 Welcome back folks. Dow. Dow is up by 217 as except 125. S&P's are up 42 and this selling this baby off folks. It's gonna get a little nasty out here I think. You still got 30 minutes coming into their clothes and what they just did, when we take a look at this S&P, you're gonna see that you came off these highs. Let me get this up on this side so you can see this. You came off this high and you bottom line thundered down with some real juice, okay? You know, unless, since I got on the air, we just went from 2889, you know, down 30 S&P points. You're up 41 right now and if you, my take is that we're gonna get to this 2859. If you break 2859, man, this thing, this thing will take off downtown pretty quickly. Let's go over to our man, Mr. Basil Chapman, as we do each and every Tuesday at 40 past the hour and don't forget folks, Basil has an outstanding show every trading day. 12 to 1 Eastern Standard Time also has a great newsletter, the opening call. Now the way you get the opening call, you come over to our website at TFNN, you're gonna go into newsletters, you'll see the opening call on the top right-hand corner, you hit it, you hit subscribe, you can get the opening call for one month for $128, you can get it for six months for $595, which is a savings of $173 or 22%. You can get it for a year at $995, which is a savings of $541 or 35%, all with a 30-day money back guarantee. Basil Chapman, what's happening? Hi, Tom, how are you? I'm doing good, man, yourself. I heard it's gonna get chilly up in Boston the next couple of days, huh? You know, it just goes on and on and on. I'm tired of it already. I bet. Well, we're gonna move to Florida. And there's no tennis. I know. We get tennis down here, man. I heard so, yeah, all my friends down there are playing tennis and they keep saying, yep, tennis is great. I know it's great, but I'd like to play it. I'm with you. So, market-wise, what are we looking at, Basil? Okay, there are a couple of things. I'll just do this very quickly, just to show you in the Chapman wave, we try to identify the lowest low bar and each successively higher bar. We alphabetize them, upper case on the way up, lower case on the way down. You can go all the way to seven higher peaks, but it's at that fourth highest peak, peak D, that other things can happen. And I've got the pattern here. It could pull back sharply or it could recycle higher. And that's really one of the key things. And we've got a myriad techniques, but that's one of the core techniques. Here you can see in the weekly chart, look at this, peak D, you went from 29, 5, 6, 8 down to 18,213. And the monthly chart, look what happened. So that's very important. But as I say, you can recycle. So we've been along since the 23rd of March via options. And we also went along via the diamonds. That's the one to one along the diamonds at 210, which is equivalent, was just about 21,000. So we're now at 23,959. We made a higher than 24,660 on the 29th. So you can see there's a pattern here that I've used for a long time. It's really, it's a fascinating pattern because a whole combination of others, but I've made it as simple as possible. From the low, and in my webinar that I did in my all day webinar, I was explaining to the attendees that if you take the very low, most of the time, you're going to draw a trend line and very soon it's just going to cut right through the price. I like to go to a trough before or a candle before where the angle is at all the different. Look at this how this pink line, this red line just touches the lows. And it goes all the way to the low of what was that? That was Friday and that was on the on the first. It just touched that line. Then on the top side, I have a green line. So it's a rising, narrowing wedge. I often talk about the expanding wedge. This is different. This is just a rising series of highs. Then it starts to flatten out. It almost makes an arch formation, but I love to be able to draw a straight line, a trend line, slightly higher. And it just stopped right there at that 24,660 level. And then it started to come down. So I said to subscribers, we're going to take, take a little bit off. We did so yesterday, but I'm still, we're still long and I'm still looking at the patterns. And what happens to this rising, narrowing wedge formation is that there's a slide and then there's a little bit of an arch formation. The big thing is, does the arch go back and retest the high or does it fail? So I said to subscribers yesterday that I'm looking for a turnaround today because I have my chapter with Trin Gage reading, which had a very high reading, both Friday and Monday. It actually had one yesterday which conferred strength to the market because it says within two sessions, there should be about a 9 to 11 point E-mini rally and that's going to help the market. So I said, let's be careful because I think we're going to rally into Monday afternoon, into Tuesday, maybe Tuesday afternoon, maybe even Wednesday morning, but we're going to rally. And that's where we've got to be careful. Wednesday afternoon, going to Thursday morning. So that's kind of the stance that we have. If you're looking at the green line and the black line here, these are the 9 and 14 period moving averages, still a big distance away for that to cross negative. You probably remember, I've shown this chart, I'll do this because you can see a little bit easier. This is the chart that I use where I talk about the dark news cloud cover and I said about a week ago, I think this is the week coming up that we should start to see a lot of selling pressure. That was last week, which is what we see. But you can see this is the daily chart of the green line and the black line. There's a big distance between them. And for that green line to go negative, you probably have to see the Dow somewhere at about 23,000, 200, 23,100 and we're at 23,900 here. So this is a process that I want to explain that. I want to see how we come out of this. I'm calling it a balance. I'm not going to rally towards the going to the top, the 24,660 level of the 29th of April. So in the meantime, we've got long positions. We did try a short position in the semiconductor, the SMHs. It was fascinating because today's Tuesday. On Friday, we got short just after the opening. I said, we're waiting for a little bit of a bounce, then we're going to go short and we went short. And it looked fantastic. I mean, it went from the 131 level down to the low of 125, I think 126 in two days. I mean, that's a big move. And then of course, you had this big bounce. So we're out of that. I'm not going to hang around for that. But I am looking at the similar conductors because I think there's a chance that this peak that was made at 139.36 on the 29th. I might be wrong, but I think we'll know in the next two days whether this is a top that's going to last a little longer than the usual tops, which, you know, we've been seeing high highs and high lows for quite some time. But you can see there's got exactly the same thing. Look at this green line, trend line. Look at the rising trend line comes to a narrowing to the apex, pulls back, drew in this cup formation. And we'll see what happens. The SMHs are now towards the low of the day. So this is a really important period. I would say this week is out of all the weeks that we've had for some time, last week leading into this week's results, I think is going to tell us a lot about May. You might have today in the next half hour being, the next 20 minutes being a lot, Basil. We just sold down 30 points on the S&P, right? Look at this. These are the one minute peak D right there in the E-mini. And we've come straight down. Look at this is the five minute peak D came straight down. It's still leg A, just one leg down. That is something I don't know what's happened, but it's this is a big move. And this is a sort of when I was talking about the dark cloud cover. Basically, that's just saying that you've got to be careful because most of the good news is out. So I'm not sure how the market is going to handle bad news right now. That's the reason why I spoke about it in my show over the last couple of days. Dark news cloud cover. Let's see how we come out of it. And folks, come right over to our website at TFNN. You're going to go to the newsletters, the opening call. Check it out. Basil, have a great one. Safe one. We look forward to show tomorrow. Thank you, Tom. You too. Stay right there, folks. Come right.