 headline news update good afternoon folks Steve Rhodes coming to you live from the shores of Delray Beach Florida this is your 2 p.m. update and currently we've got most of the indices trading to the upside the only one that is not is the semiconductor index it's flat it's off five bucks the Dow is up 755 the S&P 71 Nasdaq 167 Russell's up 56 trainees up 474 that's nearly 3% to the upside golds back $4 silver down 21 cents lights we crude up $2 and 80 pennies the first thing that we're going to start with here is going to be the market breath for the S&P 500 and this is going to you're looking at the dials in the upper right hand side you'll see right now that the weekly daily the 240 and 60 are all set into bullish mode in order to be in bearish mode you'd have to be in the red zone out here for example take a look at the daily time frame chart here I'll go ahead and expand this out and you can see the crossover that is exist that that has formed out here now we go take a look at the S&P 500 we can just look at the spy and in a few moments out here that formed a bar or is forming a bottom right now it's giving you a confirmed bottoming pattern with a bull sash candle so you've got the market breath across over here and it's for all four of those time frames this suggests that the S&P 500 wants to move higher from a spy standpoint that levels about the 463 level and that's on both on the daily and the weekly the weekly had turned oh it had never turned so this morning when I looked at this the weekly was in a negative territory negative crossover now you've got 154 instruments for the S&P above the top the weekly profile 97 below so intermediate term time frame this is still an all-out bullish mode that is the S&P 500 now that is not the same situation for the NASDAQ the NASDAQ 100 you can see that it for the weekly daily and even the 240 minute chart are still in the red zone out there I'm not referring to the red zone of football I'm referring to the red zone of oh boy now let's go take a look at that I don't even know what the red zone of oh boy looks like but that does say be careful it's really what Stevie was trying to say but let's go take a look at our ETF charts out here so in the case of the cues what you can see is price has pulled back and tested its breakout level sport of 379 31 even though the cues don't have a bottoming pattern the NASDAQ composite does it has a currently by RTD9 compound and I believe here what we should see is the cues go target 393.85 that is the center of its bullish structured profile but just a countertrend rally that's likely where the cues run out of energy folks all the time we've got but stay tuned two more great hours left David White's up next Tom O'Brien he'll take us on home from three to four I'll be back with you tomorrow one o'clock sharp have a magical Magnificent Monday folks thanks much for joining us