 The following is a presentation of TFNN. The Trader's Edge with Steve Rhodes. Call now toll free at 1-877-927-6648 or internationally at 727-873-7618. The Trader's Edge now Steve Rhodes. Good afternoon from TFNN. Welcome to the June 18th, the terrific Tuesday edition of today's Trader's Edge show. I'm your host, Steve 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. Hey, let's have an extraordinary day. And the easiest way to have an extraordinary day is 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, it means we can find the gift in every set of circumstance that life is going to toss at us. Today, you and I, we're going to go check on the circumstance of these markets. We're going to go figure out what the bulls and the bears, what the buyers and sellers are communicating to you and I just passed one o'clock in the afternoon. I want you to know that I'm absolutely grateful for your presence here, but during this next hour, I'm here to serve you. So feel free to pick up that phone. That's right, you can dial on in 877-927-6648. Would love to talk to you, but if you can't get to the phone, if you can't dial in, let those fingers do the walking. You've got to have a question or so. Let those fingers do the walking. Send me an email, Steve, at tfnn.com. Do it early, you know, so that the Internet Service providers can get that email to me in the subject heading. If you put radio show question, that would be great. Of course, in the Tiger's Den, well, any ping will do. So let's go ahead and get this show started on terrific Tuesday. Of course, this is Tiger Financial News Network. I'm Steve Rhodes. Welcome to LUS Show right now. It's mean and green across the board. All indices up about a percent or more. In fact, about 4% when you take a look at the Semiconductor Index, but the spotball of till takes up 17 pennies. Train out at 1551. Always unusual with the S&P of 27 points to see that combination. We'll try to go investigate that. Gold's up 8 bucks. Silver 17 pennies. Light's we'd crude a buck 74. Lead the charge dollar wise to the upside. It is lending tree up nearly 22 bucks. 5.5%. Amazon up about 20 bucks. Google's up 15 and change. Boeing 15 buckaroonies to the downside. Biohaven doesn't sound like a haven to me. Pharmaceuticals up 13 bucks or 23%. Chipotle down nearly 7 bucks about 1%. Constellation brands down about 5 bucks to 1.5%. So certainly things to look at. But I want to look at what you want to look at. Let's start off by looking at the markets. Today is a beautiful day to be able to do that. And so we always have to keep perspective. Perspective is everything. Here's Stevie's perspective on what the markets are doing. If we begin by taking a look at the Dow equity futures contract. What we're going to see is that the Dow is trading in a consolidation. Oftentimes tricky markets. Do you want to jump on board and be and go along right now? The answer to that question is absolutely not. Consolidations can last for a long period of time. You've got two of them here that we're taking a look at. And we look at the Dow equity futures contract. We've got a monthly chart. You can see the 2015. Well, it really began. The realities began back in 2014. Didn't confirm the actual breakout. It really did it twice. You could say the real breakout took place in July of 2016. There was a final test and rejection. That makes a lot of sense in November of 2016 because the market typically makes some type of low in the middle of October. This one here right around the first of November. And when we take a look at these consolidations, little rectangles. It's really idea when you break above a level resistance, come back, test it and then reject it and then move forward. That's exactly what took place back in the 2014, 15, 16 timeframe out here. And we don't have any such pattern in play right now. The pattern we have in play right now is the consolidation pattern. Now price can even get above 26803. That's the actual high going back into January of 2018. But that's not the high that the Dow equity futures contract made. It's, I was 27, 019. So there may be further room to the upside. But if you're asking me the question and you see the market of 320 points is now the time to take a new long position in the Dow. The answer to that question is going to be, well, you answer the question yourself. My answer is absolutely, positively not. In fact, if anything, we should be looking for topping signals as we approach the top of the consolidation out there. Now, if we take a look at the Dow equity futures contract and take a look at its horizontal trading ranges, well, one of those levels in essence was hit earlier. You see the red horizontal line out here at 26558, which is approximately the high of today. We're not, we use these as guidelines, not exact numbers out there. That is its monthly horizontal trading range level. So prices gotten up to a resistance area. That doesn't mean it won't go tag the highs out here, but it has hit a level of resistance. If we go take a look at the TAS market profiles, look at the daily and the weekly. Look, what this tells us, if you look at the Dow equity futures contract, let me just simply expand that chart. What this is going to show us is that the top of its weekly profile is 26699. We're trading at 26472. So likely prices targeting that area, that may in fact be the cap on the consolidation. We'll just have to take things one day at a time, one step at a time. If you take a look at the EES mini, that's your left-hand panel. 2948 could be the max move out there. Inside the NQ, it's got quite a ways to go. 7906, we're at 7673. And there are also 2000s got a mind of its own. There's no weekly profile that makes sense for me to go ahead and put that up on the screen for you. So where does that leave us? Well, we have to continue to investigate this market looking for other signals. Let's assume that Stevie's right that we are closer to a top than a bottom out here. And I'm not saying it is today on June the 18th out here, although it could be. Let's go take a look at the New York Stock Exchange. What do we know? Well, actually it looks pretty decent out here right now. But what we know is that the Advanced Decline Oscillator line currently trading at 10880, maybe on its way up to the 150 level. We're not seeing any divergence here that makes us concerned with regard to the Advanced Decline Oscillator, not as of 1.13 in the afternoon. And the spot volatility next, I did mention was trading slightly higher right now trading out at 1542, but the 50-day exponents will have been averages 1585 out here. So this suggests to me the following. As long as spot volatility index is trading below its 50-day exponents closes below, closes below 1585 today. Well, then the rally should continue. The markets, the equity futures contracts ought to hit those other resistance levels that we took a look at when we looked at the TAS market profiles out there. And as long as the spot volatility index, so the top may be a little further away, then we think and that's based upon the behavior of the spot volatility index. That is another key metric that you and I are going to watch. If you take a look at this chart right here, what you're going to notice is the blue line is the 50-day exponential moving average. When price closes below the 50-day, the majority of the time. And when I say majority, we're talking the majority of the time, price will go down and test its lower Bollinger band. At about 1312, if that's the case, there's a lot of rally left in this market. Steve Rhodes with TFNN, we'll be right back. The TAS Profile Scanner is the most revolutionary piece of trading software that you will ever try. Wouldn't you like to approach the markets with confidence? As you begin your trading day, it's likely that you'll be faced with lots of decisions. In order to make the best decision, the first thing you'll need is a strategy that will help you minimize your risk. Whether we're in a bull or bear market, a good strategy is to have the tools needed to help you scan and analyze the markets before you trade. The TAS Profile Scanner instantly scans and filters over 2,500 global financial markets, such as stocks, ETFs, commodity futures, and forex. 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With a much simpler navigation, whether you're watching Tiger TV live in high definition or just accessing your newsletter subscriptions, we even have new pricing in six months and yearly options. Check out the new TFNN.com now and experience all the upgrades. TFNN.com, educating investors. Welcome back, folks. Let's go to our first question out here. This is from Mike in Sarasota. Mike's got a couple of equity positions he wants to take a look at. The first is LAM Research out here. L-R-C-X is the ticker symbol. And the question is basically... See it. Can you give me your take on the semis, S-M-H or the socks as a backdrop for L-R-C-X? Looking to... Looks like you're long some calls from 165. Okay, 165, 166. So when I take a look at LAM Research, Mike, I'm going to first start. So we're looking for bottoming patterns and signals out here. So the ideal one took place... Let me get my crosshair out here. Took place on the trading session of June the 3rd. On June the 3rd, we had that TD set up nine count. The actual nine count took place on May 31st. Remember, in this case here with the market moving lower, that bottom signal could be generated on bars eight, nine, or the bar following nine. This was the bar following nine. And it was trading right into a support level. That was this red horizontal line. That's also set up by a previous nine count out there. And in fact, we saw a nice little rally. If we take a look at the current pattern out here, we don't have a current bottoming pattern. What we have is a prior test of the swing point from back in June. So let's switch over to another set of charts. We have the Tas market profile charts. I believe there's a workshop tomorrow night, which I would recommend that everyone attend out here. If we take a look at the daily timeframe chart, Mike, here's what we know. You've probably spotted this. The swing point that has been tested is the June 3rd swing point had 2.4 million shares. When it was first tested, it was with 2.1 on June 14th, then 1.9 on June 17th. And then finally, today, we've got about 1.4 million shares test, and in this case, here, a rejection of that level. And if price can close above $180.68, maybe you get that bounce to $189.65. You did get a downdraft to move the gap to the downside on June 12th with about 2.7 million shares. In essence, it looks like we're going to be light on volume compared to that downdraft. So lamb research, hey, look at bottom back here in June, June 3rd, maybe this has been nothing more than a light volume test, that swing point. And so I can understand the trade out there, but it wasn't as if the bottom formed here yesterday. And yesterday was a close inside that swing point. They never tested the low of 17104. So, look, stay with the trade. The semis are, at this stage here, the stronger of the indices. However, let's put that in perspective. Before I just make that statement, let me make sure I give you the proper perspective out here for the semis. Here is the semis coming off of the high from April 24th down to the low on May 29th. And what you can see, it's just trading right around the .382 retracement level, 1408. We know that the S&P, the Dow, are trading into their all-time swing point high. So we do have a weaker indices that is out here. That doesn't mean that it's not going to move higher and it's not going to move up to the 1483 level out there. But specifically with regard to lay-in research, I'd say stay with the trade. Don't let it close below the low from June the 3rd. That level is 17104. The second actual equity, PANW, that's a PAN, Paloal Networks. And I believe Mike is either in or looking for a long position there. So we take a look at Stevie's bottoming tool, topping tool out here. What we can see is that this also formed a bottom back on June 6th. That was your TD setup nine count out there. That really held. And at this stage, this looks like Paloal Networks, maybe targeting its Tommy DeMark setup trend line, its resistance, its breakout line. That was from May 24th. That level is 223.46 out there, 223.46. When we take a look at its profiles, Mike, what you'd ideally like to see today is a close above 206.56. That's the top of the daily profile. You're 206.32 as we speak. If we get that, then you already have the price target for Paloal Networks out there. Just try saying that fast three times. I can't because I'll screw it up. So looks pretty good. Looks like a bottom. Here's the other issue you're dealing with with regard to Paloal Networks. You're going to get perhaps two confusing, two divergent messages today. And that is that Paloal Networks on the trading session of May the 30th, a gap to the downside. Remember, gaps are our friends out there. They help to set up support and resistance. As we take a look at Paloal Networks out here, the gap to the downside was with 5.1 million shares. Mike, I want you to make sure you're sitting down. You're trading higher today on 590,000 shares. Yeah, yeah, like 10% or 90% less. Now the day's not over, but we're not going to get anywhere near that. Now, 210.35 is the nut out here. The actual high today, 210.39. So prices tested that resistance level. And so, yeah, look, ideally I said you'd like to get a close above 206.56. You know, with the real ideal trade setup is to get a close above 210.35. So you've just got to be careful here. Continue to watch. So far you've got a rejection of where price had a downdraft. That was on Paloal Networks. Hope that helps you out. Alex wrote in as well. Let's go see what Alex's question is. Alex writes in and he says, hey, Steve, hey, Alex, does the IBB look like it can keep going up and up and up? I don't know. Let's go take a look at the IBB. See what it's trading into, where its resistance levels are. Let's begin that resistance search by taking this daily, weekly, monthly, and it's a quarterly TAS market profile. So you're above the daily. That's a positive. You are above the weekly, which is at 106.29. 104.64 was the daily. So that looks good. Looks like this is headed to 109.32. That's the center of the monthly profile. And above that, 120.70. Let's go check it out on the daily timeframe chart. See if we see any signals out here. Let's do a little bit of a wave count. See where we're at in that wave count to the upside. You're only in wave number two. A swing point was taken out. Let's go see if that swing point was taken out with volume. That was a few days ago out here, Mike. And that was a swing point from a trading session of June 10th. That was 1.2 million shares taken out with 2 million. So that's a nice little positive. This could, in fact, I'd be... I'm sorry, I'm not Mike. That was Alex. That was asking the question. So Alex looks to me like there may be a confirmed A to B equal CD to the upside. The A to... The one to one price projection was your 107.03. We're 107.82. One to 1.272. 108.33. No reason this can't go to the next level. That would be 109.97. So we have these different expansion levels. The expansion levels are referring to the length of the A to B. That's defined. And then what we do is we just simply multiply that length times 1.272, 1.618, 2.618. We use our Fibonacci summation sequence ratios out there. And what I would suggest, Alex, it looks like this is going to... There's nothing to suggest to me that this will not continue to move higher, but you've got to stay on your toes. Where did I put that other chart? Did I actually do that and delete it? I'll put my screen back up here for you. But I think I may have, in haste, done the unthinkable. That's okay. I always have a backup plan. So Alex looks to me like the IBB wants to continue to add higher. But watch out. There's any kind of bearish reversal signal that forms or candle. You'll have a sell the deep point and a garterly sell pattern. We just don't have it at 1.26 in the afternoon. We'll be right back. Time for 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 has transformed me into one of the best at what I do. Sign up for Mastering Probability today by clicking on the newsletter tab on the homepage of TFNN.com and get immediate access to workshops where I take you step by step how to use an extraordinary set of tools as well as provide great market calls too. Sign up today. 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For all the details and to start your 30 day free trial today log on to TFNN.com now. TFNN is excited about our new software charting program The Art of Timing the Trade Chart. In collaboration with Tom O'Brien and using his best selling book The Art of Timing the Trade 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 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, hey Alex. I want you to stay with that trade. Again, I want you to watch for some type of bearish reversal signal but as I look at the weekly timeframe chart out here for you we can see that the bottom was formed with that TD setup 9 count. Remember in this case here that low can occur on bars 8, 9 or 10. In this case it was bar number 8. Now what you like to see this week is only Tuesday but assuming that the IBB closes over 105, 35 that's Stevie's red line number as we speak at 1.30 in the afternoon on June the 18th out there then this says that intermediate term price may just simply run up to where price broke down. That was a trading week of April 12th and that high is 1 to 1488. So watch the, you got the A to B equal CD pattern on the daily chart that's underway. Watch for any kind of bearish candle. Assuming one doesn't show up now you've got your price target for the IBB that's on the weekly timeframe out there. Thanks for writing in. Next question here coming in from and I would love the question so please keep sending those cards and letters. This next one coming from HD and HD says hey Steve would you please take a look at ring please looking for an exit that would be one ringy dingy two ringy dingy's let's go take a look at ring out here trading at 1870 straight and above the top of its daily profile above the top of the weekly profile those were 1811 and 1804 respectively above the top of the monthly profile that's it in 1653 and suggest to you and I may be headed to 2006 that's the center of its quarterly but we won't stop there we're going to go ahead and put that ticker symbol R-I-N-G into Stevie's other system and see if we can figure out any other patterns that HD needs to be concerned with so as we take a look at the daily timeframe we can see the stretch that's underway that's price moving higher doing a less relative energy but no bearish reversal signal that has formed just yet by the way when this thing did form a bottom back on a May the 11th and I don't know how this works I just know that it does work and thank you Sarah Toga Bob and John inside the Tigers den for just simply pointing this out to me but it was a singing that's ring here that you think of one ringy dingy two ringy dingy's that was Stevo or Stevie Wonder singing in the key of G because that's the wave count that formed the bottom back on May 11 now let's just start doing the count up from there see where we are oh we are in wave number 6 letter F so you're looking for an exit I don't see the exit gate just yet but watch because today's Tuesday if you don't make a higher high tomorrow but you do on Thursday that could get you to wave number 7 letter G out there now I don't know if you believe in coincidences but maybe this is going to be one of those so I would stay on the lookout inside of ring now just because it gives you that top would also mean HD the price just may pull back to test Stevie's green line that's a level of support at 1817 out there but as we speak right now today I only see a potential pattern that you should be aware of anything to be taking action on action ejection if we take a look at the here's the weekly time frame chart for ring I don't want to say that it made a bottom with the TD set up nine count but guess what it made a bottom back in September of 2018 with that exact count you think maybe just maybe you might want to take a look at that tool out there of course subscribers mastering probability get a one hour workshop that teaches you exactly what to do and so for your instruments you want to know now in this case here there may be a weekly A to B equal CD to the upside so that's why you've got to make that choice investment just a trade that could eventually take you up into the 2170 level 2117 that's your one to one A to B equal CD for a ring I don't have anything on the monthly time frame so no reason for me to go excuse me to go ahead and bring that over so HD there's the chart patterns for one ringy dingy two ringy dingy you say you think it trades like the GDX I don't know if it does but I'll just pass that along to our listeners out there okay that takes care of all of the requests that are in at this moment so what do we do next Dennis what do we do next what should we go take a look at I know somebody out there that's going to say you've got to take a look at Goldilocks out here you know here's an interesting chart that I will put forth to you hopefully you'll watch this on Tiger TV if not you just go into YouTube just type in today's date or any date that you want put in the Trader's Edge by Steve Rhodes and you'll get thousands of videos out there and here's the question as you look at this chart everybody inside the den right now look at this chart again we're back to the Dow equity futures contract which so easily shows us this consolidation pattern that we're in between 23207 and 26803 out there as prices moving towards this 26803 what is it we should be looking for do you think there's going to be a breakout or is this likely we're nearing a topping timeframe out here so when you look at this chart many of you may have said hey look you're nearing the top of the consolidation there's no way I'm entering a new position now okay so if that's the case then I want to show you this chart this chart looks like this I want you to look at the top portion of this chart and yes the top portion of this chart is gold and this is a monthly timeframe chart we were looking at monthly timeframe chart for the Dow equity futures contract too and I want you to notice the price area of 136180 to 1392 don't worry about the penny so to speak but you tell me where gold is at as we speak right now trading right up into that resistance zone now we share this chart with you for one primary purpose what I don't want you to do is begin a new gold position a long position now and certainly in front of the Fed is resistance significant resistance remember we took a look at the Dow's consolidation we said look more times than not even if you do break up of the consolidation such as the occurrence back in July of 2016 price still came back a few months later and tested that breakout level out there that's the normal pattern that takes place when you break through resistance out there so don't get ahead of yourself and if you are in gold positions as we speak right now there are active measures I feel like we are doing the hunt for red October out there where you have got to take active measures what's that mean jellybean that means tighten up those stops now maybe it is that gold is going to go ahead and take out this 1392 level 1361 I don't know but I do know guess what gold hasn't been able to take that level out since October of 2013 mathematically speaking that's nearly six years out here so that's a pretty stiff resistance area it was tested back in 2016 several times and failed to get above it it was the best rate for a four-year CD in the country as of February 20th is 3.1% a $50,000 investment at a normal four-year 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day you trade a competitive edge that will help you stay ahead of the game visit our newsletters page by going to TFNN.com and click the newsletters button near the top of the page TFNN.com 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 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 for side 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 watchtiger tv that's TFNN.com then hit watchtiger tv for the latest market information I will leave that sound problem but let me make sure I make the last point out here with regard to Goldilocks just simply recognize don't get caught up into today's price movement recognize that price is running up into a significant level of resistance that's not the case when we take a look at the GDX, that's at the bottom panel of the screen out there that wouldn't take place until you get to about 3135 but don't be paying attention then the GDX are going to trade directionally speaking in the same direction the majority of the time out here just recognize that gold is likely closer to a top than it is to being able to break out above the significant resistance level let's go to our next question this one coming in from Brent in Martinez, California Brent writes in and says there's a number of stocks in the energy sector that I follow which are getting down to levels worthy of a look at the long position longer term in the money calls for SLCA yesterday would like some analysis there so let's go take a look at US silica holdings out here and what we can take a look at let's just begin by taking a look at the TAS market profiles now remember these market profiles are not going to necessarily identify a bottom what they are is they help us identify support positions out here they are the referees so to speak on the football field because the palette that you and I look at is nothing more than a football field when you take a look at these TAS market profiles you see them forming all over the place what does that mean those are basically think of it as the first down yardage markers you know the two yardage markers at the two referees stretch to figure out here's where the line of scrimmage is and here's where the first down is well that's really what these that's my best metaphor at this stage of the game for the for the TAS market profiles out there but here's what we do know that on a daily basis SLCA US silica holdings is back in the game it's trying to make a first down so to speak it's back in the range that's above 1047 Brent so that's a beautiful thing this would suggest to move up to 1144 that is the top of its box you want to see price take that out and continue to move those chains forward you're below the weekly profiles out there so that's not a help and you are below the monthly so what you're trying to do is identify a bottom versus buy low and that's a strategy that I subscribe to as well you'd never want to buy low you want to buy bottoms what Brent is looking for is a bottom and what do we have out here we've got the roads momentum indicator signal that's a bottoming pattern that occurred out here on June what actually Brent on June 13th it continued June 14th meaning price made a lower low did it with less relative energy and voila Brent on June 15th you got the bullish hammer candle that's what that pattern needs and then you need to see a price close above Stevie's redline you got all that in one shot on the 15th so this looks like where price could head to this is non-market profile but where US silica holdings broke down was on the trading session of May 21st I believe it's May 21st it's right I'll give you the price point try to give you the price point out here so the first target there we go the third time was the charm is 1309 you're at 1080 so 1309 appears to be the target that's the resistance line that is using that TD set up nine count and where price broke down so that's the daily time frame chart out there if we take a look at the weekly time frame chart what do we see out here well we see in the weekly chart is that this too was also pushing lower less relative and it's only Tuesday we may have a bullish engulfing candle now it's redline is priced a slightly higher whoops than where we're at right now looks like about 1103 is the number as we speak so you'd love to see a move a close above 1103 what you'll also notice this is going to get tricky it's going to get really tricky is that you know you had an eight count you really have two patterns here so the TD set up nine count this week the only way that it qualifies as a known kind nine count is a close below 1095 you're at 1080 right now but even if that count vanishes and you close above that what did I say that was 1095 no 10 1090 no 1095 that's what I said if you close above that well you still have the rose wind indicator bottom pattern out there so you have two bottoming patterns in us silica holdings one on the weekly one on the daily time frame out there so nice work as always that is Brent in Martinez California he is the big game hunter yeah I think that's we got it that was everything that you were looking for and there's a big game fish that was courtesy of Brent okay so that's all the questions that we've got so far but let's continue but but if you've got a question out there I would love to be able to assist you in some way shape or form so let's continue with the form out here that form was we started looking at the Dow equity futures contract the New York Stock Exchange the spot volatility next let's take a look at the ES many see where we're trading in relationship to its horizontal trading ranges prices broken above resistance that was its daily horizontal trading range at 2910 and there was also a monthly buried right behind it that says that the ES many should make its way to 2962 2961 that's its weekly horizontal trading range that'll take it right into that May 1st high out there so that's what the ES many is telling us we take a look at the ES many and look at its four task market profiles these are longer so to speak daily weekly monthly and then quarterly in the lower right we're going to see that prices above three of the four profiles take that back two of the four profiles so what that says to it's yeah and the other two are trading with inside the box don't worry I'll spit it out without spitting that's a beautiful thing the top of the monthly profile is 2965 that's the ES many and 2948 when we take a look at the weekly time frame so where is it that prices likely headed to 2948 first stop above that you're looking at 2965 that's just simply using profiles and again back to the horizontal trading ranges 2961 there's your range as to where price is likely headed to now the only thing that could get in the way out here this is something to be paying attention to I will say I will share with you subscribers and I we got long all the way back here down at the most recent bottom I was on June the third and the morning of June the fourth and we just simply continue to adjust our stops sometimes a couple times a day like today as an example why would we do that but folks you and I we take a look at these patterns we watch them over and over and over again and where did the ES many break down what's very clear where it broke down was 2938 it wasn't up at the swing point that was simply a topping signal I was rose momentum indicator topping signal where price really began to break down believe it or not it was at that 2938 25 level out there we haven't hit that but we just below that area I don't know if prices just kind of hanging out there and ready to try to launch that level but we are up to an area where it would not surprise me and therefore it should not surprise you if price didn't begin turning down from here inside the ES many so we've got to put all these tools together out here and if we're going to see some type of top well then Stevie knows the following I know that we'll see some type of topping pattern in a short term time frame so we take a look at the ES many that short term time frame or the first one that I would look at that would be the 30 minute time frame well holy schnike's here in order for the ES many to give you that topping signal my goodness just pulling back to its breakout level and the breakout levels right here you can see that little red dash line that took place at 430 this morning that's where price broke out there would be nothing wrong if the ES many pulled back to 2928 9075 but who wants to ride that one out we need to close below that in order to get a topping confirmation we'll be right back since 1984 Basil Chapman has been using the Chapman wave methodology to advise traders of his expert market opinion well originally hand drawing charts from the late 1970s into the 1980s Basil noticed that prices under most circumstances virtually always had a certain number of legs to the upside before declining sharply later on the computer software which included the standard market technical indicators enhance the degree of accuracy and calling price turns as well as market trend calls thus was born the Chapman wave sequence using the Chapman wave methodology along with other indicators Basil Chapman advises his subscribers of his expert market opinion each market day with his opening call newsletter right now you can get a two week free trial to the opening call Basil's daily trading newsletter by visiting the front page of his channel. Cancel at any time during that trial and pay absolutely nothing get your two week free trial to Basil's newsletter the opening call today by visiting tfnn.com It's amazing to think that Tom O'Brien started his weekly gold report 17 years ago with the first issue published April 7th 2002 when gold was trading at under $300 per ounce gold peaked at more than $1,900 in 2011 and after spending many years consolidating at $300 per ounce gold may be poised for its next big run Tom O'Brien publishes his weekly gold report every Monday morning for subscribers consisting of coverage of the XAU HUI GDX the dollar bonds South African Rand as well as 25 different mining equities with specific buy sell recommendations as of April 1st of this year the gold report currently has eight active positions with an average unrealized profit of almost 8% for each open trade new subscribers 30 day money back guarantee so you have nothing to risk for all the details and to start your gold report subscription today visit the front page of tfnn.com don't let gold's next big run pass you by sign up today you know what's cool taking something that's good for you something specifically formulated to help with weight loss better sleep stress reduction and the need to detox Nicar hunter and gather ancestors found all their nutritional sources no longer contain the vitamins minerals and nutrients our bodies need to stay healthy and strong that's why we need primal edge daily nutrition it includes a special blend of ionic soil based vitamins minerals and amino acids in an easy to use liquid form primal edge is powered by highly concentrated folic and humic acids nature's preferred delivery system they've been called miracle molecules because like sunlight air and water life not exist without them that's right page they ensure we receive all the nutrition we need to be healthy and thrive we take it every morning primal edge formulated and approved by nico and page of living a primal lifestyle buy it today for just eighty nine dollars click on the primal edge banner on the front page of tfnn.com this is david white stay tuned because coming up next is the power trading hour right here on tfnn welcome back folks does up 343 s and p 29 Aztec 100 up 118 so continuing to be mean and green across the board let's try to really wrap this up here the market so I so how do I summarize it because we are close to the top of the consolidation in the Dow both you and I should be on the lookout for some type of topping pattern or signal I don't see those just yet we took a look at the e s many as an example it's 30 minute time frame signal and here if we take a look at the end cue its breakout level actually also took place this morning at about 430 it's way down from where we're trading right now the actual level out here the first place where there could be a crack in the armor you need to see a close above below 7545 75 out there I am not saying we're gonna see that I'm saying if we did see that then we would say aha that's very interesting we look at some of the other patterns that are out there if I go to even longer term time frames those signals could also come from the five hour time frame chart because prices moving higher doing less relative energy that's only pattern but five hour time frame this candle closes at 2 o'clock the next one at the end of the afternoon session out there we need to see a bearish reversal signal if we did that would make us be very cautious out here but without the actual confirmation then these markets want to continue to move higher and so what you and I want to make sure we're also paying attention to is that spot volatility next if things are going to get rocking and rolling to the downside there's one thing that is certain you'll see that spot volatility next close above trade above it's 50 day exponential moving average that's priced at 1584 you're at 1515 right now remember you don't have to catch the exact top to sell the market nor do you have to catch the exact bottom you're not trying to sell the top tick and buy the bottom tick although when you do that it's just a nice coincidence out there so we just simply want to be on guard but everything looks like it still wants to continue to move higher the market provides us with new information well you and I will take a look at that tomorrow but in the meantime stay tuned for another great show by your favorite polar bear the best polar bear in the entire world that's David White Tom O'Brien after that I'll be back with you tomorrow on wonderful Wednesday have a great Tuesday folks