 FNN. The Trader's Edge with Steve Rhodes. Call now toll free at 1-877-927-6648 or internationally at 727-873-7618. The Trader's Edge. Now Steve Rhodes. Good day folks. Welcome to the May 13th, the Friday, the 13th 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. Hope everyone out there is having a great day. Hey, 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. When you and I make that one little two by four shift 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'll go figure out what those bulls and bears, what those buyers and sellers are communicating to you and I at just past one o'clock in the afternoon, although today it's just past eight o'clock in the morning. So if you are listening live, we would love to hear from you. If you're listening in at the normal timeframe, I'll do everything I can to make this show as pertinent for that segment as well. We'll be back to normal programming on Monday. So you give us a call if you're listening live at eight between eight and nine in the morning, East Coast time at 877-927-6648. If you can't call them, but you're listening in, you can always send me an email, send it early, send it to Steve at tfnn.com. Inside that subject, and if you'd be kind enough to put a radio show question, that would be great. And of course, inside our Tiger's Den, Wendy Ping will do. And good morning to you, Peter as well from Park City. So let's go ahead and get this show started on Fantastic Friday. Of course, this is Tiger, Financial News Network. I'm Steve Rhodes. Welcome to Lush Show. Right now we've got all U.S. equity futures trading to the upside. That was up 1%. That's 314 points, 2% for the NASDAQ, 233 points, one in four tenths for the S&P, that's 54 points. And the Russell's up one in three tenths or 23 points. If we take a look at, went on around the primary markets across the globe, I should say really, if we just take a look at the Asian markets, meaning the Nikkei, the Shanghai, the Hengseng, and we take a look at what's going on in Europe between the FTSE and the DAX, everything trading higher. So odd's favor that today should be a higher, a positive close for the U.S. equity futures. If they're not, boy, that's just telling us more about this market that we're in right now. Gold is off 12 bucks right now, traded 1812, Silver's down 9 pennies, 2068 is the print there. You've got Lights We Crew trading up $1.79, 107.93 is its print, natural gas up 7 cents, 7.81. You've got the 30-year treasury off 1.5 points, trade down at 139.14. But what does all that mean? You know what, I think just for the quick, easy summary of it, we'll go to our nine-panel market update chart. The nine-panel chart, we begin by taking a look at the ES mini in the upper left-hand side. The ES mini, you'll see, has an A to B equal CD down pattern. And if we get a bullish reversal candle today, that will actually go ahead and generate a buy the D point pattern. So what does that mean? Well, that means that you'd have a bullish signal that would suggest that price would move higher. The question would be, where would price move higher too? So that's a great question. We're going to try to answer that for you and we're going to answer that in a couple of different ways. First, there's a new profile that is attempting to form. So I happen to have, I'm fortunate to have this little advanced Doppler tool that identifies profiles as they are attempting to form. So it's a really early warning indicator. Now, the unfortunate thing is I don't get confirmation of these profiles until the next session. So in this case here, it'll be Sunday evening at 6 p.m. But nonetheless, we use the data that's available to us. So as we speak right now, you've got support at 38.99 and resistance at 41.23. Support being the bottom of the profile, resistance being the top of the profile. So now if we get a confirm by the D point and you were to ask me, where is price going to target? Well, one of those levels that it would target would be the top of that profile, 41.23. The next level that it would target, now just change the screen to your momentarily, just so you can write this down on your pad of paper. And that would be its oscillator and change line. And so for the ES mini, it should be in your upper left-hand panel, that's going to be at 40.37. So the price range at this stage here, based upon today's candle, but the day's not over. We're just really beginning the day. But what we are doing is we're just saying, hey, let's take a look at what went on around the globe out there. Those markets moved higher on a Friday. Perhaps that's a signal that the US markets will do the same. And so therefore, the targets become that oscillator and change line at 40.37 to 41.23. That's in the case of the ES mini. Let's go back to the charts here, the black background charts, my market update charts. And as we do this, what we're going to see is the spot volatility index is right now trading below the top yellow line. That's a Bollinger band. That Bollinger band is set at 50 to 1 from a ratio, I think that is 20 to 2, I think is a normal Bollinger band settings out there. Regardless, what this tells us is that if we get, so this is giving you potential trades here for you to consider day trades or what have you. If we take a look at if the ES mini is going to form a buy the D point pattern and price is going to make a rally up towards that 41.23 area, we should see the spot volatility continue to decline. And this price target would really be its 50 day exponential moving average. That's currently printed in 27.17. The NASDAQ doesn't really have an A to B equal CD to the downside. Now, I say that, but I'll expand out the chart here. I'm sure that we can find a small A to B equal CD pattern. And that would look like this. So the eight point out here, that's along the C to D leg. So I would use the high from March 29. That would use the low from April 18. And I would use the high looks like came in two days later on the 20th. And you can see there, you've got a one to 1.618 A to B equal CD pattern. You've got a bullish reversal candle as we speak right now. You also have a new profile that is attempting to form here. Bullish and structure. And what I mean by that is the center of the profile. That's where buyers and sellers believe that price is fairly valued with inside the range. The range is established by the top and the bottom of those profiles. If price can close above the center, that's at 12248, then its message is that price should be able to make a run up to the top of the profile. So that's a 12995. Now I'm not going to switch back over to the other charts out there. I did that the first time so you could understand where I was grabbing these numbers from. They're not just being pulled out of, you know, thin air. And so the range for a bounce or resistance is going to be between 12381 and 12995. Now that's a pretty wide spread out there. But if you do get a close above 12381, that's going to be the message that price is likely going to make its way to 12995. Now do remember that this profile will not be confirmed until Sunday evening. But it's still good data. And we go ahead and we use that. Now if we switch down to the US dollar index, what it did yesterday was it took out a TD9 count pattern. That was established about two weeks ago. That suggests that price should move higher. Your question would be move higher to where? Give me those points back just a little bit this morning. So if we take a look at our US dollar index charts out here, so as I can find them, here we can see a number of different things. A team, what's going on at a daily base, we already talked about that. The weekly base you're trading above a key swing point, which was 103.56. You closed above it last week, you closed above it this week. It's a confirmation of a breakout. So then we take a look at we take a look at the A to B equals CD patterns. And the one to one price projections get us into the 109 area. So 109, in essence, is the longer term price target. Can't tell you when pricing ended up there, but that's where the US dollar index should head to. So folks, we get back to this break. We'll continue to take a look at this market update, go through those. We'll start going through the details of the equity future contracts. And of course, anything else that you'd like to just give us call 877-927-6648 or send me an email like Hector just did at Steve at tfnn.com. 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 found a TFNN 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. 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Welcome back folks so let's go through our first question from Hector and Hector writes and he wants us to take a look at Google and get a feel for where it's headed to so we've got the black background screens up on our chart here what we can see is Google's trading below the bottom of its bullish structured daily profile so the very first thing is on any bounce we know we're going to get a bounce this morning here is where the price targets the upside where's the resistance levels because Google closed below for more than two consecutive sessions below the bottom of bullish structured profile a counter trend move and right now that's what we have to anticipate that that's what this is would find resistance between 2337 and 2375 2375 being the real key level there if in fact price can overcome that well then that says this may may be more than a counter trend move or at least the counter trend move would extend itself up to the 2488 level so that's what the daily timeframe chart shows us there is an A to B equal CD to the downside no bullish reversal candle yesterday don't know that we'll really get one today here and the weekly's got an A to B equal CD to the downside and in order to load up your wagon you'd really like to see a bullish reversal candle a completed garly bi-pattern hector and patty on the weekly timeframe and don't know that that's going to happen today doesn't mean that you know this is not going to bounce in fact I would think that it would so switch over to our other charts see what other signals you and I can pick up on and the very first signal that we'll pick up on as soon as a daily chart here populates is that we will see that yesterday yesterday's move took us into wave number seven that's letter g it's a very small part of the chap and wave toolbox out there and when we get to letter g or wave number seven which by the way cannot be confirmed until you have a higher low we're likely to get that today right google should be trading to the upside with the nasdaq futures up 2% right now is it 2% that they're up I think so and so you do have wave number seven that is a bottom signal so the daily again just tells us a watch for the well let me just see where google is actually trading at the moment give me a moment here get over here see what we're doing in the pre-market that might even so we're 2304 so 2304 takes us over the oscillator and change line when you're a when you're above a red oscillator and change line just tells you've got more counter trend moves likely in it so but what nothing changes here you got the 2337 2375 level just see if there's anything else out here that's worth pointing out to hector and patty and anybody else that's listening not really you've got a couple of different intraday bottom signals but those don't mean anything to us as we speak right now so hector and patty I hope that that helps you out and watch that 2337 2375 area and thanks for getting up so early and writing and much appreciated we've got a caller on the line let's see who we have here we've got brent in martin is california brent thanks for calling thanks for waking up so early how are you this morning well i'm doing great steve I have to say thank you for you know being such a trooper and being doing your show for the last several days when you I know we're not feeling so great yeah but you know my dad taught me that if you want to play which I haven't done yet you've got to go to work first so so I would like to do in that appreciate no problem I mean whatever except for the hacking part which I hate people hearing in the uh their eardrums out there it's it's doable but anyways let's uh let's get to what would you uh you're calling about the spot vix is that or the vix itself yeah you mentioned it earlier my question about it was so not mistaken on wednesday and thursday we had well definitely wednesday we had a negative day yesterday you know more or less negative and we still had uh the vix down yes there was a bit of a diversion so I just wanted to get your thoughts on that what that might indicate yeah so it's a great question so I'll pull this chart up here momentarily and I the answer is I don't know how to interpret that other than the fact that the spot vix index is dealing with the you know the anticipated move 30 days out so the lower left out let me just expand out this chart up here so for the for the moment and this is the spot volatility which is in the upper section here and so about over a week ago in fact on the may the fourth we're may 13th and may the fourth the parabolic star that's a tool that garry uses many others use out there started forming dots up at the top and that's an indication that okay top for the spot volatility index should be in you can see other instances out here on that parabolic star I know the dots are kind of small out there but hopefully you can see them on a tiger tv out here so that has been an indication that instead of the even though the vix was you know moving up and down or what have you this is giving us a signal from a momentum standpoint and I'm not an expert I'm far from an expert on the parabolic star a tool out there but this does suggest that it wants to move lower and then today's candle session if we get this by the d-point pattern then that should be enough and especially because we have this new profile here and if it does take hold that should be and by the way it's a full structure profile in the es mini Brent and what that means is the center is at thirty nine eighty nine if we get anywhere thirty nine eighty one right now if we get a close above thirty nine eighty nine odds favor making a run for the top of that profile and so if we get that outcome then what we should expect or anticipate the spotball attempts to pull back two or towards its fifty day expense moving average which is currently printed in twenty seven seventeen and as you know if price were to close below that level well then we'd be have then we'd have even more rally to go but I don't know what that more rally to go would mean in the s and p five hundred or the yes many until we get to that stage out there so my readings are I don't know the day-to-day hey in a spotball tonics that was a traded lower yesterday the markets you know did what they did does that I don't know if I provide any more clarity to you or not but it's all that I've got yeah I'm just I'm kind of thinking that we because of you know the damage has been done we'll get some kind of a bounce and you know what is going to consist of but and that's worth you know me another question I was going to ask you are you more in the camp that we could get some kind of bounce and that would be once you get to you know maybe the levels you're talking about on the vixen it holds then that would be the place to sell it again or what's what's your thoughts on yeah I would think so yeah I would think the this look the cell would be at least at least with regard to the cell from the standpoint let me I messed up here can you back these charts are the cell would be the ideal cell setup would be the ES many gets to the top of its profile let's assume right now it's 41 23 in a spotball of tunics trades right to the 50-day exponential moving average then at least you'd have the technical indicators say okay now it's time to short you take the short if that doesn't work you close that trade out pretty quickly all right yeah that's fair enough but to answer your question yeah that answers my question I just I'm leaning towards we're going to get some kind of a bounce here and to what extent it's going to be we'll find out yeah and that's really the message and that's the last thing I was going to point out to you because it's a great question and so if we take a look at the New York Stock Exchange the advanced decline oscillator it's down in the minus 168 level that's in the oversold condition area it's been there for obviously several days but should we get a bounce out of here should work off that oversold condition absolutely and with the international markets closing higher on the day going into a Friday and a weekend I wouldn't be surprised that the that the rally that we have not that that we won't see some selling we should see some selling I would think but that the rally should unfold through the rest of the day all right Brent yeah well it'll be interesting we've been like we've had big one-day rallies but then that's petered out so we'll see if we can stand together more than just a single day yes yes all right hey thanks again for getting up you bet thanks for getting up so early and we'll look forward to speaking to you again soon that was Brent in Martinez California at 526 in the morning you got to love that we'll be right back 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 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question but it was a has Russell 2000 bottom so I'm gonna go ahead and get those charts to populate up here on the white background screen it shouldn't take too long what I will share with you while those screens are populating they give me a moment there are new profiles that are also attempting to form there so for those of you that are trading the Russell 2000 what you would like to know is that there is support or should be supported 1723 now that's in the equity future contract it is in a bullish structured well the profile that is attempting to form is a bullish structured profile and as you heard me say that when price trades above the center of that profile or closes above I should say that that's an indication that price will make a run for the top well as we speak right now the center of that profile in fact let me do this let me switch back over to that screen and show it to you then you'll have that you may want to grab the screen you know just simply expand the screen out here so that you're just looking at the Russell 2000 and there we go so now you can see that new profile out here again the profile will not confirm until this evening but we are trading above the center which is 1748 so that's a suggestion that price going to make or move to the 1799 level now the question is has the Russell 2000 bottomed out here we take a look at patterns so we had in order for me to be able to say that it's bottom I'm looking for a specific pattern that does not mean that the patterns that I use are at every single bottom in a market it's just these are the patterns that are most likely to be in place that would help us identify atop or a bottom and here we've got a very large a to b equal cd to the downside and so kind of going back to my conversation with Brent here yeah this really looks like more of just a counter trend move or some type of solid bottom at least at this stage of the game here because we take a look at the nq was got further yeah I came up with an a to b equal cd to the downside within the c to d leg and so I can do that exact same thing here with the Russell 2000 so let's do that the a point in the c to d leg would be the march 29th high the b point out here would be the april 12th low and the c point would be the high from april 21st and so here you've got a 1 to 2 a to b equal cd pattern in the c to d leg and if you were an owner of the art of timing the church out there that would you there's some page out there that will tell you if you do a 1 to 2 a to b equal cd you're going to do something else other than move lower out there so from that standpoint yeah now and in that level that a to b equal cd pattern your price were to get above the top of the profile which right now we believe that 1799 that would just simply take a look at some retracement levels i'm not going to do that right now because that's not the patterns in play but to answer the question whoever asked it by the way as the Russell 2000 bottomed out here yeah i think we've got a short term about enough we go back to the to the multi time frame charts out here specifically for the Russell one of the things that we'd like to see our bottoms on the interday time frames especially like to see them the larger time frame so for example we don't have a bottom on the daily but then the next largest time frame that i would do is from an interday period is the five hour chart for 300 minutes and that did form a td9 cal bottom and so now price is just going to deal with resistance resistance for it resistance for it is 17 excuse me 1763 we're at 1762 basically right now 1761 40 so price begins trade above 1763 that tells us price should at least be able to make a move to 1792 and 1792 is its td9 count breakdown level if price can clear that then that's telling us about getting to 1799 so really 1799 1792 is really the price target you've got bottoming signals on the 240 minute chart on the 120 minute chart the 60 minute chart that we have anything out there probably an a to b equal cd pattern the downside the 30 minute chart roads meant to mendecator bottom as well and and then another price target by the way to the upside i should say another resistance level is at 1790 60 and that's the red daily oscillator and change line so to answer the question it has at bottom it's at least bottom so that we should see a bounce out here and so that was a rustle we've taken a look at the es mini i believe let's go take a look at the indice out here that's truly gotten trashed and trashed and that would be the nq and so with regard to the nq let's go back and forth just so you can see what it is that we're taking a look at out here give me a moment and much like we just did with the rustle 2000 as we expand out the nq chart out here because we have to go type in the so first let's take a look at its new profile now this is interesting it's rather large profile out here so bullish and structure again support being 11875 if you were to see a close below 875 today and let's say you took a day trade out there and you're in it or maybe you were thinking of maybe taking this for a couple days would have you if you see a close below 11875 it's probably a good idea to close out that trade i don't think that's we're going to see today but what i think it doesn't really matter it's what does the market actually do but that's your level of support now the center which can be resistance would be at the 12248 level but the price can close above that and assuming that the profile takes hold Sunday evening that would be a signal of a move up to the 12995 level does that mean we are at a bottom well we take a look at do i have a bottoming pattern now this is going to be an interesting way for me to answer this question here first if we take a look at the a to b equal cd pattern i'm drawing that in the screen right now you'll see that it hasn't completed its price target its price target would be 11445 and i think we're yesterday's low is still a little bit too far away from that to really suggest that even if we get a bullish reversal candle today in the nq which is easy to do by the way you know very odd's favor we're going to get a bullish engulfing candle that that was the completion of a pattern now like we were able to do with the and i'll equity future the Russell equity future contract out here along the cd leg there's an a to b and then you can't get a to b equal cd patterns with inside a to b equal cds not to confuse you but here you can see sure you've got a confirmed 1 to 1.618 a to b equal cd pattern out here along that c to d leg so yeah we've got bottoming signals that we should at least get a counter trend move now let's go back to how i don't want to let's go back to my white background screen but i want to do is the following first when we take a look at this daily time frame chart here for the nq we don't have any kind of a bottom signal as we just covered but if i switch over and i take a look at the actual cash in the sea and i take a look at the ndx 100 now just give me a moment to pull these charts up where'd they go here we go what you're going to see is in the ndx 100 it is in wave number seven letter g oops sorry didn't get there now you should see it okay so the ndx 100 yesterday got to wave number seven letter g so we're gonna open higher probably don't attack yesterday's low that'll confirm that seventh wave move and on the daily time frame for the ndx by the way its price target is going to be the oscillator and change lenders 12 473 level and uh i'm just looking at the nest that composite it's also in wave number seven letter g so even though we don't have bottom pattern there completed a to b equal cd we do have that bottoming type signal and the same thing with the russell 2000 so yeah everything is set up here so that we should see some type of rally that the rally that we're seeing today should be different than the type of intraday rallies or the rally that we began with yesterday now you would expect that we would still see some selling and so if we go back we take a look at the nq charts out here quickly where we're trying to find out is is there any kind of a topping signal inside of the nq get that chart up on the screen we're looking at the intraday signals out here the answer is as i speak oh that's natural gas that's not going to help me we take a look at the nq so we'll just have to wait till we get back from that break see roge with tf be back and just 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 published a 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 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funds are designed to be utilized only by sophisticated investors such as traders and active investors distributor four side fund services llc don't forget you can listen to tfnn live on your mobile device 24 hours per day go to tfnn.com then hit watch tiger tv that's tfnn.com then hit watch tiger tv back folks or at that stage we're trying to get granular here with regard to the nq and just looking for signals so instinctively you know my thoughts are that we should see some kind of a sell-off there there should be you should see some some bears try to get in and short this bounce that's out here understandably so especially after this week so i was looking for it eight forty two in the morning is a kind of signals of a at least some type of short-term top and so we have two two signals here to take a look at the 16 minute chart had a td9 count top it got negated as we came on the air at eight o'clock this morning but it did that because it closed above that actual high of the td9 count which was on the bar following bar number nine so negate that signal that tells about a strong moment to move to the upside that would say from a 60 minute standpoint you may not see much of a retracement at all and instead price is just simply going to make its way up to the 12 533 level that's the next td9 count breakdown area however there's another signal that's out here and that's on the two hour chart the two hour chart has confirmed a td9 count top it did that at eight o'clock this morning and so it's closed out so even though we've got a negated td9 count top on the 60 but the 120 says oh hold on here what i'd be looking for if there is a retracement and there should be retracement would be a pull back to the 12 084 ish area see how on the 60 minute here i'll just expand out the chart so on the 60 minute chart we'll pull this back we'll decorate this a little bit nicer there we go so when the oscillator and change line changes colors typically what that tells us when we get a topping signal we should see price pull back to that level so even though that topping signal was negated but the two hour says hey hold on a minute here i'd expect price to pull back to that green oscillator and change on it if it does pull back there test and rejects that level that would be another bolder signal to suggest that price will start making its way up towards that 12 553 level what happens if price gets below that no problems as long as price holds 12 042 the bottom of that 60 minute profile and if price were to break below that then its next level of support would be down at 11 8 91 so those would be the areas that i would be watching and observing there's nothing else out here on the interday charts that are going to really assist us so let's go to our next question this one coming in from peak g in the tiger's den and peak wants to take a look at the gold and silver out there so to do that give a couple different things out here one we're going to go switch over to my black background charts then we'll go to the multi-time frame gold charts that i have there but the answer your question has gold bottom gold has not given us a bottom signal just yet what i mean by that is here we go what we can see is that gold is now attained the one to one a to b equal cd to the downside peak that price projection was 18 12 60 and while it's doing that we're trading right now at 18 11 while it's doing that on a weekly basis prices pulled back into its bullish structured weekly profile so from a technical standpoint should gold bottom right here the answer is yes but do we have a con you know because you're pulling back into what you're trading just slightly below the bottom of that bullish structured profile but should we see a bottom here the answer is we really should now we're going to go in a moment and we'll go switch over to my multi time frame charts out there to see if we find any kind of short term bottoming signals that would then confirm what it is that we should see a bottom but your price closes below 18 15 60 today that's the bottom of that weekly profile that's going to suggest lower price and what you and i know is in the a to b equal cd folklore language out there we just use the projection areas i use one 1.272 1.6 1.8 some people use 1.382 it doesn't really matter because it's a price projection area once you get to the one to one level then any bullish reversal candle after that regardless of a price target would confirm a by the d-point pattern out there so should gold bottom yes has it bottom we have not gotten the signal now as we switch over we take a look at the intraday charts see if there's any kind of signals out there of a bottom because typically if you're going to see a bottom think about this on a daily time frame you're going to see bottoming signals or you should see bottoming signals on the intraday charts so for us the intraday charts that we use our 30 30 minute 60 minute 120 245 hour time frame charts that's we have up on our screen out here well the 30 minute chart is triggered erosement and indicator signal what that needs peak is a bullish reversal candle to confirm its bottom no bottom signal at all on the 60 minute time frame chart there really isn't one on the 120 it's going to open this up just a tad just to make sure of something you know there's so many a to b equal cd patterns out here but do we have a bottom signal all you've got is a hammer candle that formed out here at 10 o'clock in the evening and that's at 1809 10 or 1809 70 so price closed below that 1809 10 level that's a signal of price moving lower no bottom there the 240 is in bar let me update this there whoops no yeah no it's it's so we are in bar number nine of a td9 count so the 30 minute has potential for a bottom the 240 has potential for a bottom this candle doesn't close till 10 o'clock though those are the only two time frames out there so it's a bit iffy quite frankly with regard to with regard to a gold out there peak well how about for silver silver is also in an a to b equal cd to the downside well just switch over to the church here the silver signal on a daily time frame says that we should have a bottom that forms by today and that bottom is a td9 count pattern so we're already below the low of yesterday we've traded below the low of yesterday remember on a td9 count that high or low needs to occur on bars eight nine to the bar following nine so we're now we're now into the bar following number nine so whatever today's lowest peak if we start trading below that sunday monday or what have you then no this is the bottom and tells us about a strong moment to move to the downside out here but yeah silver is saying it should bottom gold is saying it should bottom in the case of silver out here as we take a look at intraday signals its signals are better than ones that we took a look at for gold out there so this silver bottoming ahead of time for gold yeah i don't know i'm not i'm not sure that baton could probably better answer that question but let's just look at each instrument separately which we've done out here and we shouldn't see a bottom pattern that forms by the end of the day here for silver so hope that helps you out with regard to a gold and silver i think i've answered that all those questions for you um let me see is there any other questions out here i don't think so so now the question is so what else do you want to go look at let's go take a look at other instruments out here we're going to start from we're going to start from let's go take a look at the 30 year treasury so just a typical instruments that people would call about so in the case of the 30 year treasury what we can really see out here it is really the daily timeframe a couple of things one price right now is just consolidating with inside its daily profile so that's all that's going on this did form a wave number seven bottom so you can get to see we talked about some wave seven bottoms out here potential bottoming signals so now you can see you know it in play out here you can see how it has worked here price is consolidating with inside its daily profile nothing really that's going on there no breakdown no breakdown does have a valid bottom now the weekly chart this is interesting it is in it is forming bar number nine or trying to form bar number nine this week in order for that to take place price has to close below bar number they could be below the close of bar number five out there and that close was at 140 101 so as long as the 30 year treasury closing below that level 140 101 you're going to get a confirmed TD nine count bottom now what that should do is take price up to its red oscillator and change lines so weekly chart so don't expect like it's going to do that in one single day out there and price needs to close above the top of its daily profile to get up to the oscillator and change line on the weekly base you can see price on the monthly chart right back in support its breakout level 139 14 be right the reality is that navigating financial markets can be risky markets can be chaotic and difficult to understand having the latest market advice can help you turn this chaos into a key for creating winning trades at TFNN we understand that it can be hard to find reliable market news that's why each of our market experts offers their very own market newsletter a must have tool for every trader out there striving to find an edge in today's markets TFNN newsletters cover every aspect of the markets so you can analyze the market before you trade try any of our great newsletters risk-free with our 30-day money back guarantee just visit the newsletters tab on the front page of TFNN.com TFNN educating investors with market volatility roaring back in april larry pesevento has just announced a five-hour live trading webinar coming up on may 17 larry pesevento is a 56-year trading veteran it has mastered his trading skills through 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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 TFNN over 20 years ago to help educate investors just like you Tom's daily market newsletter market insights is published every morning when the market's open to give you the competitive informational edge you need to succeed these newsletters are packed full of Tom's advanced technical analysis in our gear 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 TFNN.com TFNN educating investors don't forget you can 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 on folks let's go out to the city of brotherly love and speak with john john thanks for calling thanks for holding how are you today steve thanks so much for doing your show early and under duress steve with the last two minutes would you quickly just pull up on tiger tv your uh your charts for a i that it ticker symbol a i yeah um and ticker symbol s and o w i'm i know there are momentum divergences on various time frames warming i'd like to see what your indicators say i'm bottom picking in both of those yeah so the daily time frame yesterday generated a road momentum indicator bottom with that bullish piercing candle and a price today can close about 1528 i believe pre-market such a drone which right around that level right there your price can close above that red oscillator and change line it would be signaling to us that we should see a move to 1794 to 1863 any questions about that daily chart i no questions i'll just listen you go right ahead perfect okay so let's uh i'm going to switch over to take a look at snow so give me a moment here to do that and i'll pull over the chart for that and we're going to see john really the similar pattern with regard to yesterday confirming a road momentum indicator bottom now in the case of snow the level that it needs to clear is 14806 and it's at 147 right now so right now we still have just kind of a counter-trendish type move but if you did get a close above 14806 that would suggest to me that price would go target 177 13 to more likely 190 26 and that's what the daily time frame charts for both of those instrument shows so i'd say it's really all about the red oscillator and change line and their price can close above both of those levels out there then you should have a further rally um any other questions john steve thanks so much good weekend to you thank you same to you and the same for everybody else out there and folks thanks so much for joining us live early and if you're listening to the uh to the normal show hopefully this was helpful to you as well stay tuned you've got great programming tom you'll brian if you're listening in at eight in the morning or david white at one o'clock have a fantastic weekend folks we'll see you on monday