 All right, welcome back, folks, this is Jacob Shubfield and in for Tom O'Brien, saying it must be cold and St. Peak is a heavy sweatshirt. All right, yeah, it's, we're like, well, like low 60, but in my defense, I'm born and raised here. So I mean, anything below 65 and we're dressed up like this, I'm planning a weekend trip to Chicago next month to see one of my buddies from college. And I have no idea what I'm going to do out there. So yeah, and he handed me downs. Let us know. Jacob at TFNN.com. Anyways, I believe we have Steve Rhodes on Steve. Can you hear me? I can. And I've got it. I've got a sweatshirt on too. I'm freezing. You look great, Steve. That's that's the Florida Boy special right there. I am freezing. You said you said 65 as I use it gets below 70 that he exactly and every as a rule of thumb to everyone in Florida. Just for some reason looks significantly better than our summer outfits. Yeah, I got a old T shirt on and khakis or something in the winter time. It's, you know, it's like the whole runway. So Steve, what are we, what are we looking at today? Well, so, you know, it's a it's a rally party. So as everybody knows, the Dow, the S&P 500, the NASDAQ have made a new all-time high. So I thought we'd start by taking this chart just to get a perspective. So the Dow is in the upper left-hand side shows the new all-time high that we're trading at. Next to that, we can take a look at the Shanghai index. So we get a feel for China. Now in the case of China, so first with regard to the Dow, we're trading above last year's high. Whenever you trade above the high of a prior bar out there, certainly whenever you trade above the prior year's high, it is bullish period. End of story. It doesn't mean it can't top and pull back down, but you are totally in breakout mode. So if we take that, Jacob, and we apply that to what's going on over in the Shanghai, we can see we're trading below last year's low. So it's very bearish over there. Yes. So we don't see global capital moving over to the Shanghai. If we take a look at the Nikkei, it's approaching, but it's approaching its high that takes us all the way back into 1990 out there. So it's on its way up there, but it's still not an all-time high. Neither is the FTSE, neither is the DAX. Over in Australia, the Aussie 200 index made it within 10 cents today this morning. This morning from its all-time high out there. But the point here is that the breakout that we are seeing is inside the U.S. Indices out here. I see. And in this chart here, what do we do? It's really important to understand, especially when we take a look at the large cap indices. So the DAO, the DAO gets trashed a whole lot. But where the DAO shouldn't get trashed is understanding how it's trading in major currencies out there. And so on the upper left-hand side here, we've got the DAO, priced in dollars. And that is priced in euros today, made a new all-time high. This is a daily timeframe chart that we're looking at. We've got a new all-time high in terms of yen, a new all-time high in terms of Aussie dollars, a new all-time high in terms of Swedish corona, a new all-time high in terms of Great British pounds. We're not a new all-time high in terms of Frank's, the Chinese Yuan, the Renebi, and the Canadian Luni out there. But the point of those first, the first two rows out there is this is a rally. This is a global rally that we have going on. And that is the best kind of rally you could possibly have. In other words, you've got constituents in different countries that have their local currency, and they're investing. They are buyers of the DAO. They are not sellers of the DAO. It could make a case that maybe, you know, and Yuan or Canadian Luni or something, but with regard to being an all-time highs in these currencies, that is a very bullish signal. Now, all bull runs come to an end, but that's a very bullish signal and really important for people to understand out there. You've got to take a look at these instruments, how they're priced inside the major currencies. The S&P 500, by the way, this is the chart for the S&P. It's also at new all-time highs for Euros, Yuan, pounds, Aussie dollars, and Swedish corona. Okay, so we've got that established and we've got a worldwide rally that's going on. And everything looks bullish, right? Well, maybe not. So most people know that the U.S. stock indices are weighted, right? So if you look at the DAO, maybe the top 10, 11, 12 or so are about 50% of the weighting inside there, inside the NDX100. You know, I'm not sure if it's the top 10 or 11, 12. Somewhere around, maybe the top 15, you get about 80, 50%, more than 50% of the weighting of the indices. So when we're seeing markets that are breaking out, what I like to do, Jacob, is go to take a look at the equal-weighted ETFs. So these are ETFs that we're taking a look at. The bottom row are the Qs, the spies, the diamonds, everything that, you know, you and I, everybody with inside TF and N, take a look at. If we, the top row, though, is the equal-weighted ETF. What you like to see is you like to see the equal-weighted ETF confirming what we see in the weighted side. That gives us a broader rally. So that would be a simple signal. Well, in terms of the QQEW, the equal-weighted ETF for the Qs, it is at a new all-time high. In terms of the equal-weighted DAO, which is EDOW, it is also at new all-time highs. But the issue is with it inside the S&P 500. The spy, absolutely at a new all-time high. But RSP folks, that is the equal-weighted ETF for the S&P 500. And not until it gets to a new all-time high and starts trading above it, can we really say that we've got one heck of a rally party going on? Does that make sense? Yeah, absolutely. That's a good way to look at it, huh? Okay. And in the case of the RSP, the equal-weighted ETF, it's trading with inside its profiles out there in its first resistance level, folks. Again, RSP is a ticker symbol. It's $157.38. If price begins trading above $157.38, we're getting closer to a breakout message. But it has to take out its all-time high from earlier, from the middle of last month out there. So this is really important for everybody to take a look at and understand. The RSP, like I said, it's not as all-time high. But when we take a look at the daily, weekly, and monthly timeframe, each of them still have a topping pattern. So in the case of the daily timeframe, it's both a wave number seven. That's the letter G on my system. It's a very small portion of the Chapman wave. It's also got a rogement and indicator top. In the case of the weekly, it's a TD9 count top that's out there. In the case of the monthly chart, it's a rogement and indicator top that's out here. So it's got those tops in place, not until those levels of resistance get taken out. Well, I have a comfort level that we truly are getting ready to break out and move to new all-time highs. A second non-confirmation, this one is going to be much easier to resolve than the RSP at least immediately, is the New York Stock Exchange, the advanced decline oscillator. And Jacob, that's the third panel that were the third area inside this chart, really in the middle out there. And when it gets down to minus 150, this is folks, what this is, this is the difference between the 39 and 19 period exponential moving average of the advanced decline line. When that reading or that ratio gets down to minus 150, you are an oversold territory. Well, a couple of days ago, middle of next week, last week, we got to that, we got well below minus 150. And what the New York Stock Exchange is doing is working off its oversold condition. Only closes above this zero threshold line, this little red line that's going across it, would tell us that buyers are the ones in control. So there's two signals at the moment right now that just say caution. There may be a third or set of signals out here. And that comes from the intraday charts for the ESMini. And here, the daily timeframe chart shows a rogment diminicator signal. That's a black diagonal line. Now folks, that is not a top. The top comes when it generates a bearish reversal candle. So that's one thing to be looking for. Turns out the five-hour timeframe chart has a TD9 count top. So that is still in place out there. The four-hour chart, no top just yet. The two-hour chart has a rogment diminicator top. The 60-minute has a rogment diminicator top, and it has to do each of the other intraday time periods. But here, people may have noticed that in the 30-minute timeframe chart, it broke through a key level of support at 48.77. But Jacob, that lasted for one bar. And one bar break of support, no way that that's a true breakdown out there. So folks, we've got a true breakout that's going on. We don't have confirmation from the Equated ETF for just the S&P 500, the RSP out there. And we've got some signals just simply to pay attention to. That's right, Steve. Thank you so much, as always. You bet, Jacob. Take care now. Folks, stay right there. We'll be right back.