 The following is a presentation of TFNN the Tiger technician hour with your host Basil Chapman call now toll-free at 1-877-927-6648 Hi everyone, Basil Chapman on this Friday the 6th of May and we're looking at the Dow this is gonna be very interesting since the Dow had the spectacular move up on Wednesday and even more spectacular move down on Thursday and today went almost down so it went down to 32,474 the low on 3449 was the low on the second and what I'd say to subscribers is that maybe let me do this I think is best let me just run the numbers the Dow is down 349 having made a low of 32,474 the S&P is down so the Dow is down 1.03 percent the S&P is down 1.2 percent and it's down 50 points at 4,094 the low of did I rewrite that I'm not sure if I did that correctly the low of the second was 4,062.51 oh I wrote the wrong thing in 4,062 4,062.41 I think I said it doesn't matter it's 4,000 4,062 and now we're looking at and now we're looking at that was five get rid of that there we go and now we're looking at a low of 4,067.91 in the H pattern the dreaded H pattern how we break below the left side low is really important you can you've seen that one two three four this is the fifth time usually when you get to about the fifth time of an H going into a downward mode called the dreaded H because let me show you the pattern right here because this particular pattern what happens when it retests the left side low is already important if it breaks it can go even much lower that's called the dreaded H an A pattern an arch pattern in the H formation that stores at a peak A or a B how it tests the left side low is really important very often we keep coming down and then there's a very large arch what happens on that particular test is really important because if we break down and you're going to get your one-to-one to the downside from the arch high to the base of the left side low in this particular case you're looking at a big move now I heard a couple of things with Tommy O'Brien and Tom kicks us off at 9 a.m. with the mark it's for the market kickoff show and he does a fabulous job trying to put together technicals and fundamentals and what he was saying when have we had a 6% rally and a 6% decline in the same week well it wasn't in the same week but we had that from the lower 41 14.65 on the 24th of February going to 44 16 that's a 300 point move to the upside and then it comes down didn't quite I don't think it was 6% on the downside but that was a pretty steep decline to the 41 57 low and we did it we did it before when we came from the 42 22 low of the 24th of January to the 45 95 high so and I'm not sure is that that's 3 forms 400 points yeah that was a 8 9% rally and then it gave it back very soon afterwards so what I was looking at here is that there was a chance that these candles are called them a chapter we Roman candles let me just show you it's basically on the Dow in this particular instance that those candles that open with a fractional wick and then plunge to the downside and then it's going to wick and then plunge to the downside and then running back a half to two-thirds above the low if they green candles that's usually a very good sign if the price closes above for three out of four sessions and I call this one here on the second of May a half chapter we've Roman candle so maybe it did the same thing it did the rally to the upside very strong and then it gave it back and now we're testing the lows and that's going to it's going to be really important my thinking here was that there could be a flow of activity up towards the pink nine hundred nine p moving average of thirty two thousand three twenties and then we're going to get the big test of do we plunge from here and we just take out all the lows and other we got like right to thirty one thirty two thousand two thirty one thousand nine hundred maybe we're going to do that now maybe there's an ugly Friday that turns into a really ugly Monday but if we're talking about a crash scenario remember Fridays like Friday the before the October 19 1987 crash we're talking about that I I see the possibility but I don't see the other what I would call the fundamentals doing doing that and that would also imply that Monday is the low and from then onwards no matter where it crashes to you start a brand you move to the upside we kind of clean everything out my thinking is that we are in a bare phase and then we keep getting these rallies with lower lower highs and lower lows until we get that volatility index and if you think about the volatility index where we are in the new cycle or remember we were going going to Russia was was going to war they stepped over the line into the Ukraine that was early February I mean February was the signs and then in February they did it and we got that spike to the 38 level 37.79 on the make that red so that I can see it clearer in the VIX index and then 37.52 on the rebound on the 8th of March a lower high and then we plunged down the VIX index down to the what was that 1870 something 1845 level on the 4th of April and ran all the way up to 36.54 I must make that read as well and was on the 2nd of of 2nd of May so the fear factor based on the gauge on the VIX index gauge is saying there is so much going on here that we're at the rates Russia and there was a third thing that I didn't put in here highs in the VIX index at 37.79 back on the 24th of February and here we are March April May three months later just 93 months two and a half months later and we're bumping up against those levels when that when that fear part of it is it's abated quite a bit not only that in the market itself we know that there's inflation I talked about the market hating the unknown about the unknown it's always every day deals with the unknown we kind of know what's going on here and that's why I think when the final plunge through the downside comes where we make the low for the next big move up I think there's going to be a lot of other things that these I believe are all part of what I call the earthquake and the and the tremors for the tsunami and the aftershocks so what we're looking at here is just a series of aftershocks the worst I think in the price is still to come but the news a lot is in the market right now 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 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 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 you might think that if you want to be successful at trading in the stock market you're going to need a crystal ball after all it's impossible to predict the future right like any endeavor in life before you decide it's impossible get some advice from the experts you might find that it's not so impossible after all for daily market overviews that give you direction on the key indices selective stocks and commodities subscribe to the opening call newsletter at TFNN.com the opening call newsletter is written by Basil Chapman creator of the trading methodology known as the Chapman wave the Chapman wave up down sequence gives you an edge in identifying price turns finding the peaks and valleys and stock prices get the opening call newsletter by Basil Chapman in your inbox every day first time subscribers also get a 30 day money back guarantee if you're not satisfied let us know and you'll get a full refund within 30 days of signing up TFNN.com 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 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 from 8 30 a.m to 4 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 TFNN.com or on TFNN's youtube channel and become the investor you were born to be TFNN educating investors toll free at 1-877-927-6648 internationally at 727-873-7618 A question a statement in the dent about HDGE which is hedge this is this is called the ranger equity bear ETF yes it's in leg F only that you mentioned that because I have an in leg F and this morning I was thinking okay is this the time I missed it earlier on we had we had discussed this hedge before I just showed it to subscribers I never got in it's a pity because it really is a terrific hedge look at the way it's gone from alone in the 23s to where it is now it's 28 it's 29 49 this morning doesn't have to be giving you the greatest percentages but it's a good way to play it doesn't have the you know some of the some of the ETFs get diminished every day because they get reconfigured so they're always losing a little bit of a percentage at the end of the day this is a little different I believe I liked it but it was in leg F there was no other way that I could count it because it made a low and low three days ago so even that instant restart and this is called what I call the chapter wave unconventional instant restart I didn't want to go there so what we're looking at here is that it seems to me on a very short-term basis that this is what you got to keep your eye on and we will for my subscribers to an opening call on the next really big pullback and hedge either that or one of the Dow ETFs that is either one to one or two to one a short but we're looking at that again but I am I am at the moment thinking that there's just enough bearishness and support in the key indexes that I'm watching with the Dow and the S&P to suggest that what I'd spoken about some time ago was there's this rolling correction and that at some point some form of some sector will give you some kind of support and that's the reason why we've we mostly cash I mean we've got a huge cash position because some of our older positions we still are long and we have inch a day or inch a week short-term trades but nothing that I've considered to be a move that is more intermediate term even the oil sector stock that we just got I'm just even that has to be at this particular point with crude oil and it's not directly it is related but not directly related to crude oil crude oil trading up 96 cents and 190 you remember I said if this can start to trade over the 112 area and retest and then break above the high that was made on the 24th of March in the crude oil of 116.07 then we're looking at something else then I have to go into the camp that also says well wait a minute the TLT has just made a lower low it's made this incredible arch formation there is some kind of a trend line support but that support let's be really strict about this is it in a jam we've inside track propeller zone it hasn't even come close to the support level it has to drop to about 111 to do that and all I can see is that within the context of what we're looking at here the yields in leg C to the downside the TBT which is on the upside leg C and should still go to a D that means yields should still go even higher it's in leg D right now and it seems to me that put it together with hedge which we're looking at which is the is basically the short side of the market leg D in the TBT leg F in the in hedge leg E in the weekly chart of the TBT and it's saying we're just right at a point where there could be some kind of relief and therefore those base levels that I'm looking at are really critical now there's another thing that I have to talk about I meant to do it yesterday I didn't do it I meant to do the day before I didn't do it and it's something that I I am remiss in keeping in mind because it's my very own thing I haven't got it now I I don't want to do this on the break I've had some trouble for some reason during the night my my computer is shut down either it saves or it doesn't save my trade station if it doesn't save it it's just a big hassle for me I've got to redo the charts and then charts I had done three months ago don't see it goes into a sort of a library and I can never find the exact same thing so what I want you to do is to say let's go to in fact let me do this right now I'm going to go to a blank chart this is technical Friday so I want to do something that's a little bit more technical blank chart TBT also notated but that's not the issue let's go to uh oh let's go to Shopify all right so Shopify on a daily basis is that what are we yeah okay it doesn't matter what we go to now what I've done in my cd uh which is now kind of out of print for people that are really wanting to get it I'll make some kind of arrangement uh you just send me an email um and I'll print a I guess you know a few more print it up but it is a cd and most people don't have cd so I just size it I'm going to put that to rest maybe I'll find the time to do it in a different format but the formats today are so difficult but this is basically what I wanted to say is look when you've got a pattern like this I you know I'm still not happy that's not the one I want let me just find a chart right now this is really important because this is part of the psychology of investing um this is a really important it's a key metric of things that I do certainly in the the one two three four five six seven eight nine ten whatever it is minute charts that I'm studying or even using as trades let me find it here I'm going to go to that right now let me see if I can find a blank one or at least close to a blank one especially had one already is this blank no it's not all right I'll just use this so this is oh I had this Twitter Twitter we were talking about Twitter and I said I would look at it on a 30 minute chart let's go to yes do whatever it doesn't matter look at the chart you don't even have to care what it is I had drawn and I love this I thought it was such a it was just I patted myself on the back and I said are you going to keep that in mind you see this trend line up well when you got a trend when the tide is moving up you can trade which is kind of what we've done for the last week or two on the on the long side you can trade the market down but you better be real quick because when the trend is going up does this arrow look good does this look right it looks absolutely wrong why because the trend is your friend and if you're going up identify it and just go long because if you're wrong when you go long but the tide is going up the tide will save you but if you're wrong when you're short unless you're doing it on a very short basis and we've had a lot of success trading the down on the long side on the long side for all these different moves but the the easiest thing was just to stay on the short side and say hey every rally is going to fail because the tide is going down so yes it can be good you can be I know that I have a lot of traders interday traders who like to do this but I also have people that are intermediate term a lot of people long why people use my work for the bigger picture so I'm kind of saying to myself see that keep in mind that the trend is your friend and look on the downside here you can trade the long side but basically what's happening this tide is going down so as I said don't care about what are you looking at now it happens to be Twitter we're looking at it on a 30 minute basis the trend is your friend trade the trend for the bigger picture on a short-term basis using certain skills yes you can do very nicely if you're correct and they're very short-term the little waves that go in and out but look at the bigger trend so with that said I humble myself and I say uh oh that was the good idea would you count the dollars coming back look at the S&P's coming 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 bull trade sign up today TFNN has just launched their new trading room the Tiger's Den hosted at Discord TFNN has been educating traders for more than 20 years with live programming hosted by a variety of professional traders during market hours and now they are expanding their reach with the Tiger's Den available to all Tigers and Tigris's for just one dollar for the year there's no catch or added costs when you join our community of traders in the Tiger's Den you can look over the shoulders of Tom O'Brien and the other TFNN hosts while they analyze charts during their live Tiger TV programs and join an interactive trading community with hundreds of members exchanging ideas interact with other Tigers and Tigris's as they share trading ideas news analysis and discuss the market action all trading day even at night and on the weekends the Tiger's Den at Discord is accessible on mobile or tablets as well so it's always at your reach to sign up today and become a part of this educational community of traders just visit the front page of TFNN.com TFNN is excited about our new software charting program the art of timing the trade charts in collaboration with Tom O'Brien and using his bestselling book the art of timing the trade your ultimate trading mastery system David White has programmed an outstanding piece of software that will complement any trader's methodology using this first of its kind program the art of timing the trade charts allows you to scan thousands of stocks for Fibonacci formation setups including guardleafs, ABCs, butterflies and much more the art of timing the trade charts is designed to help you when scouring the markets for stocks just beginning to form the trading patterns that many investors spend days weeks or even months searching to find 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 Hello, welcome back. I was a drop the dollar's down to 70 S&P's down 40 trying to come back with a stunning precious test now a couple of things I just wanted to get this out of the way I heard Tommy Junior so so Tommy's show market kickoff he discusses just things that are absolutely pertinent to the market at the moment and he does it with both fundamental and technical analysis terrific show but what he did today that two things that I happened to over here usually when I it's like when I'm actually watch the I don't have a TV in my room in my office for for years now in a way I kind of miss it in a way because it gives me I pick up on I used to be I used to follow the ticker and be a ticker reader all the time and I like that but I also found that just the noise and even if it's on with no volume it's a little distraction but when I do when I'm when I go out the office in the evening and I'm sitting maybe maybe in front of a TV or whatever I'm listening to things but only with half an year because I got my charts and I'm busy doing things and I'm studying what's going on in my own work but you'll pick up some things so what I thought was really nice what I picked up this morning and I wasn't listening to the full conversation you know there's just words that pop out and so oh and then I quickly follow whatever it is two things that he's discussed he discussed the move on the upside and the downside in the S&P and I said yeah I might be wrong but I think I've seen that before but it wasn't within a week so the the point was well made the speed but the other point that I thought was quite important is what happened after those those sharp moves up and sharp moves down there was a pretty decent rally almost in every case that's all I that was one of the things I was looking at the other thing is I've got Shopify here and I was I thought this is the perfect one this is where you can look at the trend look at this the trend from the 1762.92 November high of 2022 and I remember the CEO was with Kramer and was extremely positive that I think within two days of the high and just a knowledgeable young man he just he was he was convincing he was articulate it's just made sense and I remember saying again because I knew someone who had had a big position in Shopify now listen I'm saying wait a minute there's a there's a cup formation and I even remember talking about this in the week the following week and I said look strong technicals back there in July very weak new all-time high in November but weak technicals or weakening and the stochastic barely went above 80% for more than two weeks more like a week and then it pulled back not a good sign well I heard him I think was it yesterday or day before being interviewed again and great earnings and every what's happening with when stocks are out of fashion they are out of fashion and it doesn't matter because the trend the tide has changed I believe that Shopify will be back someday but it'll be made more into something a little different whatever it is and then the good earnings and outlook and everything will push it to the upside I'm not going to be your buyer selling anything I'm just saying this is the chart and I wanted to talk about some of the earnings that have been discussed that I've heard and once again I really I kind of listened with half an ear because it was last night yeah thank you G7 yeah I thought I heard it and I as far as I'm concerned what he was saying made a lot of sense but what he didn't talk about was the reason why it became out of favor as a real darling and tumble from 1762 to today's low of listen if you're sitting if it's sitting I hope you're sitting down to a low of 355 I mean that is I mean that is a really big it is getting close and that's the reason why I'm looking at the at this market and I'm saying I think that we're going to start seeing better sector rotation over the next three weeks but it might just be some recognition that oversold conditions were such that there could be a nice percentage gain but not from where many stocks were now I wanted the other thing that I heard Tommy talking about and I thought oh my I thought about this about six weeks ago and then it just went right out of my mind one of the things I've been talking about for maybe 40 years is at let's just go here to we'll go to Disney although this is really not the example I want to remember go to Disney I mean the chart is not the example that I want to look it almost looks like Shopify a little dreaded H right then fails it makes a lower load today it's trading at 109 down almost three it had a high of 203.02 back in March of 2021 a little over a year ago and yeah it is at 103 so it got cut in half but that's not that wasn't the point at all what Tommy was talking about was guardians of the galaxy and I had never even heard of the guardians of the galaxy that's just the way it is but what I am talking about is within the context of what I look at for the code of phase of markets is that you get accessibility to the nth degree and one of those I'd always spoken about haven't spoken about it for ages in fact some of you here will remember that I'd actually shown diagrams of roller coasters and all that sort of thing going towards the high of 2007 2008 replicating what I talked about in 1999 going to 2000 and all of a sudden you've got this incredibly fast roller coaster and it's just interesting that it's arriving right now there's also interesting that skyscrapers are not quite in vogue anymore but what they have are these skinny towers if you're going if you look at Manhattan and you're looking at the area near Central Park I'm always in Brooklyn so I look across the the I look across the river and I see these really beautiful tall skinny buildings going to higher highs and it's amazing I mean I can't imagine the sway when you're in one I've heard talk about it but you've got to get used to that you get off it's like you've been on a boat you know I take your your sea legs take a little bit to get used to but anyway so it's interesting that this roller coaster comes right at this particular time does that mean to say that we are making a major coda type top well so many of the things that I look for were not there at this particular top it was a top that was made through other circumstances one of the first I mean I've now just almost thrown away all the books I've got I can't even tell you how many dozens and dozens of books I've got articulating the lead up to the great crash after the crash I read just about oh yeah go go break you name it not read it and I've just thrown that away I've said this is at this particular moment there's the last three months I haven't thrown them away I've put them aside I said I'm not going to read those anymore I have to read something else because this decline that we're looking at now are social conditions that's more there are economic conditions that is because we're looking at inflation being the purveyor of slowing down consumer's appetite we're looking at yields and look at the yield I didn't even get to that wow I don't want the date to finish before I do this look at the yields the yields of tbt is up to 30.89 32.48 was the high in october of 2018 stumped down to 3.98 and there it is the 3.91 I'll be back in a moment to do some confusion of these are you in the market for buying or selling real estate in the bay area including the surrounding st. Petersburg Tampa and clearwater markets tiger real estate LLC is a firm that has extensive experience in the Tampa Bay area whether you're looking to sell your current property for maximum value or you're in the market for a second home or investment property tiger realty has the experience across all areas of real estate in the Tampa Bay area to help buyers and sellers make the most informed 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 and p biotech three times bull and bear etfs visit directioninvestments.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 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 my folks so yeah let me let me get back to back to the to the market yet because the other stuff i can include anytime that we want but what i am saying is that there are conditions now that are so different to the usual coda phases that we get to with the excessive accessibility i would have expected hood to be at highs that's a brokerage company there's something a little different about this not a little bit very different to other top formations that i've seen and that's the reason why i still say i see some intrinsic buying and i see i see the rotation going on a little bit and as long as we can keep key supports regardless of what happens until maybe later there's a you know the the earthquake and then the aftershock until that final aftershock comes and then we can start a much bigger move to the upside that means you've got to be real careful and that's the reason why for subscribers we've got a very high cash position a question about ch c w h this is campers camping world this is what's his name uh he had that show years ago is to watch it was very good um can't remember his name right now uh and he's he's part of this i like it this is a leg a because it's gone to 80 percent in this stochastic i have got i shouldn't really do that i should be strict i'm going to be strict i'm putting a plus sign here i haven't yet got an up area in a single leg a you really need a little more evidence to say that it's gone from a buy signal which it's in right now to a buy mode so right now it's acting really well it's the the summer is in in some places unfolding right now so this should have upside action key key metric right now is to hold the 2780 support it's at 30.62 so put this on your list of something to watch that is acting well in a market like this the other thing we're looking at here so let me just go through a bunch of questions that came in could you please where would you go we were looking at lulu the other day is that still um we're looking weak yes that remember i said it made that high it made that peaky e high in the left side right side price time match it's struggling at the 200 period moving average and the technicals appear to be weakening and well it must have been earnings today is down $28 down 8% at 315.22 so yeah this is and it's not these stocks a lot of the clothing stocks clothing areas are not doing well at this but they were doing well and they're not doing so well so little lemon athletic sports and apparel where not doing well let me just run through my quick oh xlf now this is very interesting yesterday I considered that there was a chance to be looking at some of the financials because it looked to me that for a moment they might be ignoring the the yields going up but at some point it should kick in and then i said nope i don't think so and i looked at bank of america which we've had before many times over the years and had really good really good gains in them and then we've got out and waiting to the for the next buy i decided to wait look at bank of america down 57 cents at 3698 one of the ones that was also on my list was sofi which i've looked at many times for many subscribers and i just said you know it's just digital financial services with mobile applications i just don't know there's a lot of competition out there i don't know it's in the in the in the cross is for moves up right now i'm watching that one because it's so nice low price at six dollars and fifty cents two cents means it can go lower but it means that there's a nice percentage gain even if you've got just a trade to the next leg leg up or next two legs up but no you're not yet so xlf financials be very careful at this particular moment rs was one that i'd spoken about to subscribers i said he's acting really well but i it was part of the steel sector when we're looking at reliance steel but it has aluminum as well it's trading down today down to at 195 it made a high and no matter how i counted that because it had a new buy signal from higher from lower than the previous peak a trough that makes it brand new this is in a leg c but it's not acting very well it's a leg f on the weekly chart leg c in the monthly chart keep your eye because this is one of the really best steel companies out there and i think part of that is because it's got out aluminum in it but look what happened to alcoa it's 98.08 all-time high i don't know if it's all time high anywhere the high on the 25th of march tumbles down to where right now it's sitting on the 200 period exponential moving average of 61.74 so that is really important to monitor question i came i didn't do something yesterday that i should have did that did that oh xhb i haven't looked at that for a while xhb is the spider the s&p homeboulders made a peak c top now this is going to be so interesting because this coincides with the s&p i'm only making a peak b so the monthly chart peak c a really big pullback it can go deeper even from a peak c but it was a peak d and the weekly chart number d is where you start that's your target in a buy mode it can go higher than that per target is at least a d at 86.61 and exact on a weekly basis two weeks with an exact 86.81 high and it comes down a way to go to today's low of 59.89 i keep your eye on this because this is really important if you put this together with the hgx the hgx which is the Philadelphia housing sector index that made a peak b in the monthly chart pullback sharply and it made a peak c minus under the previous high which was a g on the 14th of may at 518.75 so we've come down we made that beautiful cup formation i drew this in i didn't put weak and strong in this particular case it was really strong going to the high of may 2021 at 538 and then it went to a slightly lower high at 531 in december and look at the weakness and the technicals and then it failed and here it is down the low that was made on the eighth i think it was the 7th of april at 388.30 today's low is 39391.00 so just keep your eye on these because it's going to be a big tell in the sector rotation we had this huge move up in the home builders look at this tall brothers there's a more the more pricier homes i believe peak c makes a high at about 70 something but remember this is a stock that once upon a time had a high of uh let's see was yeah that was high back in 2007 it went to 58.67 and then made a plunge to a double bottom low over a period of of two years at 13.55 and back in 2008 to the low of 13.16 the low of october then made a beautiful cup formation within a big rectangle and even the last low was 10 something that was 10 13.28 and it's going to that high that was made at 70 what was that high 75.61 so just keep your eye on these because it's really important to be able to monitor stocks that were of the best ilk in the sectors that were leading and where they are and that's happening all over the show now what i'd say is i believe on a very short let me just give a summation now of what i'm looking at i don't see there was a chance but i didn't put it into my kitty at this particular point to say that unless there was a move with a close almost like yesterday down the low monday could have been just the most horrible rendition of a major cast waterfall cascade i don't think that's in the car's right now because i think that what we've got is a trading ban and we get to the lower part of the trading ban for some reason some money comes in so until the dark trades that 32 800 i think we'll end this just rectangle formation maybe at the lower part of 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 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 from 8 30 a.m to 4 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 tfnn.com or on tfnn's youtube channel and become the investor you were born to be tfnn educating investors you might think that if you want to be successful at trading in the stock market you're going to need a crystal ball after all it's impossible to predict the future right like any endeavor in life before you decide it's impossible get some advice from the experts you might find that it's not so impossible after all for daily market overviews that give you direction on the key indices selective stocks and commodities subscribe to the opening call newsletter at tfnn.com the opening call newsletter is written by basil Chapman creator of the trading methodology known as the Chapman wave the Chapman wave up down sequence gives you an edge in identifying price turns finding the peaks and valleys in stock prices get the opening call newsletter by basil Chapman and your inbox every day first time subscribers also get a 30 day money back guarantee if you're not satisfied let us know and you'll get a full refund within 30 days of signing up tfnn.com educating investors 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 this segment is brought to you by think or swim for more information just click the think or swim banner on the front page of tfnn.com Hi folks we're back and yes marcus lomonas a very interesting character i i i he produced good results from what we can see on tv but i i don't know if that's the case but it really looked pretty good anyway that's his company and i like it right now as going against the trend so let me just do this here after the the low that was made with his chaplain wave roman candle back on the 24th of january we had a real choppy sideways move an h pattern that was successful and then there was a rally and it failed to the peak c-minus of 35,824 and then made a slightly lower low from 33,150 down to 32,270 a little bit more than slightly but the close was back above that highs and that's why i say slightly then there was another chaplain wave roman candle with a big pop to the upside and a sharp move down with the retest from 32,272 to 32,578 and then a sharp move up the winter peak d at 35,372 pull back made the cup formation we discussed strong candle on that high that was made around about the 20 whatever it is 24th of march and then april's high of the 24th of i think it was maybe the 28th or so of of april went to 35,492 much weaker technicals and became tumbling down so as i'm looking at it excuse me now there's a chance that we could rally and if we do rally what if we go towards the 32,400s which is like four or five hundred points from here that's a big ask but if there is look the histogram on the magd starting to improve the stochastic is much better than it was a few days ago at 30 that's not to say you couldn't get a tumble by the end of the day anything can happen i'm looking at patterns i'm saying this particular pattern says to me we've done a tremendous amount of testing of the left side low if this is successful we could have a pretty decent rally and it could be a rally that just saves the market and then you've got to be looking at what happens on the next rally or you're starting to see weakening technicals for another turn down and that's the turn down that takes out the 30 000s as absolutely peaceful to hold the gap i'm looking at xom as we go out the best xom i have to call this a leg b at this particular point um it's holding very well if we have to talk about a Monday we want to see the choice