 The following is a presentation of TFNN. The Morning Market Kickoff with your host Tommy O'Brien. Hi, guys. It's Basil Chapman here, sitting here for Tommy O'Brien. This is the Market Kickoff Hour and Tommy's service. There's rocket equities and options report. He's out of town. I'm sitting in today. Very interesting. I just want to show you this pattern. I have a whole bunch of patterns that I've developed over the years. I'd call them proprietary, but since they've been public for so long, I guess I have to call them public. There's a pattern where if after the left side high at a peak, the fourth highest peak peak, D, E, or F, there's a sudden sharp pullback and you start a brand new move to the upside. There goes from a bicycle upgraded to a buy mode. The implication is that it should go to at least four high peaks, D, C, D. D is the fourth highest peak. But if in the interim period, there's a very sharp move through that previous high in a shorter time period, then if you did a bar symmetry with the number of bars on the left side equalling the number of bars on the right side, then what you've got is the potential for a Chapman wave cup and ladle pattern. It looks just like, you know, how a ladle just it continues that right side straight up whereas a cup and handle has that little cup handle formation, one that I do not like at all because invariably the price goes up and it goes right back into the handle. This is different. This is a powerful move. And what it does is when it takes out the left side high, it takes on the new letter, which is AB in this case C. And then it says it can pull back, test the lip on the left side and then probably go to a D. And boom, there we are with D and we're actually even in an E right now with the E-mini futures up 24.50. Nice technique and working very well here. And look, the nine-period moving average is over the 14. The MACD strong stochastics at 79.50 and I like over 80%, but it's close and the on-balance volume says there's a little blue line. You can see it moving around there. It says I'm getting a little overboard. I might have to have a little bit of a rest. I've continued the wave count. There's the very same thing here in the 10-minute chart. And let me just do this right here. This is the E-mini future. This is the December contract. So that would have been a left-side right-side price time match to the bar symmetry of that low and it got there sooner and went to a B, went to a C, tested the left side lip and boom, to a D. Then you've got that bad news. It comes down sharply, holds above the 200-period moving average. There's a 10-minute chart. Look, the green nine-period moving average is still, even with all of this going on. It never went pink and never flipped negative, even with this Chapman-Roman candle right here. And now we've gone to a leaky. Now we might have a little bit of a digestive phase and we'll see what happens. Oh, I should just check with my producer. Did anybody, am I going to go through this? Yes, yes, yes. Is Kevin around? Maybe he's not here today. Just let me know if Kevin's around. I'll talk to Kevin and we'll do that in a moment if he's around. Let's just do a whole bunch of things here. So this is the futures early in the morning. This is Crude Oil up $1.19 at $89.71. There are a number of aspects to this particular market now. If you're looking at like a chessboard, I shouldn't say that I'm not particularly good at chess. But if you're looking at it as a chessboard, at this particular stage, oh, that should have been to the right. Let me just move this over because you always go to the left side of the lowest low bar to start your buy. There you go. So this is Crude Oil. So you can see we've already got your leg D in the weekly chart under the previous peak B that was at about 94. That was in the continuous contract back in 2022. And it plummets down to the 63 level and now it's up at 89.59. Look at the beautiful symmetry of these cup formations. Look at the Chapman Wave inside wedge, target, resistance line. It keeps bumping that and then pulling back a little bit. The monthly chart is starting to improve quite a bit. But within this context, there's nothing wrong in all the technicals in the daily chart. And I have no choice. I'm calling this a B with a big question mark because is this a leg B? That means we still have to make a peak B that's a lower high, then a leg C, and then a lower high that becomes a peak C, and then a higher D. And then we pull back because after G in the Chapman Wave methodology, there's no H. So you have to look at this and say, well, if this is a Chapman Wave flat base unconventional restart right here, we'll come back to the 78 level. We can have some really choppy moves, but it's not. This is like a Chapman Wave cup and ladle, breakout pattern. And that says that the 94 area could be hit sooner rather than later. Okay, that's crude oil. Let's just go through these one at a time. I'll go to the continuous contract of the Dow up 204 and 35. It's so interesting. I don't know how long I spent last night, even yesterday all day and then last night and then this morning. I wanted to buy the, we are short the Dow from the exact high of August the 1st. I wanted to buy the three times long, we are still along a core position the three times long Dow, the UDOW from October. We're still along the Dow diamonds from October plus March of 2020. So as a trade, I was just going to, I was like, let's buy this as a trade. And then we'll just, if we write and we correct, we'll just raise the stock. And then I thought, I just, I didn't like the fact that the market had already rallied quite a bit and anticipated. And then with the news that came out, whatever the economic news was, the market pulled back, but I mean, the futures only went down so that it was still up at 15 points. So I felt a chunk of the move might already be done. If it starts to break this Chapman Wave inside track repellent zone, see this expanding, declining cone, too many words, I call it the falling axis. It looks like he has the handle, he has the axe blade expanding. If this gets taken out, then each higher high on the left side, well, I should say lower high, or 35,295 on the 5th of September becomes a target. Then the next one is the one on the 31st of August at 35,503. We'll see what happens. The day is young. Anything can happen. And it's still a pink nine-period moving average. Yep, it could flip to green, but it hasn't yet. The Magdy's okay. It's not great. It's just okay. The relative strength is improving a bit, but it's at about 53%. And the stochastic's at 53%. On balance volume is not that great. So I'm watching this scan saying, oh, you show me, but Friday at four o'clock is the close of the weekly chart, and that's going to be important. So let me show you why. Look at the S&P. So the downright now you can see holding quite nicely right over there, the nine-period moving average, quite strong over the 14. Now look at the S&P weekly. Much better. Look at that. I haven't got a single signal to say I've got a cell in the weekly chart. I've got a cell mode in the daily, and it's holding quite nicely. I should go to the E-mini because that's active right now. And you can see the E-mini, that falling ax formation, retesting into the inside track, repellent zone. Doesn't become a repellent zone by the end of the day. That's going to be important. I'll be back in a moment. Basil Chapman sitting for Tommy O'Brien and the early edition of the time, 14 a.m. Eastern time. S&P is up 25. Downpubes is up 200. I'll be back. If you're looking for potential trading setups in the stock market, then Rocket Equities and Options Report is a newsletter you should try. Tommy O'Brien delivers options and equity trades when the markets present them using a combination of fundamentals and technicals. Sign up for Rocket Equities and Options Report today with a 30-day money-back guarantee so you have nothing to risk. For all the details and to start your subscription today, visit the front page of TFNN.com. TFNN Educating Investors. Everything in the universe is governed by the Fibonacci Sequence. This mathematical principle is responsible for everything from the most aesthetically pleasing artwork to patterns in the stock market. To stay on top of stock patterns you can take advantage of, sign up for the Fibonacci 24-7 newsletter at TFNN.com. 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Sign up today and become a part of this educational community of traders, just visit the front page of TFNN.com. Hi folks, we're back and Basel Chapman sitting with Tamir O'Brien. It's called Rocket Equities and Options Report, but he's programmed at 9 o'clock in the morning. Eastern time is called. This is the market kickoff. So we're looking at the futures, the S&P look. Here we are, we're going to this cup formation. It's almost like a rectangle. We can say it just a little longer, but it says that the big rally to the upside is just now taking a little bit of a pause and we'll see whether it stalls or whether it continues higher. We've got the market opening in about 13 minutes or so, 12 minutes. In the meantime, back at the ranch, this is what we're really looking at. I wanted to go through this. Look, the volatility index, a gauge of fear, really, market fear, has done this dreaded H pattern. What is the dreaded H pattern? I shouldn't have said it until I had everything ready, but I'll do it right now. It's this pattern right here where the price comes down sharply and holes, rallies, goes to a peak A or B, two peaks higher or one peak high, then fails and then takes out the left side low. If it takes it out within two, three bars, if it hasn't gone back into the upside of that low, slow, there's a chance it can even double to the downside. Well, in this case, the fixers don't do that quite exactly, but look at this. There's this H pattern, it goes to an A and fails. Here's another pattern, it goes to an A and it's pulling back. It's a $13.15 right now, down 33 cents. So it's testing the left side low. And you can see the MACD's deflecting lower, the 9-speed moving average. So this is telling me that this internal strength, and it's one of the reasons why I've been looking at this market and saying there are so many signs that are indicating that the market should be rallying strongly. So I consider this based on other facts that we are looking at basically a shorter term, and this is why I've been talking about this and I'll go through it again, why I'm saying my daily charts, and I'll just go through this one more time. Look, the daily charts are stalling. They're not really tanking, so I mean short term cell modes. The weekly chart has the action that says it should go to a cell signal, but I need to see at least one more close underneath the 14-period moving average, and it's above it right now. It's $34,575 on the close yesterday. The futures are quite a bit higher. So let me just go to the futures to show you how the pre-market is a little different. Pre-market shows you this pattern here, bumping up against the inside track, repellent zone, pink, green, narrow channel. That's where the price keeps getting repelled. Is this the one that says we're breaking to the upside? We're done with this consolidation. We don't have to have a VIX skyrocketing into the 20s for a climactic reversal. This is just an orderly digestive phase. I don't see it quite that way. I don't think it's fairly orderly in the daily, I should say fairly orderly in the weekly thus far, because look at the S&P. The S&P weekly hasn't even tested over the last three weeks that 14-period moving average and you'd expect that in an H pattern. Hasn't done it yet, days young. QQQ. I should go to the NQ. Let me go to the NQ. That's the current futures contract, up 90. Now 50,643. Actually, not quite. Look, the Dow is up 0.6 something percent and the NDX100 is only up 0.59. All right, they're about the same. But a little bit different chart pattern. Right up against the green line now, the MACD is quite good. Circastic is flat at 68. Not so great. Unbalanced volume is rallying. It's okay. Not good. And the 9-period is nicely over the 14. That gives you some internal strength. And the weekly chart has got this Chapman falling exformation. Look, yes, a smaller one. Talk about the falling exformation. Someone said, could you show me some examples that have just occurred? So this is one. We own this stuff. UBC, which is uranium energy core. Look, there it is. A little tiny falling exformation. Oh, I wanted to show you something. Oh, did I write it down? Don't tell me. I forgot to write down where it is. It was just a perfect. Let me see. AXSM? Nope. AXSM is axon therapeutics for central nervous system. Made a peak F yesterday, leg F yesterday and plummeted. That wasn't the one. Oh, did I write down what it was? Oh, IBKR. There it is. IBKR. This is one of the top broker-dealer interactive brokers at least in the charts that I follow. Look, there's a pattern that I spoke about recently called the Chapman wave stalk leg. So this stalk leg actually, I usually make it one word. Stalk leg formation. Stalk leg. Okay. Stalk leg formation. It's S-T-O. Wow. What a great spelling I did there. It wasn't stalkers. There it is. I thought it looked wrong. Chapman wave stalk leg formation. You've got your leg going up. Then it stores makes an oval pattern. I drew this in. Leg oval pattern. Then it makes the neck. And then it comes back down for the beak. And if that beak stores inside, that's good, inside the oval pattern. If it takes out the left side low, it's a real problem. But what happens after the beak, there's a really strong rally, and then you're on your own. That's the pattern that we're looking at. So this is a perfect example of the Chapman wave stalk leg formation. A question came in the other day, said you had mentioned it somewhere, but what exactly is it? It's this pattern in our stalk stands on one leg. All right. Enough for that. We wanted to do some other things. So the questions came in, could I look at SLB, which is slumberge? I did this the other day and said it's holding very nicely. It looked a little better than some of the other ones. The one that I looked at to compare it was to say that rig had done really well, but this one seems to now be taking over in terms of strength. So this is slumberge. I believe Canadian company. I believe so. Oil service. Leg C in the monthly chart. Leg F slash C. I'm going to call it C for now. I'll be wrong if it turns down from here. And in the daily chart, you've got an alternate count. But what's really important is that it pulled back quite sharply yesterday and now it's getting that back again. So it's at 61.50. Two days ago, on Tuesday, it hit 62.12 and here it is at 61.50. So it's going to have an inside day as it stands right now. But most importantly, what we're looking at is this is acting really well. Now, I can't remember if the person who asked me actually is in this. I think they actually have a position in it. Most important about this particular chart is, look, remember the pattern we were talking about before? I didn't type this in, but I should have typed it in. And that should have said right here, I always type this in and I always put it in gray. I put chaplain wave, cup, and I make them capitals because it's proprietary and it's not an official thing. This is the title that I've given it. Cup and ladle 2D. That's what I always type in. And I always, as I say, make it gray. And the reason I make it gray is just kind of background. It's just to say, hey, there's a technique. I don't know if it'll work. And I didn't use the low over here. I used the midpoint. I used a particular candle as the midpoint. And it did this cup formation. This is called the chaplain wave inside the wedge target repellent line. I usually make it green and I make it dashed. You don't have to do all this stuff. I just do this to make it clear for people looking. And it's gone to a leg C. I'm calling it a C. Look, the magdeen, the wiki chart's great. The flat stochastic in the 90% area is absolutely terrific. And on balance volumes is I'm getting a little bit overboard here and the overboard condition in the, in the Dady says, look, there's the M shaped patent. I'm putting back a little bit and price says, but the technicals are still very strong. I'll be back in a moment. Basil Chapman, this is the market kickoff hour. 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. The gold report. New subscribers get a 30 day money back guarantee so you have nothing to risk. 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Go to TFNN.com Then hit watch Tiger TV That's TFNN.com Then hit watch Tiger TV Hi folks we're back so the market is open and we're looking at it in real time let's just do this here we go Basil Chapman sitting here for Tommy O'Brien the nine the uh yep there it is you see how we've got this one arch for me huge arch formation then another arch formation and the smaller one right now in the uh in the Dow chart this is the live right now we're up 183 see how it's testing this green nine-period this green inside track repellent line right here you see the way that the pink nine-period moving average I'll show you the pink nine-period moving average here here we go Dow uh INDU Dady chart look there it is see that pink nine-period moving average is still active it's close to turning green but it hasn't turned green it's been close for quite a few days here so the day is young this is going to be a really important session but Friday's closed at four o'clock and my my subscribers will know about it when I do my weekend overview but we're going to be talking about this what happens to all these different charts because uh you can see this is really just a sideways consolidation sideways consolidations tend to last a little longer than you would like and they they make it every day I've looked at this the market and said you know and the market keeps trying to rally there's so much optimism here and by the end of the day it gives back the history for the last three weeks for the last actually week or so has been rallies tend to fail by the end of the day so we'll see what happens here so let me go back to the story and when I do my hour at 10 o'clock I'm going to do I got a bunch of requests one was for Myrna that's Moderna a long-term position I'll talk about that I only got it I couldn't do it yesterday because I got it after my my my I did an 8 o'clock show because I had to be out for the morning okay so let me just show you a couple of things here within the context of patterns look what we've got here we've got a peak F arching over in the dating you remember the cup and ladle we did the cup we did the ladle and then we what did we do we came back and we tested the breakout level and then the nine period held beautifully and then all of a sudden it turned pink and you can see how it's going to move down you see the MACD deflected low you see the stochastic plummeted down to the single to this teens 12 percent look at the on balance volume that doesn't mean to say everything's all over it just says that there was just too much optimism and now we're going to see into this period which are going to about 10 10 past 10 or 10 20 a.m. this morning what happens after then but there are bias they keep coming in they keep coming in and I'm calling this for now peak F in the 10 minute chart I might have to change it because this could be the start of a brand you move it could be F slash B I won't know that because I'm looking at the 9 period moving average and everything's holding very well so I just wanted to do that on a short term basis and for my show at 10 o'clock if you're interested in what I'm doing right now I do more of that at 10 o'clock and certainly for my subscribers we do a lot more now there are a couple of things going on here so you see the way I should have got that 120 minute chart out here so this is I haven't notated this but let me do it right now so here's the 120 minute chart here's your up arrow because I can see it's already moving to higher highs so I can say I must I usually sort of for the plus side and upgrade it so here we go peak a let me just put that softer then a B uppercase on the way up lowercase on the way down it's got nothing to do with A to B equals C to D this is great this is calling each successively high peak alphabetically in sequence ABCDEFG never an A on the way down uppercase on the way up lowercase on the way down and this went to a cell signal yesterday not a cell mode just a cell signal and we'll see what happens so that's the that shows you the resistance that is there in the 120 minute chart now let's do this a couple of things that I want you to do in this particular segment right now and I'll why is this not working there it is and let me go to some of the questions so we did slumberge and the question about slumberge is is this going to continue higher let me put it in stock terms I have nothing I'm not looking at oil I'm looking at natural gas I'm not looking at anything I'm looking at the chart and I'm saying the monthly oh I didn't mean to do that that's a down arrow that just came out of the blue I didn't mean to put that in there so let me get rid of that yeah look the monthly chart the price is way above the nine period moving average the nine is way above the 14 the magnies making this m shape formation still very positive the stochastic is over 80% at 83% but it isn't flat it's just ready there quickly and that sometimes can give it up like it did there and then you've got that big pullback on balance volume the blue line is a little bit over bought but here look at this this stochastic in the weekly chart is flat at 91% every book will say it's called overboard over 80% and oversold when it's 20 I say those forget the over part of it it is very positive at 90% and if it's flat that's even more positive because it's not showing signs of weakening the on balance of volume is a little bit overboard it's getting to an overboard level but that can keep going a little higher magnies fabulous so look the histogram the green line the distance between the two moving averages fabulous nine period moving average at 58.17 is that an idea 58.17 way above the 56.47 14 period moving average both of them still rising the price is way above everything that we've seen it's at not all time highs because this thing wants upon a time up yep there it is well I should do the notation look this is B a b c d e f f whoops in January of uh no sorry July of the week of the 31st of July 2014 at 118 and 78 it tumbles down to 18 was it comes down to $11 $11.80 I'd call that a bit of a pullback $11.87 so this is just it's not even recovering halfway to what it was so it's at a 61 right so this so far is very positive so looking out and then someone else had in the den um he's in both stocks and options one of my one of my largest positions uh congratulations that's really nice so in the Chapman cup and ladle this is at C it should still go to D but it should at some point test this high right here on the in January the week of the 20th of this year 59.45 that's only two points away it should test that but it should make a D and in the dating chart it's getting a little bit a little choppy in its move up but it's still consistent in making higher highs and higher lows. The MACD is just okay it's positive the stochastic is fabulous at 88% on balance volume is a little bit overboard so I like it but it's getting into a range that I think is starting to show some wear and tear in the 62 to maybe 63 and a half area so within about a point away if you're looking at this as part of money management and the question is what do I do right now there's no harm right at this moment take a little bit off if you've got options particularly if you've got option just take one option off just so that your part is part of money management that's what we've done with our positions so that when we get to the high that is actually the high we don't have the full position it's exactly the opposite that you might want to do as a personal player but I have a newsletter I can't have somebody suddenly coming in say at UEC and say oh what are you talking about this is fantastic I'm doubling up my position it's now he's in a 4 60 64 and it's a 5 27 what a huge good I'm going to double it no this is where I get a little bit cautious but you want your core position I'll be right 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 first time subscribers also get a 30 day money back guarantee if you're not satisfied let us know and you'll get a full refund within 30 days of signing up tfnn.com educating investors will the S&P 500 continue to climb for bold trades on U.S. large cap stocks in either direction trade S.P.X.L. 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with the tiger's den available to all tigers and tigers for just one dollar for the year there's no cash or added costs when you join our community of traders in the tiger's den you can look over the shoulders of Tom O'Brien and the other tfnn hosts while they analyze charts during their live tiger TV programs and join an interactive trading community with hundreds of members exchanging ideas interact with other tigers and tigers as they share trading ideas news analysis and discuss the market action all trading day even at night and on the weekends the tigers den at discord is accessible on mobile or tablets as well so it's always at your reach to sign up today and become a part of this educational community of traders just visit our website at www.tfnn.com this program is brought to you by Vista Gold traded on the NYSE American and TSX under the symbol VGZ hi folks we're back Basil Chapman here sitting here for Tom O'Brien and Mark and Kiko if we're looking at I mentioned the other day I had a question about what UUUU that's energy fuels Inc uranium what did I think of it did I prefer to the UEC that I discuss I say well we are long UEC I think UUUU is lagging and then about 3 days or 4 days ago I said I think UUUU is going to try to play catch up and we can see in spectacular even today it's up 0.08 and 7.93 a few days ago it was 7.36 so this is in leg D in the weekly chart I'll call this an alternative account GSTASC basically it looks like a C but I've just got the alternative account because the on balance form is extremely overboard and I think it could pull back and then have one quick D and then I think the uranium starts to take a breather with maybe crude oil in the next couple of days we'll see so that's that next question came in CVNA now I can't remember what the question was but I'll just show you the chart CVNA that's Carvana when I first saw this and it looked like a machine that is incredible that's where we've come to anyway I like the pattern it's walking the 9 period exponential moving average it's making this cup formation I am going to put this into a buy mode in the data because the stochastic said 80% the bank needs okay relative strength is improving it's upgrades about 55% 54% but the cup formation determination in making higher highs and higher lows that I believe it will go to a D now I do things in a very conservative way before I do it aggressively and this is the first conservative way that says this area on the left side of 53.31 back in the beginning of August we did break that but we didn't close above it and that was on the 12th a few days ago it went to 53.77 so my anticipation is it's going to go to a D if I draw the chat wave inside inside wedge target resistance line it should come in somewhere over here and I can then go to the upper side and say this area here of 55 I'll give you the exact number in a moment now I have to I have no choice because we've gone higher I have to move the plum line not from the low that was made but from this little arch right here and I can go to the right and it says to me somewhere in the next few days there should be a rally that takes you to the resistance of 54.56 I'm wrong if it has to be really quickly by Monday at two o'clock if it is closed underneath yesterday's lower 51.13 it goes into a sideways pattern and then you can actually start looking at it as an arch right now I'm not I'm looking at it as a cup formation and that's the way so I'm not sure what the question was because I just grabbed the symbol another one was Mastercard isn't this fascinating I spoke about this the other day Mastercard was going to go to a D there's a chat wave falling X formation and what does it do it spikes above it goes to a D and today I don't know when earnings come out sharply from the high but not sharply in price it's down 371 but it's a $412 stock so and you've gone G Stash C to a D that's exactly what I was talking about in the previous chart so there's your D right there Mastercard but I was saying isn't it incredible when I was showing subscribers I said I can choose three stocks in every category and maybe one or two are fabulous but one is horrible or two are horrible one is fabulous so look at this here's Mastercard here's Visa I have an update went to a peak F spike yesterday and a big move down today I wonder if that's interest rates or whatever it is okay and look at this American Express look at these are at all-time highs or just about all-time highs within points look at American Express that's X this is AXP yeah we got American Express look at this from the 170s down to 160 right now but it was in the 150s a completely different pattern all together so yeah so I'm not sure what down 6 is down sharp Apple Apple right now this has got their dreaded H pattern but it's getting to the 171 96 to the 170.88 200-period moving average that's the left side low and the 200 I think this is going to be really important for Apple if Apple holds very well then by Friday this tomorrow a week it should be trading in the gap or higher and that will put it in the 183 area if something happens and Apple's just not doing very well and Apple's sauce to trade not just test but trade in the 169 or low area we're looking at this right now at 175 we're looking at something that's getting to impact a number of the indices because it's in the Dow it's in the S&P it's in the QQQ it's in the XLK it's in the IGV it's in all these different sectors so that's going to be very important another question came in I'll do some of them in my show coming up at 10 o'clock I want you to do these now because it was GSM GSM is trading at yeah nice spike to the upside this is the same pattern with a cup formation attempting to get to the left side high look at that like that there it went to a B and there's no other way I can counter because there's never a D and this just says there's a residual strength in ferraglobe PLC specialty metals trading at 563 GSM as a symbol up 18 cents up 3.31% and it's trying to get to C and then I'll get to D it'll be an E in the weekly chart and then it comes back into the consolidation range next question oh I didn't do those I'll do them okay oh there was this whole thing I missed yesterday on discord okay thanks Bill okay now GDX so GDX is the gold miners now this is going to be interesting look GDX is up it's up 45 cents at 2917 it's and the pink 9p removing average just flipped to green so here we go it's a pattern that I was describing just now that H pattern well the H pattern very often turns into a lowercase M and all that I'm looking at here is that there's gold miners and I said this before with the dollar doing so well gold is acting not bad it's not great but it's really not acting as badly as it should and the GDX is a really good example of this holding it's up 44 cents at 2916 the MACDs the 9 flipped to positive the days younger they could flip back again the MACDs good the stochastic is not really good at 42% on balance volume is very weak if I put it together with SLV which is the silver chart look at that peak D Eiffel tower straight up and straight down so that's and I changed now I have to change this cup formation in the weekly chart and say you know what it's got the dreaded H pattern which goes to a lowercase A you see this is the pattern this is what I say all the time it's so fascinating when you do chart work and you can have charts that are so similar but it absolutely diverse areas you know what's this H pattern going to an M pattern got to do with and I could name you a half a dozen stocks and yet look at it it's there it's a viable pattern that says if I this is the SLV I should silver trust if I take out decisively the step side low 21.45 I'm looking at the next level of the gap down to the 19 area then I'm looking at 18s so this is really important for silver there's a big diver to send me silver selfies to silver it's down 40 cents 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 the gold report new subscribers get a 30 day money back guarantee so you have nothing to risk subscribe to Tom O'Brien's gold report newsletter now at TFNN.com 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 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some of the grains so it's going to be very interesting because this is part of the panapoli all things that we're looking at right now so the NG right now up a little bit up 11 takes 11 cents at 2.79 but this is what I really wanted to talk about in the market today if after 2 o'clock and the Dow is up 180 if after 2 o'clock the Dow is holding very nicely a plus 80 then there's a chance that the residual strength that's there that's trying to pierce this resistance level is able by Friday's close to change this market perception that I'm looking at right now that says if there's a very weak close today and a very weak close tomorrow there's a chance that finally I get a cell signal in the weekly we haven't got that yet and I will also look at I did not do IWM I thought I did IWM IWM is the Russell 2000 and as we're going out it's had a nice pop to the upside giving it back as it's done almost every single day it is really looking weak and if we're looking at the short side of the market coming up next week then maybe it's a big test to say is the weakest of them all the IWM the Russell 2000 small caps does that really tank and go almost one to one to the downside down to the 176 or is this going to be a clue that in this phase of the market suddenly the small caps find favor right now it doesn't look like it so I go on TZA, TZA is right now this is TZA is the this is the bear right so the bear look peak A, peak B, peak C, peak D and now it's trying for a re-test if it gets if the TZA gets to 29.04 at 29.36 200p moving away it becomes a magnet I'll be back for the next hour battle chapter stepping side we'll do the news in a moment I'll be back and it's going to be very important what happened between 10 20 and 11