 The following is a presentation of TFNN, the Tiger Technician Hour with your host, Basil Chapman. Call now. Call free at 1-877-927-6648. Good morning, everyone. Basil Chapman on this Friday, the 2nd of June. We're looking at the Dow up 373 points. Now, this is going to be really important because if the Dow starts to go up, it's going to go down. It's going to go down. It's going to go down. It's going to go down. It's going to go down. It's going to go down. It's going to go down. It's going to go down. It's going to go down. It's going to go down. It's going to go down. If the Dow starts to go on a strength here, it means that you can start to see a pullback in stocks like, let's see where Nvidia is trading right now. Nvidia tried a rally, and I'd say that when I did my show just the other day and also when I did my talk to the Boston Investors Group on Wednesday night, I drew in the rectangle that that's kind of key and that we need to see what happens over the next few days, but there was a really good chance by the second week of June, if not earlier than that, that Nvidia starts to test the low that was made on the gap up low at $33.94.80 on the 25th of May. Okay, so let's get back to some other things here. We're looking at the Dow up sharply at $383.00, and it's so interesting. We had the long position. We still got a very long position from October lows, but we've had trading positions for ages in and out and short and long, mostly the Dow, the three times long, we've used S&P short periodically, but this, we were long and we just got stopped out. Now actually we got stopped out and then it went even lower and then it turned around. And yesterday I was really debating, I'm liking what's going on here with the rectangle formation in the weekly chart, the fact that we held that support at the low that was made just the other day in the $32,500. So that just says that the Dow could start to find some strength as we rotate. And this is the whole thing about rotational corrections means it's like the Statue of Liberty, you've got your left side, you've got the Statue of Liberty, the scales of justice, you've got your left side, you've got your right side, you're constantly trying to balance the two. So that while one sector that's been very strong takes a bit of a breather, other sectors go on. So let me just do this XLI, I haven't done this for ages, I'm not even sure that it's updated. No, we went underneath the support, now it's coming back into the rectangle and I drew this in as the Chatham Wave Stork Lake formation. That turned down the last two weeks and it kind of changes the pattern a little bit, but I'll still keep it in here for the moment. So this is really, there's to be select industrial spider fund. Remember this is technical Friday, so I'm jumping all over the show to show you that the thinking has to be as broad as possible right now. You cannot just say, oh my God, we overbought these guys, this is like 2000. This has got, you know, this is so far from the year 2000 that it is like, it is like, it's like you're aperitif, it's your introduction to what's going to happen in the markets when things are really good cooking at some point. So what I'm saying is in the context of the Dow 30, those are not the industrials, that's just the Dow 30, it's a fabulous medium. It doesn't mean that it's a successful medium, it just says that is in fact 30 stocks that comprises, maybe there's a little overlap with one or two, but it comprises the broadest measure of the economy that you can get. So with that said, the XLI is a lot more industrial because it has more, just on a balance, it seems to me it has more industrials, but when you think of Home Depot, I suppose in a way you can call it a cyclical, but tell me, you know, you're thinking here, is Walgreen or Verizon, Merck, these are not cyclicals, okay, so the S&P industrials has held very well, the line-period moving average in the monthly chart is still good. The weekly chart is in this oval pattern I call the stalk-lake formation, I don't want to go into it, even though it's technical Friday, just yet, because I need more proof, and the daily chart has got the rectangle, it took it out, now it's going back in, it's breaking the midpoint. I remember I drew this line right there, I said that's really important because if you take it out, you're probably going to go to the lower part of the rectangle support level, horizontal support, and you've done that, now you're above it, so that says we could in fact get some kind of a rotation here, that's really important. All right, let's get back to our story, I just wanted to show you something with the S&P, I'm not a big fan, well first of all, I love the Chapman web inside track repellence, I've done so many webinars and if you're a subscriber you know that I've got a ton of webinars up on my site, they free for you to go and peruse and go through as many times as you want, look at the narrowing of this rising wedge formation in the S&P, and we've just gone in three bars from a D to a leg E, that means I have no choice but to circle it to say, hey, I'm embarrassed to do this, this could turn into an instant restart, which means you can go to four higher peaks from here, but at the same time, it's also where you got to look at many other indicators, well the 90 is over the 14, that's great, the price is way over the 9, that's great, the MACD is good, it's not as strong as it was going to the level in April going to early May, but it's still good, the stochastics at 79, 32, that's 80% is what I like, so it's just under that, that's good, on balance volume is running but it's not overboard, that's good, I'm not going to fight that trend, now I want to show you something very interesting, look at this, the ES, this is a continuous contract, it broke the resistance today of the Chadwave inside track repellent zone, that means we'll see where it closes, but if we can close two out of three sessions above that line, that's saying, you know what, you've created a higher level of support and that support now would be in the 4220, it's at 4263, right now at 35, 40 to 20 to the 41, I can go all the way down to the 4188 area, all right, but look at this, this is different to the actual index itself, I like to use this as a gauge and look what we've done, we've gone, I can now change that, remember you can go back in the Chadwave methodology and I wouldn't call it correct, this is not incorrect but you can modify some of the notations going back, just because you always want to know that you're in the right sequence of the higher peaks or lower troughs, so look that becomes a new buy signal right there, that was the week of early March and all of a sudden you've got a very quick peak A, one bar rest in the weekly chart, leg B goes to peak B, one bar rest, peak C goes to, this is a textbook case of something that you never see, so is it a textbook case of what you never see, yeah it's a very good example of something that's really unusual, why isn't it unusual because every other bar has had a higher high, not a higher low but a higher high and that's really important because what it says is the quicker you get from peak B to C to D and I love 136 is my rule of thumb, any move that you're making if you've got one bar rest and then you go to a new higher, a new low, a recovery higher, recovery low that's that's really good, if it's three bars that's still pretty good, six bars says you almost have to restart like right here, there was all this rest before it took off again and that becomes a very powerful move to the upside, look here went to a peak F slash C, one, two, three, four, five, the six bar went to leg D in the daily chart and that's but enough power now that if it doesn't fail immediately um go high, in this particular case but one fall really I think you're really close to some kind of a digestive phase, just a digestive phase not a big deal and at the same time what I'm looking at here is there is a potential for the uh roll over into other areas, a good KRE, I'll be back in a moment we'll talk about the financials. If you're looking for potential trading setups in the stock market then Rocket Equities and Options Report is a newsletter you should try. Tommy O'Brien delivers options and equity trades when the markets present them using a combination of fundamentals and technicals. Sign up for Rocket Equities and Options Report today with a 30-day money back guarantee so you have nothing to risk. For all the details and to start your subscription today visit the front page of TFNN.com TFNN Educating Investors. You might think that if you want to be successful at trading in the stock market you're going to need a crystal ball. After all it's impossible to predict the future right? Like any endeavor in life, before you decide it's impossible get some advice from the experts. You might find that it's not so impossible after all. For daily market overviews that give you direction on the key indices, selective stocks and commodities subscribe to the opening call newsletter at TFNN.com The opening call newsletter is written by Basil Chapman, creator of the trading methodology known as the Chapman Wave. The Chapman Wave up-down sequence gives you an edge in identifying price turns, finding the peaks and valleys 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. We have exciting news Tigers. This June Tim Ord of the Ord Oracle will be hosting two webinars providing insight into his renowned market timing methodologies. On June 8th Tim will delve into the S&P 500 teaching sentiment indicators identifying market bottoms and divergence and so much more. On June 15th Tim pivots to the gold market taking a look at cycle analysis ratio studies advanced decline indicators and other important tools for analyzing this sector. Sign up today on TFNN.com TFNN Educating Investors. Toll free at 1-877-927-6648 internationally at 727-873-7618. Hi folks, I just wanted to show you something using this technique that I use all the time. Yes, E-mini. He just did a fabulous run all the way to a peak after the Doji Canal top at about 940 this morning and then turned down sharply, made this H-bat that goes to the dreaded H, went tumbled all the way down to the 42, about 42, 48 area, then ran up to a peak A, B, C, D and now we're pulling back. I wouldn't be surprised at the height that we saw at 42, 72, 75. That's going to be the real challenge today. Can we break above it? And does this 10-minute chart start to become, is this a G or is it a B? That's why I have alternate counts because the price is going to tell you what it is. You don't want to just arbitrarily say, hey, look, that looks like a G to me and we're pulling back. Look, the magnate is still good in the 10-minute chart. The stochastic did pull back, but the 90 is still way over the 14. There's still internal strength. So I just wanted to show you some things that we do together. Okay, thanks, Al. So here we go. So questions have come in and I'm going to go through them in a moment, but let me just do this. I want you to show you. Oh, so for some of you, you have sent me questions because I've got this, I had no choice with Comcast. They stopped one particular service that they had. It got redundant and I got the new one and it just fools me up with. I used to get so few junk mail. I mean, just very little every day now. On the one, I get quite a bit. On the other, I get 50 or 60. I never used to get this. I hope I can resolve that problem. So if I don't see your questions here, just forgive me. I get to it sometimes the next day, but didn't I just see something pop up here? I did. So here we go. The gap down in NVIDIA is starting. This should take the whole market down, even hyping it won't save it. I don't know why you always say that I'm hyping. I have absolutely nothing to do with NVIDIA. In fact, I haven't even, basically, I'm just following what I read. I have no idea, no clue as to I don't do anything in the semiconductor area. I know people are involved in it, but it's not my area of expertise, but the chart is. And I'm just telling you now, don't do that. Don't import your own thinking into my thinking. I'm looking at NVIDIA and very objectively, I've given a whole thing. I did it on Wednesday night, a whole panoply of what goes on after a gap up. What I like to see, what does happen, what doesn't happen. And I'm just saying to you that I think that there's higher 419.38, although we can have a little one pop to the upside. I think that over a period of two weeks, we'll come back down and get into the gap, not full the gap, but go into the gap. That's all I'm saying. So that's what I would like to just mention there. And that goes, that doesn't go all together with the semiconductors. It should. But I'm saying, try to keep everything separate. Look at the beautiful weekly chart of the semiconductor index. Now, it's overbought, but the MACD is still strong. The 9 is still way over the 14, and the price is way over the 9. Just to cancel, it's pulling back to 82%. Try to think as objectively as you can as a technician. If you're doing fundamental analysis, that's something completely different. All right. So let me just clarify that if you look at all of the chip stocks, look, peak F-C in the SMH, the semiconductor index, peak E in advanced micro devices, Marvell, very fine company, made a peak E. This is D right here that it gapped up, and it's an E, and it's going to digest these gains. There's nothing wrong with that. Respect that, it was a little bit abnormal, not a little bit, a lot abnormal, and it has to give some of it back. But if you're looking at the overall the market itself, look, the XLF, I'm not saying this is the place that you just jump into right now because it's going to, I'm saying I would love for some strength to start coming into the financials. And you do see that, yeah, there's Chapman falling X formation, bumping into resistance right now, H pattern in the weekly chart held so far, monthly chart has a very ugly pattern. It's, the day is young. Just remember, and the week is young and the month is young. XLF has a lot of work to do, but this going off three days ago with the 30 ones and the low 30 ones are now at 30 to 62, that is a way better action. Look at KRE, even though we were long and we just got stopped out and then it popped up, I'm watching this closely. I want to see that it is going to move. I want to see it market-wise. I want to see the S&P original banking ETF on a very short-term basis. You can say anything you want. I would like to go to GE because this has been a stellar performer. It's just gone to a leg D in the weekly chart and the daily chart, if I can just get this updated right now, there it goes. The daily chart has gone to a leg E and if you look at the technicals, they're not confirming the rally. And this just says to me, be careful. What I've been saying is I think that this first two week period in June is going to be kind of choppy and this is going to be the big rotational factor. And even more important, what I want you to say is within the context of all this, I needed to do this because I forgot about doing it in detail yesterday or is in greater detail that as I wanted. The TLT, which is the bond, I share 20 a Treasury bond, ETF they have 30 years as well, but 20 year is what it's called, has been in this rectangle since way back in November and so November was at December. This is right. December the week of the ninth. So 109 was the high and the low later on was down in March at 98 and we've just been stuck between these two rectangle highs and lows. That's all the estimate. And we did pop yesterday. We popped all the way to the 103s, not quite 104. And as I said, way back in April, we could just be in the straining range. That was April, right? April, April, April is there, right there. So right back in April, I'm saying, hey, we're at 100 when Mike called in on the 13th of April, I said, we could be chopping up and down and up and down, but we could stay in this range for quite a long time along a narrow rectangle formation can last a lot longer than your patients. All right. I want you to just go back to this for a second. Whoops. Here's your peak D and I said, be careful. Ds are where other things can happen. Now we're pulling back again. And that just confirms for me, this is probably a peak G in the 10 minute chart. Let's go to our caller. We have Brent in Martinez, California. Hi, Brent, how are you? I'm doing great, Basil. How are you? I'm very well. It was great to meet up with you and your family the other day and lovely family. I must say congratulations on your son's graduation. Thank you very much, Basil. We had a great time. It was a pleasure to meet with you as well. Well, good. You'd like to look at if you wouldn't mind going back to who we of course talked about the two-click session and just yesterday was a beautiful example of that. Absolutely, yes. I could go back to right about the open of the market. There was a low in the five, I think I believe it was 416.79. So I went ahead and I bought it in around 417. I actually did for me as a four-click session because I did the initial low there. So I bought in around 65 cents. I was buying the 418 calls. The daily ones I talked about with you on the spy and then I sold out at about $1.10 and then I pulled back from that A and then I re-bought at 65 again and then you could see that it just went throughout the whole day until about new and then finally topped with the F, I think. But we can take a look at after breaks. Yeah, so I've actually got the 10-minute chart of the e-mini right here. I'll be right back with Brenton Martinez, California, Dallas at 414, S&P's at 32, doubt. 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. 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From the moment the market opens until the closing bell sounds, Tiger TV has eight different shows with expert hosts to help you make the right moves with your money. Watch online at TFNN.com or on TFNN's YouTube channel and become the investor you were born to be, TFNN Educating Investors. Yesterday was yesterday the first. Oh, there's the 31st. Oh, that was the 31st was at 3.15 in the automated peak. Then it started right on the 200-speed moving average, doji candle on the first, the lowest, yeah, 416.79. Then went peak A, peak B, peak C, peak D and even an F right at the end of the day. That was at 3.20 in the afternoon and a pullback sharply. Is that what you get? Exactly, yep. Good. So it was a beautiful example of it and it was so, I don't know, just showed up so well. The difference, you know, the A, the B, the C, the D, they're all like very distinct and it was very minimal little pullbacks in there until that, you know, final off the F. So let me just, since this is technical Friday, I'm going to just use this to show something. So first of all, I like to use, we're using a 1 minute, a 10 minute chart and yet I've got a 200-period moving average there. I just put it there because you just, do I need it now? I don't even have to think about it. It's at 418.79. The price is at 425.53. But when it gets down, the magnet of the 200-period moving average is just so powerful. Look how long it kept it there from, we can call it a 1020 on the 31st of May, all the way through until it broke out. You can actually say yesterday at about 1020 in the morning. This is Eastern time. That's when it started to lift off away from that 200-period moving average. So, and even within the 200-period moving average at the peak A, peak B, C, D, and all we're doing identifying is each leg that goes up as a floating letter when it makes a peak. In other words, a lower high by one penny, you can call it a peak and that's all. It's as simple as that. The difficulty is at that D, it held the 9-period moving average. It did pull back. It was after the E which was slightly higher than it really is. It had big red candles and then for one or two 10-minute bars it went negative and then it started to move up again. And then today we had just one red bar even though the 9-period moving average went really close to turning down and if you use this one indicator, if you were still long, you could still be holding that. It's amazing so that from the turnaround, just using the 10-minute chart from the crossover at 10.40 yesterday which was at, let's go to the high of the day, 418.48 and not the high of the bar. You would still be at and right now it's starting to show signs. This is where we would get either the H pattern where it starts to fail. You're running out of time. I like 1-3-6 so this consolidation in the 10-minute chart has gone 1-2-3-4-5. This is the fifth bar watching it closely. And then to be able to get the turns, you need something smaller. You need the 5-minute, I would in this case say, oh yeah, we go again. Let me just show you something here in the spy from the low that was made just after 10 o'clock this morning. I don't know if you've got the Tiger TV on right now but there you are. There's your B, there's your C and there's your D. This is the second big D and this time it hasn't gone as strong above the D. It's turned around. We're watching to see does it make an H pattern, the dreaded H pattern, it made one. This is the second one. So we're watching this closely. So, oh, so please, did you do anything this morning? No, I just, that was my trade. I'm pretty much, I'm going to have other stuff that I'm long but I just have, I talked to you about, I really like those daily options. I've already liked the weekly ones and now I'm really enjoying the daily because now I can do it any day of the week and I just, I've been, the spy is really what I've been focusing on but I believe there's, I know there's definitely IWM and the triple Qs as well and I'm just using the 5-minute chart is what I use and maybe you can put it out there if anybody else knows of any other daily options that are available. Those are the ones that I'm aware of at the moment and there's plenty to work with so but I just, if there's anything else that anybody knows, yeah, I'd be interested in knowing about it. Yeah, it's worth knowing but I'm going to say, you know, stick to when you're starting off something in a new way that is not a new style but a new trading position which will now be a daily options, maybe just stick to something till you really get it down and then you can start to go to other areas even though using pretty much the same technique but my thinking here is like I stick mostly to the S&P futures, I mean I just kind of what I like but the technique should be applicable to anything else but I'm just saying you've got this, you really get into it as you have started to do right now and then you will find that the transition to anything else is just a moving part and I when someone calls me about a stock I'll grab this, I'll put the symbol up and then I'll be looking and then I'll do my analysis and I've done the day, the week, the monthly or maybe the one minute five and then I look to see what's the price. Sometimes I don't even know what the price is, I don't even know what the issue is and then I look and I say, oh my god, this is a $3 stock or it's a $300 stock and you know that shouldn't make any difference because chart patterns are chart patterns but congratulations that was, I'm so pleased I could hear about your trade yesterday, that was very good, I was looking at it and I said, yeah I wonder if anybody had a two-click session here and you had two two-click sessions, that's very good. All right Basil thank you so much, have yourself a wonderful day and a great weekend. Thank you and in regards to the family, thank you very much for calling Grant. Take care Basil. Take care. So folks this is going to be very interesting because you can see as I'm doing this right now look at the tussle between pulling back and rallying and when you think about I had someone the other day, no not it was three people actually on Wednesday say to me, oh my god with a debt seething and what's going to happen and I remember I said so far the stock market's saying it'll resolve itself without a panic and you've got to look at it as chart patterns and I love if you can start to include in your thinking something like what I talk about when I say I'm just doing two things at once here, when I start talking about the there, when I start talking about the rotational aspect that is so important because from from the, let me just do this, I want you to do it, I'll do it now, from the October low let's just go to it in the, you'll see what's happening, look this is the brand new month so for the brand new month now we've got leg C extending into June in the monthly chart, let's just go to the Dow since that's the one that we do have positions in very long-term positions in, so if you're looking at the October low, that October low is saying every time there's a very very sharp pullback it comes from higher levels and the higher levels mean that at 18,213 in the March low of, oh that was the March low of 2020 and that's what I've been talking about on the longer term but in the shorter term I've been saying just to go down to the March low of 28,660 as long as we're holding up here you know how the either the Fed or something comes in to support the market when you think everything's just going to crash and and and just sail to the downside a waterfall cascade well that's what I'm saying I think that we've made a pretty serious low the October low and that even if you're looking at on a shorter term we've got tremendous support and that's the most important thing I'll be back does the gold report as a precious metal gold is still king it continues to hold the most effective safe haven and hedging properties across the global major trading hubs of the London OTC market the US futures market and the Shanghai gold exchange the gold report Tom O'Brien publishes his weekly gold report every Monday morning for subscribers consisting of coverage of the XAU HUI GDX the dollar bonds the South African Rand as well as 25 different mining equities with specific buy sell recommendations the gold report new subscribers get a 30-day money back guarantee so you have nothing to risk subscribe to Tom O'Brien's gold report newsletter now at TFNN.com 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 and are geared 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 whether you think the biotech bull has room to run or has run its course trade LABU or LABD directions daily S&P biotech three times bull and bear ETFs visit directioninvestments.com slash biotech today an investor should consider the investment objectives risks charges and expenses of the direction shares carefully before investing the prospectus and summary prospectus contain this and other information about direction shares to obtain a prospectus or summary prospectus please contact direction shares at 866-476-7523 the prospectus or summary prospectus should be read carefully before investing an investment in the funds is subject to risk including the possible loss of principle 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 down so yes that's exactly what I was looking at the reason why I was in a in a having positions that if they hit certain levels we wanted to get in one was the three times short the S&P well we didn't get it we missed it and we had the UDOW which is the three times long which got stopped out I needed to see how we got through the first couple of days of of the week and then what happened on Wednesday into Thursday so I don't have any left side right side price time match here that I can talk about but let me get rid of this let me just clean this wait I haven't finished it let me get back to that in a moment I just want you to finish up there because I didn't do that so I always do this I write down the notes I want to talk about gaps today and the speed of I have done the one thing which is the speed of the E-mini going from the continuous contract in the weekly chart going pkppc and now in leg D but this is what I want you to say if I can take gold just for a moment and you see gold is now down it keeps trying it stopped at the 50-period moving average that's one of those technical things I put in I don't always use it but if it hits it hits it's in it a few times now over the last two weeks and now it's pulling back so gold is not the place at this particular point and that's just that's another reason why I wanted to buy the the financial area the other day because it seemed to me that gold the treated as as a as a call position on the put position of the overall market the economy that is so gold is something that people big you know countries and big institutions go to when they're getting real nervous about the economy but in this particular instance seemed to me that gold had made a pretty serious top in terms of time I don't know so much yet about price and therefore it wasn't really in play that's number one so number two is silver concurred look silver's acting it's had a nice ready even today it's had a nice ready if you look at the the weekly chart just says yep it's now probably in a trading range if you look at high grade copper I just want to add that now before I do the other stuff on the left side right side price time match which I'll show you in a moment you're looking at copper running okay today but it really is looking pretty weak overall I always add with the ice shares global forestry and timber ETF yeah it's had a nice bounce but it's got this lower case H that goes to a lower case M patent year in the weekly so it's it's kind of dull if you go to crude oil crude oils made the lower case H that goes to a lower case M went to a lower low and the way I see it here because it's held the champion we've Roman candle for three weeks that says that the low that was made right yet about 64 something on the continuous contract and give you the exact price that says 64 why it's not right it's 63 70 five weeks ago it looks to me like now gold can go in I'm sorry crude oil can go into this range right here and if the market keeps rallying it means this that we could actually go to the top of the range but I still see crude oil as just being in a trading range let me just sum it up that way if you're looking at the TLT as I said TLT trading range even though we've had a correction from the low we've had a bounce and now we're giving back some of it so it just says that yields are still stuck in a range for the moment for inching towards the high side was still stuck in a range what am I leaving and just a real quickly the VIX index so the VIX index had pulled back quite sharply tried to rally yesterday and then boom hit the nine-period moving average and then slumped and now it's down to 14 this is the first time in about two years that we start to see a little bit of a normalization of the VIX it used to be in the 11 10 9 8 area and then it was screaming up into the 20s 30s now I think it's normalized but if at any point you start to see the volatility index trading on a closing basis above 14.89 right now starting off at about 1930 but then going to the 20s with triple digit down days a very strong 60 point or more S&P closes down to the downside that's a change it's not happened yet and this is saying the buying is still coming in now let me show you something else that I want to do so I'll just use the spy for the moment because I think that's a cleaner chart pattern so what I've done is if I take the higher 418.31 that was made the week of February the third and just do a left side right that price time match that takes you all the way to if I can get a date on that that takes you to July I don't think it's July I think that my thinking was that the beginning of June's going to be quite choppy and a little later on in June we really start to move back up again maybe everything's just being squeezed right now so that's going to be really important so what I'm looking at here is this pattern that you know how I like to draw the arch formation I talk about it like that there and it went down there and now you've got a larger arch formation that there and that just says to me the lopsided gravy cup is a pattern that's the reason why in the S&P cash I have the big rectangle because what it says is there's a lopsided move that says you could get this sooner if I take a different candle for the midpoint we could get the in the next week or two so I'm watching this very closely and once again the very quick peak A, B, C and D in the futures now I love the cash cash is the position that you should always use for analysis that's your route the Dow industrials the S&P SPX the NDX 100 the Q's and the spy and the diamonds are derivatives of that so in this particular instance we we're talking about the spy and that's just saying this move now is starting to accelerate the on balance volume is not close to being overboard but it's running strongly the stochastic flatter 92.6% that's fabulous that's the reason why if I I'd say before that if we're going to go short it's probably just a real quick position we never went short but I didn't get back into the into the the trading position of the UDOW I think that was a mistake and I felt at the time that I was trying I was being influenced by other things and not just doing the pure technical analysis we still have long positions they've done really really well but they they should be some of them should have a digestive phase so within that I'm saying that the spy now I need to get rid of this again just because I've been looking at it now you can see it very nicely okay I'm looking at Tiger YouTube so this is a quick D to E and it's a very strong E the stronger the E is after the peak D the less likely it's an instant restart the greater the chances are it's actually an E and it could go to an F but this is not going to be an instant restart without a big pullback going to another peak D to the upside so I hope I'm answering that question in other words you remember I gave it a couple of days I want you to see what was happening because we're really on the cusp of pulling back quite sharply and each time you got saved and then rallied and each time you got selling it was a stuck in a range now we're coming out of the range I want to go back to the E-mini right now remember I was talking about a two-click session with Brent just now I didn't do the two-click session because I was doing my show I decided that I would just get out can't complain on that big sharp pullback but here we are this is A and I have to pull this there's no H so this has to be called B but that says today should be very good we should close very strongly but on a very short in basis we make yet another peak D in the one-minute charge so I'm moving around as if they're going from a dating to a month you don't want to really do that I should have the five minute in between I just haven't had time for that so we have a break I mean yeah we've got to back just a little I'll be right back puzzle Chapman 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 Tigresses for just one dollar for the year there's no cash or added costs when you join our community of traders in the Tiger's Den you can look over the shoulders of Tom O'Brien and the other TFNN hosts while they analyze charts during their live Tiger TV programs and join an interactive trading community with hundreds of members exchanging ideas interact with other Tigers and Tigresses as they 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finding the peaks and valleys and stock prices get the opening call newsletter by Basil Chapman and your inbox every day first time subscribers also get a 30 day money back guarantee if you're not satisfied let us know and you'll get a full refund within 30 days of signing up TFNN.com educating investors 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 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 so let me just go backwards here I actually put the 10 let me go this yes southern copper very strong roof leg B it seems to me it's making a high level consolidation in the monthly in the weekly chart monthly chart has gone to a P&T I would just suggest that because copper has been weak that I as a trade I'd probably say I'd rather be looking at the high grade copper so southern copper is trading a 7143 SCCO it looks it's improving the magnetic did cross positive the casting is good so it's got a buy signal hasn't yet confirmed to a buy mode because that that unbalanced volume is lagging same thing with the caterpillar but I would suggest to you that these are the clues I'm pleased you pointed that out baseball eyeballs in the in the in the tiger youtube because that just suggests that if we start to see I'm putting this together with the XLF same kind of patterns here if we start to see this rotation broaden out and that's the whole thing about this week that's what I'm saying I think a choppy week in some areas other areas might be strengthened and that's going to be this makes it really important for me at the closer when I do my overview video weekend video for subscribers to moping and call tomorrow I'm going to be talking about a lot of potential trades that's what we've been talking about for some time what are we looking at for these first couple of months going into the summer period next say two three months and I think we start to see some clarity here I like what I see it's starting to improve a lot I'm I the overbought situation in some of the tech sector that needs to resolve just needs to read just the digestive phase but I love the rotation that was to me the most important thing so with that said I'm going to wrap it up stay tuned great programming today and have a wonderful weekend I as I said before this the fact that there's a rotation means that you have leadership coming in we're going to be watching even to see what the IWM the Russell 2000 and they show some leadership here it's going to be a fabulous period coming up in the next week or two if you make some decisions