 The following is a presentation of T F N N. The Traders Edge with Steve Rhodes. Toll free at 1-877-927-6648. Or internationally at 727-873-7618. The Traders Edge. Now Steve Rhodes. Good afternoon folks, welcome to the December 12th, the terrific Thursday edition of today's Traders Edge. I'm your host Stevie Perseverance Rhodes. Glad to be back with you. Sorry about the last two days out there. I live on the inner coastal down here in South Florida. The ocean is about 500 yards off of my front door. And so we get a lot of, you know, problems with all the salt to simply corrode things. And that's what it did. It corroded the, it corroded my internet service, not here at the house, but at the, up at the block and took them a little while to get up to speed. But we are up to speed. Great to be back with you. Hope you had a last couple of great days out there. Hey, tomorrow morning, I'm actually going to do the show from eight to nine. So if you want to listen to it live, tune in with us tomorrow at eight to nine. But we're live right now. And I'd love to hear from you. You can give us a call at 877-927-6648. If you can't call in, we've got you covered. You can send me an email, Steve, at tfnn.com. And inside the subject heading, just put radio show question, if you would. Of course, in our Tigers Den, any ping will do. So let's go ahead and get this show started. Let's take a look at the markets right now. Everything in the green. Indice-wise, you've got the Adalap 137 points. That's a half a percent. S&Ps up six tenths of a percent, or almost six tenths of a percent, 18 points. NASDAQ 136, Russell up 10. Spotball tilt index, oddly, is still trading above its 50-day exponential, will be an average. We'll go take a look at that, but it's trading at 1446. Gold's off two bucks, silver is up nine cents. Lights we crude is up 71 pennies, trading out at 59. 47, running right into a resistance level, trying to get its change in trend. So we'll take a look at that as well. Lead the charge, excuse me, to the upside. Well, bill.com out there, although I believe this is the first day of trading, booking holding is up 13 bucks. You've got Karuna Therapeutics 13, Metler Toledo up 11. SVB financial up nine to the downside, its lending tree, that's 14 bucks. The downside, nearly five percent. Lululemon off five and half percent, or about 13 bucks. Restoration hardware down 11, nearly five percent out there. So certainly things to look at, of course, I want to look at what you want to look at. No requests out there kind of makes sense. Have been present for the last couple of days, a couple days so nobody knows whether I'm doing a show or not. But that's OK. Actually, it's kind of perfect because what do we want to take a look at out here? I got to tell you, these are really interesting markets. And today's move higher and spike higher. Let me see if I can pull this up here. I believe it's right here. Yeah, so we're going to start off just taking a look at. Get an overall health checkup of the market because it seems kind of healthy, doesn't it? But man, look at this. When I say look at this, now we're taking a look at here, folks. You've got the cash indices that's in the upper left. And you've got the S&P 500 sectors. And then we've got the equity futures contracts just below that. And what we have here is you've got really, well, several columns, but three primarily right in the dead center. It says daily, weekly, and monthly RMI, Rhodes Momentum Indicator. Now this helps us to identify those top and bottom signals out there. And then we have Stevie's red green line referred to as the oscillator and change line. You've got either if you're trading above it, then that becomes support. As you know, if you're trading below it, such as the Dow Jones Industries is trading below resistance, Stevie's green line. That's 28049. We're trading at 28042. But that's not the point that I wanted to make. The point that I wanted to make is take a look at all these topping signals. Now the light yellow is an indication of a change in trend today, our signal today. Of course, the day's not over. The signal could not really, not today. It can't vanish. But you've got nearly every industry. You don't have the socks. You don't have the transports. Although I believe the transports may have had a pattern like this. And it's already just traded lower. We can take a look at that out there. You take a look at the sectors, your top three sectors, the XLK, V, and F, financial and health care out there. They've all got the topping signals. Then you go down one more level. That's the communication sector. That's where you've got companies like Facebook and others. And you can see all these tops, signals out here on the daily timeframe. Now, here's the key. You can, this is a signal for the most part. It's a signal versus the actual high just yet. But we've got this, if these do confirm, and we'll go through that confirmation process out here, if they do confirm, folks, we're in for one heck of a change in trend. One heck of a change in trend signal. Now, they may not confirm, and that's why we want to, that's why we're very methodical, or I am. You are too, if you're listening to the show, very methodical about just waiting for the market to communicate what it wants to do for us, what it wants to do. Period, that's for us, but that doesn't really matter out there. But knowing that, knowing about these potential topping signals, how valuable is that to you? Well, you may say it's not valuable to you at all. For me, I think it's extraordinarily valuable to be able to understand and not get caught up in the emotion of the market. So the emotion of the tweets or whatever it is that might send markets spiraling higher or lower out there. We just want to be able to understand the patterns and how to trade those patterns. So now let's go take a look at the, let's look at the cash indices. We typically start off by taking a look at the equity futures contracts. We don't have to do that. We can go take a look at the S&P as an example. So in the case of the S&P 500, you're going to see prices moving higher, doing less relative energy. Now we had that pattern in play for a couple of days out there. Let me get my cursor out here. Those couple of days were the days of November 25th and November 26th out there. Now just because a signal's present doesn't mean it's a top. And in this case, it did not prove out to be a top. And the reason is because it started, the S&P started moving higher with less, with more energy. It actually did that on the day of November 27th. When it did that, it invalidated that pattern. However, we've got a new one that has formed today. The requirement here, there's really two, well, there's several requirements. There's five different elements to this pattern. This is a pattern you absolutely want to know. If you don't know it, if you're not certain of it, if you'd like to learn it, then just go subscribe for 29 days or more. But at least 29 days, you'll see a workshop, an archive workshop on my members page that we'll explain to you exactly in detail. And this, you can use this for any timeframe, any instrument out there. But, you know, back at the ranch right now, we do have the pause button is on inside the S&P. Now with the S&P 500 has done, it has completed an A to B equal CD pattern. So that's out here. It did the one to about between one and 1.272. And it actually did that on the day after Thanksgiving. If I didn't mention that, let me make sure that I do mention it. This pattern must be confirmed with some type of bearish reversal candle. And that's not what occurred during the last time that we had this pattern that was out here. In fact, you had a gap to the upside rising window on November 25th, followed through the following day. And then you had another gap up on November 27th out there. But that's how we put this together with the equity futures contracts. We know that the gap up, you know, it shows up in the cash industry because it's trading for six and a half hours versus 23 hours in trading the equity futures contracts out there. So we, and this bear sash says that resistance is actually the high of November 27th. That high is 3154.26. You're at 3161. But if the S&P closed below 3154.26, the A to B equal CD pattern, the cell, the D point is still in place. But you've also now got a rose momentum indicator. You've got it for the S&P. You've got it for the Dow, for the NDX 100, the Russell 2000, you name it. It's pretty much there. It's going to be very interesting. Steve Rogers. You're right. 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Call now toll free at 1-877-927-6648 internationally at 727-873-7618. Our folks dollars up 146 SNP is up 20. Now we took a look at all those roads momentum indicator signals in the cash indices, SNP 500 sectors and so forth. And here I'd mentioned as we open the show that the spotball utility index is still trading above its 50 day exponential moving average. That level is 1415. Now we're trading at 1438 at the end of the day. That means the close today. If the spotball utility index is back below its 50 day exponential moving average pretty good signal that markets are gonna continue to move higher doesn't again doesn't matter about the road momentum indicator signal out there it only matters when that signal generates the in this case here because we're looking at tops the bearish reversal candle out there. But with price still above the 50 day exponential moving average as I say these markets are really interesting. All right now I can understand why we're not seeing whether why the downside is not getting any traction even with the spotball utility index being above its 50 day exponential moving average. And the reason is because of strong market breath market breath will Trump not referring to the president will just simply Trump issues with regard to liquidity out here. And that's what we have. We take a look at the New York Stock Exchange the advanced decline oscillator reading that is panel number two on this chart that you're looking at panel number one is the price of the New York Stock Exchange out there and panel number three is a spotball utility index in order for there to be traction to the downside you need both market breath to be in a bearish position or sellers to have control and that would be trading below the zero threshold line at the same time with the spotball utility up above its 50 day exponential moving average. So we don't have that there but still that spotball utility index above the 50 day should give most people pause out there. If we take a look at levels of resistance what is going on inside the market look we can take a look at the daily equity futures contracts but they've just rolled over to March and so the data here to generate our profiles is okay but suspect you and I have better and the way that we have better is we use DB's synthetic contract. So if we move over to the ES mini here's what we're going to see out here you're going to see that price is right now trading into the top of its daily profile that's 3158 and trading in the top of its weekly profile and the weekly profiles also 3158. So 3158 is the number we're trading at 3161. No idea where the ES mini closed the day but if it closes back below 3158 there's no breakout that is in place as we speak just yet. Now we've got a question that is coming let's go take a look at that. We've got two questions out there one that came in by email earlier and this is from Allen and Allen wants to take a look at that ticker symbol MRVL that's Marvell. This is a long maybe a long term hold position due to participants 5G roll up blah blah blah do you please do your analysis of your tools for all three time frames. So let's go take a look at Marvell. Here's what we know about Marvell right now Allen and take a look at the daily, weekly and the monthly time frame is that price has found resistance this month this week but not today. Today price is above resistance and that's the 2513 level that is the top of the daily profile. However you and I can see this little island top out here inside of Marvell and you're hoping that this can go back and by an island top let me just simply expand out the daily time frame chart and island top is where you have a session or a period of sessions such as let me just go ahead and kind of rectangle it in here square it in which means from the trading day of November 4th all the way through the trading day of December 12th and what happened on November 4th is price had gapped up so it creates this little gap or area in price and then what we see that takes place on the trading session of December the 3rd price gaps down and so the bottom of that gap is from December 2nd that low is 2578 the high today is 2575 so there's still a three penny island reversal so you just need I'm not suggesting now look an island top is a bearish reversal there's a bearish pattern out there nothing more bullish than a failed bearish pattern but right now that's what's present that you want to really keep your eye on I'm not suggesting that you get out of the trade you've got a profit I'm just suggesting that you maintain some kind of stop in this it's 83 cents is the average daily true range you need to have a stop that is in excess of 83 cents because you don't want to be stopped out just from average normal daily movement of the equity so that's your concern now price can close back above 2578 officially this will have rescued those stranded shareholders which has been for a couple of weeks out there at that island top now on the weekly timeframe if this is just a counter trend reversal in Marvell Technologies just by using the profiles out here the price in essence has stopped where it should stop why do we say that just simply in taking a look at the top of the weekly profile 2566 and at 2645 out there that is the top of the monthly profile so the monthly and the weekly and you mentioned here long-term hold you really want to see price close above those levels so without even looking at the other charts out here what we know is that be cautious be cautious prices definitely made its way up to resistance levels that could be a counter trend move out there now when we say counter trend move out here Alan if we look at the weekly timeframe chart this here has formed really two roads momentum indicator signals both at resistance level so if you're looking at this to be a long-term hold right now you've got these important topping patterns out there very similar to what we looked at that may be setting up inside the equity markets hasn't set up but it has all of these signals I can't recall a time in the past where I've seen so many of the equity indices at the same time generating that same signal out here you're looking at Marvell on a weekly basis you can see the bottom out here that was formed with the roads momentum indicator you can see the high back in March of 2018 was that 2018 yeah forms a high with the roads momentum indicator you can see the high that formed out here back in July of this year the roads momentum indicator pushing price back to a support area that TD9 breakout level you can see the shooting star out here that formed on November 15th you just got to be careful because of these topping signals again resistance can fail but you've got the at this stage here it's a countertrend rally and really price would need to close above 2614 on a weekly basis in order for the charts to suggest something different out there so you know I hope that helps you out and let me just put up the daily timeframe chart out here the daily timeframe chart look I get to understand my price find support back here in the December 5th area price was coming back to the 2553 level that was the TD9 breakout support area out here so all this makes sense I would just simply be careful because of that weekly and then what the monthly chart is doing as well so thanks for writing in Allen hope you have a great day now Ruby wanted to take a look at upside for corn so if we take a look at March corn out here has had a nice move here today in an essence of this the second time Ruby in this area where March corn has well it confirmed the A to B equal CD pattern let me get my cursor out here oops didn't mean to do that not that that was a problem but let's take a look at this here so it confirms this A to B equal CD pattern back here when it generates this bull sash on November the 12th out there but that pattern got violated because we saw a close below that bull sash candle out there and it moved below there on November 15th and November 18th but now you've got another bullish another bull sash candle oddly enough you're asking me for the upside target it's really simple 387.75 that's the resistance level that was established by that TD nine count breakdown so on a daily basis it's 387.75 D. Rhodes with T.F.N.N. Hope you're right 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 trait 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 S&P 500 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 T.F.N.N.com and get immediate access to workshops where I take you step by step how to use an extraordinary set of tools as well as provide great market calls to sign up today The path of least resistance is David White's daily trading newsletter and if you're looking for active trading ideas then now's 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 all pertinent market information 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 Lease 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 T.F.N.N. and you'll find the path of lease resistance under trading newsletters for all the details and to start your 30 day free trial today log on to tfnn.com now T.F.N.N. 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 program The Art of Timing the Trade Charts allows you to scan thousands of stocks for Fibonacci formation setups including guardleys, 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 gonna 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 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 38SMT18, NASDAQ up 35 points out there Let's continue looking at the charts No request, phone lines or open email lines or open Steve at TFNN.com I just please put radio show question and of course any ping inside our Tiger's Den out here So let's continue looking at the let me switch back to the futures contracts out here You'll see all the exact same patterns Now we look at the ESMini Let's just start with that We were looking at its TAS market profiles earlier Here you can see price moving higher doing less route of energy But as long as price closes above the high from this bearish engulfing candle Let me get my cursor out here that was on the trading session of November 29th Any close above that level That level is $31.55 is bullish But we'll use those TAS market profiles that we looked at I believe that was $31.58 as the number And if we see that close then what it would look like to me is that prices should move higher throughout the end of the year Now how much higher? Great question To answer how much higher if price above all market profiles And we either need to see an A to B equal CD pattern which I'm sure we can go find Or we can take a look at the horizontal trading ranges Let's just do that because I've got a tab right here that's got our ESMini horizontal trading ranges daily, weekly and the monthly out here And as we take a look at that you see a conglomeration in the $31.84-ish area And so that's really if price can clear that then you can see $32.94 which would get you into the $33.00 area Whether or not the roads with the indicator signals will be present at that time if the markets make that move I don't know We just know they're present and what that means is that you and I will just simply wait for the market to communicate to us which is if we do see a bearish reversal candle I don't know that that could take place today there may be able to be some shooting stars out there or something but they're always I suppose are good but I don't know what's going to happen next I do know that what action to take right now is just a warning shot across the ball ball across the bow of our boat out here but $31.84-ish area is a fairly significant resistance range above that then you're looking at about the $32.94-ish area Let's come back and take a look Let's do really in essence I guess do the same thing Let's take a look at the NQ this time because if markets are going to move higher certainly the NQ is going to be a participant out here and let's take whoops let's try to just type in the proper synthetic contract out here NQ is always good let's get rid of the space it's out of space there we go so here's our NQ in just a moment we'll get the so price above the daily, the weekly, the monthly the quarterly out there so the NQ is Uber strong at least with regard to its TAS market profile so if we take a look at the daily time frame here for the NQ what do we see? we see price moving higher doing less relative energy trading above the resistance level established by that cell the D point of that dark cloud cover from the day after Thanksgiving out there and so where is price headed to next? Well here's the A to B equals CD patterns out there this would give us a price target of $86.99 Let's go out to John and Philly John thanks for calling thanks for holding John how are you doing today? Everybody is very pleased Steve that you're back online we were starting to wonder Oh sorry about that Yeah, I don't know it's not your fault Yeah, yeah, it's a we thought yesterday we might have it by game time but just just wasn't working so 80 anyways I'll tell you what's there Yeah, the Delray Beach Public Library probably has an internet connection for you Well, I was doing my newsletters from Panera Bread There you go Steve, I wanted to follow up with you please the ticker symbol I gave Dylan was ticker symbol XOP that is an ETF of oil and gas producers I wanted to ask if you take a look at XOP and XES you recall back on I think it was the week of Thanksgiving I had started speculations along those energy equities and the crude oil futures particularly the deferred futures that are in steep backwardation and all those trades are starting to work regrettably I bought and actually already exited at small gains last week I think it was the XOP and XES but if you could pull up those two ETFs and see where they now stand using your profiles and your your remark indicators I'd appreciate it sir Yes, so John, just out of curiosity do you make any trading decisions on XOP based upon what Lightsweed Crude is doing? You know, I'm very much in the camp of Larry Pezevento I look at each instrument on its own merits but you also know I'm looking to trade on intermediate term basis and I only do so when I can at least have a guesstimate as to why fundamentals would line up and drive an intermediate term rally or decline and clearly in this particular case a rally phase in crude oil futures both nearby and distant down the calendar as well as the energy industry ETFs and the common stocks they'd all be obviously subject to the same fundamental factors Sure, sure, sure, okay and so the reason I ask is I'll just start here with the regard to Lightsweed Crude which right now is trading in between support and resistance support out here is 58.67 that's Stevie's green line, the oscillator and change line and resistance is another green line, it's the horizontal line you're looking at that's a TD9 count breakdown level of 59.60 now what Lightsweed Crude did about four or five days ago was it generated wave number seven or potentially well it was wave number seven no matter how we look at it which can be a topping signal, Lightsweed Crude is going to be in day or bar seven of a TD9 count out there so price and resistance if to the extent that there's some type of correlation intermediate term for you with regard to XOP or XES and what Lightsweed Crude does you really want to see price close above 59.60 to tell you that there's more rally left in it out there which is your resistance area so that's one thing I'd be watching now back to the actual XOP out here one of the things that we looked at John this is from the longer term side of it is the monthly time frame chart which so far has a bullish reversal candle at the bottom of a rose momentum indicator signal it's also going to be bar number eight or peers like but I can't really say that you can't say that but there is at least a a rose momentum indicator bottom now if the XOP is really going to take off topside out here what it needs to do is close above 23.22 out there now that number is going to change as price moves higher but just kind of use that as a guideline level if price were to close above that that's Stevie's redline or the oscillator and change line on the monthly base that would be a nice bullish signal out there but that's a monthly time frame chart when I go back and I take a look at the daily or the weekly it becomes less clear to me what the XOP is trying to do I don't have a a real good bottoming signal out here I can see you know triple bottom so to speak out here bar number six of a TD set up nine count with the XOP having really strong daily resistance at 23.98 hey John we've got to go to a hard break but if you stay through the break we'll go back and take answer any questions here about XOP and we'll take a look at XES that's for John and Philly Steve Rhodes with TFN and we'll be right back if you're in the CD market and looking for a secure investment the Tiger First mortgage program may 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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 don't forget you can listen to TFNN live on your mobile device 24 hours per day go to TFNN.com and hit watch tiger tv that's TFNN.com and hit watch tiger tv for the latest market information John and Philly hey John I really like that the library idea and plus I won't eat as much you're stuck in a Panera you know you're think they have too many goodies there to be eat tell you lots of temptations in that place exactly exactly so XES is a whole lot better looking ETF than XOP at least from from my standpoint out today for example if we take a look at it the top of its daily profile that would be the left hand panel on this set of charts that you're looking at is at a price at 755 this is trading at 761 now if price does close above 755 today and tomorrow I like to see two closes above or below support or resistance this would be a close above support that would be a very strong message not just so much because a close above support but because the center of that profile is at 745 versus the bottom at 705 so this is truly a bare structured profile the sellers are lined up between 745 and where we're trading right now the question is can those sellers push price back below the 755 level if they do then a key level of resistance and you'll know it will have held and if price close above that you're looking for a second close above that tomorrow should you get that that would signal a move up to and now the weekly profile is bullish in structure the exact opposite the center line is at 729 the bottom at 680 those two are much closer in proximity to each other than the top at 853 and so the combination of the two says hey you close above 755 you do for two days in a row you're up above the center of that bullish structured weekly profile at 729 853 becomes your price target though the monthly isn't really in play right now at least as far as signals because price is down below the bottom of the profile if we look at the daily time frame chart this bottom with a td setup nine count it did it on November 21st out there you asked about those levels this is going to be bar number seven the resistance out here is a 28 on the daily time frame chart that was a td setup nine count so you got a 28 you got 853 on the weekly those are the levels that it appears right now as of 1 44 in the afternoon where the xes is headed to and the weekly time frame chart here you had mentioned intermediate term time frame out there baby i've misunderstood your use of that but look from a intermediate term time frame weekly time frame chart this is confirmed a rose momentum indicator bottom it has done it several times it confirmed it once the week of October 25th with the bullish engulfing candle it did it again the week of November 22nd with a hammer candle it did it the week after with the bullish engulfing the xes is signaling to us that this is a fairly significant bottom why the xes is looking so much better than xop obviously some of the constituents inside it but i really do like the look of the xes chart right now what questions answered everything i was interested in i appreciate it perfect buying the xes on the next daily chart dip oh perfect perfect sounds great well watch that 755 level that that old resistance could become you know new support or 745 745 to 755 would be the area that you be looking at excellent thanks again by now hey you bet thanks for calling thanks for that library idea never really stop to think about it huh that's folks in between in those walls there between the library that's where all the knowledge is that's of course i don't think they were open at 6 in the morning 6 30 in the morning out there but so be it in any event we do have another request out here this one coming in from hd hd wants to take a look at apple so let's take a look at apple try to figure out what it's doing it is trading lower today off by a dollar and change out there so not really a big deal but let's go take a look at its three timeframes out here try to figure out where this is trading in relationship to its profile support of resistance above the daily which is 282 25 above the weekly above the monthly so really we take a look at apple everything looks good hunky dory out here now i don't think this chart has updated for today's candle session out here um yeah it hasn't but um and so my apology to for that hd you which wanted me to take a look at i don't know if there was anything else so i guess you wrote in yesterday um please look at apple we can set him up in quite a bit the newsletter did show topping signal thought i'd make make 300 bucks so um so here's the daily time frame you've got a confirmed roadmap indicator pattern that happened out here on uh no december the ninth when that bear sash candle so what this says is you need to see it close above the high of either the well in this case here it's going to be the high of the prior session out there that's the high of those two candles that's 271 and what price did today is it ran into resistance at steve's green line out there there's no breaks of support you say you have a nice profit out there um again i don't know what all that means but price is not broken through support for me price would have to close below 261 so another seven eight bucks to the downside that's the bottom of daily profile in order to say there could be in order to really say that there's some problems out here um and those problems would take price down to about the 237 area that is the td9 breakout area so that's the daily the weekly is going to be in bar number seven so no top just yet here and last week what we saw is price moved back tested support area that was steve's green line that is now 260 50 last week was lower but what price did last week would just simply pull back and test a key level of support and then on the longer term the longer horizon it's not there yet but what you have is really two patterns that could be forming here uh you've got the td9 count this month is the month of december we've seen a higher high so if a td9 count is going to identify a top that can occur on either bars eight nine or the bar following nine such as an example the bar following nine and the road's momentum indicator back in september of uh 2012 we're looking at a monthly time frame chart that generated that so yeah and it's the same setup that you have going on right now hd with the exception being you don't have the bearish reversal candle out here so no reason a reason to be cautious but not a reason to exit your long trade that you're in you've got a winning position uh not a look an aggressive trader i can understand the reason to go ahead and take the short because of the confirmed signal on the daily time frame out there but you know without any clear breaks of support makes it makes it a bit iffy out there in fact if you look at the daily profiles out here you know the new one that just form uh that's not so new it's about four or five days old this is bearish and structure price above the top of that at 268 25 out there and here would price pulled back a couple of days ago on december 9th what price came back to was that center level that's why i gave john the the range on xes that that range if you didn't notice it was also the center of its the center in the top of its daily bear structured profile same thing here in apple bear structured price trading above the above that level so uh topping signals galore what we see in apple is uh hd is like we've seen uh today you just take a look at the s and p 500 sectors and and all the cash indices out there and um if there's look if uh like i if there's a it's just if there's a bearish reversal candle and then we can identify levels of support we know what the markets are going to do out here um uh and and we just have to we just have to do the markets do what they do for you and i to not get caught up in an hd i'm not just talking to you all of us out there not get caught up into the emotions out here at the market you and i are pattern traders we just pay attention to the patterns we wait for them to confirm see roger tfnn we'll be right since 1984 basal 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 basal noticed that prices under most circumstances virtually always had a certain number of legs to the upside before declining sharply later basal found that computer software which included the standard market technical indicators enhanced the degree of accuracy and calling price turns as well as market trend calls thus was born the Chapman wave sequence using the Chapman wave methodology along with other indicators basal 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 basal'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 basal's newsletter the opening call today by visiting tfnn.com 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 10-year treasury is hovering at around 1.5 percent 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 as of september 3rd gold report subscribers have five active open positions with an average unrealized profit of almost 38 percent 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 you know what's cool taking something that's good for you something specifically formulated to help with weight loss better sleep stress reduction and the need to detox nika our hunter and 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don't forget tomorrow please listen in from eight to nine if you can the show will be replayed in one at one to two but i'll be recording this show i've got a prior obligation and we'll record it live from eight to nine take a look at the futures market see what it means out there i think the last instrument in essence that we're going to be taking a look at as we go into the two-minute wrap here uh joe had a sent in a request and joe's question is what do you think of jnug for a long trade today now joe i don't know if you are i don't know what your time frame horizon is when you say just today day trade or what have you so let me just step back and take a look now we know that gold the price of gold and the money and equities are directionally correlated so if we're going to get this right really quite frankly paying attention to the 3x etf chart out there is probably not going to help us as much as paying attention to gold so here's what we know about gold in in the upper left hand corner is the daily time frame upper right is the weekly lower left is the monthly lower right is the quarterly now what we can see here on the daily the weekly and the monthly time frame you can see the price is trading between profiles so what i want you to understand joe is there's no breakout there's also no breakdown right now there's a definitely a series of lower highs and lower lows inside of gold and if you look at the last five weeks i would just take a look at the right hand panel upper right hand panel out there the weekly time frame chart you look at the bodies of those questions somebody has their thumb this is metaphorically speaking on the price of gold and it's not really moving a whole lot out here so i would be patient if you're asking me where would you buy into junior nugget well that would either be gold testing 1460 the bottom of its daily profile or 1435 30 the bottom of its weekly which also lines up with the bottom of the monthly at 1433 so unless your question joe was about intraday and price here today rejected the top of its daily profile on the daily basis out here at a minimum wait to 1460 before you attempt that trade hey folks thanks so much for being here stay tuned two great hours are left david whites up next time will brian after that and then i'll be here at eight o'clock tomorrow morning to kick things off on friday the 13th i love it that's my lucky day lucky to do a show with you early tomorrow take care folks to see you tomorrow