 The following is a presentation of TFNN The Traders Edge with Steve Rhodes Toll free at 1-877-927-6648 or internationally at 727-873-7618 The Traders Edge Now Steve Rhodes Good day folks, welcome to the May the June 13th, the magical Monday edition of today's Traders Edge show I'm your host Stevie Perseverance Rhodes who absolutely knows that each of us should always be pioneers of our future versus prisoners of our past Hope everyone out there is having a great day. Let's make sure we have an extraordinary one of the easiest way to do that It's to always remember that life is happening for us Not to us That's right When you and I make that one little two by four shift means we can find the gift in every set of circumstance that life is going to toss at us Now today you and I we're going to go check out the circumstance of these markets We'll go figure out what those bulls and bears what those buyers and sellers are communicating To you and I just past one o'clock in the afternoon. I do want you to know. I'm absolutely grateful for your presence here a bit more important than that That's this during this next 60 minutes. I'm here to serve you So feel free to pick up that phone. You can dial on it at 877-927-6648 if you can't dial in Hey, we've got you covered there too. You can always let those fingers do the walking You can send me an email send it to steve at tfnn.com and inside the subject heading if you would be kind enough to put radio show question Just like Dennis G did here. So let's go ahead and get this show started on magnificent marvelous Monday Of course, this is tiger financial news network. I'm Steve Rhodes. Welcome to Less show right now get all the u.s. Indices trading the downside that was off 722 points about two and three tenths percent A little over three percent for the s and p are 122 points nasdaq 100 three and six tenths percent 431 Russell 2000 is off 76 or four percent nearly 4.6 percent that's 129 points for the semis Trends are only down two and six tenths percent or 347 Gold is getting schmacked. It's down 44 bucks off two and three tenths silver down Three and a quarter percent or 71 pennies light sweet crude is up 99 cents 121 66 is the print there You got natural gas off 26. You got the 30 year treasury down three points right now 130 220 So we got plenty to look at but uh, and I want to look at what you want to look at We do have one request which to take a look at google Let's uh do come back to google either towards the end of this segment or the beginning of the next segment Let's in fact, uh, start taking a look at what's going on bigger, maybe slightly bigger picture out here Let's start with the index ETFs This is something everybody if you do any kind of charting everybody's got access to this Now we'll go take a look at the future Contracts some numbers that you can write down on a pad of paper But as we take a look at what's going on right now You've got the spy that's going against that may 20th swing point now that may 20th swing point has 131 million shares. I don't know where we're going to end today's volume It's really going to be dependent upon that last hour of trade out here However, if price closed below 380 54 this on the spy Even with light volume out there That's going to suggest that we had lower if it's with volume Well, then it's just going to tell us that we have the existing a to b equal cd That's in place that's going to be extending its price projection of remember on the a to b equal cd pattern You've got the one to one to 1.272 the one to 1.618 and you got the two level out there If we take a look at the cues They are also trading below their may 20th swing point the volume on that may 20th swing point is about 92 million shares so far At nearly four hours of trading. We've done about 52 million The Dow diamonds have tested and so far rejected the may 20th swing point Now the volume that it's needs to deal with it's dealing with it's 4.6 million shares We're at 2.8 right now again Not sure what the volume is going to look like at day's end You could get a official rejection with lighter volume inside the Dow diamonds Now if you did get that well, what we would be looking at is move up to about the 3 18 ish level 318 and 321 But actually price would first have to get above the bottom of that profile 310 50 In the case of the russell 2000 or the iwm i should say Price has not gotten all the way down there at least i don't believe it has a low today 169 29 168 90 is the actual low bit swing point which is may the 12th i believe yeah made the 12th out there Volume here 23 million versus 52 million shares. So it looks like the russell Is moving down with lighter volume out there the other ones i can't Truly say whether they are or they are but you want to pay attention to that come day's end If we take a look at the sectors with inside the s&p 500 that might be a good place to go Which sectors are behaving well or not if we take a look at the xlk the number one waiting It's dealing with its swing point at 120 704. That's the low from may 20th now the volume on may 20th Oh, man. I've got to get these data boxes in here um The reason i took them out was because he just clogged everything up when these things were so small So the low Is 127 oh well i knew that it's the volume 10 million shares No, hold on hold on hold on. Yeah, uh, oh 10.1 million shares. Okay, so this helps us We can see that the xlk the number one sector inside the s&p 500 is absolutely pushing lower with volume out there So a close below that is going to that's 120 704 is going to suggest lower price a rejection We need to close back above that says that we're likely at least back down there to test that Now that next test could be on lighter volume if you take a look at the health care sector It's trading below its swing point which was from may the 12th similar to the russell 2000. That's at 125 28 Let's get that data box going just so we can take a look at the volume metric there On that swing point day there were 17 what was it uh 17.5 million shares you're only at 7.7 So likely the xlv is going to close below its swing point But still do it with lighter volume that does not mean you can't see lower price But at least the xlv is saying i'm not doing it with volume out here the xlf the financial sector Let's get that data box going so we can compare volumes out here We can see that price is trading below its swing point. That's a swing point from may 20th That did volume about 77.9 million shares we're at 51.7 as we speak right now So hard to say if it's going to clear that with volume But if you're trading below that you close below 32 23 odds favor lower price If we take a look at the consumer discretionary sector price is trading inside that swing point that swing point again being made Well, not again being may 24th as it's low. Let's take a look at its volume matrix out here The volume currently is at about 4.9 million shares That swing point has volume of 7.4 million shares 7.5 million shares So not clear. Now you would get a rejection with a close above 139.51 on the consumer discretionary Are as long as price as long as the volume is less than 7.4 million shares out there The communications sector is trading below its swing point that swing point taken us back to the may 24th time frame Let's take a look at its volume makeup out here. The current volume is 3.5 million shares It's going against 8.5 million shares So it's only the technology sector so far that I think we can say with conviction That it's testing that swing point with volume the other sectors So far are appear not to be doing the same the industrial sector that's trading into its swing point That swing point for may the 20th 8803 is the key number so far It has rejected that level if we take a look at the volume today, which is 7.9 million shares It's going against 15.6 million shares interesting So here's another sector testing that swing doing an on lighter volume so far What's that what that's saying to you and I is really what we should do is take a look at the technology sector the xlk So maybe what we can do we come back to this break Well, first we're going to take a look at google and that's really the uh segue into let's look at the top 9 or 10 instruments inside the ndx 100 since it's really the technology sector that's moving lower with volume We'll be right back With booming inflation. 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There's no better place to protect your harder and money than a gold This the gold's flagship asset is the monk cod gold project in the northern territory of Australia This is australia's largest undeveloped gold project We are talking world-class gold project in a tail one mining district This is a large-scale low-cost project with significant existing infrastructure in a politically safe and friendly mining jurisdiction This the gold just completed the mount cod feasibility study Which resulted in a seven million ounce gold reserve in a 16 year mine life All of this combined with the approvals of all major operational as well as environmental permits This distinguishes mount cod as an attractive dearest party ready development stage gold project This the gold trades on the new york stock exchange under the symbol v gz Steve Rhodes started his trading career as a student almost 20 years ago and the student has now become the master Steve won the prestigious timer of the year award in 2018 and barely missed that mark again in 2019 Finishing it number two for the year an amazing accomplishment Steve Rhodes is committed to sharing his techniques and knowledge with anyone who wants to learn And he shares his vast amount of trading knowledge every day in his mastering probability newsletter Steve's award-winning newsletter Mastering probability is delivered every trading day with updates throughout the afternoon Sign up for Steve's market newsletter Mastering probability and you'll receive access to seven of Steve's educational webinars Absolutely free at tfnn all our newsletters come with a 30-day money back guarantee So you have absolutely nothing to worry about visit tfnn.com and try mastering probability 30 days risk free today tfnn educating investors 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 market's 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 Toll free at 1-877-927-6648 internationally at 727-873-7618 Welcome back folks now down 714 SMB's up 122 Nasdaq 140 and that's the urea that we're headed to we're going to take lay at google for dentis g dentis rate city says What is support for google? looking to buy some So there's a couple different levels of support that we can look at the first would be taz market profiles Well price is trading below the bottom of its profile. So it's below support on a daily basis dentis That was at 22 48 If we take a look at the weekly time frame prices trading below support there that was at 22 28 So we had 22 48. This is 22 28 on the weekly. So we're trading below that So therefore the next support area would be the monthly profile areas in prices trading in essence inside a support zone The monthly chart has a bullish structured profile dentis. What I mean by that The bottom of the profile is where we have buyers that are lined up The top of the profiles where sellers are lined up the center is where both buyers and sellers Believe in this case here google is fairly valued in between that range and that is at 21 76 where 21 62 Let's right around that fair range level the reason the support area is really between 1959 and 21 76 So that helps us and says okay, we have to go look for bottoming signals out there And if we come back to the weekly time frame, you will see that four weeks ago one two three four weeks ago That price completed a buy the d-point pattern Also a currently buy pattern now it completed it at the 1.272 level really price almost got down to the 1.6 area The reason that I say it was completed was because it was completed with a bullish hammer candle from a weekly standpoint that was week of may 23rd now It is now three weeks Since that candle formation if I were to teach you how to buy a hammer candle Especially one with as long of a wick as this is when I say long wick I'm talking about between the price range of 2044 all the way up to the 2202 Level out there. So it's pretty big, but There is a theory. It's a good theory by the way if you're trying to buy a hammer candle that you want to buy it on Bars three through seven following the actual hammer candle this case here It happens to be weeks three through seven and you're trying to buy it in about the midway point of that bar between midway point All the way down to the bottom of that level So what do you do now because we're sort of at the midway point? You know what you do is you'd go take a look at well first you have to consider market conditions Right and so we spent the first segment there Dennis talking about market conditions Possibly price closing below key swing points Maybe doing that with volume if it does that that's going to suggest lower price So do we really want to step in here if the tide is really going against us? And that's the larger question that you and I have to answer But if we just talk specifically about google We just we just regard the market activity not a good thing to do But if we do it then what we have to do is go try to figure out You know, is there some kind of other bottom signal now? I would say based upon the market movement here We would just simply before we even go to our Multi time frame charts out here really doesn't the daily tell us something here? It does price is potentially pulling back to another hammer candle It's the daily hammer candle out there So like if it was now this is going to be way beyond bars three through seven out here But that is a level of support as well It's that says that low from the trading day of may 24th out there That's another potential area of support for you 2044 Now that's a swing point that if we're tested with less than 3 million shares Which means a close which means a move below 2044 16 And a close back above it with later volume that could be a buy area Now price has not made its way into that swing point just yet in order to do that Dennis has got at least get down to 21 27 55 Now the volume on that day was 5 was 3 million shares so far today on the 890 000 shares So there's not a lot of sellers in google so I do believe you are in the right spot The question is just simply a timing standpoint So ideally worst case scenario It at least like to get a test of 21 27 55 close back above that level with more with less than 3 million shares That could be your trigger into it now Let's go to the white time frame charts out here and then the white time frame charts What are we going to see? I don't know we're going to go look and then the white time frame charts We're going to see on a monthly basis a td9 count top roads meant to mitigate her top of priced inside that buy zone On a weekly base that hammer candle that we took a look at that was a confirmation We looked at the a to b equal cd pattern that was a confirmation of that currently buy But now what we also know and this is really important for all of us Is that price was able a valid bottom and what did price do? It made its way up to that red oscillator and change line last week and being below red oscillator and change line Is never a good scene out there, but you do have support And that's at that low of both the daily and the weekly hammer candles out there on a daily basis No additional information, but it does suggest at least waiting to see a price get down to that 21 27 level And below that it could be the bottom of its hammer candle that you'd be looking at The 130 minute chart that 65 minute chart do not show any kind of bottoming signals out there So they support waiting the 30 minute chart has just had a counter trend move Just like the equity futures have had counter trend moves out here Price is simply running into resistance in the case of google on a 30 minute time frame that happens to be at the 2176 level so dentists i hope i provided you with the information that you're looking for Thanks for taking the time to write in and i think at this stage here a little patience would be warranted Now let's go switch over back to the black background charts While we have a couple of moments here and there's no other requests that are in just yet Let's go take a look at some of the other stocks that make up the heavy weighting inside the ndx 100 in the top nine stocks out here We begin with apple apple's low today is 13257 Its swing point low is 13261 We've done 66 million shares versus 137 million shares apple may be giving you A test every ejection of its swing point out there That says and if that's the case expect or anticipate some type of counter trend move Microsoft is trading below its swing point. That's the swing point from 8 20th That did volume of 39 million shares. You're only at 19 million shares Again, it appears to be lighter volume But nonetheless, so what you need to see in microsoft is a full rejection And that's at 246 44 now look i can't tell you what the end of day volume is going to be We could just look at it as we see it right now. We could divide it by four multiply time 6.5 come up with a number That's not even a fair way to do it. You just want to look at it come day's end But microsoft right now appears to be Testing that swing point is trading below that swing point on lighter volume amazon is inside its swing point That's from the trading session of may 24th, which is in volume of 102 million shares and so far today You're at 59 That clearly looks like light volume, but what microsoft amazon is has not done is actually test the load the load be 101 26 It's gotten down to 101 86 nonetheless If price could close above 105 40 that would be a test rejection of that swing point and say anticipate a counter trend move Inside of amazon by the way the counter trend move inside of apple would target 139 47 A move higher inside of microsoft to be 255 86 amazon it'd be 118 22 That takes us to tesla tesla is testing its swing point its swing point was from may 24th The volume there was 29 million shares you're at 24 So tesla's moving into that swing point with volume even if price closes above the top of that swing at 653 53 It suggests that we get back down and we test that level google We've already covered in the case of nvidia nvidia's swing point that is tested 155 67 It's only gotten 156 60 today volume on that swing 70 million you're only 36 right now Think what we've established here at least these top six instruments For the most part volume pulling back here with lighter volume But it's that end of day surge that we just don't know about zeroes with t-infinite 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 metals 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 published a gold report with coverage of gold silver bonds the xa u h ui 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 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 tigers 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 bryan 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 tigers as they share trading ideas news analysis and discuss the market action all trading day Even at night and on the weekends the tigers 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 bryan and using his best-selling 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 traders 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, abc's, 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 dollars 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 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 folks. We're getting it out on 7 30 s and p's up 124 nasdaq 100 down 4 39 We're sticking with the nasdaq 100 because that's the next question that has come in. This is from rick k rick writes in hey steve, uh, can you provide an entry point for amazon? Um So we were just speaking about amazon and what we know about that rick Is that prices trading inside his swing point the swing point that we're looking at is may 24th So you're kind of in neutral territory out here now if price closes back above 105 40 that's the top of the swing point And today's volume is less than 102 million shares a likely possibility Since we're only at 60 right now that would be a test rejection And that would be from a just a trade standpoint at least at this stage of the game a signal into a long position Can't say it's a long-term position just a long position with their resistance at about 18 22 to 122 53 If we look at the weekly time frame chart, it also completed a buy the d point It did that when it created a both a hammer candle and a bull sash candle Let's expand this out the hammer candle is right here. That's a trading day of may the night Now that low is 102 41 and the low so far today is 101 86 Now that's not the swing point low, but that was tested and rejected that was tested rejected With well, that's a weekly chart. So I can't really come up with volumes for that But so far Support there is holding now a counter trend move Would find a price is also held. It's rising trend line support level But I think you really want to get your signal at this stage here Well, at least a signal from the daily type daily time frame And you just don't have it and even if I pull over to the daily chart Which I will the daily chart shows a nice rogement and indicator bottom That price is trading back into it shows wave number seven That's letter g so it's got two bottoming patterns out there But you just have to wait and see what happens with that swing point from may 24 If you close blow it even if it's with lighter volume That would be suggesting a further move lower if you test it with lighter volume That says you get they bounce to 110 20 or so or 118 So I think with regard to giving you an entry point We first need the chart or we need the buyers and sellers When they're dealing with this swing point to provide you and I with that information And we just don't have it at 132 in the afternoon So I do hope that helps you out. Thanks so much for writing in Nico writes in and says hey Steve you mentioned buying a Hammer candle on candles three through seven after hammer this first time I've ever heard you say that That's because you probably haven't attended one of my workshops where I have said that when we take a look at A bullish and bearish reversal candle. So Nick if you are a subscriber I'll go ahead and watch the The workshop that's on the members page That deals with candlesticks I would be fairly certain I'd be surprised if I don't discuss it there if you're not a subscriber And you might want to consider giving that a shot for at least 29 days or so So yeah, that's just a that's an old rule out there But it's no old rule that has really stood the test of time It is typically again on bars three through seven And you're trying to buy it at that midpoint And I say that's a it's a test of time. That's been around for a long long time out there So, uh, you heard me say it now But you've got it you want it you just can't just do it plainly and blindly out there I've just given you the ideal timeframe In a hammer candle and then you've got to be able to find the patterns and with regard to google I think that's where we're talking about nico Is that uh, you know, we don't have that bottom signal at least not just yet So thanks for taking the time to write in hope that helps you out and uh I see no other questions at this stage of the game I don't believe that there is anything Inside the tiger's den or there. Oh, I take that back. There's what might be a private message. There is Okay, uh from peter. Can you look at the daily weekly monthly on the es? Absolutely. Thanks for the question Let me make sure I'm on the right spot here So let's go to that multi time frame set of charts out here as soon as I can find them What the heck Where the heck did it go? This is not going to be it As weekly I've got the nq the ym the russell 2000 Well, I'll be a son of a gun out here. I mean we're going to do it no matter what it's just that I have a Set of charts out here for it and it oh, there we go. Okay. It's just a little bit out of whack So here we go. Peter. Um, let me uh, let's get this clean the set of charts here cleaned up just a tad Um, let's get rid of the a to b equal cd patterns inside the daily time frame out there Um We can talk about those. Let's get rid of the trend lines inside the weekly time frame out here Not that they're not helpful, but they're just cluttering the message of the es many at this stage here So let's get rid of those trend lines. Let's turn those off for the moment We'll leave the monthly on our chart and we've got the uh, we've got the quarterly out here. Perfect. Okay So with regard to the Daily time frame if price closed below its swing point now here on this chart because I'm using peter I'm using my synthetic version. It shows 3807. The low is 38 10 on the uh, december September contract for the yes many you get a close vote of that level 38 10 out there that suggests we have Another a to b equal cd price projection level to look at so there's a couple different ways We can do a to b equal cd patterns out here and neither are wrong But sometimes it's uh, it's more helpful to me When you get these potential multiples a to b equal cd patterns in place to look at some larger time frames And here is the weekly time frame and the weekly time frame shows that price is now approaching the 1.272 Level now if at week's end it's just monday, but if at week's end price closes below the low of the week that began may 16th Let me get that for you on the actual september contract If you give me a moment To do that Where is that at? Maybe that's here That's not there Maybe it is Uh, jeez i've got it. I had it. I had it out, but it's right here equity futures. Perfect. Okay, so the level here On a what was i was i just doing but i need to now look for it boy that that's really that's really smooth stevo um Well, so let's go back. Let's go back to uh Maybe if I redo it, I'll remember exactly what I was going to say out there. So back here So you've got oh, I was trying to give you the low from that may 16th level out there if we get a close. That's probably That's the may 24. That's the may 20th. So that's that that's the same level out there of the 38 10 area So weekly close below 38 10 is going to negate its weekly by the d-point pattern Now price right now as you can see is approaching the 37 32 ish area That is it's 1 to 1.272 a to b equal cd So close below that uh, not on one days, but on a weekly basis Below the low of that week that began may 16th is going to suggest we had down lower And you've got the different price projection levels now You can also come back to the es mini and certainly you can take look at the a to b equal cd pattern Along the c to d leg. Is there anything right or wrong with doing that? What I would do is I would say do not get married to it Take a look at the larger pattern the smaller pattern out here That would be or the eight of the c to d leg would be starting with the high from may 29th march 29th The low out here the that may 20th level and in your c-point being the high from may 31st out there That would give you a one to one price projection of 33 78 But if that's the only thing you focus on you're going to miss the bigger picture out there and that's why Whoops, I didn't mean to do that. That's why we're taking a look at that larger a to b equal cd Which we could draw on the daily time frame But it's just easier to have that look at the daily separate from the weekly out there And now maybe your real answer to your or the real question you were going to ask is where's the next level of support? That's coming from the monthly time frame profile. And that's at about 3703 That's about 70 points below where we're trading If we get a close below that where's the next area of support? That would be at 35 39 and that comes from the quarterly profiles for the es mini I hope that providing with the information we're looking for Peter. If not, just to thank you again 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 seven two seven three two nine 83 22 or email us at tiger at tfnn.com that's seven two seven three two nine 83 22 call us today The technology around us is changing every day was 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 in 50 cents 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 la bu Or la bd directions daily s and p biotech three times bull and bear etfs Visit direction investments.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 eight six six four seven six seven five two three 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 four-side fund services llc This program is brought to you by vista gold traded on the nyse american and tsx under the symbol vgz Welcome back folks. I still have the espany charts up on our screen The reason is I wanted to uh, so gave you the different support levels out there monthly quarterly Uh quarterly again the support level being 35 39 Now if that level gets broken the target becomes confluence Now david white talks a lot about confluence part of uh the art of timing the trade charts out there has got that built in So it's a very cool calculation Tom just did a workshop where i'm certain that he talked about confluence there And here we've got the larger time frame chart up on our screen And it's a beautiful thing with regard to confluence And why is that stevo pretty simple if we come back to the espany we come all the way back down to lows of January of 2029 again, we're looking at a quarterly time frame out here So if we go from the lows then all the way up to the highs in 2021 And we do a retracement the point 382 retracement sits at 31 22 The next set of swing points that we would use to identify confluence would be the lows from 2020 march of 2020 Well, that's going to show up as the january time frame on my uh time bar out there And if we start from that low all the way to the all-time high the point six one retracement is at 31 31 So we're talking about a narrow range between we're talking about a on 11 point range Mathematically from something going from 408 to 47 99 pretty amazing So the real area to truly be watching On a further move lower and peter's asked me some additional questions So we're going to go to those charts out there But keep that 31 31 level in mind out here What peter was asking is if we could go to those larger time frame charts And i appreciate looking at the larger time frame charts and i take a look for any kind of td9 count breakout area as well Here what i've got is on the top portion that you're looking at is the s and p 500 And again, this is just our larger time frames to the bottom Happens to be the es mini for those same time frames out there So on a so you've got the yearly which peter wasn't that interested in but you've got the monthly So the monthly breakout level for the s and p 500 is 37 23 The weekly is at 38 19 which is under pressure right now So 38 19 if that fails on a weekly basis peter says 32 79 But you know the game plan here price first has got a break below or close below 37 23 But if you do get below 37 23, then you're looking at 32 79 out there on the s and p 500 for the daily basis I just use those a to b equal cd even though we use the weekly time frame They would work out to be the same thing out there on the es mini the level you'd be looking at now This is the continuous contract is at about 36 76 on the monthly time frame That says And and that on the weekly time frame. It's 37 52 So 37 52 is the uh I'd have to say is the really key level to be watching So close to that 36 76 uh area out there, which has likely already been Not hasn't been tested just yet Um So those would be the levels that I'd be watching peter. So hope that helps you out. Thanks much for the request out there And you have a great day. We've got a caller on the line. Uh, give me a second here and we're going to go to our caller. It is uh Oh, you've got john in philly john. Thanks for calling. Thanks for holding. How are you? Steve i'm doing very well. Hope you're doing the same man. Thank you for taking a call My pleasure. I wanted to ask you to please, uh, pull up the daily and weekly charts On your different tools on a ticker symbol l2d that that would be An investment grade corporate bond etf. It's been around forever Um, I haven't I've never called out. Excuse me. I've never asked you about this ticker symbol Uh for quarters, if not years, but the price action Is something i'm interested in and wanted to see if you can share with me what Uh, your chart, uh Parameters are for daily and weekly please Absolutely. So from a daily standpoint today is going to become bar number nine of a td9 count That says that there should be a completion of this pattern There will be a completion of this pattern come tomorrow If we do get a td9 count bottom that has some traction john Then the first upside target out here would be about 111 11 That's the current calculation of the oscillator and change line Maybe slightly different come tomorrow or whatever it would likely be different if price can clear that level Then we'd be looking for price to head up to the bottom of its daily profile Which is at 113 69 out there john any questions about the daily chart before I switch over to the weekly chart for you So far so good. Thank you Perfect. So now if we take a look at the weekly time frame chart for lqd out here Again, we're looking for some type of bottoming signal The only thing that I have would be a roadsmintum indicator signal that has been triggered What it needs though is it needs a bullish reversal candle? So today was a gap to the downside You know the ultimate or this is on a weekly basis The ultimate signal would be next week a gap to the upside give you an island bottom up there No, no idea if that's going to take place. So the only bottom Pattern that is present is a roadsmintum indicator signal And that's going to a bullish reversal candle and in that matter that likely says you wouldn't see that take place until Next next week out there. So that's what the week. Whoops. I'm sorry. I didn't mean to close it But to ask you the question any questions about this weekly chart that I am sharing with you Uh, Steve so far so good. Thank you for that. I might just ask this Yes, and uh, then I'll depart and thank you Uh, if you might put this on your watch list Uh, this week and if you see something of that that perks your interest Uh, share that on your show, but I'll be much obliged if you could do that So thanks, Steve I'll be happy to do that. John. Thanks much for the call. Let's go to our next caller It is Brent in Martinez, California. Brent. Thanks for calling. Thanks for holding. How are you? Oh, I'm doing great. Steve, how are you? I am doing excellent. Did you have a nice weekend? I did. I did some fishing yesterday. I had a really good day doing that and then Yeah, just very enjoyable weekend. How about you? Perfect. Perfect. I did as well I got a nice round of golf yesterday. That's always nice and uh, yeah Just a pretty much enjoyable weekend. A good day, a good weekend for beach weather out here But I know you called to talk about is it is the ticker symbol CYN? Is that we're going to look at? That's correct. Okay. Um, I'm not sure why my charts here aren't uh Give give there give me some weird information out here. Was there a big gap to the downside? There was this one. Yeah, I actually had uh, that's what I was calling about. I did buy in this morning There was a point where I had a gap up Back on April 21st Okay, I kind of missed that day. I was going to buy in at about 75 and it ran up to five I actually six something I think And so I've just been patiently waiting for it to come back and close that gap which I finally did today And of course how much lighter volume and that just completed an a b equal cd and there's just a bunch of things that kind of made sense Yeah, I'm not sure Looking at your chart of that Yeah, there's there's something about that monthly chart that I don't know. I'm not sure about Yeah, and and it's uh, and the problem is I'm getting that on my black background charts as well So we'll skip the monthly time frame out here And I'm not that I don't know what I can do While I'm live on the show to try to correct that but so what what is this specific question? Is so if I see if I can get you that information Yeah, we'll just be I guess I I'm in this now. We'll see where it closes But I mean we're having a nice, you know, reversal candle today and Just wondering what levels now that it's hopefully gonna start going back the other way to be watching as far as You know resistance and things to be watching to that direction. Hopefully Perfect. Okay. So when we come back from this break, we're going to take a look at the charts of cym with brent We're going to give them the resistance levels We can see on the daily basis here folks. The first one is up at about the two 10 area, but we'll confirm that we get back to this 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. 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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 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 Everything in the universe is governed by the Fibonacci sequence This mathematical principle is responsible for everything from the most aesthetically pleasing artwork to patterns in the stock market To stay on top of stock patterns you can take advantage of sign up for the Fibonacci 24 7 newsletter at tfnn.com When you subscribe you'll get a weekly report from veteran day trader Larry Pezzavento on stocks You need to pay attention to and you can trust Larry's analysis after all He's got 45 years experience as a day trader Larry will also provide daily charts videos and data on the key markets that he's tracking Expect notifications from Larry on market movement You need to act on at any time 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 Subscribe to the Fibonacci 24 7 newsletter today tfnn.com educating investors Don't forget you can listen to tfnn live on your mobile device 24 hours per day Go to tfnn.com and hit watch tiger tv That's tfnn.com and hit watch tiger tv Folks we're on the line with Brent de Martinez, California Now Brent told us that he would did some fishing this weekend And of course many of us thought that what he was fishing for was actually fish I think it was fishing in the stock market Because when he talked about syn pulling back to fill up his gap what he didn't say Was stevo Did you see that breakout that this had on a daily basis back on the trading day of april 21st The volume there folks was 221 million shares on an average daily basis This does like about three or four million shares. So brent. What was it? What have these guys done? What was it behind that gigantic move on april 21st? You know I can't tell you exactly steve. I just know they're in an area that's Kind of interesting. They're in the autonomous driving, you know that that area of of The market so and I'm not sure what it was that day in particular that sent it on that move and it continued on for Oh, it did multiple days after that So yeah, just and then of course they've been waiting to see if ever could come back and close that gap It and stuff You know, I thought I'd take a chance Okay, so this fish is going to try to spit out the hook when it gets to two dollars and 30 cents And that's on the daily time frame chart and 230 is the td nine count breakdown area It also happens to be the bottom of its old daily profile. It's really still profile that exists out there. That's at 228 So 228 to 230 is going to be your resistance level now. There's one other resistance level. I'd mentioned 210 It's really 211 and 211 comes from the center of the weekly profile So this has closed below the bottom of its weekly profile for more than two consecutive weeks And that always says that if it's just a countertrend move where price should find resistance would be at the center That's at 211. So what you're looking for is if price can clear 211 And that your fish still has a hook and it's uh, you know, it's both out there It's going to try to spit it out when it gets to 230 But if it closes above 230, you know, then you've got a real nice treasure here Brent So, uh, nice, uh, nice fishing out here in the stock market and thanks for the cause Sorry that we're running out of time, but hopefully we can talk again soon. All right, my friend All right. Thank you very much, Steve. Take care You bet that was Brent de martini's california folks. Stay tuned two more great hours are up next