 The following is a presentation of TFNN. Trade what you see with Larry Pezzavento. Toll free at 1-877-927-6648 or internationally at 727-873-7618. Now, Larry Pezzavento. I'm Basel Chapman, seeing you for Larry Pezzavento. This is Trade What You See, but I'll be doing the show right now. This is the 9am edition, 9-6 actually. Eastern Time. The Dow futures up 74 points. The S&P up 17. Why is that? Because Boeing, which is heavily weighted in the Dow, is down 13 at 327. This arch formation is something quite serious. It's vying against the cup formation in the weekly chart. You can see here in the middle. On the left is the daily. In the middle is the weekly chart. On the right is the monthly chart. In the Chapman methodology, we're always looking for four higher peaks. Let me just show you this for those of you new to my work. And I'm the host of the Tiger Technicians Hour. I'd noon to now be doing that show as well. Eastern Time, noon to 1pm. And also the author of the opening called the very comprehensive newsletter. In the Chapman methodology, we're only looking for three patterns. Straight line down or up or down. An arch formation or a cup formation. Within the arch formation, price can come down and then make an arch formation like a lowercase h. I call it the dreaded h years and years ago and a lot of years ago. We started calling that because we noticed here in the TFNM that when the left side low was taken out, you could go quite a bit lower and it could keep doing that. Here, you're looking at the same pattern, just the two patterns with a straight line up and a cup formation. If you take out that left side high, you can keep going high if the technicals confirm. In the Chapman Wave methodology, we're only looking for four higher peaks. We alphabetize them, peak A, B, C, D, uppercase on the way up, lowercase on the way down. They can go E, F, and G, but it's really the fourth highest peak that is the objective of the buy signal to buy mode in the Chapman Wave no matter what time frame. And then you have to use other techniques to see how much further you can go. So there are a couple of things going on here. In the Dow, closing on Friday, having hit a high, all-time high of $28,290, there was a long-legged doji candle and that suggests that if there is a close above $28,290, this is the closing price of the Dow, if there is a close above $28,290, there's a good chance you could start to test this trend line resistance which goes up to $28,334. So a lot of resistance overhead, but more importantly, this MACD, the move now, Larry never uses these things. He only looks at chart formations. So for me, chart formations, cup, right here, you can see there's a cup. There's also an island reversal with two gaps to the upside. That is a big positive, especially since you never came back to even fill the second one before moving high, so that's really important. But most significant here is that if the MACD crosses positive, the moving average convergence divergence, that's this technical tool right here. And the on-balance volume of the blue line, single line, is at highs, and the stochastic at 74% is able to get to 80%, that's suggesting there could be higher prices to come. If there is a close below the low of Friday, which was at $28,028, I believe, there's a real good chance that you could consolidate a little bit into maybe Tuesday, but there should still be squeaks to the upside to make nominal new highs. Now, of course, we've got, this is the 16th, we've got this week, and then let me just double check the calendar right here. We've got the week of the 16th, that's here. Then we've got the week of the 23rd, which also involves Christmas Day and the 25th, sorry, the 25th, yeah, we go. And then you've got two days, you've got Monday and Tuesday to wrap up the year. So we've got one, two, three, four, five, six, seven. We've got about something like 12 trading days, 11 trading days. That's not really much. So as I'm looking at this, the weekly chart is still very strong. Monday chart is in leg D. You've got to be careful in leg D, but look at this. And this is so interesting. Seldom, do I get such discrepancies? The S&P is only in leg B. It missed by a fraction making at least a peak right here. That was back in April at 29, 49, 52, and then 29, 54, five points high and that squeaked to an extension of that leg. So this is really leg B, and we should theoretically get leg D. That takes us all the way into 2020. It can't be, let's just say, December's already made a new high. So you can't get a peak in the monthly chart until the end of January, the last day of January. So then let's say that there's no new high in January. That makes peak B. Then you still have to go leg C. So that's February. You have to make peak C. That's March. Then you have to make a leg D. That's April. So the soonest you can get a major top in the monthly chart of the S&P is going into April. So with that said, of course, anything can happen in the markets, but this is based on the Chapmane methodology. On the shorter term, on the weekly chart, we are getting very close to some kind of a pullback, and I would not be surprised based on the time lapse here that we're looking at January, sometime in January, that we have a pretty significant pullback. I'm going to get a pullback right now. Could be deeper, but at this point, I'm just calling it a pullback. And look at the QQQ, the NDX100, trading up 138 at 2.57 all-time. High extends this leg B in the daily, leg D in the weekly, and leg C in the monthly. And remember, we're always looking for those Ds. At least a D. So that's significant. If you look at the IWM, the IWM also is up. It is up .86 at 164.19. Now, this is a little further along, I suspect, but in the meantime, the MACD is holding okay. Stochastic's pretty good at 84%, and it's this weekly chart, as I showed my subscribers over the weekend. You have a Chapman Wave stock leg formation. What does that mean? Look, the weekly chart of the Russell 2000 eye shares. This is the Russell 2000 ETF. IWM has gone from 125.81 in December, and it goes to 161.11, and that was in May, I think it was. Yeah, in May. Then it starts to pull back, and it makes an oval formation. This oval formation, here's the leg on the upside. I always call this the body, and I like the body to be fairly extensive in time, and then when it breaks out, it makes the neck of the stoch formation. Stoch stands on one leg, tucks the other leg in there, so you see the one leg of the body, and you've got the neck. How high this neck goes is going to be very important because if it goes over 167, you've got almost like a one-to-one pattern here, and that's a different formation, but if it starts to pull back in the next week or two without really breaking significantly into the 167 area, but rather pulls back into the 161s, that says to me that you could have some kind of a pullback coming into January, so we're going to be watching this very closely. We've still got to make a D in the weekly chart. I'll be back, Basil Chapman, sitting in for Larry Pazavento, trade what you see, and those for this power. If you're not currently using the TAS Profile Scanner looking at setting up your trading opportunities, then your arsenal is short a mighty weapon. The TAS Profile Scanner is a standalone piece of software that instantly filters over 2,500 global financial markets such as stocks, ETFs, commodity futures, and forex. Heated by Steve Dahl, TAS understands that in today's technological world, the use of top-flight software applications and technical analysis expertise is essential to successful trading in today's market. You also gain access to the webinar that Steve Dahl and Tom O'Brien just hosted, the best way to use the TAS Profile Scanner to profit. This webinar archive is available for all subscribers immediately upon signing up. All new subscriptions also come with a 30-day money-back guarantee, so you have nothing to risk. Start your subscription by visiting the front page of TFNN.com today and you'll find the TAS Profile Scanner under the Services tab. Sign up today. You in the market for buying or selling real estate in the Bay Area including the surrounding St. Petersburg, Tampa, and Clearwater markets, Tiger Real Estate LLC is a firm that has extensive experience in the Tampa Bay Area. Whether you're looking to sell your current property for maximum value or you're in the market for a second home or investment property, Tiger Realty has the experience across all areas of real estate in the Tampa Bay Area to help buyers and sellers make the most informed decisions across all price levels. From the price you should be paying per square foot in certain up-and-coming areas to the type of cash flow investment properties are capable of creating, Tiger Real Estate can help you make the best decision when it comes to all areas of the market. Before you make one of the biggest decisions of your financial future, call Tiger Real Estate LLC today at 727-329-8322 or email us at Tiger at TFNN.com. That's 727- Many of our new listeners have heard about the Tiger's Den. The Tiger's Den is a lively community where professional traders and investors can meet, exchange ideas and information in a comfortable, moderated atmosphere. Hear all of the TFNN shows, plus see all of the charts as they happen live and have access to archives of all of those charts. You can test drive the Tiger's Den absolutely free for 30 days and greatly enrich your knowledge of these markets and how to make your money work for you. Details on the Tiger's Den are on the front page of TFNN.com. TFNN has launched our brand-new website. You can still visit us at the same TFNN.com URL, but when you do, you'll see a new and improved homepage with a much simpler navigation, whether you're watching Tiger TV live in high definition or just accessing your newsletter subscriptions. We even have new pricing in six months and yearly options. Check out the new TFNN.com now and experience all the upgrades. TFNN.com, educating investors. Call now toll-free at 1-877-927-6648. Internationally at 727-873-7618. Jack Baselchap is sitting here before the one and only Derek Pesavento. Let's see, we've got gold up 0.8 at 1482. Stuck in this range until they can start to travel into the 1496-1503 area. I think it could be held back a little bit. The weekly chart says that this is still a consolidation phase for gold. Silver had been trading. Looking weaker in the chart formation still looks weak, but it's a little more extensive in its notation to the downside in leg D, maybe making trough D this weekend. And that monthly chart says Silver has a long way to go. But you know, Silver has a way of suddenly playing catch-up and then leading. And as it's leading, it leads for about a day or two, and then both gold and silver drop sharply. So we'll see if there's any difference this time. Look at the dollar. The dollar has made a fairly significant series of tops. You remember we were talking about the peak D. That's where other things can happen, that fourth highest peak. Well, in January of 2017, 103.82 the dollar index makes its high. Trough B goes all the way to Trough B at 88.25. That was just one huge decline. And then in February of 2018, it turns around and starts moving high. And what does it do? It goes to 99. It just misses. It goes to 99. That goes smooth out a little bit. 99.67. And that was in, right there, in October of 2019. And it's been pulling back from a peak D in the monthly chart. The MACD has just turned down the stochastic week at 73%. The weekly chart is very weak. The WEEK is WEEK. And that's not a good sign. And it seems to me that the administration with a peak D in the weekly and a peak D again on the 1st of October in the daily and then repeated on the, I think that was some of the first. No, the 29th of November at 98.54 for another peak D. Now we're pulling back quite sharply. So this consolidation is holding a very long-term uptrend channel. I call it the Chapman Wave inside track, propellant support zone. If it breaks under it, that's not good. And breaking under it means at some point on a weekly basis, it's going to close at about 96.30 or lower. Meantime is holding okay. But this pattern right here, this is what I call a Chapman Wave, right here that was last week's candle. And already it's down a little bit. And if there is a trade for, in this case it's the dollars, I'm going to give it a day. If there's a trade, and by the close today, we're underneath 96.90, there's a real good chance we're going to quickly test the 96.72 low on Friday. And that's not such a good sign. That says that the administration is trying to push the dollar lower so the multinationals can improve. Now, talking about the dollar, let's go to the EURUSD, Euro-dollar currency pair trading up at 1.114. It's up a little bit. It needs to cross the 200-period moving average of 1.116. NACD is good, not great, but good. Sycastic is just so, so. So this is going to be very important because the weekly chart is making that rectangle formation, trying to turn up the, oh, I would say that 1.121 is what the Euro-dollar currency pair needs to get to to start tackling the monthly 200-period moving averages way, way up. The weekly chart is way, way up, but the 200-period moving average in the daily is at 1.116. But that 14-period, the black line of the monthly is at 1.121. So you can see why it needs to climb that for the first time in months. Since it broke down in May of 2018, up in the, what was that, 1.20 area, it hasn't been able to close above it. It touched it a couple of times, but it hasn't been able to break above that 14-period moving average. Really important. And you've got a USDJPY currency pair right now trading, oh, it's actually holding a nice D109.43, up 0.07. I told, I mentioned this before, the 200-period moving average in the weekly chart is like a magnet. It went to a peak deep pullback, held the 14-period moving average, gone right back. It's just stuck. It should be trading up and down just around about in a zigzag fashion the weekly 200-period moving average is 109.47. Now, high-grade copper, high-grade copper at this point is doing quite nicely. At 2.811, it's up 0.03. Most importantly, the weekly chart is starting to make a cut formation that's really important. It's going to try to tackle 2.88 if it can break above the weekly high of 2.83 that was made last week. But does that, then all of a sudden that 2.882 becomes a magnet and you can see in the monthly chart it's a slow progression. But finally, copper is acting a little bit better. I want to look at Crudall. I mean, yes, Crudall. Crudall is trading up 0.07 and 60.14 on the continuous contract. Still stuck in the rectangle pattern but trying to break above. The whole 62 to 63.30 area is strong resistance, but it could become a magnet if Crudall all of a sudden hit 61.54 in the continuous contract. And what am I missing? Oh, of course, bonds. James bonds. We're looking at 1.57 in 1932 down minus 20. There's that arch formation and we're going to see because as long as money is going into equities you can see some kind of a slide in the bonds, but at some point that TLT the TLT is the 20 year Lehman Treasury Bond Fund which made a peak did 1.41.37 on the 3rd of December money will flow back into bonds if the stock market starts to see some kind of profit taking and money coming out of equities they call it volatility. Hey, they're going into stocks. Have I left out anything? I don't think. Oh, yes, I have. Let's go. Wheat, that's wheat. It's holding very nicely. It's up similar to quarter at 5.39, three quarters. I'm liking commodities. I think the commodities are going to do quite nicely in this phase right now. Especially as the dollar's a little bit weaker. I suspect it's going to go to 5.52. It could be an upside target. Soybeans holding very nicely had a very nice V-shaped turnaround trading up 9 at 916.5. I suspect the 9.22 and a half 200 period exponential moving average is a target. The technicals are starting to improve but at this point you still have to think that it's stuck in a rectangle formation if you're looking at the monthly and the weekly. And that says it could be stuck between 9.32 and 8.80 for a little bit longer but so forth. This is good action and con, as we say in the Boston area. Con is trading up 5.75 and 3.86 and 3.75 single leg A. That's really important because it made an arch formation in the weekly and then stopped. It didn't go further down. Now it's starting to rally and that says that the 3.86 right now 391 to 392 would be an upside target as long as 3.80 to 3.77 support holds. I think LH, this is Live Hogs. Live Hogs legs C kind of struggling off the bottom. I remember watching this closely because the 66 area must hold as a 69 accorded down 25 cents and if it's able to get to 72.60 it's finally above the weekly 14-period moving average and KC which is coffee made that peak deal that we were looking at Friday. Now it's pulling it had pulled back and I was trying to travel into the 136 area. I'll be back Brasile Chapel City for Larry Percevento. The market begins in a couple of minutes. We'll be back as it goes. Bing, bing on its way. Here we go. Larry Percevento has just started his brand new service Fibonacci 24.7 and he's already delivering content to his subscribers on a daily basis when the markets opened and even on weekends. Each Monday you'll receive Larry's written report that provides detailed commentary and a summary on the charts and videos that Larry sends out and throughout the week when warranted Larry will send out via charts or videos or both the key markets that he is watching during the day. This will be up to the date active trading information that will help you in your daily trading. In Larry's first week alone he sent out 25 charts, 6 videos and a full report to his subscribers in just one week. If you're a technical trader that uses patterns and retracements to trade then Larry's service Fibonacci 24.7 is something that you must try. Right now new subscribers can get a full 30 day money back guarantee. With nothing to risk sign up now to Larry Percevento's Fibonacci 24.7 by visiting the front page of TFNN.com The path of least resistance is David White's daily trading newsletter and if you're looking for active trading ideas then now is a perfect time for a 30 day free trial to this powerful daily trading advisory service. David uses his years of trading experience to offer his subscribers his trading ideas each morning in his path of least resistance newsletter. Using a combination of equity trades along with options David keeps his subscribers up to date with intraday afternoon updates when warranted. Don't miss out on this great chance to get a 30 day free trial to David's daily newsletter the path of least resistance with no obligation to pay anything. David has been delivering solid recommendations for his subscribers recently and if you'd like to see the type of newsletter he delivers every morning then visit the front page of TFNN and you'll find the path of least resistance under trading log on to TFNN.com now TFNN is excited about our new software charting program the art of timing the trade charts in collaboration with Tom O'Brien and using his best selling book the art of timing the trade your ultimate trading mastery system David White has programmed an outstanding piece of software that will complement any trader's methodology. Using this first of its kind including guardleafs ABCs butterflies 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 help you with the timing of timing the trade charts today by visiting 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 back so the market has just opened the dollars up $89 dollars up $91 dollars up $93 $94 $28,000 $228 $18 $196 $319.32 $319.32 $319.32 there it is right there so this extends I am calling this a leg B as if it's a brand new buy mode that we're in right now because the MACD cross positive this looked very negative right here then all of a sudden you can see how the price held this green line the nine period exponential moving average above the 14 and that's really a good sign anything here Boeing is down 1358 to 328.16 look at that so you've got on the way down we've got trough A trough B trough C trough D and now we're in trough E and there's this arch formation peak D when we say peak D you can see significant you don't always have to see that but it happens often enough to be aware of it and here you've got this arch formation this is that dreaded H pattern coming from the 391 round number high of the 25th of September peak E and when it come down now you're making the arch formation 324.40 sacrosan a close below that says uh-oh now you can start going even lower towards the next low so this is going to be very important for Boeing it needs very quickly to be able to fill some of this gap otherwise it's like a vortex of 20.259 decibels of 22 and 3191 let's see what the IW IMS and for my subscribers I wrote about the IWM over the weekend there's going to be an important index to watch because the I shares the Russell 173.39 was the high in August of 2018 125.81 was the low in December so it's come back but unlike look this is only a leg C but underneath the previous all time high now look at this the New York stock exchange the very broad 2000 or so stocks in the in the New York stock exchange 13,635 was the high in January of 2018 but it could not do anything about that it took up until Friday Thursday Friday I think it was Thursday yeah until Thursday to get back to that all time high and now it's broken above it's up 109 up 0.8% at 13,806 this is very good action there's no question about it now this is the pattern that I wanted to show you I talked spoken about the Chamber of Stock Leg Formation very often the neck of the stock goes higher but it isn't as long as the legs as a leg now the leg isn't made up of a single leg as I usually call it leg peak leg peak no this is just a series of higher highs that starts to go sideways to make this oval and it has to look like an oval look I couldn't turn this into a rectangle because in that rectangle you would see slightly higher highs to the high and there's slightly lower lows and then they start to narrow and they make slightly lower highs to an apex and it breaks out excuse me so this is leg B in the daily chart above the 13,255 previous high and I'm sorry above the previous high of 13,635 and the mag D is good the stochastic is flat at 96% that is excellent action so far this is good and the monthly chart is in stochastic 93% that is really good so questions someone asked on the but everything is it December 2019 or December 1999 well December 99 picture is a little different I wonder if I could do that right now since Jimmy mentioned it's worth doing if I can find it let me just go to this I've got it in this chart right here so this chart that's coming up it's got a black background I'm going to this one right here and you will see that in this particular chart if you go back all the way to 1999 yeah this is the crash of 87 and 99 is right here the notations folks that's what I do it's not automated and one of the reasons is a major reason is that a lot of times it's just easy it goes peak A, peak B C and D and then it could pull back and then you start a brand new one you can see look peak G that's unusual but then it goes D into 1992 D into 94 or 93 or 94 and then D into 96 and then it goes D and the chart pulled back in 98 that was in July of 98 to one of the crisis long term whatever and then it goes a peak D to this top right here and that is in August of 1999 pulls back and then it has one big move and it goes all the way to the high of 11,000 7 7 49 in January of 2000 I think it was the 14th the 12th the 14th of January and then it starts big move from 11,000 7 49 and it comes all the way down so this would be a little bit like this is Clinton impeachment oh my goodness there it is Clinton impeachment hearing December to February of 1999 ha okay I now remember I even remember typing it and saying ha at that particular point so is the question are we in a very similar situation right now I have a whole theory about what we're looking at and as far as I can tell 2020 I don't think it's until 2021 before we look at something that is how can we put it is a little bit more devastating so I think that we have a good we have a good inning to come here in 2020 how long it lasts I'm not sure but I have a whole in my show usually on a Friday I discuss these things on a technical basis but yeah for those of you new to my work I suspect that we're looking at I had mentioned that Trump could very well become a one term president only because I was thinking that he would he could very well get in and then say I don't think I'm feeling that great I'm not sure I'm up to it I think I've done my say I've had a mega bull market if that's the case because he is Mr. Market and now I think I'm I need to retire and then he'll start a new service or something like that that was my thinking I don't know how that would work but you remember with Coolidge you got Hoover and Coolidge handed the market over to Hoover and Hoover handed for up from his January election had a bull market a mega bull market going right up until the Labor Day weekend of 1929 and then a little bit of a problem so he had it ready for nine months and then started a little bit of a little bit of a decline that saw the general market go down 90% and the Great Depression started I don't know if we got the same scenario here but we'll see I got a feeling that we don't have to look at that part of it until later next year I'll be right back Russell Chapman tells us 123 be right back If you're in the CD market and looking for a secure investment the Tiger First mortgage program may work for you 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 ten years and pay no tax on the profits which makes these lots valuable $30,000 to $75,000 the interest paid is 7% yearly paid on a monthly basis according to bankrate.com the best rate for a four-year CD in the country as of February 20th is 3.1% a $50,000 investment at a normal four-year CD rate of 3.1% would give you income of $1,550 per year or $6,200 over the four-year period that same $50,000 investment in the Tiger First mortgage program would give you $3,500 per year or $14,000 over the four years what should you prefer $6,200 or $15,000 of interest on your investment if you would like more information about the Tiger First mortgage program you can call me at 877-518-9190 that's 877-518-9190 if you're a trader in the market looking for exposure to gold or gold mining equities then now is a perfect time to sign up for Tom O'Brien's gold report the summer is over gold is trading back above $1,500 and the ten-year treasury is hovering at around 1.5% Tom O'Brien has been writing his weekly gold report for almost 18 years there's no one that knows more about how the gold market trades and how gold mining equities react new subscribers get a 30-day money-back guarantee so you have nothing to lose every Monday morning Tom publishes his weekly gold report with coverage of gold, silver, bonds, the XAU, HUI, GDX, the dollar as well as more than 30 different mining equities average unrealized profit of almost 38% for each position to see for yourself the types of profitable trades that are recommended within the gold report sign up today by visiting TFNN.com Will the S&P 500 continue to climb for bold trades on U.S. large cap stocks in either direction trade SPXL, SPUU or SPXS directions daily S&P 500 bull and bear leveraged ETFs direction leveraged ETFs an investor should carefully consider a fund's investment objective, risks, charges, and expenses before investing a fund's prospectus and summary prospectus contain this and other information about direction shares to obtain a fund's prospectus and summary prospectus and investment in the funds is subject to risk including the possible loss of principle the funds are designed to be utilized only by sophisticated investors such as traders and active investors distributor foresight fund services LLC the bull bear trading hour with Tom and Tommy O'Brien next so we're back Basel Chapman sitting in for the one and only Larry Persevento a couple of things that are going on Dave White said a big difference between 1999 today is that there is no euphoria about half are expecting Armageddon any day so there are a couple of things about it and I was a guest speaker last week at a meetup here in the Boston area and I asked people I didn't ask who's bullish bearish I said what is your portfolio bullish or bearish half were bullish and a few people no and one person had a bearish portfolio the other thing is that I asked everyone there I said in the last month or so has anyone come up to you and said man did I make a killing in the market just look this is a stock you go buy this stock did anybody not a single person raise their hand I said in the past couple of months you've been at except for the people that you always talk market with did anybody fresh anybody new just come up to you and talk about the stock market not a single person raise their hand and a lot of people there so this to me is is still very bullish on the outcome on a sentiment basis but most importantly is and I'm going to talk the politics of politics it's got nothing to do with who you vote before anything like that it's just is that a lot of people are avoiding to talk about the stock market even though they know that if they have a portfolio not everybody does but if they have a portfolio that the portfolio has gone up that's if they're putting money just every month they're putting money into an iron account they don't want to talk about stocks because if they do that they're going to get into a political conflagration because saying you're making money in the stock market is anathema to many many people because it's like saying you're a Trump lover and people just don't want to get into that I mean they might not be even thinking they couldn't even care less but they don't want to get into any they just don't need it and that I think is a huge thing I don't think you've seen that before where talking about something that's very positive can get a glare can get a stare can get you into an argument so avoid it that's what people are doing they're just avoiding it that's my impression could be wrong I don't even know how you gauge that other than to ask people and the little bit of asking I've done so it's only empirical it's not you know what can I say anecdotal it's just on based on what I've done so okay let's get out of that we've got the E-mini now up at a peak at leg F probably going to make a peak F maybe one ninety three point fifty could take a little bit of a breather over the next twenty thirty minutes we'll see what happens in the meantime back at the ranch I just wanted to show you a couple of other things here so this New York stock exchange could go one to one to the upside doesn't have to be exact but it has the look of a one to one so there we go from ten thousand seven twenty three to about this level right here at this peak A which is at first of March at twelve thousand seven sixty nine twelve thousand seven sixty nine so there's two thousand points and then you go up from that level twelve thousand two so that's twelve thousand so that's fourteen thousand seven hundred or something like that so that that says you can go about another thousand points higher thousand points the New York stock exchange at some point maybe into two thousand twenty but in the meantime it's not the way to look at the way to look at it for me is that this weekly chart is holding the nine period moving average really well the MACD strong stochastics now flattened out it wasn't doing anything like that up until it started this run in November so this is very good action and it's only in a B in the weekly chart wow we've got a lot of discrepancies meantime let's just look at where we are as gold started moving today it's stuck it's bowing helping a little bit here it is now only down nine at G32 got a green candle even though it's gapped down huge these are all very important things at this particular phase in the market so EEM I had a question about the EEM I was going to get to some of these foreign markets so this is like seeing the weekly chart yep it's just started a leg B in the monthly chart and made a peak D remember that fourth highest peak peak D is where other things can happen 52.08 was the high in January of 2018 so here we are the lagging EEM the eye shades emerging market ETF got a huge way to go from the 43.90 area to 52 I think it's going to take a good many months to do that but it's only in a leg B in the daily chart and get gapped down gapped down is down 50 cents of 43.91 let me see so that was EF that's a G right here with a doji island reversal candle so that gets a down arrow in the daily chart that was about November the 10th 11th comes down makes a low right here on December the 3rd yep December the 3rd and that's trough A trough B and now it's in leg A and then now leg B so it's in leg B that's a vicious decline so it's going to have to work its way it's going to take quite a bit to work its way back into the 45 area high 44 is 45 area so yeah so emerging markets I think is in play as a catch up tool and why get down this morning well it has to be overseas news I'm not sure what it is but it did get down and it's got a long way to go if it got down it was only at 44-22 area instead of 43-91 I say hey this should by Thursday should be making a leg C at this point I don't know I just have to cheat this there's no other letter I could use no this it has to be a B if it's in a fence in front of the B which is very unusual nope I think it's still going to make a leg C above 44-87 how it's going to do that's going to take a lot of work FXI I was asked about so FXI is the iShares it used to be called the China 25 now it's called the iShares China large cap ETF and it is in leg E in the weekly chart and a peak E at 54 round number high back in January of 2018 look how many major indexes like the New York Circus change made highs in January they're all made highs in January of 2018 but over the period of 2018 the down the S and B and the cubes went to higher highs even the SMHs so we're looking at this is being very important in that FXI is lagging I think it is being impacted by all the tariffs etc. taxes and whatever it is change of venue a lot of companies are now starting to look at other countries taking major production areas in China and just taking them over to other countries that's going to be an issue so in the meantime back at the ranch what we're all looking at is that the FXI you can see by the chart formation in the monthly is not a great pattern it's just stuck in a sideways consolidation and this can go on for a little longer question I had where was it where was it could I look at the XAL XAL is the airline index a leg B needs to go look at this leg C in the monthly chart it's making a cup formation in the daily I'll do a little bit of work and then we'll see what the airline index is capable of going into the end of the month and the end of the year I'll be right back Bowser chap is sitting in for Larry Presidento trade what you see is the name of his there we go is the name of his show and I'm hoping that 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 has been tracking my newsletter signals which have earned me the ranking as their number one market timer in the nation for the last 12 6 and 3 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 at 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 Sign up today If you haven't checked out the newsletters page of tfn.com what are you waiting for? All of the tfn newsletters are informative up to date affordable and must have for every trader looking to gain a competitive informational edge in today's markets tfn newsletters cover every aspect of the markets to offer you the very latest in market news plus new subscribers get to test drive our newsletters risk free from all aspects of the markets including stocks bonds metals commodities and tech there's a newsletter to fit your needs exclusively from tfn stay informed each day you trade and get the competitive edge that will help you stay ahead of the game visit our newsletters page by going to tfn.com and click the newsletters button near the top of the page tfn.com educating investors in the tfn.com for first time in January and then in March of 1934 Basil Chapman has been using the Chapman Wave methodology to advise traders of his expert market opinion while originally hand drawing charts from the late 1970s into the 1980s Basil noticed that prices under most circumstances virtually always had a certain number of legs to the upside before Thus was born the Chapman wave sequence using the Chapman wave methodology along with other indicators Basil 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 Basil's daily trading newsletter by visiting the front page of TFNN.com. Cancel at any time during that trial and pay absolutely nothing. Get your two week free trial to Basil's newsletter the opening call today by visiting 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. We're looking at the dial up 174 S&Ps up 23 and this is without Boeing's help. I mean Boeing is down quite sharp. So this is really good action. Here's the 10 minute chart showing that there could in fact be a recycle right here. I've got this as a peak F. I wouldn't be surprised if we have some kind of a dead digestive phase coming up. But the one it's a 3192 in the E-mini right now. And I wouldn't be surprised if the whole area 3188 becomes key because of close under that on a 10 minute basis says could have a little more of a digestive phase. And if it holds that very steadily it says no we're going to be going even higher. But that's going to be key 3188 to 3187 key support. All right let's keep going here. Oh this is the last segment. I mustn't forget that. So the XAL is making this cup formation. And there's a chapter inside which target line that says that within the next few days 11215 will be the target today's highest 111.10. To be exact it says one two by the 18th. That's the level that should be tested. And the weekly chart has really improved a lot. It's an A peak B and it goes to a leg C moment goes over 112.16. Monthly chart is improving. It's not great. But there's the airline index and Crudel has been kind of stuck in a range. It hasn't been doing very much. So I am a little surprised because the IYT which is the transportation index hasn't broken out in that resistance even in this triangle formation. It needs to break decisively. It's a 195 right now. Up a dollar 32. It needs to decisively get the 203204 area on a monthly basis. And that would be very positive. We haven't had that yet. So this is really a rotational market where some sectors are doing well. The XLK XLK is trading. This is the SMB spider tech spider fund. All-time high 90.45. I forgot this is leg B in the daily leg E in the weekly unless it's recycled again. But so far it's only legs C in the monthly and that should still go to a D. And that says in 2020 the XLK should be going to higher highs. Hey Bells of Chapman my service is the Tiger technicians hour coming up at noon today. And my daily service is my new center of the opening course. Check out front page of TFN and don't forget the Tiger dollars. Front page of TFN and look at it. Tiger dollars. Fabulous sale going on. Have a wonderful day. I think Larry's back tomorrow. And otherwise I'll see you at noon today.