 Welcome back folks. This show is being recorded today live at 818 in the morning, well between 8 and 9 actually and being replayed for you between 1 and 2. We're going to make this show as pertinent as we can if you're listening in at the normal time. I'll be back to my normal time tomorrow or should be. So let's go to John and Philly. John, thanks for calling. Thanks for holding. How are you doing this morning? Steve, I'm doing excellent and thanks for taking my call. I just have to say parenthetically it's terrific to have you doing your show at this time of day, especially given the market action the past couple of days gets us all set and prepared to handle whatever comes the next day trading hours. Yeah, no, thank you. Look, first thanks for that. And it is fun to do the show certainly before the market opens because we get to look at the different patterns inside the equity futures contracts and take a look at both sides of the trade out there. So I know that you're calling about the S&P 500. Is it the cash indices that you want to take a look at? Yes, Stephen, I'll give you a first background and then a specific question, please. First by way of background, I actually a great many of the TF&N team for scrutinizing closely and getting us prepared. And it's a vegetable turn lower, which I've been speculating the high that occurred last Wednesday, May 1st in reaction to the rally in Apple's turnback. Mine is the fact that price got up to the September 21st high of last year, 29.8, excuse me, 28.94 level. You've been highlighting that the daily ESM-9 charts, the derivative of a Chapman wave like G, and we all like to make forecasts. I just like to be prepared. And in short, if I decline to lower lows, we get over so 28.94 is keeping resistance. 29, we've got a 6.7 point range there that it's obvious to all of us we can try to resell against those levels, please. What are the, from your work? So where they, I think, John, so let me, let me see if I can, let me start answering the question and then you kind of keep me on the right path here. So the first here's what we know right now at 8.22 in the morning. We know that that key level of support at 28.94 has failed. And as long as price remains below that, it says this change in trend signal is real. Now, that doesn't mean that we're not going to have some very large countertrend rallies in the market. I suspect we are. I suspect it's going to take people by surprise again, but it won't take you and I and all the listeners here by surprise. And we'll go through that and why that is likely to happen. But right now the next key level to be watching inside the ES mini is going to be 28 58. And we just simply take a look at that. We know that that's a weekly profile. The cool thing is that's a profile that formed right now. So that's the play between the buyers and sellers that is on the field right now. In other words, the ball's been advanced. It's been able to have moved past the midfield out there, which we'll call as a 28 94 level. And now sellers are going to try to press the metal and they will press the metal and succeed and make their way towards the end zone. If price is able to close below 28 58. That is the next key level of support out here. Now to go back to the fact that what we both agree on out here is that we're the S and P is also in a consolidation pattern. It's more clear in the Dow. But if we just simply look at the quarterly timeframe chart here, John, for the ES mini and we take a look at resistance being 28 85. You're asking where can price bounce to that would certainly be a level that I would be watching. But where is it that price can pull back to? So where's the larger picture? If in fact what we just entered into while we're in the unfavorable seasonal cycle is a intermediate term top, there is actually no reason from a profile standpoint and other levels will have to fail. We're in the bigger picture price couldn't make its way down to 24 67 or 23 27 out there. Again, no forecast not making a forecast just providing you and I with some line of sight work to help us understand where there's other support that maybe others would not have noticed. Now the monthly timeframe chart is really kind of interesting out here. This is the ES mini and right now price is contending with the top of that monthly profile. So 28 92 is a key level. If it come the end of May, price is close to above that. We're gonna have to re look at the the signals out here. But it's it's really inside the ES mini. On a monthly basis, John, let's say for the month of May, what you'd really be looking for to give you that downside push information that larger change in trend, I would say would be a close below that 28 28 level that happens to be the center of its profile. So the center box, this is the lower left hand panel folks that we're looking at that what that represents is on for that specific timeframe monthly, both buyers and sellers are believed that there's fair value. So a long term trader would be saying, man, if price could pull back to 28 28, this would be the bulls talking. I want to take a position here. But we also know that the top of the box is where sellers are just simply lined up. Just think of this. I just like a football analogy out here is understanding both sides of the team. And so when and since the center of the line of the box is closer to the top, if price can get below 28 28, then that really opens the move to 25 75. I know that doesn't answer all your questions. Why don't you hang on through the break and it can formulate what I didn't answer for you. We'll go take a look at that too. Steve Rhodes with TFN will be right back with John and Philly. Take a look at the S&P 500