 The following is a presentation of TFNN. The Tiger, technician hour with your host, Basil Chapman. Call now. Call free at 1-877-927-6648. Hello, it's Basil Chapman here on this Wednesday, the 3rd of May. Actually, when I set up my webinar quite a few weeks ago, it didn't even occur to me about the Fed speak on a Wednesday. That wasn't on my mind. What was on my mind was that April's candle will be completed in the monthly charts of key indexes and key stocks. And that's really what I wanted to see. And that sounded to me like we've just begun a couple of days into the new month of May. That's really what I want to be looking at. Well, lo and behold, as this week has progressed, I keep realizing just how important the Fed speak is today. Let me run the numbers. The Dow is at 57,000 to 30,000, 742. One of the things I've discussed for about a week, maybe over a week now with subscribers, actually I've been talking about this for about three or four weeks. And it's this thing right here. Let me see if I can get to, yes. Here's the Dow chart. The gray thick line is the Dow itself on a closing price basis. The green is a nine period moving average and the black is the 14 period moving average. And I show examples. For instance, back in March, is that January? Yeah, January going into February, we had that sharp V-shaped turn down and a rollback to the upside. But look what happened. That green nine period moving average, even though the MACD and Stochastic were all very weak, I haven't got them yet. I'm just telling you. Look that nine never crossed negative. And look how powerful it was. I've spoken about this for ages and I'll talk about it more when I do my webinar at four o'clock for subscribers today. And you know, you can get all of this. I'm not going to say for nothing because you do have to pay for it. But you can get your money back if you're unhappy. You can listen to my eight, nine, ten or more webinars discussing most of these same things. But have a look at this. Now I'm going to try to change the actual chart right here. I'll just pick a stock. Let's just go to Alter Beauty. Look how important this, and I'll go to a monthly chart right there. Here's Alter Beauty. And just using this one moving average from the low that was made back in 2020, was it 2020? Yeah, right there. Look at that nine-period moving average. Yeah, January of 2021. Look that nine-period moving average has just been perfect. Look at the way it's just held so far. And look at ExxonMobil. And this, I'm going to show the importance of these techniques. And that's the reason why I've been saying, look, ExxonMobil, big red candle for the month of, this is the month right now, May, so far two days. What is it? Almost two days. And look at that big red candle. And yet it's doing nothing. The MACD is turning down statistics now at 82%. So this is a powerful, powerful tool. So I'm going to be discussing it how important it is, just two moving averages. That's all it is. And you put them on. You can use, I've got it so that it changes color, but you can have a dashed line for the shorter period moving average, the nine, and maybe a darker line. It's just easy. As soon as they cross over, you know immediately they've crossed over, something's happening. But look at the power when it made that high back on the, I think it was February something, February the 13th. The down makes it high. Look at that left side, where the price pulled back sharply. The nine period moving average moved down, but it didn't cross negative. And look at the way it came right back. The price came back up until sharply lower, even lower than the previous truck. In the beginning of February, that's when the nine period crossed over. And that's what I think, no matter what the Fed says today, this one moving average right here is telling me that we could see whippiness for a couple of days, but unless there is a sharp decline to about yesterday's low, what's in the 33,400, I'd say probably 33,300. In other words, another 4,500 point down day today in today, that or tomorrow, that's going to get that nine period negative. And then I can say, we've got a cell signal in the Dow daily, possibly upgraded to a cell mode at this particular point. Not really. So yesterday before the opening, we took a position on the short side in the S&P, and it was almost a 5% gain yesterday, but that's not the issue. The issue is, let me see if I've got it right here. I don't want to change that one. Yeah, there it is. But the issue is, and I'm going to move it over here so that I'm still looking at that. There it is. So the issue is, nine period moving average and the S&P didn't pull back even as sharp as the Dow yesterday, but it says that there's enough residual strength to, unless there's a smash to the downside at about 2.30 to 3.10 this afternoon that holds into the close, you can stay there. And that's the reason why I didn't want to get too carried away for the short side, even though so many aspects are negative, I wanted to go step by step. I prefer to go step by step because it doesn't put me in a position of telling the market what it's got to do. So we are short and we've raised cash. We are ready for pullbacks. There are a slew of stocks that if they continue on their major move to the upside in this particular phase, I don't mind getting them either near yearly highs or monthly highs. If they show leadership, that leadership should remain for a while. If in fact we start to pull down sharply, the weakest of the week will get weaker. And what do you do with the stock? And I'll talk about this this afternoon. What do you do with the Microsoft if you're not long? But here it is. Just a week ago, it's trading the 2.00, 2.00, 2.70s. Bam! It's up in the 3.04 area. Well, that tells me that no matter what the market does, to get Microsoft, to get Meta Facebook, why is it called Meta? Come on. Meta platforms, in the 2010-2019 area, five sessions ago, six sessions ago, and suddenly it's up with 239. To give all of that back and to go negative, this market's going to have to tank, it doesn't have to probably be down 1,500 points on the S&P, huge, probably, I can't even say 150, I don't know whatever it is, comparable move down. Now let's go back to our story. So we've got INDU, let me just give you parameters so you know what we're looking at. And I'm going to show you how I put these lines and look, there's a chat wave inside track, it got repelled at a peak D, pulls back sharply, tests the 50-period moving average. I just know how to use 50-period moving average unless it hits it and says, ah, now you can use it otherwise, it's just a scenario. There's the 200-period moving average. It's unimportant right now, if we get closer to 30,000, 200, believe me, that 200-period moving becomes a magnet. But at this point, it's just sitting there. Well, what is important is the 9s over the 14. We've got a chat wave inside track propellant zone, the support level, which had went under yesterday and today and then closed right on this green line, which is the little inside track. That's the hint to say that you're still on the upside when it starts to break under the closed, under the pink line, that's bad. So we've got this, we've got the same thing patterned in the S&P, there it is. We've got the break, there it is, back. We went into the side track propellant zone, getting closer, pop it back, dials up 16 points, S&P's up 7. That's all the pattern puts off. 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It was awesome that Dan, if I would post Uber, and I don't want to post Uber, because of that $103 trip that I made on, it was Sunday morning, very early Sunday morning, from the airport back home. Yeah. Well, look at it. I should have Monday morning first thing. I should have just said, buying Uber, and now look at it. It's at 37. It was down in the low 30s. Whoa, what a big move. That's what I mean. What's going to happen? Let's just say there's a huge negativity in the market's reception to the Fed this afternoon. And my feeling is that the Fed is going to throw a little toughness into the market because they're in a difficult position right now. They're in the position that says, what the heck do we, let's get rid of this. What do we do when the HGX, the Philadelphia Housing Index is, even as we speak, making a new multi-year high? Well, just about at 481 has to get to 4, the high of February the week of the third of 484.03 in today's highs 482.21. That's in a dollar away. And that gets you into the candle of January of 2022. I mean, what's the Fed get? What's going to do when you've got Builder, BLDR, Builders First Sourcing. I keep forgetting to put what they do, but they are deeply involved in the construction companies, construction, etc. All time high, as we are speaking, it gapped up, wanted to get earnings today. Yeah, yeah, that was my point yesterday I was saying that you've got, sometimes it's important to get the stocks that you actually use, of the companies you use all the time. That's not quite, what was his name from Fidelity, Peter Lynch. He said, if you use the products, buy them, because that tells you that the products are something that you're involved in. I'm saying, no, let them pay for whatever it is. So there's Uber. I must have a look at Walgreens and stuff like that. All right. So this is Builder at an all time. What is the Fed going to do? Now, there's another aspect that I don't want to talk about right now, because I need to think it through after the Fed speak today. And that is, if you look at the XLF, this is the financial sector, where did I type that? I typed it in here, but I'll type it in again. If you look at the XLF, that is the financial, S&P Select Financial Spider Fund, 13 cents right now, 32.47. It is a horrible looking chart. It is attempting from below of the 24th of March at 30.39, pops to the 33 area now to 32.47. It's got a dreaded H-pat, and I'll talk about these patents tonight. But it's attempting, yeah, it's just attempting to find a base. You remember Schwab? I said, Schwab made their chapter wave volume, volume, there it is, this is the volume climax price volume climax at 45 round number high. And I said, that should go for at least 28 days without testing that 45 high, but if it closes nicely above, what am I, what I mean by nicely? I mean, a good few points above the 45s, sorry, 50, is that 56? It's called a 56 high of this candle, I think it was 55 something other, 54.90. If it can close in the 57 or even 58 area, it can go for another 28 days without getting to that level. But this is not good, it's making a dreaded H with another arch formation, that's the lowercase m, patents I'm looking at today. We've seen this so many times before, what was the stock that we were looking at? Yeah, alcoa, there it is. Why is alcoa taking a dive like this? Alcoa has this dreaded H-pat and really a rectangle formation, takes out the left side load, tries to rally game, can't get above that arch high, and whoosh, it goes almost one to one to the downside. And what is it doing at 36.07? It's struggling, look at PAVE. PAVE is this in this whole area of the global US infrastructure area. Why is that not running? So this is such a select rally right now that if you're in the right area, you're just saying, oh, what's everybody getting excited about? Things are nice, but if you're in the sideways trading band, you've got to hold that left side load, you've got to hold the whole base of the rectangle, because if you go under it, now you've got this entire conglomerate of trading days to break above, when you finally break above it and hold, that's really good. But now if you're in it, this is tough. So I'm looking at, I'm looking at, you remember triple M? Who did we have? We had Sue, I think it was called. It was at 105 something, and I said, I'd lighten up, I'd be real careful, because this is not acting well at all. Well, it did pop the next day with earnings, it went to the 106th area, whooshed the same day, broke down, and now it's trading at 103.71. Yesterday it went to 102. This is telling us, this is a very select market, what you're holding, Merck, and you're saying, I don't know what everybody's fussing about, this is a wonderful market, because I'm getting a dividend, I'm at an all-time high, MRK trading up one, 187. So that's the thing, the bifurcation of this market is really quite something. What we need to do, we need to be looking at what works and what doesn't. Look at Starbucks, SBO, someone even put in the den, Starbucks, someone, do I see that? Yeah, Starbucks. So it goes to the peak D, you remember in the Chathamweep, we're always looking for Ds, that's where other things can happen. It goes to Dogey Candle Peak D, in the 115th, whoosh, it's down to 106 right now, it hit 105 today. So, and there's your Chathamweep inside track, Repelenzone, didn't even get there, and it's pulled back. It was looking fantastic, and then out of the blue earnings come, out of the blue, look at ENPH, and this is what I'm really afraid of, that there are stocks that if they have a disappointment, getting back to a decent level, in this case it's trading 154, it was trading the 220s just over a week ago, and now look at it, it means it's a real struggle to get back to even the gap high, the gap high was 183, and yeah, we are 30 points lower than that. So, for that reason, one of the stocks that we had, which I really wanted to keep as a dividend stock, but I wanted to put about the amount that the dividend would give us, and all I had to do was go to Friday, to the fifth, yeah, Friday, but I put in a stop, we just got taken out, it's running a little bit now, but I don't want to play games in this market, I would rather, I'd rather have cash ready for the sudden drops and make the decision based on the strength. So, talking about strength, I was asked if I would look at where did it go, IMG at, and this one also showed up just about two days ago, as a screamer, I didn't do anything, it got to a peak year, nothing, peak year, anything can happen above the 200-period moving average, that means that the 477 would be, and there it is at 560, would be a really good support area, but it's like a magnet, because it's only the first time it's popped up above that in a long, oh, in ages, and lo and behold today, there must have been really good news, she has nearly doubled off, the company said it's treatment candidate for ovarian strength, hope for survival, benefit for face, wow, bravo, that's what we wanted here, I love modern technology, the biotechs, that's why I'm alive today, I do not fuss at all about this guy, I'll be back in a moment, Basel Chapman, 1034, S&P sub 9, it's high, waiting for the fed speak, let's see what happens then, I'll be back. 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Watch online at TFNN.com or on TFNN's YouTube channel and become the investor you were born to be, TFNN Educating Investors. Hi folks, we're back. AQSTO has asked about a quest of therapeutics that had a big spike to the upside. It's at $1.58. I never even looked at the price of this thing. It's the first time I'm seeing the price. I usually do all the analysis and everything, couldn't care about prices, chart formations, and that's it. I could have been $158 or $1,580. It's $1.58, up 19 cents, up 13%. What a nice pattern, healthy 200-period explanation, moving average as support, use it as a trigger to the upside, got good news today, and bam, nice move. Leg E. Now, let me explain this. I'll do this, maybe I'll do this one tonight. Let me just put this down to show subscribers what I'm always looking at. So you see the weekly chart. This is the low at 0.58 or whatever it was. Let me just double check. I'm just doing that by eye. Maybe it's not. 0.62. Back in the week, 0.62, 0.62. Two weeks low, two weeks of lows, first of July, and then the week of the 8th of July, 2022, spirals. This is the thing about it. It has this way of spiraling to the upside and it screams up to $1.80. $1.80, that's a 300-percent gain. All right, pulls back. Now, this is where the whole thing starts. It makes this U-shaped pattern, but that was a low. So this is peak A, that's peak B. I have to keep counting peaks because that's the way the Chapman Wave works from this. Unless this low is taken out, every peak must be counted. So that's an A, becomes an A- because it pulls back. This is an A, that becomes an A. I don't even have to put the minus because this is still the low. It could be active. This is the A, this is the B. Now you've got A, B matches that B way up there at the 170s. Here you are at about a dollar and then it pulls back. That's an A. It doesn't really count because the next peak is a C, D, E, Y because we started the wave count there in July of 2022. So this is a leg E. It looks like, oh, it's still has to go to C. No, it's already gone to an E. And then the monthly chart has gone to a new leg. I believe that's a leg B. Yes, a leg B. And that's why I like to look at these things. Now, most importantly is that it's a quest of therapeutics, A-Q-S-T. But the real thing is that within the context of biotechs, especially the microbiotechs, all of these phases that the FDA has to go through, the approval, et cetera, as they come about, it's getting the product to the market. So this could be the biggest phase altogether. And then all of a sudden, once everything's approved, comes a whole new phase because now it is sales. So this is the optimistic part of it. This is the bullish area. And then the reality says there could be a period where it kind of languishes and then we'll see what happens. But even down this fabulous action, in key support, I would have to say is at 1.34 to 1.20, which is the 200-period moving average. All right. So I said I'd go through the gold. Look, here's gold. Gold, type it in right here. Okay. There it is. So gold right there. Let's just do the GDX first because the GDX, that's what most people talk about, GDX is the market vector's gold minus ETF. Now, an easy thing to do is as the line crosses positive together with all the other technicals, if the 9 goes over the 40, you can get in that position. And I kept looking and looking and looking, but we were looking at other things. Didn't just say, hey, GDX is working. Get in, let it take you out when it ever takes out. Even with the high that was made in 36, about three weeks ago, two, three weeks ago, it's pulled back very mildly. It's taken time to consolidate and has gone down to the 32s. And now it's at 34.75. So the question becomes, is this going to make a full cup formation back to the top on the left? Or, and that would be, I'm calling this an F for now, but an F slash B alternative counting the weekly Y because the 9 is over the 14. The MACD is good. Stochastic is at 80%. The monthly chart says a lot of work to be done, but it's done a fabulous move to the upside and the technicals are already starting to improve. So gold is saying to me, via the market vectors, gold minus, and that to me is absolutely imperative. You can be looking, how many times have we looked at gold and gold does something spectacular? And then you're just looking at the GDX, which says, ho, wow, watch me. I've been moving up. Have you not noticed me gold? But in this particular instance, they're kind of moving together. I respect the moving together because now you're in sync with the minus. That's the real thing. The gold is your root position, but I'm still saying there's a chance that you get like a head and the shoulders pattern here or a failure. But I don't see gold in this market with the XLF so weak. I think that gold is a place to be. And I'll be looking at it in a different perspective with particular stocks, et cetera. Maybe even this afternoon, I wasn't going to do this afternoon. I was going to do my overview, my one hour overview that I usually do on the weekends. Maybe this is the time to just start. In fact, I'll put it down right here. Gold. Why? Because I don't think it's out of the picture at all in this phase. It's really in the picture. And that's why even when the dollar was trying to rally, and look at the dollar, just the dollar looks terribly weak because the EURUSD, this is the Euro dollar currency pair, nice balance to go with the gold. Moving off to peak D, holding very, could this become a head and shoulders? Yeah, but you got to look at other things and technically so far it's holding very well because the weekly chart is more important. It's the larger tide. I'll be talking about the tide this afternoon. Everything from Nazare, the 100 footers, to the little ruptides or the little flat mark, flat ocean, no waves. Because if you think of this as a tide, look, the tide is really moving to the upside in the Euro. You're looking at the downside in the dollar. But look at the USDJPY, which is the yen, US dollar Japanese yen. It went to a peak F slash B, right in the timeframe that we looked at. You remember looking at this cup formation, left side, right side price, time match. And it did that. It was $137.91 was the high back in March. The high just the other day was $137.77. I just can't, how many times over the last year have I spoken to you about chart patterns? It doesn't even matter the price. That are huge. You can have something like Ulta. And all of a sudden you get these double tops. Look at this. It made a high at 500 and on the 4th of April at 553.06 that spiked to peak D three days ago went to 556. When you do about a $500 stock, I would say the two, three points at a double top. It's really nothing. It looks much more, but it's really in price. It's really not much. And it did the one to one. It did the falling exformation, the breakout to the upside. This is the one I'm watching very closely, because if Ulta beauty, beauty products starts to tank after being one of the leaders in the overall market, let alone New York Stock Exchange, New York Stock Exchange, the Dow, the S&P, the QQQ NDX100 out of all the different indices. This is spectacular. Going from 124 to that 556 level. If it starts to start to pull back on their buying of beauty products, beauty products. Oh, I've got to be a little careful. So I'm watching this. We'll see what happens with the general market. That was down five. I'll be back to talk to people about the webinar coming up this off. The gold report as a precious metal gold is still king. It continues to hold the most effective safe haven and hedging properties across the global major trading hubs of the London OTC market, the US futures market, and the Shanghai Gold Exchange. The gold report. Tom O'Brien publishes his weekly gold report every Monday morning for subscribers, consisting of coverage of the XAU, HUI, GDX, the dollar, bonds, the South African RAND, as well as 25 different mining equities with specific buy sell recommendations. Are you looking for a way to consistently add winning trades to your portfolio? Tom O'Brien is here to help. Tom O'Brien has been successfully trading markets for over 30 years, a frequent contributor to TD Ameritrade Network and CNBC. Tom O'Brien founded TFNN over 20 years ago to help educate investors just like you. Tom's daily market newsletter, Market Insights, is published every morning when the market's open to give you the competitive informational edge you need to succeed. These newsletters are packed full of Tom's advanced technical analysis and are geared to deliver comprehensive strategies for a successful portfolio. Get Tom O'Brien's newsletter, Market Insights today, and try all of our products and newsletters 30 days risk-free with our money back guarantee at TFNN.com. TFNN, educating investors. Biotech is booming, but for how long? Whether you think the biotech bull has room to run or has run its course, trade LABU or LABD. Directions daily S&P biotech three times, bull and bear ETFs. Visit Direction Investments.com slash biotech today. An investor should consider the investment objectives, risks, charges, and expenses of the direction shares carefully before investing. The prospectus and summary prospectus contain this and other information about direction shares. To obtain a prospectus or 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, four-side fund services, LLC. This program is brought to you by Vista Gold, traded on the NYSE American and TSX under the symbol VGZ. Just looking through the list here from the beginning, I missed one. One was stuck. Did I do it? Let me just see. I'm just running through this. I did that. I did that. I did Imogen. I did Uber. KRBP. Is that for me? KRBP? KRBP. Whoa, whoa, whoa. Big move up. Up 131% up 468 and 825. KRBP. I can't even see what it is. KRBP? Well, it's a huge. Maybe it's also in the microbiotax. This has 660 to 5. No, it has 620 to 530 as support. The way it pops up and then fails is done that every single time it's popped up. You've got to watch that support level. This is SB. I did that. I did that. We'll hold it again. WBD. WBD is, so the question is, WBD screenwriter strike, Basil, your thoughts. I am long. It's trading at 12,088 cents. It's up 19 cents. This particular pattern with the inverted V, not just a cup, an arch formation, but a V shape formation. If it holds the left side low, that's usually a good sign. It's trading. WBD is trading at 12.88. It's cold. I don't know why they make this so dark. Ah, Warner Brothers, Discovery, Inc. Ha. Right. Well, chart pattern wise, see the MACDs trying to, the Instagram's improving, but it's still very weak. See the stochastics at 23% and flat. It's okay. On balance volume is very weak. The nine is way below the 14-period moving average. The 200-period moving average is up at 14.37. I would be really careful, and I'll tell you why, because if this takes out the low of the 26, about a week or so ago, about a week ago of 12.54, which is not too far away, I think this whole area here, the first real support in the weekly chart will be at 11.91. That's the week of the long-legged dojo candle of the 20th, week of the 20th of January. So all I can say is, yep, you are long, but you need to see speed, the speed on the way up in the last three days after that low was made. And then the two big days with the gap down yesterday, it says, if you cannot break and close above the high of yesterday, which is 13.21, with the MACD starting, it won't improve until it gets even higher, but it has to start to improve. And that's stochastic, okay, 23 percent, it's not great, but having made this kind of low, I need to see 26.7, about 2060-27 percent very soon. 13.21 is the pink, nine-period exponential moving average. To get that pink to change to black, to go positive and turn from pink to green, oh, I'd say 13.70 to 13.90 would have to be reached. That, for a stock like this, a dollar move up, 11 percent, it does it quickly on the downside. It really struggles to do that on the upside. That's what I'd be expecting. So I would have a tight stop. I would say to you, you can always get back in. And if there's a strike, I don't, it should impact them negatively. So unless you think the strike's going to be done one and done very quickly, I think the chance is it could drag on. So just be a little careful. I'd have a fairly tight, so I'd say, you know, I'd rather get in if there were two peaks, like a peak A, not the one that we saw, but underneath at a peak A, and then another one leg B. In that leg B, I'd probably say, I'd look at it again. So that's that next question came in. Yeah. So I will look at, yeah. So the question came in. Oh, am I going to remember AQST? Is that what we're looking at? AQST? Oh, I can't even remember AQST. Yes. So I'll see if I can do it, if I have time tonight. But basically, I have found that if I am not faithful to this particular, it's one of the few modifications I've made to the Chapman methodology, I mean, significant ones, every little minor ones to my CD book introducing the Chapman methodology. What I can say is that I have found that if I count from this low bar, each successively high peak, it gets me to a place of resistance and a possible turn sharply lower, quicker than if I'm just waiting. Look, I'd have to wait all this time for the leg C. Yeah. I'd have to wait for a move above 1.78, 1.79 stars for leg C. That's the way I'm counting. No, I like this methodology. It's being good. I don't want to take the time to do a left side right side price time match now. I do want to talk about what I'm going to be discussing this afternoon and why I think it is so important, especially if you start to raise some cash. In the context of what has worked, if you look at the XLK, this is kind of the average, this is your portfolio of S&P select spider fund stocks. You've got individual stocks. I'm sure that something like a DDD is in that. I'm not sure, but it's something like a D, which is down at the bottom. I'm sure that ZM, Zoom, is in it. Look down at the lows. Oh, I can't believe I haven't looked at this for a few days. This is multi-year lows. So that just gives you the spectrum of things that are absolute docusigned, things that are absolutely not working, and it averages out because you've got your handful. Really, at this point, it's a handful of stocks moving to the upside, as I said, like a meta. But look, Amazon is kind of stalling. Amazon is not doing that great and made a peak F underneath the previous high that I thought it should try for in this price time match, but it's still the chaff wave inside track repellent zone, and it's trading at 105. At this particular point, you see the rectangle in the weekly, it should have taken that out if it was going to be a real winner in this particular phase. I just think it's kind of stalling, and that's just telling me, if you're looking at, I couldn't even find bank stocks that I could say these are the real winners and these are the real losers because most of them, I mean, Berkshire Hathaway, it's a financial, but can you really call it a bank stock, a financial bank? No, yeah, they could be a bank by themselves, that's for sure, but they are in everything. That's what I always say, my hat's off to always, to Warren Buffett, no matter what he says, and he does things I remember Dave White used to often talk about things, especially Silver once when he was talking it up and he had actually sold. Yeah, these guys do that, but this is a guy that has the businesses. Yes, he has a lot of, he has Occident, he has a bunch of money in companies, but he also runs a chunk of the businesses that he has, which means that he's an active live, he's basically an economic strategist because he's putting his money where his mouth is. So you can see this is a really nice action with Berkshire Hathaway, a monthly chart, about a 50% retracement from the 360 is high to the 260 low, and now look where it is at 326. I mean, compare that to JP Morgan, which was doing great up until about six months ago. Now, look at it, it's stalling. It's just made a peaky there, right? This is the importance of the 200-period moving average. So what am I going to talk about this afternoon? I'm going to be talking about what positions we would like to take on sharp pullbacks, positions that we have, what's the relationship to what's going on in terms of what the Fed decides this afternoon? How does that impact us? Is Gold going to have a big spike to the upside because of what they say, or is it going to pull back? There are a lot of things, a lot of areas that we can go into. You might think that if you want to be successful at trading in the stock market, you're going to need a crystal ball. After all, it's impossible to predict the future, right? Like any endeavor in life, before you decide it's impossible, get some advice from the experts. You might find that it's not so impossible after all. For daily market overviews that give you direction on the key indices, selective stocks, and commodities, subscribe to the opening call newsletter at TFNN.com. The opening call newsletter is written by Basil Chapman, creator of the trading methodology known as the Chapman Wave. The Chapman Wave up-down sequence gives you an edge in identifying price turns, finding the peaks and valleys in stock prices. Get the opening call newsletter by Basil Chapman in your inbox every day. 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If you're not satisfied, let us know and you'll get a full refund within 30 days of signing up. Subscribe to the Fibonacci 24-7 newsletter today. TFNN.com. Educating investors. brought to you by Think or Swim. For more information, just click the Think or Swim banner on the front page of TFNN.com. Hi, folks. The 10-minute e-mini had a low run about the 41, 37-ish area, and that was at about 9 o'clock, then screamed up to the 41, 54 area and it came straight down. This is what I call the Eiffel Tower, a pattern failure. I'm not going to be able to do everything this afternoon. I want to have some very specific things. What I'm going to be doing is show you how you can use some of these techniques, how important it is to be monitoring something like a nine period over the 14 in these particular patterns. I'm going to be saying, these are the stocks. This is what we have. This is what I'm looking at. But what has worked, what hasn't. Thank you very much for the congratulations on shorting the S&P pre-open yesterday with that big 5% pullback in the market, at least in the position rally. No, the day is young. We've got this is almost like both an insurance policy and a policy that says we want to be ready if there is a sudden takeoff to the downside. But going up, I would not be surprised if we chop, chop, chop, making an Bert Simpson's hairstyle, this spiky spike pattern. And next week, we start to pull back on the nine period crosses under the 14. Don't be surprised for anything. I just went through it. Okay, CFLT. I just mentioned that the earnings, it better be good because it doesn't look very, very good positive. So this is going to be, for me, a very important time wise, because timing is very important to me and a very important pattern recognition as well as what stocks and sectors have not held well. Why is the SLX, the steel acting so poorly? Or is this now going to turn out to be an arch pattern that forms a cup formation and starts to rally? These are things we want to look at. What to get in for the next couple of months? And what kind of tactics are we going to use in this environment? So far, they've worked well, but you never know if it's going to stay that way. So I hope to see you all this afternoon at four o'clock, check the front page of TFNN. There's a lot that I'm going to be discussing that's active. It's not just words. I want to put it into practice as I always do. Have a wonderful rest of the day and I'll probably be back with Tommy later on with