 The following is a presentation of TFNN, The Trader's Edge with Steve Rhodes, toll-free at 1-877-927-6648 or internationally at 727-873-7618. The Trader's Edge. Now, Steve Rhodes. Good afternoon, folks. Welcome to the May 12th, the terrific Thursday edition of today's Trader's Edge Show. I'm your host, Stevie Perseverance-Rhodes, who absolutely knows that each of us should always be pioneers of our future versus prisoners of our past. Oh, everyone out there is having a great day. And let's make sure we have an extraordinary one. And the easiest way to do that is to always remember that life is happening for us, not to us. That's right. We need to make that one little two-by-four shift. It means we can find the gift in every set of circumstances 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 do want you to know I'm absolutely grateful for your presence here. More important than that. And that's this. During this next 16 minutes, I'm here to serve you. So feel free to pick up that phone. You can dial on in 877-927-6648. If you can't dial in, well, you can always send me an email. Send it to Steve at TFNN.com and inside the subject. And if you'd be kind enough to put radio show question, of course, in our Tiger's Den, well, any and every ping will do. So let's go ahead and get this show started on terrific Thursday. Of course, this is Tiger, Financial News Network. I'm Steve Rhodes. Welcome to Lush Show. Right now you got a slightly mixed bag out here. That slightly mixed has the semis up one point then the Russell up 11. Dows off 302, semis down, I'm sorry, the S&P off 32. NASDAQ down 89. Trendy's off 57. Gold's off 30 bucks. Silver's down 85 cents. Light's recruit is flat right now. Natural gas up a nickel and a 30-year treasury up one point. Trade out at 140, 19. Dollar wise, the upside, you've got Shopify up 36 bucks, 11% Mercado Libre 38 bucks, 6% Amazon 26 bucks, 1% Dillard's 22 bucks, 8% Regeneran 17 bucks or 3% Google to the downside 32 bucks 10 on medical is off 29. That's one and four tenths percent United Health Group 15 bucks or 3%. So there's plenty to look at to the upside or to the downside where we're going to start today. There are no questions that I have at this stage. Well, let me just make sure here. Yep. So at this stage here, we're going to start with just the big picture and we'll dive down and take a look at the smaller term. Oh, we've got a call. So hold on a second here. Thank you. So we've got Roger from Boulder, Colorado. Roger, thanks for calling. Thanks for holding. How are you? Wonderful. Thanks for asking. I appreciate your help and taking us through these difficult times. Sure. My pleasure. Now, my apology. I don't recall what instrument is it that we were looking at yesterday? Well, it was we're looking at the Pribonacci numbers when the long-term Pribonacci numbers on the same scale coincide with another Pribonacci series. Great. What instrument was it that we were looking at? We're looking at either Microsoft or Apple. I saw Microsoft, for instance, it does exactly the same thing as what Apple is doing. But except instead of 31.8, 38.1, it is a 61.8. So if you'd like it, we can open up with Microsoft. I don't know if you see the same thing as I see or at least a program that I'm using. Sure. Sure. So I hopefully you're able to watch us, Roger, on Tiger TV and just kind of follow along, I suppose, with what I'm looking at. The first thing when I do take a look at Microsoft, and I have a weekly timeframe chart up on our screen right here, price is trading below the swing point from the week that began March 7th, and then there was 184 million shares. We're already at 162 and on a daily basis Microsoft does an average that looks like some pretty decent volume. So it looks to me like on a weekly basis timeframe before we get to the Fibonacci's that what we have on Apple, I'm sorry, on Microsoft is a confirmed A to B equal CD to the downside. And our first price project will take us to 236, the second would be 214, and a third would be 187. Now we use those as guideline areas. Because this only made a 57% retracement and prices along the left hand side of that C to D leg. But this tells me at least with regard to Microsoft is more likely going to do more than a one to one A to B equal CD. Now from a retracement standpoint, the first retracement on a weekly chart that I would draw in here, and again, the retracement, I mean, you're going from one swing point to the next. So it's not necessarily too subjective. But the swing point that I would use here that sticks out to me is the one from the week that began March 23 2020 kind of makes sense. So if we go from that low, right, we go from that low up to the high on November 22nd. So that would be one of the Fibonacci numbers that are Fibonacci sequences that I would use. Do you see that would you use that same sequence? Exactly. Exactly. Okay. So in that instance there, we are below the point 382 retracement. And these retracement folks for those of you not familiar with Fibonacci numbers oftentimes each level acts as a floor. And prior to what this is a weekly chart. So the first floor would have been that point 382 retracement level. If price had held that area, that's kind of what we refer to as a dead cat type move, a small move. But that's not what we have right now. So now we have price below the point 382. I had shared with you before we even drew in these retracement levels that more likely than not this would do more than a one to one A to B equal CD. Now this is a weekly chart. So it's over time doesn't mean it doesn't buy next week or anything along those lines, but does look like the real price target is in that 214 area. So that's the first Fibonacci number that I would use. The question is on a chart like this, where's the next one that I would come up with? Well, for me, the next one would be the lows from 2018 would be a retracement level. But I'm not sure I'm answering your question yet. So let me clearly understand your question with regard to retracements now. So take me through the next thought process. Sure. Steve, that was perfect number to $214. That's a 61.8% of that Fibonacci number. Now, if you if you go back to say if you use the latest, not going back to too far back, I'm sorry, if you if you look at the previous high, which is in which is in November. Yeah, and then that's our a point and our B point of January 24. And then March 28 would be a high C point and projected projected 30 projected 138 which is one point to the eighth would be very close to that number 61.8%. So it looks like definitely is going to do more than one to one. It would be 1.38. That means you're talking about a to B equal CD pattern? Correct. Yeah. B equal CD pattern. You know, the way that the way that I like to use them is they're just they're a projection tool. So we don't necessarily have to use them as to price has to hit the exact number. You do have to get down to at least the one to one area. So that at least suggests that we should see 236 28. My my A to B equal CD work has me believe that this is more than a one to one A to B equal CD the downside that takes us that 214 215 level out there. So it looks to me like that's from Microsoft is headed to but do me a favor, Roger, hold on through this break. I just want to make sure I've answered your questions before we hang up here. So we'll come back to you and folks day two. This is Steve Rhodes with TFNM. Steve Rhodes started his trading career as a student almost 20 years ago and the student has now become the master. Steve won the prestigious Timer of the Year award in 2018 and barely missed that mark again in 2019, finishing at number two for the year. An amazing accomplishment. Steve Rhodes is committed to sharing his techniques and knowledge with anyone who wants to learn and he shares his vast amount of trading knowledge every day in his Mastering Probability newsletter. Steve's award winning newsletter, Mastering Probability is delivered every trading day with updates throughout the afternoon. Sign up for Steve's market newsletter, Mastering Probability and you'll receive access to seven of Steve's educational webinars absolutely free at TFNM. All our newsletters come with a 30 day money back guarantee. So you have absolutely nothing to worry about. Visit TFNM.com and try Mastering Probability 30 days risk free today. TFNM Educating Investors. Are you looking for a way to consistently add winning trades to your portfolio? Tom O'Brien is here to help. Tom O'Brien has been successfully trading markets for over 30 years. A frequent contributor to TD Ameritrade Network and CNBC. Tom O'Brien founded TFNM over 20 years ago to help educate investors just like you. Tom's daily market newsletter, Market Insights is published every morning when the markets open to give you the competitive informational edge you need to succeed. These newsletters are packed full of Tom's advanced technical analysis and are geared to deliver comprehensive strategies for a successful portfolio. Get Tom O'Brien's newsletter, Market Insights today and try all of our products and newsletters 30 days risk free with our money back guarantee at TFNM.com. TFNM Educating Investors. Sharpening your skills as an investor is like getting better at playing a musical instrument. You have to practice, sure, but you also need excellent instruction from experts. At TFNM, you'll get advice and guidance from the authority and technical market analysis. And it's not just dry tedious text either. TFNM airs live financial content streamed live on TFNM.com and TFNM's YouTube channel with Tiger TV live every market day from 8.30 a.m. to 4.00 p.m. Eastern for free. Each host is an experienced trader and gives their take on the market while taking calls and questions live from around the world. From the moment the market opens until the closing bell sounds, Tiger TV has eight different shows with expert hosts to help you make the right moves with your money. Watch online at TFNM.com or on TFNM's YouTube channel and become the investor you were born to be. TFNM Educating Investors. Toll free at 1-877-927-6648 internationally at 727-873-7618. Welcome back folks. We're on the line with Roger. We're take a look at Microsoft and Roger and I were looking at the weekly chart. We looked at the A to B equal CD to the downside. We came up with the Fibonacci retracement level and the price projection of where we believe Microsoft is headed to, which was in about the 214 area. Roger, I put up a monthly timeframe chart for Microsoft. We can see the price is trading below the bottom of its monthly profile. Month is not over, of course, but more likely than not, this suggests a price will pull back to its breakout area, which is 211.94. So we have one other charting tool that gets us into that 215 level out there. So I wanted to be able to share that with you. Is there any other questions you have about Microsoft or anything else that I can do for you? No, I appreciate it. I have one other question regarding the volume of the trade. With this trading that is automated trading that's happening, it takes away the emotion of the trade. And I was wondering, that creates higher volume for certain days. Do we still consider that as a valid high volume day? Or how do we address these high volume traders? Well, high frequency traders, stuff like that. High frequency traders. Yeah, yeah, yeah. No, no, no. That's correct. To answer your question, there's not just one tool that any of us can rely upon to interpret the markets. So volume, from my standpoint, is just one of those tools. It's not the only tool. And it's the reason that I use other things that we talk about. We took a look at the TD9 account breakout level. We take a look at task market profiles. Those things help us to establish where buyers and sellers are at. And so we do use volume, but I don't use it exclusively out here. You like to see if you like to get a confirmation on an A to B equal CD pattern. And it looks like that's what we're going to get in with regard to Microsoft on a weekly basis. And so when you pass that swing point, a place where price had stopped before, when price exceeds that volume, really gives you that confirmation of heading higher or lower, depending on whether it's an A to B equal CD to the upside or to the downside. So I do, you know, I use it, but I don't use it exclusively. Does that answer the question? Got it. Thank you so much. I appreciate your taking my call. My pleasure. Thanks for calling back and I appreciate it and hopefully we'll speak again soon. So you bet. So let's kind of do this, folks. Again, I mentioned I wanted to take a look at the bigger picture first. Now we'll go do the drill down into the smaller time frame. So the bigger picture, we're going to take a look at let me make sure I get to the right screen here now. We're going to first begin by taking a look at the S&P 500. So if you give me a moment up here, and when I say bigger picture, you'll see the time frames that we're using. And so you should see in the upper left hand corner of the S&P. So what I have along the top section here is the cash indices and along the bottom section is the equity future contract out here because really both you and I use both of these in order to help us interpret the market. So when we started to look at the yearly time frame out here, we can see that you've got a TD9 count top. That was, you remember back in November, December, we started looking at this saying, boy, this spells trouble based on our TD9 count system out there. Now when we look at the monthly time frame chart, you've got TD9 count tops there as well. Price appears to be targeting just like Microsoft. We looked at Microsoft price target on a monthly basis, likely it's a TD9 count breakout level. Well, the S&P 500 and the ESMini really the same thing. So there are targets to the downside would appear to be at least the first target. God not sitting here telling you this is where price is going to stop and hold, but it's a likely area where price would stop and hold is 3723 on the S&P, 3676 on the ESMini. That's really confirmed this week or at least at this stage in the game this week, because we look at the weekly charts for the ES and for the S&P. Both have Roadsman Dementicator tops and now we are below their breakout levels. So the next price target for the S&P 500 should be 3819. The next price target for the ESMini is 3752. When we take a look at the daily time frames out here, there's A to B equal CD patterns we know in the S&P 500. So if we were to get a bullish reversal candle, that would give us a short term bottoming signal. Short of that we're only in bar number five from a TD9 count standpoint. So an ATD9 count may or may not form next week, but next week would be the time period where we'd be taking a look at that. So the bigger picture here for the S&P 500 is that we want to head lower 3723, 3676 for the ESMini. Now let's switch over from the S&P and do in essence. Oh okay, hold on I'm in here. Give me a second. We've got Jonathan in Miami. Hey Jonathan, thanks for calling. Thanks for holding. How are you today? Good, how are you? I'm doing very well. Thanks so much for asking and you want to take a look I believe at Shopify, is that correct? Shopify and Carvana. Okay. Short both stocks and both are having big rallies today. Wanted to get your take if their TD counts are over, if it's a reversal or we're going back down again. Okay, let's see if we can figure this out here. Give me a moment just to change screens and we're going to wait for Shopify to go ahead and populate itself. It should be done here momentarily I hope. And when you got into these short trades do you have targets to the downside that you were gunning for? No, it just seems like the fundamentals are deteriorating at both companies and the trends of the charts look really good to the downside. So I did a interestingly enough I did a A to B equals CD pattern. I think I did this yesterday or the day before on Shopify as I saw it breaking through it's a weekly swing point of that a couple weeks ago. And the A to B equals CD pattern gets us down to a minus 471 says it's going out of business. So I can't do the A to B equals CD pattern out here but let me answer your first first your specific question. Do we see any kind of TD9 count patterns? We do not. What we see on the daily time frame, I'm going to expand this chart out, are you watching us on Tiger TV or are you in the den or anything along those lines? Watching Tiger TV. Perfect. So there's really two potential bottoming signals that we have out here. The first one and the one that's most important in my opinion is that Roadsmen Dominicator signal. That's where price gets stretched to the downside and the way that that pattern gets confirmed to get a bullish reversal candle. Now I'm not suggesting that you exit your trade because you have a longer term perhaps a longer term view on this but if price does close above this oscillator and change line which is where it's trading right now the exact number is 349.67. If price does close above that level and not necessarily where we're at right now but a little bit more maybe the high of the day where we're at that would then suggest that price should make its way to the 431 to 451 area. That is the bottom of its bullish structured daily profile and the center of its bullish structured daily profile because price is below that a counter trend move should stop at 451.74. So the first question is based upon this daily time frame chart, a price close above that red oscillator and change line, is that the type of heat that you're willing to take? You don't have to answer that to me. That's the question that you need to you know answer for yourself but that's the first signal I see in Shopify from a daily time frame. The second potential bottoming signal is wave number seven. That's the letter G that is down there. That doesn't get confirmed until you have a higher low. So the earliest that could be confirmed would be tomorrow. If I look at the 195 minute time frame chart it also has a rogment of indicator bottom signal, 89 count bottom as well and that suggests that price should head to 424.88. So do me a favor John and then hang on through this break. We're going to come back and take a look at this. The other instrument you wanted to look at was Carvana CVNA. So we'll come back to Shopify. We'll also take a look at Carvana. We'll be right back folks. If you want to take advantage of this sector now is the time to subscribe to my Gold Report. The Gold Report is a comprehensive look at the metal sector as well as the markets that move gold which is the currency and bond markets. New subscribers get a 30-day money back guarantee so you have nothing to lose. Every Monday morning I publish the Gold Report with coverage of gold, silver, bonds, the XAU, HUI, GDX as well as more than 30 different mining equities. To see for yourself the types of profitable trades that are recommended within the Gold Report sign up now by visiting tfnn.com. Don't miss out on the next great gold trade. Sign up today. TfNN is excited about our new software charting program, The Art of Timing the Trade Charts. 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And right now, we're offering licenses available at only $79 a month. We are so confident that you're going to 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 Tim. For more information, just click the Think or Swim banner on the front page of tfnn.com. Welcome back, folks. So we've got Shopify up on our screen here. And Jonathan, what I did during that break was really trying to help identify for you kind of maybe a make or break point out here. And what I have up on my screen is the 30-minute chart. Now, when we began our conversation, we were asking us about TD9 patterns. And it's really the TD9 pattern. But really, it's about the breakdown levels that I'm going to point you to. And those are these green horizontal lines going across our screen out here. And the last time that Price was able to take one of those out was on April 19. Take it out to the upside. Those are resistance levels. So it's been in place for a pretty long time, nearly a month out here. We can see that in the case of Shopify, its current TD9 count breakdown levels at $390.14. I would suggest that if Price were to do consecutive bars, that is at least signaling to you that Price could easily make its way back up to its prior swing point. And that's in the $490 area. So if you do see a close above $390.14, maybe then at that stage you go ahead and you close out the short position. Does that make sense? Yes, it does. Okay, so that's the only thing that I was able to find to really assist you with Shopify. Is there anything else that I can help you with on Shopify? That's great. I appreciate that. Perfect, yeah. So the next one is going to be Carvana. CVNA. And CVNA looks like it's got a similar candle, as you said it was rallying today. It's going to take just a couple of moments here for price, for these charts to update. In the case of Carvana, it's all the way back into its 2020 low out here. It's 2020 candle, I should say on a monthly basis. So this is suggesting that Price should get down to $2216 and test low. So far the low has been $2835. So now let's see what these other charts are communicating to us. On a daily time frame, so first of all, on a monthly basis, price has hit a level of support, a TD9 count breakout level, $2975. If price goes below that, it suggests that it's headed lower. The weekly chart does not have any kind of a bottoming signal, so there's no reason to jettison your short position there. The daily time frame, you do have also wave number 7 out there. Again, that can't be confirmed until tomorrow. Price is trading right up into resistance, it's oscillator and change line. If price were to close above this level, this level being $39.08, that would suggest you could see more of at least a counter trend move. The next level of resistance, once price clears the oscillator and change line is all the way up at $100.29 on a daily time frame chart out there. So you want to watch that oscillator check that has resistance ever since April the 5th out there, and so it's for more than a month. And I would say if price closed above that, it would be signaling to us that you might see a change in character. Any questions about that so far? No, that's great. Okay, so now the intraday time periods out here. What are these going to show us? So again, doing the same thing as we did with the other instruments, like Shopify out there, looking at these TD9 Count breakdown levels. The last time price was able to close above one of these, hmm, I got to go back even further. So it's been quite a while. It takes us back actually to April 4th. So, that's kind of interesting. So what we have right now is on a short-term basis, you have cleared the TD9 Count breakdown level, which is at $35.55. So then what that tells me is that watch that daily oscillator and change line. If you do get a close above that, that is at least going to suggest to you the potential of a further rally. Does that help? Does that make any questions about what I've shared so far? No, that makes sense. Okay, so then the only other level of resistance that I can see that if price takes it out adds to that idea of potentially closing out that position is $46.90. And $46.90 is the first breakdown level on a 65-minute chart. And I would say if you get a close above that, odds favor that there's further rally left inside of Carvana. Okay? And then a longer-term ABCD pattern, what could be the potential of the outside on this stock? There isn't one. Now let me show you why I'm answering the question that way. I'm going to switch over to our black background screens out here. And here is the monthly timeframe. And so you can see it's pretty much been a straight line move. It's only bar number 7 of a TD9 count. But it is back at these... Oh, whoa, how about this? So, I mean, it does suggest that the monthly chart is at least suggesting that price should get down to that 22-16 level just because you're pushing into it with volume. So that goes back to the question that Roger had had earlier. When do I use volume? When don't I use volume? Well, this is pushing into a swing point with volume out here. And on a monthly basis, and when you get into that swing point, you'll go down and you'll test the bottom of that swing point. But you're going to take today's action and the information that we took a look at on those white background charts and used that to do your assessment. But there isn't an A to B equal CD to the downside that's going to get us, other than maybe this thing going out of business. That's a possibility. The junk bonds are falling that they've issued, so that's my hope. Well, I have to tell you from a business model, I've never understood it. But I'm older, the way I buy cars, I go kick the tires and do all that kind of stuff. So I've just never really understood the whole business model of Caravana, but doesn't mean that it won't succeed. I haven't investigated it that much. It's just when I drive by one of those places, there's one along I-95 here when I go from here down to Miami, and every time I look at that thing it's this big round cylinder with cars in it and I'm like, really? It's, I don't know. And I know they drop the cars off at your house too and stuff like that, but in any event, is there anything else I can do for you? That's great. Thanks so much for your help. I appreciate it. My pleasure. And have a great day. That was Jonathan down in Miami. So what we're going to do here is I'm going to switch back go back. I think we were going to start taking a look at the charts here for the Dow. Again, just the bigger picture and then we'll use the rest of the time frame to start taking a look at start taking a look at maybe smaller shorter term time frames and what maybe is going on play-by-play basis. So give me a second. We're going to change the screens and now what you've got is the Dow the Dow equity future contract. So let's get right to it out here. And in the case of the Dow we're really looking at us a weekly chart. The weekly chart shows we're clearly below we're below a hammer candle hammer candle from February 24th once you close below the bottom of a hammer candle and of course the week's not over. It says if you're long you're wrong. What that really tells us where's the next level of support. Well in the case of the Dow on a weekly basis it's at 30,014 the Dow equity future contract it's 29027 and when we take a look at the daily time frames no bottoming signals busted out through those TD9 counts busted through the February 24th lows busted through a hammer candle on the Dow equity future contract for its daily time frame as well out there and there's no other bottoming signal that I have so it suggests lower price. Bigger picture out here we could be headed to the 24,843 level and I would say that would come into play if we get the Dow below 30,014 so that's kind of the bigger picture out here it's not kind of it is the bigger picture. Let's go take a look at the smaller picture and then a smaller picture let me see here I think I want to change over to you know because what I like to do is really provide you with with important information and what do you mean by important information here's what I'm going to share with you so let me get over to the screen so we've seen a rally try to unfold so far today of course we've seen that try to unfold over the last several weeks out here but the levels that I want to pay attention to so where's the NQ and the NQ this is just really showing us our TD9 count breakdown and breakout areas out here but what I like to do is go through all the different timeframes to figure out which one has giving us the best signal information out here and the best signal information I believe on the NQ is coming from the 120 minute time frame chart out here I'm going to leave this up on the screen you'll be able to take a look at it and based upon the conversations we've had earlier you'll be able to figure out where does price need to clear to tell us that we have more than a counter trend move underway Steve Rhodes with TFNN we'll be right back with the best decisions across all price levels from the price you should be paying per square foot in certain up and coming areas to the type of cash flow investment properties are capable of creating Tiger Real Estate can help you make the best decision when it comes to all areas of the market before you make one of the biggest decisions of your financial future call Tiger Real Estate LLC today at 727-329-8322 or email us at tiger at TFNN.com that's 727-329-8322 call us today the technology around us is changing every day with so much happening it can seem impossible to keep up with all the information David White's investment newsletter the technology insider is designed to give you all the information you need to understand the technology that shapes today's markets and tomorrow's future David White has made his living staying on the cutting edge of technology his weekly newsletter will give you specific recommendations for value tech stocks as well as entry prices, target prices and stops to set for each trade Dave delivers his weekly newsletters every Friday with updates throughout the week you can get the technology insider at TFNN.com for only $37.50 Sign up for David's newsletter the technology insider and get an inside look at everything the technology sector has to offer try it risk free today with our 30 day money back guarantee TFNN Educating investors Biotech is booming but for how long whether you think the Biotech bull has room to run or has run its course trade LABU or LABD Directions daily S&P Biotech three times bull and bear ETFs Visit Direction Investments.com slash Biotech today an investor should consider the investment objectives risks, charges and expenses of the direction shares carefully before investing the prospectus and summary prospectus contain this and other information about direction shares to obtain a prospectus or summary prospectus please contact Direction Shares at 866-476-7523 the prospectus or summary prospectus should be read carefully before investing an investment in the funds is subject to risk including the possible loss of principal the funds are designed to be utilized only by sophisticated investors such as traders and active investors distributor foresight fund services LLC Don't forget to listen to TFNN live on your mobile device 24 hours per day go to TFNN.com then hit watch Tiger TV that's TFNN.com then hit watch Tiger TV welcome back folks so what we've got on our screen right now is the 120 minute time frame chart for the NQ and what I've done is I've just left up the TD9 count resistance levels breakdown resistance levels that typically will act as resistance your price clears one of these levels your price is broken through resistance and they set it higher than we've got to figure out where it might be headed to but the reason to use this is we can see that price is not broken above a TD9 count breakdown resistance level really at all since the highs I mean it did it for one bar back on April 5th but the next bar got right back below the breakdown level out there we did the same thing back here on the trading session of about 8 o'clock in the morning in April the 20th but the next bar right back below that level so how are we going to know when an actual bottom is taking place where there's going to be some type of sustained rally or where would some type of rally or counter trend move likely find resistance well it's because of how well you can see that we've had plenty of a couple of bounces where price have gotten up to the breakdown resistance areas and so in this instance here we would use 12 637 25 as the area to be watching on any type of a rally out there and that's where price will either stop or signal to both you and I that this is more than just a counter trend move let's go to Mike in Pennsylvania Mike thanks for calling, thanks for holding, how are you? Steve I'm doing great I'm kind of on the road and I missed a lot of your show but I've been back and forth with the SDS so on very short term trades what is your bigger picture of the S&P 500 at this point let's like on a 30 minute chart sure so on a 30 minute chart if I take a look at the ESMini the rally today formed a nice little road to the indicator bottom but where the rally petered out was at 39 49 25 that was a TD9 count breakdown resistance level so really kind of so thanks for the call Mike this kind of helps us to to kind of bleed into the conversation I was having with myself just before I got you on the air so if price were to take out 39 49 25 two consecutive close above that tell us that we're likely headed higher that higher would be 40 42 that's not the message right now what price is doing is it's testing the lows of this morning and there is support right where it's trading right now it's the bottom of a 30 minute bull structure profile the bottom of that profile is at 38 81 we're trading right now at 38 80 so it is pulling back into a level of support what you and I don't know is whether or not this level will hold it should hold but you know will it hold or not we don't have the answer to that on a different screen let me see if I get the ESMini up real quickly here I'm not going to change over I'm just going to look at the volume just kind of to feed into our overall questions here today so the volume at the bar that formed at 940 this morning about 80,000 contracts as we pulled back in that last 10 minute session 29,000 this next session doesn't end for 5 more minutes you're at 16,000 so it seems like volume on the pullback here you know is not going to bust through those lows not that it can't but we don't have a volume signal that says it's going to bust through the lows out there what else can I you know share with you on the 30 minute time frame chart well that's pretty much it I'm just wondering kind of keeping a tight leash on everything and what did you take the bigger picture we're into a support area where a lot less volume so watch for about yes potentially yes what I'd like to do on a 30 minute chart to see do we have some other signals out here at this stage I think that that's the appropriate way to look at it but bigger picture right now until we get something of significance on the daily time frame chart it really does look like we want lower price in the ES minute that would be $37.52 great alright well thank you very much Steve pleasure listening to you thank you the pleasure is mine thanks for calling thank you let's go to a next couple of questions that have come in I don't know if I'll get to everything here was there something, oh Amazon there was a question that came in through the Tigers Den so let me switch over to those charts here and this is an individual I believe is short Amazon doesn't matter I mean it's not going to change my analysis of what Amazon is doing so if you give me a moment here we'll get back to those charts here we go Amazon is actually doing today can one stock hold up the market if it's Apple it probably can but Amazon is right up there too so the daily time frame this individual is short what Amazon is doing today even though I don't have the A to B CD pattern in here you can most certainly see that pattern and so today so far as of 1.47 in the afternoon you have a key reversal bar key reversal bar requires three things one you must be in an extended condition well we're in an extended condition two the high and low of the prior bar has to be exceeded okay we've got that and three this is what we won't know until four o'clock you have to close one tick in the opposite direction the direction to the upside so right now we have that so that would confirm me by the D point now all that that would suggest to us from an Amazon standpoint is to move up to its oscillator and change line which is acted as resistance for quite some time 23.01 or thereabouts is that price target if price were to get above that you would expect on a daily basis that Amazon would then target where a counter trend rally should fail and that would be between 24.23 and 24.78 so you have both a TD9 count pattern if I didn't mention that I'm mentioning that now as a bottom signal and that's the message from the daily time frame so the daily time frame is saying I would say if the market can find some mojo then we should see Amazon continue to move higher out there but right now as I look at the markets we're back to red across the board out here not seeing a whole lot of mojo when it comes to the markets out there so in this case here I don't know that Amazon is strong enough to take on the overall market so to speak out there but with regard to a daily time frame for Amazon you've got your bottoming signals or at least counter trend rally signal that should take price up to 23.01 so on a 30 minute basis we can see that this morning's rally ran right into resistance at its TD9 count breakdown level that's at 22.03 but folks if you don't know this pattern it's easy to learn and it's really easy because you subscribed to Mastering Probability you can do it for 29 days it doesn't cost you a penny and you'll learn this tool you'll apply it and it will help you and it works for all different time frames out there the nice thing is is that it's already automated to my system so it's not like I'm drawing in lines and areas that are trying to prove a point or something along those lines out there so that's what we have when we take a look and I hope that helps excuse me let me see what we've got coming in here for questions delete that message and the first one is coming in from Dennis and this is to take a look at Apple so let me get the Apple charts up here on our screen and the question is what's the two month outlook for Apple that might be hard for me to do but what I can't share with you with regard to Apple when we get back from this breakout here is where our levels of support to the downside and any other patterns that we might be able to identify Steve Rhodes with TFNN we'll be right back with another musical instrument you have to practice sure but you also need excellent instruction from experts at TFNN you'll get advice and guidance from the authority and technical market analysis and it's not just dry tedious text either TFNN airs live financial content streamed live on TFNN.com and TFNN's YouTube channel with Tiger TV live every market day free each host is an experienced trader and gives their take on the market while taking calls and questions live from around the world from the moment the market opens until the closing bell sounds Tiger TV has eight different shows with expert hosts to help you make the right moves with your money watch online at TFNN.com or on TFNN's YouTube channel and become the investor you were born to be TFNN Educating Investors but if you want to be successful at trading in the stock market 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mobile device 24 hours per day go to TFNN.com then hit watch Tiger TV that's TFNN.com then hit watch Tiger TV welcome back folks so Dennis writes in he wants to know what the next 2 month outlook for Apple is and so the first thing that we notice here we look at this multi time frame set of charts is on a monthly basis Apple is pulling back into a potential level of support that potential level of support is the bottom of its monthly profile that's printing at 140, 48 don't worry about 20 cents 25 30 cents below that level right now it's a monthly time frame chart it's only the 12th say the 12th something like that so we don't know whether that will hold or not but it's sitting at a level of support in the case of the weekly chart prices test in a breakout level of support 143.16 not enough Apple is going to close above this come tomorrow or not if it close below that then the signal there would be a move down to the next breakout area that would be 127.07 to a certain extent that's confirmed by the daily time frame the daily has an A to B equal CD pattern it's actually at the one to one level as we speak we see here I've got to I got something screwed up we're going to unscrew it let me just want to see where we're at not going to do that forget that here's what we do know is on a daily base we're wave number seven as well that can be a bottoming signal if there is a bottoming pattern out here we would see it reflect itself on the short-term time frame charts well 195 minute don't see anything there 130 nothing there 165 nothing there 40 minute chart bullish reversal candle would confirm erodesment of indicator signal 15 minute we're not even going to mess with that so what is our prognosis for the next two months for Apple price sitting at support Dennis and until we know whether or not these levels fail and you won't really know till tomorrow if I were to answer the question for you I'd be guessing now I want to guess let's let the market communicate to us what its intent is what you should know is that Apple right now is sitting at support monthly time frame potentially the weekly in your wave number seven which can be a bottoming signal for the daily time frame folks I'm going to try to do my show tomorrow from eight to nine I'll do my best so we'll see what happens if not then I'll see you on Monday have a terrific Thursday thanks for being here folks