 The following is a presentation of TFNN. Trade what you see with Larry Pezzavento. Toll free at 1-877-927-6648 or internationally at 727-873-7618. Now, Larry Pezzavento. Good morning folks, not the voice of Larry Pezzavento, not the face of LP as well. I'm Steve Rhodes, villain for Larry. I'll be doing that both today and tomorrow. And this show will be replayed in this normal time, the 1-2pm slot out there for the Trader's Edge. So if you happen to be listening in and it's 106 in the afternoon, I'm going to do my best to make today's show as pertinent for you. We'll take a look at key levels to be looking at. Let's go ahead and get this show started. Of course, I would love to hear from you folks. All you have to do is pick up that phone, give us a call, 877-927-6648. If you can't call in, well, we've got you covered there too. You can send me an email, stevatfnn.com, inside that subject heading. If you'd be kind enough to put radio show question, of course, inside our Tigers Den like Ruby did, any ping will do. So let's go ahead and get this show started on magical Monday. Of course, today is Monday, November the 25th, just a few days away from Thanksgiving. Hope everybody had a great weekend out there. So let's begin the show right now. We've got all the four equity futures contracts are trading to the upside. You've got the Dow up 69 points. The S&P up 8. NASDAQ up 32. And the Russell is up 6 points. The Spotball Analytics, it's up four pennies right now. She's trading at 1238, but well below it's 50-day exponential moving average. Overseas we have a sea of green, or at least we did last night over in Asia. The Shanghai, that closed up 22 points, or 7 tenths of a cent. The Hangsang, 397 points, one and a half percent. The Nikkei up 8 tenths of a percent, that was 179 points. She closed out at 23292. In Australia, the S&P 200 closed up 3 tenths of a percent, 22 points. And right now over in Germany, the DAX is up 65. And the FTSE in the UK is up 67. That's a half a percent and nine tenths of a percent to the upside out there. Gold is off $7.70 out here. She's trading out at 1462, but we're rolling over. That is the February contract. We're rolling over into it. Silver is back 13 pennies. Lights we crewed up 50 cents. And the natural gas down 12 cents, that's about 5 percent to the downside. Nikkei is, you know, what are the markets doing? And if we take a look at what the markets are doing, the equity futures that is. What we're taking a look at are the four contracts. And it's basically it's daily and weekly set of profiles, but it's the daily set of TAS market profiles that you and I are interested in. Now, if we take a look at the ESMini, if this has just been nothing more than a countertrend rally inside the ESMini, you might ask yourself, well, how can you say just a countertrend rally? The way that we would say that is we could take a look at the ESMini. Here's the daily timeframe chart. You'll see the A to B equals CD pattern that is underway. But what you'll notice, and there has not been a bearish reversal candle inside the ESMini, which is what you would need folks to. And hopefully everybody can see the chart charts not coming through. Well, it's got to be posted out through that Skype to thing. I don't know what to tell you the charts are. Oh, wait a minute. Wait, what did I not share? Did I not share? My apology. There we go. We don't want that lovely picture of me, Mr. Bill. So let me just back up a bit. Well, my apology. So there it is. Okay, great. So I'm just going to back up just real quickly here. Here you're going to see the charts with the daily equity, well, all the equity futures contracts. And it's the blue horizontal lines that everybody is looking at. And those are your TAS market profiles. So you'll see on the very left-hand panel, the ESMini is trading right up to the top of its profile. That is a resistance level. And the reason why I said if this is just a countertrend move was because we do have a valid topping pattern out here. It's not the A to B equal CD. Yes, I've got an A to B equal CD formation. But for Stevie's purposes, and quite frankly, for your purposes as well, these patterns need to be confirmed with some type of bullish or bearishness case here bearish reversal candle. It's just not there, not in the ESMini. That doesn't mean that it hasn't topped or may not have topped because it did form a TD setup nine-count pattern. It did that four or five days ago. It was the day of, well, let me get my crosshair out here and I'll tell you exactly what day it was. It was the date of November 19th that created that potential top. Now, you'll also see the prices trading below Stevie's green line, which is right around the 3121 area. It's actually 3123, 22 it looks like out here. So we're up at resistance, or the ESMini I should say is up at resistance. Now, if price is able to clear that, and most specifically, if price is able to clear the highs from November 19th, that would be 3132.50. We'd be looking for a run into that 3173 area, but let's back it up for a moment. And here's what we know. We know that we've got a valid topping pattern inside the ESMini. We know that price is now traded up in a resistance at the top of its profile at 3121. If you were an individual who had some certainty and wanted to take a short index trade, then now would be the time inside the ESMini. However, should you do that? Well, the should you do that really comes down to do we see any kind of topping patterns in the short-term timeframe? Because if we're going to see a market turn, we really need to see those patterns appear and show up inside the shorter-term timeframe. So we take a look at a 30-minute timeframe chart out here. We got not a zip, zilch, nothing out here. Now, maybe that's not the case entirely. Maybe I can find an A to B equals CD to the upside. I'm sure that we can. That would look like this. If we go ahead and we push this in here, that's coming off of a low. I don't have the date here. But if you're watching on Tiger TV, you can see me draw this 30-minute timeframe A to B equals CD. You can see prices in this case did make the one-to-one area, generated the bearish reversal candle, which every A to B equals CD pattern should do out here. It did that at $2,200 last evening. And it's got ties. No, I take that back. Price right now trading about $3,120, which is the top of its 30-minute profile. So how are we going to summarize this? It's really simple. We need to see how this trades during the day. We know that price is up against resistance. We don't have any kind of short. Yeah, we've got this A to B equals CD pattern. But what we don't have out here, what we do not have out here, inside the Esmeniana short-term timeframe, we don't have any breaks of support. And the minimum level of support that we'd be looking at right now is the current profile that formed about an hour ago, 3117. If there's going to be a move to the downside, you need to see support beginning to be broken to the downside. Let's go out to New Jersey and speak with Jeff. Jeff, thanks for calling. Thanks for holding. How are you? Hi, Steve. Good. How are you? I am doing very well. Thanks so much for asking. Any offset for Thanksgiving? Yes, really easy. I'm going to my brother's house. Hey, that's a beautiful thing. So you're in New Jersey. So is your brother nearby? Or do you have to travel? Yeah, he's in the same town. Thanks. Oh, okay. Perfect. Perfect. So you want to take a look at wheat out here? Well, actually, I had a question. I may not even need to look at the chart, although I mean, I'd like to hear what you have to say about it. But if I could ask you a question about it. Yeah, absolutely. Okay. So I currently have a positive long position in the March week and the market closes today like every day at a 220 Eastern time. And today there's a crop report at 4 p.m. after the wheat market closes. So my question is I'm wondering whether to like take a hedge, short in a different month, maybe like January, or just hold through it since the chart looks very bullish. And where I think price is going is still pretty far from here. So I think that to sell it out of fear that the crop report's going to send it the other way. Okay. So Jeff, do me a favor. We're about to go to a hard break here. Hold on through the break. We'll come back. We'll answer all of your questions about the March wheat futures contract. This is Steve Rhodes and Jeff in New Jersey. We'll be right back. We'll be right back. We'll be right back. We'll be right back. We'll be right back. We'll be right back. We'll be right back. We'll be right back. We'll be right back. We'll be right back. We'll be right back. We'll be right back. Correctcorrect. They'll answer all of your questions now. Okay. We'll be right back. We'll be back. break in in summary you're just simply saying hey look what are the charts look like you know with regard to your long trade now you had mentioned that you've got a price target that's much higher than where it's trading right now 526 a bushel and the first thing that I would just simply point out and share with you is the read the next resistance level because maybe this assists you with regard to your decision as to how you want to handle the trade now when we look at this weekly time frame chart Jeff it both topped way back here not way back but in August 3rd 2018 that top was a roads momentum indicator top was the following day that generated the bearish reversal candle that little shooting star and then that led to a on a weekly basis roads momentum indicator bottom and that was on May 17th when it generated a nice bull sash candle so this may be an A to B equal CD to the upside out there but before it can make that pattern it's gonna have to clear resistance and resistance right now is not necessarily the swing point high from the trading session of June 28th but instead where the weekly chart broke down and when I say breakdown I'm taking a look at the breakdown as a TD 9 count so the actual low that formed out here back on the week of September 6 was with bar number 9 of a TD 9 count out there and what that does for us Jeff is it helps us to set up resistance that's at that 531 50 level now you and I know that it's resistance and important resistance to you because we've already seen one rally up to that level that took place on October 18th there was a slight close above that but there was no follow through on the next candle session and then prices backed off to Stevie's green line the sun a weekly time frame back enough to my green line is actually bullish and then holding that level which it's done but prices got to clear this 531 50 level if it does that then you're looking at 557 and 589 are any of those the price target areas that you had actually it's much closer and my price targets 561 which is a 27.2 percent Fibonacci extension from the previous okay be like sure sure so I get that but but now what you also know though is there's clear resistance at 531 50 level that's the weekly time frame chart now on the daily time frame chart out here I don't have any kind of a topping signal what I mean by that is prices above the top of its daily profile that's 518 if I take a look at my other white background chart here for you prices above well both both the top of its daily profile as well as my oscillator and change line but that also shows prior resistance so on the daily basis when corn I'm sorry when wheat topped it was with a TD setup nine count and that was on October 21st that was a bear sash candle so there's your resistance point so the daily is showing us some resistance as well but just resistance doesn't mean that you know the move to the upside is over so I think what we have here on the daily and on the weekly is a resistance area that price needs to get through before it can obviously get off to your target so you've got resistance overhead so with that information how else can I help you well so just like a general question so like in this example with wheat as I have this US crop report coming out after the market closes yes and my main concern right now is whether it's how to handle that do I take a hedge do I sell do I just hold through it well are you so are you in this year it sounds to me like you're in this for more of a long-term position well just up to that 561 level which looks like maybe about a week or two yeah I think you know you've got everything we know there's resistance overhead so I struggle to tell you to to you know get out of the long trade out there I just I don't I mean the time yes there's resistance but the time frame charts even the monthly time frame chart out here so an even longer time period is still bullish to me in fact it got very bullish last week and the reason is because it's oscillator and change line which we can use for multiple time frames Jeff in this one here is a monthly time frame when it changes color out there it usually tells us of an impending test of price in that line well it did that last week it changed colors and tested and rejected it so I just don't have any any signals even on a short-term basis so even if I were to go you know forget about the daily forget about the weekly forget about the monthly time frame just go take a look at a 6th 30 minute chart out here and when I pull my 30 minute chart I don't have a reason to suggest that you close out the trade so it's hard for me to if you can hedge it for sure if you want I mean that's that's that's going to be your personal decision but if you're asking me from a charting standpoint do I see something other than some resistance overhead and reason for you to do that I don't okay so it sounds like because there's it looks pretty clear overhead for a bit there's resistance but that doesn't mean it can't break through it and I like all the other tests out here and prices even trading of not look at the week is not over but the top of the weekly obviously just beginning but the the resistance level on the weekly chart is 524 70 and prices trading above that to now just slightly but again I don't have I don't have any reasons to give you to suggest that you would close out the trade or in your instance here just to hedge it and get the delta neutral but you've got to do what you're comfortable with as a trader you know there's nothing wrong with doing that it's just I don't see it in the charts okay so it just like in general when you see a news report coming out like you know in this case the crop report it's just a comfort with risk decision whether to hedge it or or not I would I would say it differently I would say the the reports of the news reports out there aren't as significant to me as the chart patterns and the reason I say that Jeff is when I do my analysis and we take a night and I and I'm very structured in the analysis and the tools that we use out here so choose the same way for every instrument every time frame I use the I believe the charts no more than the report so to speak buyers and sellers no more than the report and I cannot hover over any bar and tell you what their crop report would have been for that you know for that specific day or anything else the way that I take a look at decisions with regard is just simply use the most reliable information that's present at the moment that buyers and sellers are communicating to us so I just can't hover over any bar and tell you a this crop report ended up being like this and not that it's not valid it's just that I can't do that for for my work you know and what I'm sharing with you does that make any sense yeah you're saying give more weight to the chart pattern than the crop report I do you know I oftentimes will see you know before the Fed announces its interest rate whatever it might do usually the market you'll see some type of pattern so I'm a like Larry Pezzavento I mean you know Larry and Tom they were my first two teachers at this and in and I was a back before that was a total fundamentalist so I determined that the most fundamental aspect of trading is understanding chart patterns out there that's the most fundamental thing because that's what buyers and sellers are doing okay well thank you very much for your opinions and your feedback my my pleasure thanks so much and have a happy Thanksgiving and thanks for calling in folks are about to go to a hard break and in the market's gonna open right now you've got the all the equity futures pointing north we'll see if they hold these gains during the first couple hours of trading we know the ES mini is up at resistance we know the Russell 2000 also is up at resistance little descending trend line out there the NQ nowhere near resistance just yet that'd be 8344 we'll be right back Larry Pezzavento has just started his brand new service Fibonacci 24 7 and he's already delivering content to his subscribers on a daily basis when the markets opened and even on weekends each Monday you'll receive Larry's written report that provides detailed commentary and a summary on the charts and videos that Larry sends out and throughout the week when warranted Larry will send out via charts or videos or both the key markets that he is watching during the day this will be up to the date active trading information that will help you in your daily trading in Larry's first week alone he sent out 25 charts six videos and a full report to his subscribers in just one week if you're a technical trader that uses patterns and retracements to trade then Larry service Fibonacci 24 7 is something that you must try right now new subscribers can get a full 30 day money back guarantee with nothing to risk sign up now to Larry Pezzavento's Fibonacci 24 7 by visiting the front page of 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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 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 back folks it's not Larry Pesavento as you can tell instead this is Steve Rhodes filling it for Larry both today and tomorrow the show will be replayed so it's now 1 30 in the afternoon out there but at 9 30 in the morning we've got all of the indices in the green the Dow is up 74 S&P is up nine we've got the NDX 143 the Russell's up seven so they're all mean and green to the upside out here now Ruby wants to go take a look at feeder cattle out here so let's go take a look at feeder cattle for Ruby who I believe is looking to go short or is short out here the key level to be watching out here today this week Ruby is really going to be the weekly time frame chart so here's what we can see right now we can see that on the daily time frame prices below got below support that was the bottom of its profile box last week 144 17 and this suggests that price may find support at about the 137 27 area out there now price may be at support right now I know you're looking to to go short so watch that 137 26 area the reason why I say that price now the charts not coming through my apology again trying to multitask here let me get these charts I apologize to Ruby here you go you should be able to you should be able to see it now and when I say see it now you're really looking at the charts the two charts on the very right-hand side the daily and the weekly so on the daily you can see price well below the bottom of that profile and on the weekly support here is a very structured profile be done at 137 26 that would be an area to be watching now the reason why I said that price could be at support out here could be at support is just simply taking a look at where my chart isn't updated for today but you can see on Friday where price found or pulled back to Stevie's redline so that is a support area so with that being said I think the best thing that can can do is what I just shared with you really because on the daily time frame well the daily time frame I the daily time frame and the reason so another reason my apology my system's going a little bit nuts here it's just because of so many things that I have open now again this daily chart for some reason Ruby isn't updating for to this morning's activity so far but what is key and another reason why price might be at support we took a look at the weekly time frame we saw price was sitting in Stevie's redline we take a look at the daily time frame where feeder cattle had broken out was the 139 72 area so there was a slight close below that on Friday out here but that's the breakout area and price is now back above that so I know you're looking to to go shorter I believe that you were just know that on a daily and a weekly time frame key levels of support have been tested and so far have held so I hope that that helps you out best of luck with that trade we've got a question here from Michael mh wants to take a look at he's looking to go long on a retracement in ticker symbol LIT LIT is the global lithium battery ETF out here and right now what we can see is as we take a look at its daily weekly and monthly profiles here's what we know price is trading in between the daily profiles out there Michael that's 2487 at the bottom 2541 at the top 2541 is a real key level that's a bare structured profile and then if price closes above that that would suggest that price wants to move higher would say the retracement is over and the weekly time frame chart price is really in the middle of the the profile itself is slightly bullish in structure but just slightly so we'll call it equal out here and it doesn't really give me a big signal we'll go see if we can generate some other signal information on my other time frame charts as soon as I can get over there to get these things activated LIT again being the ticker symbol so I see you've got a chart in here but I can't really go through the chart and I can't really go through the chart your chart that is and you know figure out if you're looking at the same thing that I am in my apology for that in my other charts aren't uploading just yet which is a bummer it's because of the 930 openance I have so many things open at this stage that it's just cycling through here we go we've got we've at least got the daily so here Michael you're waiting for retracement and I'm going to at this stage here not not try to talk you out of it but just suggest that if you are looking for a retracement and there's you know and there's reason to believe that that's a possibility right now because price is trading below resistance 2541 the top of that daily box 2565 is Stevie's green line it's breakout or it be 2412 so if you're asking me would you kindly use your tools for a possible entry point out here the the best entry point for you on this trade will be 2412 this is where price had broken out this is a trading day again on a daily basis from October the 26th now if I take a look at a weekly time frame chart let's go do that see if there's any signals out here the signals out here nothing I don't have anything concrete for you let's go take a quick peek at the monthly chart see if there's anything out there worthwhile for you and I to go take a look at those time frame charts and then we're going to see on the monthly time frame chart I can see it now is that what has taken place so far this month is a bearish test the bearish test was the remember we talked about and I think it was Jim and I we were taking a look at a week and we were looking at the weekly time frame chart and I'd mentioned that it was a bullish test that we saw last week well so far for this month the month is not over what we have out here in the ticker symbol LIT is a bearish test so we what we can see here is the week of sorry about that let me see the week of so it's green line it's oscillator and change line changes from green to red it does it on the week of June it's all gonna tell oh it's a monthly chart true hello Steve oh wake up so the month of June that call that line color changes and tells us of an impending test of price and that line doesn't tell us when but we have seen that so far in the month of November out there and what price did Michael was it got up there and it tested and rejected it so your longer term picture at this stage is yeah stay patient stay patient and look for that further pullback to that breakout area that we looked at on the daily time frame so I hope that helps you out I'll look at your email a little further when I get off the air seat there's anything that I've overlooked that you wanted me to look at for you and if so I'll reply back to you JJ writes in and JJ wants to take a look at Home Depot JJ's question is has Home Depot bottom so let's go take a look at it see what it is doing right now it's trading out at 2 1741 it's trading below its daily profile so that's not a real positive but we'll go bottom fishing see if there's anything that we see out there on a weekly basis this last week close below the bottom of its weekly profile again one of the things that you and I need to do no matter what folks we're taking a good any chart is understand where support and resistance is now in the case of support resistance one of those tools that we can use our task market profile Stevie's red green line is another level and then the breakout and breakdown levels formed by those TD 9 counts out here so we take a look at Home Depot out here JJ price of below the daily the weekly that's not good no new profiles have formed and prices above the monthly this would suggest that the first level of support on the way down is 209 70 I'm not saying buy Home Depot at 209 70 I'm saying that the next level of test for support right now using the task market profiles would be 209 70 price close below 209 70 you're looking at 160 382 now you know what we want to go see is take a look at the daily time frame see what patterns are out here and the pattern that formed its recent high well was really combination of things we've got a TD 9 count top way back here on October 21st then what we have this gap to the downside on November 19th that confirmed the roads momentum indicator top to 1711 is its breakout area price moving below that says it wants to head much lower and I think that's more likely the outcome as we speak for Home Depot that's because of the monthly chart which I'll show you if you're in the CD market and looking for a secure investment the Tiger first mortgage program may work for you the security for these first mortgages are building lots in the tax opportunity zone in St. Petersburg, Florida the tax act of 2018 set up tax free zones across the country we can build and hold for 10 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O'Brien has been writing his weekly gold report for almost 18 years there's no one that knows more about how the gold market trades and how gold mining equities react new subscribers get a 30-day money back guarantee so you have nothing to lose every Monday morning Tom publishes his weekly gold report with coverage of gold silver bonds the XAU HUI GDX the dollar as well as more than 30 different mining equities as of September 3rd gold report subscribers have five active open positions with an average unrealized profit of almost 38% for each position to see for yourself the types of profitable trades that are recommended within the gold report sign up today by visiting tfnn.com will the S&P 500 continue to climb for bold trades on us large cap stocks in either direction trade SPXL SPU U or SPXS directions daily S&P 500 bull and bear leveraged ETFs direction leveraged ETFs an investor should carefully consider a funds investment objective risks charges and expenses before investing a funds prospectus and summary prospectus contain this and other information about direction shares to obtain a funds prospectus and summary prospectus call 866-476-7523 or visit direction investments.com a funds prospectus and summary prospectus should be read carefully before investing an investment in the funds is subject to risk including the possible loss of principle the funds are designed to be utilized only by sophisticated investors such as traders and active investors distributor for side fund services LLC the bull bearer trading hour with Tom and Tommy O'Brien next welcome back folks thanks for listening in this is Steve Rhodes filling in for Larry Pesavento of course this show is being replayed at during the normal one to 2 p.m. the Traders Ed show out there but thanks so much for listening in now we were taking a look at ticker symbol HD that's home depot for JJ who's looking for some type of bottom and it is the monthly chart here JJ that we're looking at that's the most ominous which has formed both a TD setup nine count top as well as a Rhodes momentum indicator top now the month is not over it's only the 25th but as we speak right now you've got the bearish reversal candle and you have price trading below Stevie's Greenland that's 222 86 out here so this says Home Depot could pull back into the 17952 area that's the longer term that is where price broke out on its monthly time frame so I think in summary I just want you to go ahead and keep those hands in your pocket keep your powder dry when it comes to Home Depot let's go to our next question this one coming in from Willie Willie wants us to take a look at the Euro US dollars so you to do that to begin with out here Willie let's take a look at four different time frames and their market profile so we've got the daily in the upper left you've got the weekly in the upper right you've got the monthly in the lower left and you've got the quarterly that's right you've got the quarterly in the lower right so here's what we know we know that right now on a daily basis prices pulling back to a key level of sport they say bullish structured daily profile the bottom of that box is and I do have a 15 minute delay on this so my apology price is not exactly trading at this level but it's very close to it I would think which is the bottom of the box just really watch this watch 1.1004 a close below that says that what price wants is to move lower prices below the weekly profile so that's not bullish that's for sure but we'd have to look at the weekly time frame chart see if there's any signals out there prices below the monthly bottom of its box and prices below the quarterly so basically if the if the euro US dollar Willie closes below that daily profile which is bullish in structure I think I mentioned that if not I do want to mention that there's nothing more bearish and a failed bullish pattern not that this is a pattern per se but it is a key level of support out there if I take a look at just my other daily time frame chart here for the euro US dollar we're going to see that this had formed a TD set up nine count top it did on bar number eight on October the 18th price did rally up back towards that level but it found resistance at the top of that profile that was on November 14th it makes these profiles these levels of resistance and support important important for you and I and now price may just be pulling back to 1095 at that level is where price broke out let me give you the exact day out here Willie that you're watching for and that is the October 9th so if one level the bottom of the daily profile fails then you would anticipate to move back to 109 if that breakout level fails and prices headed lower there's all sorts of A to B equal CD patterns that we could draw out here no reason for us to actually do that at this point in the game instead what you need to be doing is watching for those key levels of support but it sure does look like the euro wants lower price however we can't make that conclusion at 945 in the morning right now because prices not closed below or even broken through the bottom of that daily profile so I hope that that helps you out Willie best of luck with that trade out there and thanks for James and Michael Willie writing in it makes it so much easier for me when I do my show I'm sure for Larry as well out there of course you can still call in at 877-927-6648 of course in the Tiger's Den you can just go ahead and generate some kind of pink so as we now come back just to the general markets let's go ahead and take a look and see what's going on everything still pointed north you've got the Dow now up 103 points back to those profiles and see if everything when I say everything really just the so you got the ES many trade above the top of its box and the NQ now making a staged a nice move up to the top of its profile that 8344 level the Russell 2000 also in the first 15 minutes of trading out here in the cash market has pushed its equity futures contract well above its descending trend line but more important than that it has it is trading above the top of its profile 1601 72 so this is a beautiful thing folks when I say it's a beautiful thing it's a beautiful thing for both the bulls and the bears out here because today's close inside the equity futures contract should be revealing why should it be revealing we now have all four U.S. equity futures contracts trading above the top of their profiles the top of their profiles are resistance the top of their profiles are where sellers are at the old snipers out there and if price can overtake those levels it's telling us that price wants to move higher doesn't tell us to where it's going to move to but just simply would tell us that price would move higher so these are the key levels to be watching if it's a 147 in the afternoon the question is where is the ES many trading relationship to 3121 where is the NQ trading relation to 8344 where is the YM trading in relationship to 27 864 and inside the Russell 2000 that number is 1601 72 if all of them are trading above those levels and they continue to trade above those levels going into the close that suggests that price wants to move higher if price gets beaten down in holes then all we know is that key levels of resistance have failed out here so that's really what to be watching the rest of the day certainly 147 certainly going into the close if I take a quick peek at the New York Stock Exchange New York Stock Exchange the advanced decline oscillator reading so you've got good market breath out here inside of it but it is still just below the zero threshold level right now it's at minus 1.74 now if price closes above that level today would suggest that buyers are the ones that are back in control only suggest that you would need to see a second closing above that level inside the New York Stock Exchange let's go out to a Philadelphia and speak with John John thanks for calling thanks for holding how are you doing today how was your weekend yeah Steve I'm doing very well thank you for standing in for Larry we appreciate that my pleasure my pleasure and good to hear your voice Steve to call you this morning I and follow up to a call I made into your show last Wednesday yeah and I called you about energy or yes that's energy sector stock ETFs yes and the three that I asked you to look at for me back then was XOP FCG and XES and just for your listeners those are reasonably well traded a in other words good volume sure and well diversified stock ETFs XOP is oil and gas production FCG is natural gas focused production XES are the the drillers and the energy service companies and they all are at lows both on the hourly daily weekly and monthly charts and I actually took positions probing for lows and all three the following day Thursday and I'm calling to ask if you can put up either a daily or weekly chart and see what action you need to see to signal something more you know you know something positive that's that's my question for what for for how for how long a period of time what are you looking at this is probing for a more significant intermediate term type bottom or exactly exactly why don't you just focus on XOP to make it simple okay so so John if we begin by taking a look at XOP we can start with the daily weekly and monthly timeframe just understand it's TAS market profiles you've got a new market profile that formed it looks like on Friday Thursday or Friday last week support or the bottom box 2052 your first area of resistance here 2170 and the next area of resistance the top of the profile 2240 you also have a weekly profile it's been around for about a month prices held that level of support did so last week is trading above that the bottom of box there is 2095 John we're about to go to a hard break we come back we'll spend the last two minutes with you take a look at XOP the problem is on the monthly basis prices below its a swing point from all the way back in 2009 2008 that's at the 2290 area Steve Rhodes I'm certain you are or strive to be one of the best of the best at everything you do in life it's the most common trait that we tigers and tigers is share if you're looking to become the best of the best when it comes to managing your money let me teach you to do what most wealth managers tell you can't be done which is how to time the markets I'm Steve Rhodes author of mastering probability and for the last 12 months timer digest has been tracking my newsletter signals which have earned me the ranking as their number one market timer in the nation for the S&P 500 for the last 12 6 and 3 months timer digest also ranks me as the number one market timer for gold as well the fact is markets can be timed and I'll teach you the exact set of tools that I use that is transforming into one of the best at what I do sign up for mastering probability today by clicking on the newsletter tab on the 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tfnn.com 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 welcome back to the show folks so we've got John and Philly on the line we're taking a look at the XOP and as we were going to that break I had mentioned the monthly time frame chart and I think that this is the chart here for us to kind of focus on here for a short period of time John and we already know on the daily in the weekly that price is trading between its profile so it's trading above support suggesting that price wants to bounce a little bit higher out here the real key for the intermediate to longer term time frame trade is really going to come from the weekly time frame now what we can see is that price has begun moving lower with less relative energy out here and if we were to see some type of bullish reversal candle form in the month of December and then price close above 2405 right now that is my oscillator on China and change line value that would be your indication of a intermediate term bottom now the last bottom in the last top was formed with a TD set up a nine count pattern we're only going to be in bar number seven out there so that's a secondary pattern but the monthly time frame because it's still trading below the lows in 2008 that's the only one that is kind of the wild card here as we speak right now but it does look like you know a move to 2170 2240 is is doable but I really think it's a monthly chart overall John that's going to be the one to be paying attention to more so in December than today the 25th obviously does that help out what was the one that was so much I'll be if this does start to turn up I'll be a clueing in on your 2405 monthly level so yeah what was what I guess we're about to go to break what was the other symbol I could just punch it up here on the screen at least that you wanted to look at XES XES just so you can have and everybody else out there for the S&P oil and gas equipment now in this case here this is trading below the daily profile below the monthly profile and really below the the weekly so for whatever reason XES is charts at least profile wise doesn't look as good as the XOP only from the standpoint of not having some key levels of support out there so John thanks so much for for calling in have a happy Thanksgiving and everyone else out there as well travel safe if you're traveling have a great Thanksgiving tune in tomorrow I'll be filling in for Larry again from 9 to 10 if you're listening in live at the normal time frame thanks so much for doing that and have a magical Monday