves and that's also very fascinating because look he has this Dow chart holding above the Wiki chart above the inside track propellant zone if I go to the S&P it's a slightly different chart oops I got a type S&P right there there is so if I go to the S&P it's a little different it is holding but it hasn't held us as well as look at this this is fascinating the QQQ look at the QQQ is testing has tested the left left side low a high of 313.38 there's the Nasdaq ndx 100 that was the high of the 2nd of February we just went to that we're testing that and the Wiki chart is way above that inside track repellent which is now prop propellant zone so it's really fascinating to me to see how this is unfolding and you know I always look at the SMH's as a guide and the SMH's just make this little double top but they've run very nicely so they take a bit of a digestive phase so I'm looking at this and saying if the rotation continues and for subscribers we try to I'm trying to find areas that have held very well and that are almost into a certain extent independent of the overall market so we're looking at a market that says be very specific look at certain areas if they're holding well that's a really good sign and if they just I mean like the XLF this is it's you can't dismiss it this is very serious stuff with the financials you know taking a taking a dive like this but if you look at the dreaded H pattern in the monthly so far the XLF has held above the October low of 2959 but it does have this H pattern so I'm not being dismissive and I'm not being too sanguine by looking so positively at the market but I think for me there are some good signs and we try to do that for subscribers so that we can be under the radar and have some nice trades and folks it's very easy to get Bows's newsletter come over to our website at TFNN you're going to go to the newsletters you're going to see it on the left hand side you see that opening call you hit that button and you are off to the races Bows you have a great one safe one and of course we look for a show tomorrow morning thank you Tom same to you thank you stay right there folks who come right back we have the now industry's down 87 Nasdaq's off 83 S&P's off 14 and a half come right back