 The following is a presentation of TFNN, The Trader's Edge with Steve Rhodes, all now toll-free at 1-877-927-6648 or internationally at 727-873-7618, The Trader's Edge. Now, Steve Rhodes. Good afternoon, folks. Welcome to the February 2nd, the wonderful Wednesday 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, it's to always remember that life is happening for us, not to us. That's right. We need to make that one little two-by-four shift. Well, it means we can find the gift and 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 just passed one o'clock in the afternoon. I do want you to know I'm absolutely grateful for your presence here, but more important than that. And that's this. During this next 60 minutes, I'm here to serve you. So feel free to pick up that phone. You can dial in at 877-927-6648. If you can't dial in, we've got you covered there, too. You can send me an email. Send it to Steve at tfn.com. Send it early, if you would. And in that subject heading, if you would be kind enough to put radio show question. And of course, in our Tiger's Dental, any and every ping will do. So let's go ahead and get this show started on wonderful Wednesday. Of course, this is Tiger. Financial News Network. I'm Steve Rhodes. Welcome to the show. A slightly mixed bag out here. The only industry, US industry that we track that's trading to the downside is the Russell 2000 off 18 points, about nine tenths percent. That was up 122, three tenths. S&P seven tenths. That's 32. Nasdaq 106 tenths. 91 points. Semi's are up one and eight tenths percent. They're the leader out here. 64 buck runes to the upside. Gold's up seven bucks. Silver up 15 pennies. Light's we crude. Trained out at 87. 77. Someone ring the cash register out there. Natural gas up. Two buck runes. 46 percent. Is that right? Holy snikies. That is a move out there. Let's go to our first caller. It is Brent in Martinez, California. Brent, thanks for calling. Thanks for holding. How are you doing this morning still for you? Oh, I'm doing great, Steve. I really appreciate you taking the call. I enjoy our conversations that we have. Yes, me too. Me too. Today's question, I'm not sure what it is. So go ahead and pull it out of that and tell me what we're going to chat about. There's kind of a multitude of different things I want to put together. And then I'd like to get your thoughts and opinions on that. What I'm going to talk to you about. Sure. So it's really just kind of a general thesis on, you know, we have the seasonal patterns that you've talked about. Excuse me. Yes. We have, you know, the VIX, two days in a row now, you know, with the rate of change over 10%, we're now below the 50 day. Well, we don't know where the close is going to be. Yes. We had all the patterns that lined up the other day, you know, with the TD9, the CD patterns down and all these things kind of coming together. And there's no question has been a great trading bottom so far. I just want to get your thoughts on, if you think this is still potentially just a bounce, I mean, it seems like things are adding up to where it could turn out to be something more than just, you know, your garden variety and little bounce off the bottom. So, yeah, that's a great question. And the reason why it's a great question is because I ask myself that every few minutes, you know, in trying to figure it out. So let's just start with where you first, the first thing that you mentioned, and that folks is the seasonal pattern. So here we have over the last 86 years, this is the seasonal pattern for the Dow. Oftentimes it kind of really sticks to this general area, not necessarily to the dates that I have out here, but the dates are really more of a reference to use as we get into these timeframes and you're looking for bottom. So up at the top, the average turn date for the Dow is January 6th. I believe this year Brenta was the fifth, fourth or fifth that generated the topping pattern. What I like to do folks is as these dates or these areas come into being, I like to see some type of it's a high. I like to see a topping pattern if it's a low. For example, this shows that the average cycle says that June, the end of June, the end of January is where we see that bottom. In fact, from a seasonal standpoint, it's the bottom for the year. So that's really important because we do have a valid bottom. So that was last Monday, January 24th. And so one thing Brent that we can use as a marker, we do see price take out the lows from last month from January 24th. Then I think we can, of course it depends when it would do that, but then I think we can assume that the seasonal pattern is put off to the side. So that's where I would leave that here. So because we have that bottom, because we've had that nice springboard out here, there is a possibility that yes, this could still be following along the seasonal pattern to move higher into the middle part of May. Any questions here, Brent, about this chart, before we maybe move on to the next area of trying to figure this out? I guess my only other thought there would be that, excuse me, we made kind of the initial bottom on, it would have been not just last Monday, but the Monday before. Yes. We came back down and tested that bottom, and even on the Russell extended beyond it, but didn't close there. Correct. So that could potentially be the test, I suppose, but that's the other thing that something to think about, I guess. Yes. It is. So it's a possibility. So then the questions are, so then you went back and we'll come back to this. You went back and you mentioned the spot ball of tunics. So let's go ahead and pull that up on our screen out here. Well, we know about this. Well, we know about the spot ball of tunics, folks, and the reason why I use that 50-day exponential moving average is because if you go back, so the bottom plot on this chart is the spot ball of tunics. The red line is a 50-day. The red line is the actual closing price. And the yellow and green squares, rectangles that I have on my, the upper portion of the screen, which is the S&P 500, tells you what the market generally does when prices above or below the 50-day exponential moving average. So when it's above the 50-day exponential moving average, those yellow rectangle box areas show that the market moves higher. Yesterday we closed just below the 50-day. If we get two consecutive closes below that print, I suggest to me that what the spot ball of tunics is going to do is go try to target the lower Bollinger band, which is 1772. That, I would think, would remain the pattern unless we see something else pop up. But right now there's nothing else that I've got showing some kind of top, let's say, on a daily timeframe. So I would use that as a gauge. So right now, to answer the question, you know, is the market likely to move higher or not, it does depend upon where the spot ball of tunics closes today. And you mentioned that. If it does close back above the 50-day level, which is 2217, then that's telling us that yesterday's move to the downside was a false signal for you and I. And then that could be saying that, okay, maybe the top is in. So that is one possibility. But if the spot ball of tunics closes for two consecutive days below this, it would suggest to me that we have more to go in the rally to the upside. Any questions about either these two slides that we've taken a look at? No, that's great. Thank you, Steve. So you'd also mentioned that we did have two consecutive one-day rates of change below minus 10%. Folks, that is shown with those two green arrows on my screen out here. We have had that occur in the past. I don't have anything that sticks out right now on the data that I'm showing here. No, I do. I've got one right here. So there was a two consecutive time period. Was there two? There was not. So I don't have, I don't have two consecutive days. I don't know why I have that. I'm going to get rid of it. But I don't think that that means anything more like super special bottom. Brent, I just think it's an initiation signal that says that we continue to move higher. Seastal patterns, spot ball of tunics and close below 50-day says, yes, we should move higher. So Brent, do me a favor, hold on through this breakout here. We come back. We're going to take a look at what could be the real problems in the market. Steve Rhodes with Brent de Martinez, California. We'll be back in a few minutes. Steve Rhodes started his trading career as a student almost 20 years ago and the student has now become the master. Steve won the prestigious Timer of the Year award in 2018 and barely missed that mark again in 2019, finishing at number two for the year, an amazing accomplishment. 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We're just talking about the markets in general here and specifically because Brent is very familiar with the seasonal patterns out here where the Dow typically forms the bottom in January and that's the bottom for the low and the question is is it possible that that is the case out there and I can't rule it out Brent you know it has that potential but if I take a look at the market moving lower from the January 4th, 5th time frame into the 24th out here and what I've got is that began where this red arrow is so on January 4th out here that's when the market started moving lower in earnest. What we did not see is let's say a typical flight to quality we can see that the 30-year Treasury continued to move lower out there so no flight to quality there if we just take a look at Goldilocks in that same time period there was no flight to quality there either the US dollar index did move up so if we go back to the January 4th time frame you know it actually moved lower for a bit until it found a bottom around the mid-gen so no real total flight to quality out there so why am I bringing that up I bring that up because when I started taking a look at where was money going could I find a place where money was going and the way that I would do that Brent was I created this table if you give me a moment we'll get to it now there's going to be a lot of data on here and it's this little rate of change and this table here folks allows me to take each of these instruments so I got all the sectors I got all the indices many of the indices got currency pairs commodities you know and what's going on around the globe so you've got ETFs each of you can create the same set of the same table out here and Brent what I was looking for is there any was money flowing into anyone specific area and so I've got this broken down by a one day time period the next of that would be a five day time period or would be the equivalent of a week then I have a four week period with the equivalent of month then I've got a 12 month period the equivalent of the last 12 months to figure out the year and then I've got the year to date out here so if I just look at the year to date and I look for any type of a flight to safety flight to quality any place where there might be a concentration of capital there's just nothing that sticks out here so then I went through I go through this process say well there's no flight to quality then what was really going on in the marketplace what was I realized that the seasonal pattern so we make a high in January make a low you know high in the early part of January and a low in the end of January out there but there still needs to be something fundamental that moves markets it just doesn't do it because the seasonal patterns out there is that making any sense what I'm trying to if you kind of mentioned this before that you think it was more of a potentially like a liquidation event that was you know going on with that absolutely that's right that's right so so Stevie believes based upon seeing no flight to quality no concentration of capital what was really going on was a liquidation so what is it that could create a liquidation event we didn't have any hedge funds blowing up or anything along those lines so what could be the cause of the liquidation event well the end so first some people would say oh Stevie that's easy the liquidation event was caused by the Fed caused by the Fed from the standpoint that they're going to raise interest rates and that's what's going to crop the market okay plausible we hear people say that but we hear people say that and don't really provide any kind of factual information so you know me I like the factual information what are the charts say this is a chart that goes back for two decades it's a monthly chart so we're cutting out some of the noise here but what we do know in the most recent time that we saw interest rates rise was back in 2016 and what did the market do with the dollars at the top interest rates are at the bottom the funds rate out there markets went higher go back to 2003 the last time before this where we had a significant rise in interest rate what did the S&P or the Dow in this case here what did the Dow do it moved higher so I think that I can comfortably say that first is factually correct for people to say the Fed raising interest rates is what's going to croak the market that just doesn't it just doesn't hold up so so I don't believe that this was the cause of the markets moving lower make sense it does yes so then what is it and I really started to reveal this when I did the segment with Tom Monday afternoon and so I'm just pulling up those these slides so you know whether the language so the one possible answer is war because what so here's what if you go back traditionally throughout history even before there were stock markets out there if you were the aggressor and you had holdings of the opponent that you were going after what typically happens you liquidate that you liquidate that and so that makes sense to me with regard to what we saw taking place also it's what's going on in the news you know whether it's the whether it's Russia and Ukraine whether it's the US in China or China in Taiwan I mean there's stuff all over the place out here that could create problems so it appears to me that what we saw going on was the preparation for war and that there were liquidation events going on with sovereign wealth funds maybe it was oligarchs whatever it was at this stage here the only factual things that I can find I can't prove this but what I can prove to you is that those folks would understand the beginning of every war out there what happens to the markets again this takes us back to 1950 in the Korean War it moves it moves lower and I'm not going to talk about the world war II here's the Korean War here's World War II here's the Persian Gulf War out here here's Operation Iraqi Freedom here is the Cuban Missile Crisis and so it is I believe that it is war so here's the deal if you are a person that believes that the US is likely to be dragged into war out here knowing that on an annual basis we have a teeny nine count top out here that formed last year out there the Bar Folly Bar number nine out here then I would suggest taking some appropriate action to safeguard your portfolio now I don't I can't guarantee that we're going to war but this is the only plausible thing that I'm able to come up with here Brent that would then say that even if this was a seasonal low inside the market that as soon as that were to take place we're going to see into the downside that is really the best that I can come up with and I don't know which way it's going to go I wish I could see into the future but that's that's how I put this whole thing together what what and pull it apart I you know I'm this is this is a discussion I'm not saying I'm right but saying I'm wrong just you know again going through stock charts trying to understand why they're doing what they're doing and what it means and then what action do we take yeah I think the one thing I've tried to do I mean I have a decent cash position I'm also trying to take advantage of the fact that there's been some I mean fantastic trading to be done in these with the volatility that we're having and I guess the one adjustment that maybe I've made is I'm just doing most of the trades I'm doing there they're kind of quick trade I'm doing all options and not even putting up and not buying individual equities and hanging on to them yes strictly doing other options and I'm doing them I'm doing a quick trades why don't I not once I've made my money I kind of get out and move on the next thing and so I'm just trying to be more nimble and not necessarily going for the big long term you know buying a whole strategy at the moment well and I think that's very advisable at this stage here because I mean I would first ask if you if you again if you have a belief that there's a possibility that the US will somehow be dragged into some type of war skirmish military action or what have you and it really depends on how much we would get dragged into that but today what we're sending troops you know over into Europe would have you not not you know that so I know how the markets respond I don't know for going to war but it's the only thing that logically makes sense to me hey Brett we're going to a break you're welcome to hold on Steve Roach with TFN and we'll be right back you having fun trading the markets but having trouble finding like-minded 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piece of software that will complement any trader's methodology using this first of its kind program the art of timing the trade charts allows you to scan thousands of stocks for Fibonacci formation setups including 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 get your copy of the art of timing 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 folks we're on the line with Brent and Martinez California we're talking about the markets overall in general Brent I didn't want to cut you off right there you know as I was so any questions about the kind of that last segment or any thoughts additional thoughts no I just I really appreciate you taking the time to kind of talk it through and we'll just keep watching it like we do every day and see what it does and I just think there are some things that of course there's always both sides of the trade so yes things that you know they're coming together you know showing that it could keep going for a while we'll watch it and see yes and so you know I would say that through about until early this morning until about five o'clock this morning what I just shared with you I had a ton of conviction behind but then what happened early this morning well I sat in front of my computers and I took a look at this screen and what is this screen this is a screen that has the weekly profiles and what we know is that when price closed below the bottom of weekly profile gives us a change in trend signal well there are new profiles Brent that are being attempted to form right now I've gotten using my advanced Doppler tool out here and so we won't have a confirmation of these weekly profiles until Sunday evening but when you take a look at the profile it may be hard to see the left hand screen here is the ES mini and the low of the new profiles below the last low profile and the high is above the prior high Brent that's a message of a market that wants to consolidate sideways so not a market that says I'm ready to take off to the downside if I take a look at the NQ's message the new profile bottom again won't be confirmed until Sunday is above the prior bottom and the new high is above the prior high that's a bullish message you know whether you're using profiles for lower high or high higher lows and higher highs or using bars to do that so the NQ out here and again I don't know that the profile will take hold or not I know what buyers and sellers where they're attempting to take their positions out here and then we've got the Dow the Dow equity future contract is it just formed a new profile like two weeks ago it's trying to form another one right now its message is kind of so there's I think even the technicals aren't necessarily sure what to do out here so there's there's reason to be or there's reason for me to be a bit confused right now and so I just always like to share that for I believe that my most important role that I can play for me individually for you out there for everybody that's listening is that from a technical trader's standpoint it's incumbent upon us to take new information interpret it and suggest what it's going to say to us and so I really want to know about these new profiles until Sunday but here's the other piece of that puzzle even though this is what the markets are suggesting to you when I'm the Nasdaq is suggesting hey I want to move up to the 16659 level out there I do know that how the markets will respond or should respond if there is some type of skirmish or threat so I think today is the new moon if I'm not mistaken you know if there's some action that takes place today we'll see the markets make a beeline to the south out there if it doesn't happen today when it does happen or if it does happen then you know you're going to have a pretty decent short signal just knowing about historically why what markets do when there's that threat of war or actual war or skirmish there's some type of military action out there so that kind of covers my whole thought process and I like to have conviction and I do have conviction as far as what happens if a war is going to occur but whereas yesterday at this time I would have had more conviction in that this is what's going to happen now with these new profiles I'm rethinking that that overall set of thoughts out there okay yeah I think I'm just going to keep there's been some great trading keep doing that and like I said just slowly on just taking a day at a time that's all we can do well Brent always good to speak to you thanks so much for the call and we'll look forward to speaking to you again soon alright thank you so much Steve as always I just great talking with you I really appreciate your help you do the same have a great day have a great week and I'll talk to you soon that sounds great my pleasure I've just got the Google charts up on the screen here in case those folks were wondering what's up at about the 30 37 level the reason is just take a look again these are the profiles and that's how important these profiles are for you and I they provide us with a competitive advantage and I've always believed a competitive advantage is a good thing to have so here you've got a bare structured weekly profile big wide-ranging bar big volume behind the move out there but sellers exist where sellers exist and until they're overrun all Google's done is made its way up to where those sellers reside that's at the 30 37 level let's go out to Denver Ron Ron thanks for calling thanks for holding how are you doing today great Steve 12 degrees here right now and it's going to get colder tonight anyway I want to comment about your war to me one of the biggest causes of war is whenever you see the presidential ratings drop their poll ratings dropped it happened with Clinton happened with Bush and they use it as a diversion and yes you know I just that's something to look for yeah you're right what I consider a flight to quality there's a couple trillion dollars of money out there looking for yield and WMB Williams just increased their dividend and it was like five and a half so this will move it up to about 5.9 which is a great yield on a solid company and to me when a company increases their dividend that's a real positive signal so I bought a bunch of calls on it this morning I just wondered what is what does it look like technically for you on WMB so you're about to so profile wise Ron price is above daily weekly monthly profiles so all that looks good the question you and I have got to identify or try to define is where is price headed to so I have the monthly chart that's up on the screen here and so what you know is you're just simply running into an area where for whatever reason WMB tends to top out so the next level that you're really watching in this trade here for you is 3367 you're 3052 there's no reason for price not to make its way up to that level and I would say that if price could close above that certainly on a monthly basis 3367 then that is a real positive because what this has in it now just going to look at the monthly time frame is it has a nice consolidation pattern and so the consolidation pattern in essence that area that we were just talking about so the top is pretty well defined the bottom is pretty well defined and if price can close over 3037 then what that's going to give to both you and I is a target of about 55 bucks you know thereabouts that would be the measured move of the consolidation over time it's a monthly chart that we're looking at so that's the first thing that I notice or I see when I take a look at WMB Ron before I move over to the white background charts any questions about this you said 3037 3367 3367 okay thank you I know no questions okay so on the daily time frame we don't have a topping pattern that's in place it's got a Rosemont indicator signal that's triggered needs a bearish reversal candle I don't see anything here to suggest that price not going to move higher so no topping pattern there the monthly chart it's really got the same set of patterns out here so it looks like it wants to move higher and that was the weekly chart the monthly chart also saying that it wants to move higher so there's nothing here when I pull my white background charts out to suggest anything different than what you and I have already concluded so what's at 3367 level if you can get above that that's real positive if you can't that it says okay the top of the consolidation was been reached and price could actually pull all the way back down to the bottom of the consolidation okay Ron sure thank you very much appreciate it you bet and thanks you bet thanks much Ron thanks for sharing your observations on wars and when the U.S. typically gets involved so another reason we seem to be more concerned about foreign borders than we are about our southern border I understand I understand hey Ron have a terrific I have a terrific Wednesday we'll look forward to speaking to you again this is Steve Rhodes with TFN we'll be right back we're going to go take a look at copper it looks like for Dan in Boston are you in the market for buying or selling real estate in the Bay Area including the surrounding Saint 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 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summary prospectus please contact Direction shares at 866-476-7523 the prospectus or summary prospectus should be read carefully before investing an investment in the funds is subject to risk including the possible loss of principal the funds are designed to be utilized only by sophisticated investors such as traders and active investors distributor foresight fund services LLC don't forget you can listen to TFNN live on your mobile device 24 hours per day go to TFNN.com then hit watch Tiger TV that's TFNN.com then hit watch Tiger TV welcome back folks so the charts we have up on our screen right now are the charts for copper so we've got the daily, the weekly the monthly and the quarterly time frame chart so the daily and the weekly they just simply show wedge patterns out here they show the prices trading between trend line support, trend line resistance the same thing we take a look at the weekly time frame if I go over and take a look at the monthly or the quarterly you've got two different types of consolidation patterns that are out there there's no reason for us to go to the white background charts because we've just had this little choppy sideways-ish type consolidationist pattern that is out here with price now Dan look price is trading above the top of a bearish structured daily profile it's traded and closed above the top of a day a bearish structured daily profile here a couple different times where price runs into resistance is right at the top of that descending trend line at some point in time price might try to take that out it hasn't been able to so at this stage here if you're long copper I don't have a reason to suggest to go short other than say tighten up your stop out there if you're looking to go along I cannot suggest that you buy resistance I just I just you know maybe maybe you've got a belief that it's going to just take out their resistance that would be a different thing but resistance is resistance still gets taken out you know copper is I think maybe from an intraday trading standpoint that would be different but with regard to the larger time frames daily weekly monthly I take a look at these patterns here it's almost kind of I don't know uninteresting to trade so to speak out there so I hope that helps you out Dan and thanks so much for the no strong belief yeah really as far as patterns the white the white charts I go to they're not going to show us any pattern not with this sideways choppy type move out here that we've got inside of copper we've got a couple questions that have come in by email and you're welcome there's first one is coming in from Mike P Mike says can we take a look at the long and short term chart on Tesla yeah absolutely so we'll go take a look at the three panel chart that is so we've got daily weekly monthly TSLA we'll look at our white background charts as well but here's we take a look at Tesla what's it doing well it's testing support support from a daily standpoint Mike and that is the bottom of its daily profile so that's a lot of people you want to be able to watch the bottom of its bullish in structure the bottom of that profile is 89533 today's low has been 889 41 if this holds and your price is able to close above 939 20 939 20 is the center of its bullish structure profile that would then signal to you that price wants to make a move to the top of the profile 1070 do we have that signal right now we do not but what we do know is support is held volume today 15 million shares you know moved higher on January 31st with 34 million shares so looks like it's pulling back on lighter type volume let's go look at those white background charts see if there's any other information here that Mike and I need to pay attention to let's go to the daily time frame first on the daily time frame we can get to it well okay there's a piece of information here so Mike you can see that what price did yesterday what price did today got up to that red oscillator and change line that's a bearish message price held support the bottom is profile that's not a bullish message but it's not a bearish message out there so really got to have a little bit of a neutral signal but here's the problem what tesla did was it formed and it's not so much a problem what did tesla do it formed a by the D point pattern and it formed a TD 9 count bottom so the real level of support on tesla is not the bottom of its daily profile the real support is the bottom that formed out here that created that three river morning star pattern and that is at 790 to 01 what I would say is that price did close below 895 then price should go target that candle that candle from the trading day of January 28th could be the high could be the low that candle but that's where it would target that's what the daily time frame chart shows and I think that the daily probably right now is the more important of the three charts will look at here's the weekly weekly shows rose meant to mitigate her top which has led to price pulling back into support which is the profile that is held the monthly chart out here if I can get to the monthly chart what does it show us rose meant to mitigate her top the price held the top of its monthly profile so that really gives you kind of a neutral signal so you got to go with the daily out here and I just be watching a first price I said I mentioned 939 20 and that's really a good close a price close above that it be above that red oscillator change line above that profile that would suggest that move to 1070 so Mike I hope that helps out with regard to Tesla and I think so much for the request the next question and last question that we've got that is a come in this from Eddie and Boca Raton and Eddie probably wants to take a look at NVIDIA but let me see what the message says NVIDIA hit your projection 20 to 259 where do you see it going from here well let's go see what NVIDIA wasn't my projection I guarantee you that it was something coming from a chart so that happens to be the top of the daily profile and that's at 259 35 258 17 so your question is where does it go from here so let's pull over the white background chart see if there's anything here Eddie to assist us okie dokie so you've got a nice TD9 count bottom you get a bottom all that does is says I'm going to go up and test resistance it's doing that 259 you could be in a consolidation in between its profiles between 215 and 259 the weekly chart take a quick peek at it see what it says to us the weekly chart shows that this could be a TD9 count bottom that's forming out here it looks more likely than not that it will so you've got a bottom on the daily bottom on the weekly and on the monthly time frame chart with regard to NVIDIA it's got a TD9 count top the prices held that green oscillator and change line so overall I would say that things here look fairly bullish for NVIDIA but your battleground that it needs to take out to the upside is that 259 35 level let me just look at a quick 30 minute chart out here see if there's any kind of signal here and there really isn't so you know the mere fact that it pulled back once it got up to that level I don't see anything significant at least not as of yet but that doesn't mean that we can't be in a consolidation Eddie volume wise with regard to NVIDIA just see what the buyers and sellers are suggesting so you got pretty good volume you have 38 million shares as this moved higher yesterday's volume inside of NVIDIA was only 51 million shares so you've got what looks like higher volume than it did yesterday but nonetheless the sellers reside at the 259 35 level we've send them already take a attack out here and shoot some of those bulls that we're trying to buy what look like a breakout move and we just don't have that but if you do close above 259 35 Eddie I'd say this once to run to the 275 79 area so I hope that helps you out and well I'm grateful for your presence as well I say if you have time we take a look at Amazon I did punch Amazon up on the charts earlier I believe that has run right into the top of that profile the weekly profile that is no I take that back that was that was Google we were looking at so now let's take a look at Amazon sorry about that they got a little memory issue out here as you can tell I just just kid so in the case of Amazon for my white background charts to fire up to see if there was some kind of bottom pattern that had formed out here but price above the top of the daily profile that's 2976 as long as that holds Eddie what we should see is price move higher here's the problem why did price stop where it did turns out that last month just a few days ago we saw a close below the bottom of its bullish structured monthly profile you want to talk about a change in trend signal out here well guess what you really got that inside of Amazon as we pulled the charts for Amazon back when was the last time we saw price close below the bottom of a monthly profile you want to know what the answer is I believe the answer give or take is right around 2008 2000 that's that's really kind of interesting too isn't it the overall thesis that this could be a major top out there war that sends a stocks moving lower out here boy the monthly chart for Amazon so what did price do it got up in that 3059 levels trying to get back up in there and is rejected that area so we'll finish take a look at Amazon see if there's anything else on the white background charts out here but I would say 3059 is next real key resistance area see roads with TFNN we'll be right back sharpening your skills as an investor is like getting better at playing a musical instrument you have to practice sure but you also need excellent instruction from experts at TFNN you'll get advice and guidance from the authority and technical market analysis and it's not just dry tedious text either TFNN airs live financial content streamed live on TFNN.com and TFNN's YouTube channel with Tiger TV live 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First mortgage program may be just the program for you the Tiger First mortgage program pays 7% per year paid monthly for more information you can call 877-518-9190 that's 877-518-9190 watch Tiger TV that's tfn.com and hit watch Tiger TV welcome back folks so Eddie what the Amazon should do so it's got a nice bottom Rosemont indicator bottom that formed out here a few days ago price closed above the top of the daily profile price should make its way up to $3194.69 that's a TD9 count breakdown level the weekly timeframe chart here for Amazon also is going to form a bottom or it did form a bottom a TD9 count so price in the oscillator and change line have a date that's currently printed at 3226 so what Amazon should do is make a move to 3194 to the 3126 level we look at the monthly timeframe chart out there we already covered that that doesn't look so good so far with regard to last month's information if we get a second close below 3059 for the month of February that spells trouble for Amazon and would suggest to move back to 1626 over time the yearly chart has a TD9 count topping pattern out there so it's a this could just be a nice counter trend rally that is going on inside of Amazon kind of representative of what is going on inside the markets as well so hope that helps you out we do have another question that's coming in this one is coming in from Hector and the fuel injectors and Hector wants to take a look at the XLF and Hector says XLF how is this looking for a bullish bull ride out here so I've just got the daily timeframe chart that I'm going to put up on my screen out here the white background and what we can say about the XLF is is what? I don't really have a bottoming signal the price pulling back to other swing point levels so I don't have that but that doesn't mean it hasn't bottom not all patterns are going to form with a bottom this did form with a TD9 count top out here but here's what we know right now and that is that price yesterday closed by the top of the profile you're getting an extension of that that would suggest that the XLF wants to continue to move higher out there Hector and quickly we'll throw up our three panel to see XLF where is the next resistance level from a profile standpoint if there is one and there is not so the XLF should be able to continue to make a further run higher out there folks thanks so much for joining me here thanks for the calls from Brent and from Ron in Denver all the email request those coming in from the Tiger's Den folks stay tuned you've got two more great hours your favorite polar bear David whites up next Tom O'Brien he'll take us home and I'll be back with you on terrific sometimes thirsty Thursday take care folks