 The following is a presentation of TFNN. The Traders Edge with Steve Rhodes at 1-877-927-6648 or internationally at 727-873-7618. The Traders Edge. Now, Steve Rhodes. Good afternoon from TFNN. Welcome to the August 20th. The terrific Tuesday edition of today's Traders Edge show. I'm your host, Steve. Perseverance Rhodes who absolutely knows that each of us should always be pioneers of our future versus prisoners of our past. Hope everyone out there is having a great day. Hey, let's make sure we have an extraordinary day. And the easiest way to do that is to always remember that life is happening for us. Not to us. That's right. When you and I make that one little two-by-four shift of means we can find the gift in every set of circumstance, that life is going to toss at us. Now today, you and I, we're going to go check on the circumstance of these markets. We're going to go figure out what the bulls and bears, what those buyers and sellers are communicating to you and I just passed one o'clock in the afternoon. I want you to know that I'm absolutely grateful for your presence here, but way more important than that. During this next hour, I'm here to serve you. So feel free to pick up that phone. You can dial in at 877-927-6648. If you can't dial in, we've got you covered. Go ahead and send me an email. Steve at TFNN.com. Inside the subject heading, please put radio show question. Of course, in our Tigers Den. Well, any ping will do. So let's go ahead and get this show started on terrific Tuesday. Of course, this is Tiger. Financial News Network. I'm Steve Rhodes. Welcome to LUS Show right now. The Dow trading down about 31 points. 26104. S&P is off 6. So all the indices are in the red. So too is the spot volatility index. That's down 35 cents. We're going to have to pay attention to that. Must not have gotten the memo. If you take a look at gold, that's up for buck silver 19 pennies. That's a little over 1% to the upside lights. We'd crude down a quarter. Natural gas is basically flat, slightly higher. Lead the charge dollar wise to the upside stock wise. It's Mercado Libre up 15 bucks. Bio Rad Labs 12 Shopify 12. Home Depot 9. Beyond Meets up about 9. To the downside, Madison Square Gardens up 25 bucks or nearly 9%. Surrepto Therapeutics up 17%. That's 21 bucks. NetEase off 11 or 4%. Netflix down 9. That's a little over 3%. Of course, I want to look at what you want to look at. But I don't know what you want to look at. So let's look what I want to look at. Now let's look at what the market is doing out here. It really just kind of boiled down the old soup to nuts. Price is trading in between a short-term support and resistance line that's established right here as we take a look at the EES Mini. Here's what we know about the EES Mini. We know that right at about 2,300 hours, this was on August 18th, is the last time that we saw a breakout inside the EES Mini. Now we say a breakout because we had nine consecutive closes on a 30-minute basis, where the close was greater than the close four bars earlier. That sets up that breakout level. 29.0375. You want to know how these work? Price will pull back, and it will pull back to where it last broke out. So the beauty of using this tool out here versus saying, hey, you know, the breakout really took place all the way down here at the swing point at about 2 o'clock in the afternoon, back on August 15th, is you and I don't have to do that. We don't need to do that. We shouldn't do that. What we should be looking for is where do we see breakouts and break downs at? Now in the 30-minute chart here for the EES Mini, you can see all the way back over here at about three o'clock in the morning on August 14th, 29.32. That was a breakdown level. Then we had another one that occurred out here at about four o'clock. We began at four o'clock yesterday afternoon. Nine consecutive closes with the close lower than the close four bars earlier, setting up 29.3050. So how is it that price at about 2.30 this morning then again at four o'clock this morning and almost in essence at about the open? Why didn't it find resistance? Well, that's where price had broken down. What does price do? When you top, so to speak, I use top as kind of a, okay, I don't want to go higher any further. You go back and you test support. So in essence, that's exactly what took place between that 9.30, 10 o'clock session out there. Price got back. It didn't exactly at 29.0375. It got to 29.04 and a quarter. Two ticks away. That's good enough for me. So what you can see here is you just have a good old short-term consolidation with price. So don't, if you're a bull, you're a bull, you're buying at 29.03 if you're a barrier sound at 29.30. Right now, price is right there, dead square in the middle. So not doing a whole lot. Okay, so what else can we do? What else can we make a determination of as to what's going on? Well, we said that spot ball of tilt X was down, it's down 40 cents right now. So let's go peek in on it. Let's go peek in on it just simply by taking a look at the New York Stock Exchange chart. Now we're looking at a daily timeframe. And the daily timeframe, the very bottom portion of the screen is the spot volatility index. It's trading at 1649. The 50-day exponential moving average is 1637. That's the number to be watching today. I could care less whether the S&P 500 is pulling back or not. The question is where does the spot volatility index close? Now, not that I couldn't care less. It's just that what's more important, we already took a look what's important on the ES mini from the short-term standpoint. Now what we're trying to gauge is, hey, what's that spot volatility index doing? Now it is normal to get down once it's been above that 50-day as it has for quite a while. To get down and test that area, we looked at support inside the ESP down to 30-minute chart. Well, support, in essence, for the spot volatility X is a 50-day exponential moving average. But of course, you know and I know that if the spot volatility is close below the 50-day exponential moving average, it's telling us that there's plenty of liquidity go around and we should continue to see the markets move higher out there. The markets meaning the S&P, the markets in general, certainly the New York Stock Exchange. Now if you take a look at panel number two, panel number two is the Advanced Declining Oscillator. Yesterday closing above zero. Right now it is above zero. Day two is more importante. It's not just one close, but it is two consecutive closes above zero line that says, okay, buyers are the ones that are in control. So on the short-term timeframe chart right now, I would have to say we're neutral short-term. Now as we take a look at the spot volatility X, it's leaning towards bearishness or sellers in control. But a close below, what was that, 1636 today would say, no, that's not the case. And that combined with the Advanced Declining Oscillator, if it does close above zero today, that would definitely be telling us, no, that is not the case. Now, we've got more. We have to take a look at more. And here I'm right now focused on the S&P, the New York Stock Exchange. If we take a look at the S&P 500, what do we know about its market breadth? See, the Advanced Declining Oscillators, in essence, has provided you and I with information about the market breadth in the New York Stock Exchange. Well, what's the market breadth for the S&P 500? I am glad you asked me that question because here's what we know. We know that we had a bullish crossover yesterday. At the close yesterday, you had a positive bullish crossover of market breadth. What's that mean? Jelly bean. What that means is that there's 164 constituents inside the S&P 500 trading above resistance. Resistance is the top of the profile. Only 81. So just slightly less than half, if my math is correct. Slightly less than half are trading below the bottom of their profile. Now, you can have periods of time where it goes back and forth from positive to negative and you get in essence a consolidation message. But right now, the market breadth for the S&P 500 for its daily timeframe is bullish as it wants higher price. That's why what we will do is pay attention to the spot volatility index. Again, that number to be watching at today's close around 1636. This is Steve Rhodes with TFNN. We get back. I want to take a look at what you want to look at. Well, Peter was asking about can we pull up the VIX futures? They roll the contracts tomorrow. If we take a look at that real quickly, well, we'll take a look at it for Peter. We get back from this breakout here. But since he's in the den, he'll be able to look at this screen during that time period. The commercial time period. We'll be right back. Well, Taz understands that in today's technological world, the use of top flight software applications and technical analysis expertise is essential to successful trading in today's market. You also gain access to the webinar that Steve Dahl and Tom O'Brien just hosted, the best way to use the Taz profile scanner to profit. This webinar archive is available for all subscribers immediately upon signing up. All new subscriptions also come with a 30 day money back guarantee so you have nothing to risk. Start your subscription by visiting the front page of TFNN.com today and you'll find the Taz profile scanner under the services tab. Sign up today. 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You can test drive the Tigers Den absolutely free for 30 days and greatly enrich your knowledge of these markets and how to make your money work for you. Details on the Tigers Den are on the front page of TFNN.com We're accessing your newsletter subscriptions. We even have new pricing in six months and yearly options. Check out the new TFNN.com now and experience all the upgrades. TFNN.com Educating investors. Call now. Toll free at 1-877-927-6648 internationally at 727-873-7618 Welcome back, folks. We'll come back to the SpotBall utility next. We've got a call around the line. We have call ahead seating here. Let's go to Brent in Martinez, California. Brent, thanks for calling. Thanks for holding. How are you doing this morning? Doing well, Steve. Thanks so much for taking the call. Sure, my pleasure. I know you want to take a look at Freeport Macmaran and why don't you tell us what you're doing, how I can help you out? I haven't looked at the stock for a while. I have no position or anything. What I was hoping you could look at is I was looking at the weekly chart, a three-year weekly, but I really am only going back to this little trick. I'm flying a little blind because I don't have any Internet. I'm just doing this on my phone. No problem. I believe it's back in April of 2019. There's a high around 14 and a change, and then it came down to B point would be it looks to me like around either late May or June. Yes. And then the C point would be looks like, I guess, again. July. I just want to look, I might have broken that swing point. I'm just trying to project out what it could potentially go down to maybe seven range or something. If that's what you have, is there something further back, what some levels down there that would make sense to of course we need to see a reversal, but I just was wondering if there's something further back on the chart down in that range that would make sense that it could be some support for it. Okay. So that's great. And great job to end it off of your phone. So what Brent is asking about with your guide, here's the weekly chart for Freeport and Mac Moran, and Brent is trying to determine, hey, is there a small a to b equal CD pattern that is underway? Correct out there. This would give us a one to one price projection of about $6.86. Now, on a weekly basis, price doesn't have to stop at the one to one because only 60% of the time does an equity or any instrument make a one to one. So we've got to be able to identify whether this is one of those time periods now. We don't have to worry about that. As price hits that level, should it hit that level? Then as Brent pointed out, we'd look for some type that has completed. So Brent, it would be 544 is the 1.272 and 686 is the one to one. Now, the other thing that we need to do when we're taking a look at Freeport and Mac Moran is pay attention to what's going on inside the Australian dollar because here's a chart. The top portion of the chart is the Australian dollar. The bottom portion of the chart is Freeport and Mac Moran. And these two are very much tied together. So in order for Freeport and Mac Moran to find a bottom, these are the daily timeframe versus weekly that we were just looking at, ideally like to see a pattern complete inside the Australian dollar. So I'm just pointing that out to you. Now, let's take a look at you had asked the questions or anything else down in that level on a weekly chart. So for this, I'm going to just switch over to my black background charts or my e-signal charts out here. It's going to be a little bit easier for us to take a look at that level. The other thing that we want to do is ask ourselves the B point which was the week of May 27 that had volume of 67 million shares. It was passed last week with 119 million shares. So our theory is that when you pass a swing point with volume, it's what we refer to as a confirmed A to B equal CD to the downside. So in Brent's case, he's asking that question, hey, where do we see on the left-hand side? The chart takes us back into 2016 out there. Now, I would have to say if in 2016, more likely than not the price would head all the way back down to the lows of January, which is in the 390, 352 to 466 range out there. And it's very possible that there's an even larger A to B equal CD to the downside in Freeport and Mackamaran. The larger one, let's just see what that looks like with that price projects for us. And here's that new A to B equal CD. That gets us down to 403. So I think from the weekly perspective, you know, that would seem more likely and more logical, which would get you back to the 2016 swing point area. If I pull over the monthly time frame chart for us, Brent, you know, the monthly says, yeah, back in January of 2016, that was a nice little TD set up nine count bottom. It was bar number eight that identified the bottom back chart. You've got price below all the different profile levels out here. So I think unless there's some type of big turn in the Australian dollar, let's go take a look at that here. Well, first, any questions about about what we've just looked at in Freeport Mackamaran itself? No, you're doing what I was hoping you could take a look at it. I'm looking forward to seeing the archive. Again, I can't when I get back a little bit, but at this point, I just listen to what you have to say, and I'll go back and review it, you know, more thoroughly once I have that sure. So here's the Australian dollar and I want to put this on a weekly timeframe chart as well. And so the Australian dollar Brent on the week of December 31st, 2018 made a gigantic bullish hammer candle and so that low I'm going to give you that price now. Well, that says Apigee. Don't worry about that is .67435. Now that level is held, but I would say that if price were to get the Australian dollar were to close below that level, you know, we have that expression if you're long, you're wrong, meaning that if you see a close below the bottom of hammer candle, if you're long, you're wrong. So in order for for Freeport Mackamaran to make those lower levels out there, which has been tested the last three weeks and is held, but I think that would give you your confirmation. Okay, that's great to you. I really appreciate it. And again, I'll, you know, review it in our times once they're coming to fix my internet. Hopefully they can do that. It's terrible. It's terrible. It's weird. It's like when I was down a big survey, which I love being down there, but you kind of get used to it. You know, you know, the conveniences that we have every day that when you don't, I mean, I was fine down there. It's such a beautiful place and sure there's plenty of stuff to do just like it is at my own house. But I just it's a little weird when you don't have it. You kind of get used to it. So did they did they fix the Pacific Coast Highway area where Big Sur where there was a rock slide a couple of years ago is where there was still some ongoing work. You could tell where there had been a big area taken out and it's more or less finished doing the last parts of it. And so yeah, it's much more accessible now. Very good. Very good. Alrighty. Hey, thanks. Always good to hear from you and let me know if there's anything else we can do. Oh, well, I guess one last thing, though, because inside Freeport Mac Maran, and what's interesting about watching Freeport Mac Maran so price has been moving lower, doing less relative energy, no bullish reversal signal or anything. But again, just kind of watching that Australian dollar hammer candle and then on the daily chart, you know, maybe there's some type of bounce that will be coming first. So that's all I've got with Freeport Mac Maran. Just quickly, what would be the 1.618? Would it be those numbers you were looking for? So the 1.618 would be a price point of $3 and 64 cents. Okay Yeah, kind of down in that range. All right. Well, the patient is always and see what happens in what you told me is very helpful, and I really appreciate it. You just have a wonderful day and I'll talk to you soon. You bet that was Brent in Martinez, California dollars down 53 S and P off eight. We'll be right back. We're looking forward to seeing you in the next episode of Future's contracts. 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 is 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. 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This segment is brought to you by Think or Swim. For more information, just click the Think or Swim banner on the front page of TFNN.com. Welcome back, folks. Hey, we're going to go talk about gold. Then we'll come back to that Spotball utility next with Bill in Jupiter. Bill, thanks for calling. Thanks for holding. How are you doing this afternoon? I'm well, Steve. Thank you all by yourself. Also doing well. Thanks for asking. So tell me about Goldilocks. What you want to look at and how I can help you? Sure. So Steve, this morning I was watching Larry Pesanto. And something interesting came up regarding gold, and that is that, um, large speculators apparently this is based on the Commitment of Traders report. Yeah, I'd speculated there are long, you know, net long while commercial interests are net short. And I was curious to use the Commitment of Traders report at all. You're such a great technical trader. You may not use it. I don't know, but I use it and what you thought about that. So I used to, yeah, I used to use it and keep a bunch of the Commitment of Traders charts updated. I don't have those updated. The second person in the last half hour that's asking about the COT reports for gold. So I can't, I can't discuss it just as I, since I don't have any information about it. But so but here's what I can share. So that being said, because you've taken a look at the COT data, what is your, what's your take on gold and what it's doing? So what's what's your, yeah, what's what's your take at this stage? What did you glean from the information this morning? Plus as well, your own technical prowess. I'm, you know, I, it looks to me like gold is consolidating a bit. Okay, I don't know whether you think that's right or not. And knowing that there are large interests on either side, what seemed to me would make it consolidate even further, although Larry was saying the last time this happened, I forgot what, what the date was. It was many years ago that gold really got took a pretty steep decline. But it would seem to me that having competing interests like that would continue to have gold consolidate or go sideways. So let's talk about the consolidation and let's let me give you what I would consider to be the consolidation area. And it's because this morning there was a brand new TAS market profile, TAS market profile and TAS market profiles provide us with a with resistance and support levels and I consider the TAS market profiles to be kind of our virtual first down markers on our screen out here. And so the bottom of that box is $1,500 and 30 cents and the top is $1,534.70. So in essence there's our consolidation range. If price were to close above the top of the box bill $1,534.70, which is not above the most recent high from the trading day of August 13, we'd still say that there's a breakup because resistance has failed. Likewise, if we are to see a break below the bottom of the box, $1,500.30, you would anticipate that price is going to continue to fall. So yes, you're right, there's our consolidation level. Now what I like to do is take a look at specifically charts from a technical perspective. Are there any tops or bottom signals on whatever the timeframe might be? So this is a daily timeframe chart that we're looking at. And we take a look at the daily timeframe chart what we can see here is price had moved higher, did a less relative energy, created the bearish reversal candle that happened to be a key reversal signal that was back on August 13th, created another bearish reversal candle, bearish engulfing candle, three trading sessions ago. That is a topping pattern. But in order for a topping pattern to have something more intermediate, meaning larger pullback, for example, the price target of $1412, we must see support broken. Now support was broken yesterday, and that's when price broke through its Stevie's Green Line, the oscillator and change line. But at the same time, and I was ready to give subscribers the short signal. But however, what gold was saved by the bell, saved by a new profile out there. And the reality is because that's where buyers are lined up, $1530, and which is nice because the other profiles are way down around $1405 or something like that. So the great news is we definitely have topping patterns, but we also haven't seen the price of gold bust through support. So regardless of the commitment of traders data, my take is if we see a close below $1500.30 in gold, it's going to confirm the short term or intermediate term top that we see on the daily timeframe and price should pull back to $141210. That's a price level where it most previously broke out. Otherwise, it's just consolidating sideways as you have properly pointed out. Wow, interesting. But Steve, it's below $1530 now. No, it's $151710. The December contract for gold. $1500. A close at this level would indicate the gold is going lower. No, no, no. The number for gold is $1500.30. The number for gold is $151710. The number for gold is $153010. No, my fault, my fault, good years on your part. That's speaking on my part. Yeah. So it's at $1500. At least I was sort of it is it is going sideways, obviously. I mean, just have to look at the chart. It's going sideways, but not for long. It's something's going to happen. It's interesting. means anything and I don't necessarily use it myself I just happen to be listening to Larry this morning I thought that was pretty interesting and couldn't wait to ask you what you thought about that. So here's the deal here's what I've learned about the commitment of traders data it's it's instead of looking at the speculators you want to look at the commercials and then you want to look at the category that I fit into the non the I forget what they call it what's the name of it but it's basically all the little guys so if you take a look at the commitment of traders data it's usually if you watch all the little guys and you have to track this on a percentage basis out there and you'll find that the little guys when they get up to a certain level you can identify tops and bobs is kind of like a contrarian viewpoint you also take a look at the commercials and commercial traders and see what they're doing the speculators throw that data out at least when I went back and I used to you know look at that stuff for really religiously I didn't find it of much use with regard to the speculators but large commercials the big money yes and then a small little guys at this CFTC says we're you know we're too small to track so to speak and not so fast so but look I think we have enough information out here with regard to the technicals as to what gold's doing and now we just have to wait to see is it going to bust through support or break above resistance I don't know which that answer is we'll soon find out terrific Steve thank you you bet thanks for calling let's go take a look at the spot volatility index though Peter had asked but I know he's got to go maybe he'll check out the archive here what we can see is a spot volatility index actually it's now ticked up it's trading out at 1705 that's up 17 pennies but what you can see what Peter was asking about were the futures contracts out here so you'll see August through April 2020 and actually the way that the spot volatility is a spot volatility index is set up price below all of its futures contracts is really a bullish setup but what you and I know it really isn't a bullish setup until price closes below the 50-day exponential moving average it really is that simple so to speak so right now it's trading above that level and what may be going on the market can't discount this bill just talked about a consolidation we can see a consolidation period back here in 2018 this little green box rectangle and we have a new one right here that is forming and this might be it this might be the trading range 2950 to about 2820 and the s&p cash we'll be right back if you're in the cd market and looking for a secure investment the tiger first mortgage program may work for you the security for these first mortgages are building lots in the tax opportunity zone in st. 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listen in and you tell me which is stronger after we take a look at it so the first thing is let's look at ken ross gold let's take a look at our tass market profiles just like the gold contract was trading in a sideways consolidation so too is ken ross gold you can see that that is established by its tass market profiles the bottom of the box is 455 the top of the box is 517 so that's neither strong it's just neutral trading now now price yesterday got down to that 455 level didn't hit it to the tick but really close enough the box itself is equally distributed meaning the center which is at 492 is pretty much dead smack in the center there so neither bulls nor bears have an upper hand in between that price range in between that consolidation from a daily standpoint price above the weekly from a monthly and a quarterly prices above that so everything looks good there if we take a look at the daily time frame here look for any kind of topping signal or pattern i do have a roads momentum indicator top so very much like gold if ken ross gold would then be weak we would say george if price were to close below 456 and if it did that then what that would say is the target for ken ross gold could be all the way down to 341 it's not there yet but watch the level of 456 out here inside of it so it looks pretty strong i don't see any type of topping signal on the weekly time frame well i say that but let's go make sure about that well i take that back there certainly is a topping pattern c a to b equals c d that's what brent had called on now ken ross gold made a bottom back here in november of 2018 with a td set up nine count a roads momentum indicator bottom so a real nice way for it to make bottoms and now it has made the 1 to 1.272 a to b equal c d i'm looking at the weekly time frame chart so what that says though george is really watch 455 455 is the level that if ken ross gold closed below it's signaling to you that it wants to make an even further run lower out there so let's take a look at the other instrument you want a btg i think that's b2 gold or something like that btg uh let's go say b2 gold it is uh so here just simply from a profile standpoint price is trading above the top of its daily profile above the top of the weekly above the top of the quarterly above the top of the monthly so just simply from a profile perspective we would say that this is the stronger of the two not really consolidating sideways had moved sideways if it stays above 356 in essence it's above sellers out there now not that there weren't some sellers from the high on august the seventh out here august 7th that's where it's made it's a 52 week high at least it's 52 week high out there but the price really holding support at this stage the ultimate support on this would be three dollars and 20 cents if we take a look at btg i didn't populate my other charts let's do that here as we pull this over you know i don't have a topping pattern per sages yet if i do my wave counts from the bottom um yeah that's not a topping a signal or pattern out here uh which would be wave count number seven so this looks pretty good let's look at the weekly time frame chart see what we see uh do we have any kind of topping pattern here there's the a to b equal cd pattern as well so let's draw that in so here that a to b equal cd the one to one was 365 the one one point two seven two three dollars and 99 cents now in this case here there is no topping signal from a weekly standpoint of that a to b equal cd there's no bearish reversal candle out here uh so this looks uh stronger i would say that this looks stronger btg looks stronger than ken ross gold although ken ross gold was just really consolidating sideways out there so george and tampa i hope that that helps you out if not write me back and i'll answer those questions uh next the other question that has come in this is coming in from uh looks like jane jane b uh wants to take a look at um micron technologies i'm uh she's in long just wondering where it might bottom so it could take a look at the micron do the same thing emu is a ticker symbol out here and so as we take a look at micron here's what we know as well about its market profiles it's trading above the top of its box it's trading above the top of the daily box above the top of the weekly box above the top of the monthly box so uh again above resistance levels out there you're asking where might this bottom so my i would guess jane you're asking where might this pull back to so where this could pull back to on a retracement here would be the top of its market profile and that level is 43 49 uh let me get move going on my other uh charts as well not my but emu i might help and why is not a active ticker symbol out here so that would be an area where it could people pull back to now micron technology this is a instrument that subscribers and i are long the reason that we're long is because this tested several times a breakout area this is a gap so different than the td setup nank on although we'll take a look at that and see that that also identified the bottom but there was a breakout on july 10th 51 million shares when price pulled back there on august 5th it was with 35 million 35 going against 51 the next test of that was on august 7 35 million the next test of that level was on august 9 22 million see how volumes kind of drying on the vine so to speak and august the 12th i would tell me uh the drying on the vine a one dollar one dollar royalty for using this terminology but you also had to pull back the light volume on august 12 so it was telling us that uh sellers didn't have the energy to push through that gap to the upside and that in essence is when we went ahead and went long now there was this nice move out here on august 13th good volume 33 million shares um and you know prices struggling to get over that level but here's mu on the daily basis by the way emu mu is a nice little sake out there if you ever see it on a menu it's tiger's favorite sake if we take a look at the uh td set up nine count so in addition to price pulling back to a breakout area with lighter volume this also had a nice bottom here with that td set up nine count uh we'd like to see price stay above steve's green line that's 44 43 um that would be nice that would be a test of a bullish area out there a test of support and would suggest that this should run to 47 68 so with regard to bottom out here you've got the top of its daily profile 43 49 the bottom is at 41 40 out there um and that's what I see when we take a look at the ticker symbol emu so Jane I hope that that helps you out with regard to uh micron technologies no other questions in of course we just got about a minute to go before we head to break and then we've got the two minute uh wrap but uh so what else is it that we should really be focused on I just want to keep things as simple out there and the easiest way to keep things simple again watch the es meaning just doing nothing more than trading between support and resistance and support is 29 0 3 75 that is short term support 29 0 3 75 you see a break below that oh then we have to take a look at other areas of support the other thing we're watching is that spot volatility index today and that is 17 bucks trading 17 even steven but we took a look at what that 50 day exponential moving average line is and that's the key level to be watching dow's off 90 s and p down 13 nasdaq 127 we'll be right back since 1984 basal Chapman has been using the Chapman wave methodology to advise traders of his expert market opinion well 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 the 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 it anytime 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 it's amazing to think that tom o'brien started his weekly gold report 17 years ago with the first issue published april 7th 2002 when gold was trading at under 300 dollars per ounce gold peaked at more than 1900 dollars in 2011 and after spending many years consolidating at lower prices gold may be poised for its next big run tom o'brien publishes his weekly gold report every monday morning for subscribers consisting of coverage of the xau hui gdx the dollar bonds south african rand as well as 25 different mining equities with specific buy sell recommendations as of april 1st of this year the gold report currently has eight active positions with an average unrealized profit of almost 8 percent for each open trade new subscribers get a 30 day money back guarantee so you have nothing to risk for all the details and to start your gold report subscription today visit the front page of tfnn.com don't let gold's next big run pass you by sign up today 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 nico our hunter and gather ancestors found all their nutritional requirements for health in their wild environment but today our food sources no longer contain the vitamins minerals and nutrients our bodies need to stay healthy and strong that's why we need primal edge daily nutrition it includes a special blend of ionic soil based vitamins minerals fatty and amino acids in an easy to use liquid form primal edge is powered by highly concentrated folic and humic acids nature's preferred delivery system they've been called miracle molecules because like sunlight air and water life cannot exist without them that's right page they ensure we receive all the nutrition we need to be healthy and thrive we take it every morning primal edge formulated and approved by nico and page of living a primal lifestyle buy it today for just eighty nine dollars click on the primal edge banner on the front page of tfnn.com this is david white stay tuned because coming up next is the power trading hour right here on tfnn welcome back folks dows off 69 s and p 11 nasdaq down 20 uh we're going to end the show by taking a look at apple for jim uh jim uh just wants an analysis of apple so as we take a look at by the way apples trading up a buck 34 211 68 is the print if we take a look at what apple is doing in relationship to its task market profiles it's above the weekly and quarterly uh those were in the 187 and 197 uh levels prices trading above the top of the weekly that's at 209 16 and prices trading above the top of the daily that's at 204 10 we do know that apple is trading into its swing point from july 31st that had volume of 69 million shares yesterday it tested with 24 million shares today you're at 15 million shares nonetheless a price can close above 211 30 jim that's the bottom of that swing point even with light volume it says that price could go ahead and test the top of that level that's at 221 37 ideally you would have volume which is 69 million shares i don't see that taking place today a close inside a swing point with volume sex suggests you are more likely than not to go test the top of that so at this stage here i don't know if it is or it isn't but a close below 211 30 today you'll have your third test and rejection of the bottom of that swing point on light volume out there if we take a look and just step back i take a look at the monthly time frame chart with stevie's other tools out here uh what do we know i don't really have a significant topping pattern or signal we know that price did pull back from back in october of uh oops hold on a second here october of 2018 uh is where we began seeing a pullback and where price pulled right back to on a monthly time frame chart was where it had broken out 140 to 20 very similar to take a look at a short term chart for the es mini as we did so understanding these breakout and breakdown levels using that td setup nine count pattern is uh very helpful and understanding what the market is doing so if we take so support held on the longer term basis out there if we take a look at the weekly time frame chart it does have a valid roads momentum indicator top and really not until price were to close above 224 23 would we say that it has found its mojo so what's apple doing jim and in the end there's nothing real bearish so to speak today about it but it's pushing into a key swing point with light volume and uh watch today's close for a signal to 1130 hey folks thanks so much for being here stay tuned david whites up next tom will bryant three to five i'll be back with you on wonderful wednesday take care