 Sign up today. The following is a presentation of TFNN. The Trader's Edge with Steve Rhodes. At 1-877-927-6648. Or, internationally, at 727-873-7618. The Trader's Edge. Now, Steve Rhodes. Good afternoon, folks. Welcome to the June 3rd, the wonderful Wednesday 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. Let's make sure we have an extraordinary one. And the easiest way to do that, well, 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 2x4 shift, it means we can find the gift in every set of circumstance that life is going to toss at us. Not today, you and I. We're going to go check on the circumstance of these markets. We're going to 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 want you to know that I'm absolutely grateful for your presence here, but much, much more important than that. During this next 60 minutes, I'm here to serve you. So feel free to pick up that phone. You can dial on in 877-927-664 if you can't dial in. Well, we've got you covered there too. Go ahead and send me an email, Steve at TFNN.com. Inside the subject heading, please put radio show question. And in our Tiger's Den, and in the YouTube channel, any ping will do. So let's go ahead and get this show started on a wonderful Wednesday. Of course, this is Tiger, Financial News Network. I'm Steve Rhodes. Welcome to Lush Show right now. We've got all the indices in the green. The laggard out here is the NDX100 up only 14 points. That's really less than two tenths of a percent to the upside. But other than that, you've got the Dow up one and a half percent. That's 389 points. The S&P 1%, 31 points. The Russell's up 38 points. Two and three quarters percent. Summize up nearly 3% out there. So big movers. Shakers. Well, now we take a look at Goldilocks back. $30 bucks trading out at $1,703. Silver is down 31 cents. Both of these are one and seven tenths of a percent. To the downside, Silver up 32 pennies trading out at $17.94. Light sweet crude is off a quarter trading at $36.56. Natural gas up four pennies. I believe ran right into resistance at Stevie's red line. We can take a look at that. Still no bottom yet inside of natural gas. 30 year treasury back on nearly two full points. One and 27.30 seconds. The 30 year tradeout at $175.16. Dollar wise, leading the charge the upside. It's booking holdings at 65 bucks. Transdigim, 35 credit acceptance. Corp 27, the trade desk 22. Net ease 15 to the downside. It has regenerated pharmaceuticals off over 4%. 26 bucks. Sanderson's farm down 11%. Or for 15 bucks Shopify $12. And Dexcom off 12 as well. So let's go to our first question. We do have a few questions that have come in. Let's say get to those. Make sure we get these out of the way. Let's take a look at this one coming in from Robert B. And Robert says, hey Steve, but based on your reading of the charts, has SLB made a major top? And is it getting to roll over? Or is it simply building cause for the next leg higher? So let's go take a look at it. First of all, let's punch up the SLB. But I'm sure Robert, as you know, we're going to really go take a look at the silver contract out here to get a better guide as to what's going on. But here we take a look at the SLB. All that it's done today, Robert, is pulled back to test support. Now we're looking at the daily timeframe and the daily timeframe because price was able to clear the top of its daily profile. That's at 1645. That was resistance. And we like to say that old resistance can become new support. At this stage here, the SLB has pulled right back. It's tested and it closes back above 1645. If we're just using the message of the markets for the SLB out here versus the silver contract, we may see something the same or different. I don't know. But the answer here would be there's no breakdown at all. It's just to pull back to test support. So that would say diffuse your question about a major top. Now, not against that as being the possibilities, just we have to start seeing levels of support fail on a daily timeframe in order for that to come to fruition. If we look at the SLB and look at the weekly and the monthly timeframe charts, those are going to be panels two and three from left to right. It's right where it should have the top of its weekly profile. That is bearish in structure. That's 1701, Robert. Now, the way that these bearish structured or bullish structure, but in this case here, bearish structured profile would work. The pullback today has been a test of the center of that box at 1632. Now, in order for prices to get moving to the downside, again, we're just analyzing the SLB here. We're going to go take a look at silver. May have a different message out here, but I just want to go ahead and do this for you. The SLB, a close blow 1632, not 1631, but a nice close blow 1630 would then get price moving to 1496, the bottom of that box. Silver also, SLB, I should say, has resistance in 1736. That's the top of its bearish structured monthly profile. So to answer your question specifically with regard to the SLB, my answer would have to be, hey, look, you know where resistance is at. 1701, 1736. In order for there to be a breakout, meaning your statement of the next leg higher, well, it ain't going to happen until you see closes above those key levels out there. Now, let's go take a look at the silver contract itself. In fact, yeah, so let's take a look at the silver. Let's do it this way here. If we look at silver, we've got the July contract up. You're going to see a brand new profile that is attempting to form today. Now, we're looking at the daily timeframe. Let me just simply expand this out so that way we're all focused on the same thing. I believe, actually, I don't recall. Let me just switch over here. I don't recall what kind of profile. Whoops, that wasn't it. It's right here. Yeah, it's a bullet-structured profile inside of the SLB. It's also a bullet-structured profile inside of silver. And so, Robert, in order for there to be, I'm just trying to go back to your language here, some type of major top at a minimum, you need to see price takeout support. In this case here, it's going to be $17.36. So you want to watch silver, 17.36 is going to be the number out there. If you see a close blow of that, well, then you have some type of change in trend. Now, here, for example, here's the silver contract using my synthetic version. And this is just taking a monthly profile levels out here because these profiles represent support and resistance. Here you can see the bullet-structured monthly profile. This has taken us back into 2011. We can see his price moved down here. What happened? It got to that bullish profile, moved higher, kept testing it. It did a test, it began first test, it was in September of 2011. The last and final test out here was in July of 2012. So this little sideways-ish type move could go on for a while. But it wasn't until we saw close below the bottom of the bullet-structured profile that actually formed here, Robert, between October of 2012 and August of 2013. And it was the close blow of that that said, okay, we've got some type of change in trend. Take a look at where we're at right now in the monthly. Not even close to that. So I'm just trying to come back to your statement of, is this possibly some type of significant major? I used the word, did you use the word major? Yeah, major top out here. And here's the weekly timeframe. I don't know if it actually populated. No, here's the weekly timeframe. Again, using my synthetic version of the contract, $16.94 is the number that price would have to get through the daily timeframe. Now this might show us a little different profile than we were looking at before. Not much. So Robert, I'm going to answer your question this way. The first change to confirm, not that this hasn't topped or formed some type of top, but for there to be some type of change in trend, which I really think is what you're after, you've got to see support fail. We don't have that yet. So the number to be watching is going to be $17.36. Steve Rhodes with TFNM. We'll be right back. He understands that in today's technological world, the use of top flight software applications and technical analysis expertise is essential to successful trading in today's market. You also gain access to the webinar that Steve Dahl and Tom O'Brien just hosted, the best way to use the Taz Profile Scanner to profit. This webinar archive is available for all subscribers immediately upon signing up. All new subscriptions also come with a 30-day money-back guarantee, so you have nothing to risk. Start your subscription by visiting the front page of TFNM.com today and you'll find the Taz Profile Scanner under the Services tab. Sign up today. 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. 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Details on The Tiger's Den are on the front page of TFNM.com. We're accessing your newsletter subscriptions. We even have new pricing in six months and yearly options. Check out the new TFNM.com now and experience all the upgrades. TFNM.com, educating investors. Dennis writes in, could you look at Apple? That's what we've got up on our screen here. So we're looking at it. It looks like a possible double top. Maybe, maybe not. We don't know. So what Dennis is referring to is Apple's all-time highest, 327-85. That came on the day of January 29, 2020. Price made that high. Pulled back to support the bottom of its daily profile out there, bullish structure daily profile. We just got a chance to take a look at that or discuss that. Price made its way back up to that level. Never tagged it on February 12. And then from that point forward, went ahead and moved lower until it made that nice little hammer candle down here on March the 23rd. So at this stage here, is it a double top? Well, we'd have to call it, really now we can call it a triple top, couldn't we? And take a look at that daily timeframe out here. So you got 323.77 is where you're trading right now. You're above the top of its bearish structured daily profile would suggest to both you and I, Dennis, that price is going to go at least tag that level. 327.85, maybe it takes it out. I don't know. The volume on that trading session was 54 million shares. You're at 13 today. So it's not like it's pushing into it with volume, at least not as of 1.19 in the afternoon. If I look at Apple's other chart pattern out here, pull over my other tools out here, see if we've got any kind of topping signal or anything. We don't. We do see that 324.65 is where Apple broke down. And so Price has made it to that. So if Price begins trading lower from here, we sort of know why. Well, we don't sort of know why. We do know why. We know why because it got right back to where it had broken down. Now, does this mean that it's a sell, a change in trend, anything along those lines? Heavens to Betsy. Whoever Betsy is, no, right? Same thing, same deal. You've got first, there's no topping signal other than just getting back to resistance here right now. And certainly it has not broken any kind of levels of support out here. And the level of support it would need to really break. Dennis would be that 302.28 area. And I don't know if Price can get down there, how it's going to behave any more than anybody else at this stage of the game. But is it a double, triple Lindy out there? It's possible. But you don't, in order, so for Stevie, just I'll give you my definition of a double top or a double bottom, you don't know until you see how it deals with the other side. Because in order for it to really be a double top, you've got to be able to move down and take out the prior lows out there. Oh, the March lows out there. But is it a, is it moved up to a significant area of where we've seen price change and turn lower, you know, the answer is yes. Anyways, I think I beat that, that horse. Enough out there, Dennis. We won't really know until we see how price handles the 327.85. Should it be able to get up to that level? Let's go to our next question. This one coming in from Brent in Martinez, California. Brent wants us to take a look at US Steel. So Brent is long. Let's put this up. Trained out at 872. 872 is above its daily box. It is with inside the weekly and the monthly bullish profile out there. So the price starts off, finished reading Brent's question. But I just want to, you know, get this off of the screen here, at least right now with regard to profiles, what the charts are communicating to us, Brent, is that the price should go target 988. You're at 872 now. Now, brand new monthly profile just formed here in June. Bullish and structure, prices well enough above the center of that box at 753 to then say, hey, I want to push all the way up to the top of that profile, which is 1352. Now, perhaps along the way, it's going to run into some issues out here. Maybe that's what you're bringing up. Let me finish reading your question. I'm long from the lows back in March at around five and change. I have this in bar seven on a TD9 count. So I've got my daily timeframe chart out. And so you and I are going to have different, different, this US Steel, yeah, this is a daily timeframe. I don't have it in any bar count. I do have this as a TD9 count top from back on May 5th. And if that high gets taken out, which is 880, I mean to close above it, we're at 873 right now, then that pattern will have failed and a pattern will have failed and would suggest they move up to 1107. It's breakdown area. Now, and I probably shouldn't really read this more closely, but it looks to me like you've got this in bar seven, a TD9 count, maybe it wasn't the daily. You didn't say what timeframe, but let me put the weekly timeframe out here. So the weekly timeframe, what I have this in is this is going to be week number or bar number nine of a TD9 count. Now, in order for this to generate a topping signal, we need to see price trade above 880. And so far for the week, we are at 878. So it hasn't done that, but a close above, a trading just, well, a close, trading above 880 will actually signal, trigger the signal of a TD9 count. Yeah, I know, Stevie, even just those two pennies, God, you're so particular, Stevo. Look, the pattern is the pattern. I'm not going to start modifying the pattern to meet some kind of narrative or something like that. I wouldn't do that to you. But of course, we do know that the high or low of a TD count can take place on bars eight, nine or the bar following that. So it could be next week. Now, if that doesn't stop price from advancing, its price projection is 1396, but maybe that's the TD9 count and maybe I just didn't read or misread, but I think that's probably what you were taking a look at out here. Now, we come over to the monthly chart. This is the importance of us being able to look at all three times, or multiple time frames, just so we can get acclimated. So we understand, it's like flying an airplane. You know that those pilots are talking to each other. They want to know where that turbulence is. Nobody wants turbulence out there. Welcome to 2020. Oh, oh my goodness. Nobody likes turbulence. Hey, the turbulence that Stevie's talking about here in US Steel, Stevie's red line on a monthly timeframe. And I know that when Brent and I first took a look at this trade, I'm sure we went back and we said, hey, you know what? In order for US Steel to really have its mojo out there, it's going to have to close above Stevie's red line on the monthly timeframe. And that appears to be right where we're trading right now. You're really going to get your answer with regard to US Steel based upon how it handles this area. We looked at it on the weekly and the importance there and on the daily. So everything looks okay, but there's caution signals out here. The TD9 count potentially on the weekly timeframe. Stevie's red line on the monthly timeframe. And on the daily, now, still that old TD bar number eight from back on May 5th. And that's the level you're looking for price to trade above. So I hope that that helps y'all Brent with regard to our analysis of US Steel. Dennis writes in, this is Dennis, think it's different Dennis, I believe, or maybe it's the same Dennis. I don't know. Maybe we haven't even asked anything of Dennis yet from Dennis, but let's go take a look at what Dennis wants to look at, which is CMG. That is Chipotle, I believe. Chipotle out there. What do you think for the long term? And what price? Well, if we look at the daily timeframe, here's what popped up on our screen, Dennis. Take a look at today specifically. It's triggered the potential for Rhodes-Wendham indicator top. Hasn't triggered the pattern. What would trigger it would be some type of bullish reversal candle. We're not there yet. This just says caution. Now the last time that we saw a major top out here inside of Chipotle for its daily timeframe, it was that Rhodes-Wendham indicator top. So it could take a while to form out here. The last one did. But just says to be cautious. Let me look at the weekly timeframe before we go to that hard breakout here. Let's populate it. See what it's given. Oh, and last week was bar number eight of a TD9 count. You're asking, what do you think for a long term hold right now? Caution signals are flashing. Even the monthly's got a Rhodes-Wendham indicator triggered. Steve Rhodes with TFN, we'll be right back. Back in the day, I joined the Hotel California in 2006. And like many of you was drawn in by as well as Whatever you think about you bring about whatever you focus on growth. You see, I believe that everything in life happens for us. Not to us. And Tom ignited the fire within me to want to learn how to master the markets. So how did I go from knowing nothing about technical analysis to becoming the number one market timer for the S&P 500 in 2018 and the number two market timer in 2019? Simply put, I hired coaches with a proven track record which led me to a whole new set of tools that I created to interpret the message of buyers and sellers. I would love the opportunity to teach you this award-winning set of tools and help you improve your market timing. You can test drive my newsletter service, mastering probabilities for the next 30 days with no risk to you. Plus, you'll gain access to archive workshops that'll take you step-by-step through my system. Sign up today by going to the homepage of TFN.com and selecting Mastering Probability in the newsletter tab. You're a trader in a market looking to find the path that leads to maximizing profits while decreasing risk then now is a great time to try out Dave White's daily trading service, The Path of Lease Resistance. Through the use of options and equity trades, Dave advises his subscribers on a daily basis of the current market conditions and what possible trade setups are on the horizon. The Path of Lease Resistance is published every trading morning, often with updates intraday when initiating trades or closing out positions. Dave White has advised his clients of some outstanding winning options and equity trades in recent months and now is a great time to try it out for yourself. New subscribers to The Path of Lease Resistance receive a 30-day money-back guarantee. See for yourself the types of options and equity trades that are available by signing up for The Path of Lease Resistance today by visiting the front page of TFN.com and selecting the newsletter tab. Sign up today. TFNN is excited about our new software charting program, The Art of Timing the Trade Charts. In collaboration with Tom O'Brien 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 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 guardleys, 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. Hi, folks. So, Dennis, it looks to me like you're thinking of buying CMG and so I'd have to tell you've got to wait. Now is not the time based on what we were looking at in the daily, weekly, and the monthly timeframes out here. You're asking, what's that price if we see a pullback? Well, the ideal entry for you at this stage of the game would be $8.75, $9.95. That's the most recent breakout in the daily timeframe. Of course, should price pull back, we want to take a look at what patterns might be going on at that time frame out there. So, I'm going to suggest with regard to Chipotle, you're just going to sit on the sidelines for the moment. Let's go to our next question out here. This is good. Looks like we can get through all the questions that have come in by email so far. That is from John S. John is Spokane. Spokane, Washington. Hey, Steve, like your show? I'm glad that you do. Thanks so much. I'm in dust. Where do you see the miners headed medium term? So, that means he is short. DUST is the Turkish symbol out here. It means he is short the miners and we're just trying to populate the screen. I'll give you some of the... Here's my problem with dust. You know, I really... John, to give you the best information, I know that that's what you want. I really need to take a look at the GDX. So, let's do that. You're going to trade dust off of the GDX and so, therefore, its signals are going to be better than these triples or what have you. So, we take a look at the GDX right now. Here's the daily time frame. Here's what we know. We know that this made a seventh wave move. That is letter G on my screen, up at the height. It's the daily time frame that we're looking at. Let me get the cursor out here. It made that. It did form that. It made the 20th. Now, at the same time, it was confirming wave number seven. It was also confirming arrangement to indicator top. Now, at that stage, it gave us a trigger. But what it didn't do, John, at that stage was say, hey, now is the time to be short. As soon as price fell below Stevie's green line, which you did on the following session, that was the time to signal, okay, maybe you want to take a look at selling the next counter-trend rally or being short. And the reason why you would want to sell the next counter-trend rally was because price found support at the GDX at the bottom of that daily profile. Never the place where you want to go short right next to support out here. But now we're clearly below that level. Now, price has really been consolidating to a certain extent. Well, maybe, what we're going to go do is we're going to take a look at the volume in the GDX and compare it to the volume today versus May the 27th to see if maybe there's some type of A to B equal CD down pattern that could unfold. But you're asking where could this head to medium term. Now, I'm looking at the GDX, not dust, what you would be watching. Let's just say that gold and silver continue to pull back as do the miners based upon their signals. The level you'd be watching for inside the GDX, unless there's some other bottom signal that forms, over let's say the course of the next 7-8 trading sessions, is 24-37. So that's your lower price target inside of the GDX. Now, if I look at the weekly timeframe, the weekly timeframe says, hey, Stevo, that's not so fast. Now, why did it say not so fast? Well, it said not so fast for the following reason. Price has pulled back and is testing Stevi's green line. So 32-69, John, is the level inside of the GDX. Now, that number is going to change by a penny or two, but you've got the pretty decent area. Price needs to close below. All this happened so far. And you asked me about medium term. Right now we're on the medium term chart. And so with regard to GDX, it's saying tighten your stop. That's its message. You need to see it close this week below 32-70 to then say, okay, I'm going to go check out the 30-27, 28-71-ish level out there. So that's the intermediate term timeframe. Longer term timeframe is the monthly chart. Obviously we're only three days into it. We can't see price moving higher doing less relative energy. If we get a bearish reversal candle this month, we got a long way to go, then you've got some type of intermediate term topping signal. But here, the first level of support is going to be in the 28-80 area. So, John, I hope that helps you out with regard to dust. Pay attention to the GDX. Again, the number is going to watch 32-69, 32-70. And oh, I did say we'd go take a look and see what the volumetric is today for you. So let's go do that. I am a man of my word. I always do what I say I'm going to do. And if I don't man, it's one of those odd situations where I somehow forgot to do something. So if I ever do that to you, you tell me because I'll be Johnny on the spot and get it done. Get it done, so to speak. Now, the volume that I'm referring to is May 27th. May 27th volume on the move lower and GDX is 43 million shares. You're at 23 million shares right now, John. So it seems to me like we're testing a prior swing point on lighter volume. So that dust being the volatile instrument that it is out there says really tighten your stop. Now in the case of dust, just so you know, because you might not have known, let me pull this up on the screen out here. In the case of dust, I want to give you what the average true range is over the last 10 days. That's $2.82. So when you're taking a dust, your stop and adjusted stop should be 282 times one of the Fibonacci expansion levels 1.27 or 1.618 out there less today's close. That's what I would be using for my stops. If those stops are below your entry level, well then, you know, probably you don't want to turn a good trade into a bad trade. So you'd go to break even or something along those lines out there. Now, what else did Stevie want to look at out here to help you out? I don't think there's what else do I have? Okay. No, there are there are a few things. We haven't looked at gold, but we know that the directional correlation between gold and the miners is important to pay attention. No, that's what I was going to do. I was going to move over to my other set of charts out here. So we want to take a look at gold. We haven't done that. I don't believe we've done that. We've only looked at silver out here. So let's go take a look at Goldilocks, try to figure out what it's doing. Here is the daily time frame for gold and really the daily time frame for gold is doing what? Not much. Just trading sideways. We're just going to extend out the consolidation pattern out here and so this is just still in a big old consolidation. So that's what's going on in the daily time frame. What's going on on any other time frame that's going to make sense for me to look at for you? I'm just scanning the chart here real quickly. Do I see anything that I don't see anything that shows me why it bottomed here just yet? Why it did bottom? That's gold that he is. What else do we know about Goldilocks out here? Well, if we take a look at gold from its primary trading ranges, we know that gold has been validating quite frankly ever since April of 2020. This is a weekly chart we're looking at out here and those range are 1695 to 1762 out there. So this really is suggesting to you that you scored nicely on dust and you might want to consider taking your profits. Certainly tightening up that stop. But this stage here, if you take a look, we've only been in June for three days out here and we've seen this explore the top of the profile and that profile, the top of its horizontal trading range on a weekly basis and the bottom of its horizontal trading range, something that has been trading within and consolidating really for two, four, five, six, about eight weeks out here, eight weeks or so. So I hope that that helps you out John with regard to what is going on inside of the minors out there. We've got a request here from someone and that is, can you tell me the first target for MNRO? So let's go take a look at MNRO out here. MNRO and see what that is. That is Munro Inc. So Munro Inc. right now is trading in between its daily, the bottom of its daily and top of its daily profiles. I think I could have used some better language there. But I didn't. So shoot me. First target. Well, it looks like the target. I mean, we'll fault my other charts out here for Munro Inc. It looks like the target might be 5288, the bottom of that daily profile. Price is trading below the top of the weekly and in between the monthly profiles out there. We'll be right back to finalize the answer for MNRO. Many of our new listeners have heard about The Tiger's Den. The Tiger's Den is a lively community where traders and investors can meet, exchange ideas and information in a comfortable, moderated atmosphere. Hear all of the TFNN shows, plus see all of the charts as they happen live and have access to archives of all of those charts. You can test drive The Tiger's Den absolutely free for 30 days and greatly enrich your knowledge of these markets and how to make your money work for you. Details on The Tiger's Den are on the front page of TFNN.com. Visit us at the same TFNN.com URL. But when you do, you'll see a new and improved homepage 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. If you haven't checked out the newsletters page of TFNN.com what are you waiting for? All of the TFNN newsletters are informative, up to date, affordable and must have for every trader looking to gain a competitive informational edge in today's markets. 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So when we take a look at this this generated a Gartley sell pattern Gartley sell pattern here we have an extended move to the downside that began back in December of 2019 bottoms out here in April, April 6 of 2020 makes an A to B equal CD the 1-1 price projection was $2.89 the actual high was $62.54 remember we use those A to B equal CD patterns as guidelines not as you got to hit the exact tick, pip, point penny you know what I mean out here now you got that Gartley sell pattern and now we've seen now the Gartley sell pattern was confirmed with this bear separated candle that formed out here on May the 28 bear structured profile were below the center of that and so that says $52.88 may be the first place and where price would find support for you however if you do see price and what's also at that $52.88 area or very close to it $52.82 is the .382 retracement of that entire move so when you have a Gartley sell pattern which we have right now the Gartley sell pattern provides a five different potential outcomes outcome number one is the .382 retracement so that's where you're going to watch the bottom of the box and that $52.82 area if you see price close below that then that says that price is likely had $46.81 to $42.54 the .618 or the .786 retracement out there so that's what I see when I take a look at Monroe you also had a question you you also had a question I don't know who the you is because there was no name here but we want to take a look at CRM I believe that is sales force out here and we take a look at the daily time frame chart here for sales force what do we see even though I can't draw in the A to B out here we can see you can visually see it you can see both the dark cloud cover on May 12 as well as this bearish engulfing can on May 26 have called the top there all the retracements have been pretty pretty small so to speak no key level support has been broken that key level support be $160.72 but you've got valid sell signals out here without resistance failing and so I'd be looking at $160.72 as a place for a pullback let me look at the weekly time frame weekly's goddess last week was bar number 8 of a TD9 count so you're going to have a TD9 count pattern now the last time that sales force on a weekly basis made its high it was with that TD9 count pattern it did it on the bar following bar number 9 on February 21st out there on a monthly basis what do I have I've got price trading right up to resistance which is Stevie's green line so that's our take on sales force CRM is the ticker symbol let's go to John in Sarasota who wrote in and is asking for mCHP so let's go take a look at mCHP see what we have out here mCHP that is microchip technologies blastoff headed to the moon today a nice big move good volume behind that move 5 million shares a gap to the upside wide-ranging bar I headed back to its highs its highs out here were from the week of January 13th and that's 1247 again this is ticker symbol mCHP microchip technology what I want to do is pull over my other charts here John see what the daily weekly and monthly are signaling to us your question is up or down please well I'm going to go with the up that's the easy call but the question is we'll be able to take out those most recent highs so you know where at least resistance may be we take a look at the daily time frame the daily time frame chart jeez that's too bad it hasn't populated with today's wide-ranging bar but it's going to be bar number 7 of a TD9 count 109.54 is the price target where we trading right now 108.84 so you're getting a TD9 count moving into a resistance level 109.54 out there I say up but I say be careful but be careful is what the daily time frame chart tells us how about the weekly time frame what's the weekly tell us out here weekly says the same kind of thing last week was bar number 8 bar number 8 of a TD9 count that's a bunch of charts we're seeing that same kind of setup and pattern out here so I'm going to say up you might say up yours Steve I get that but I say up but be really careful out here the weekly breakdown level is 111.55 out there and you've got these you've got these potential topping signals out here that are in place so John I hope that helps you out with regard to microchip technologies Vicky writes in and Vicky apparently is from New Jersey because the only four letters on the screen are jets and I'm assuming that that Vicky is a jets fan but probably what there's probably a ticker symbol J E T S I'm going to guess that has something to do with the airlines out here straight out at 1601 so just jets is the question just consolidating sideways out here right just consolidating sideways Vicky why are you interested in jets is because you believe that US Global jets now know what's inside it you'd have to really go take a look at and see what are the instruments inside of J E T S and take a look probably the top five or seven or something like that and it's going to and they want to look at those instruments to see what they're doing but we just see this little sideways pattern out here you've probably seen it let's just draw it in right now and we're trading right up towards the top of that sideways pattern but here's your consolidation look just back this is the daily timeframe chart back on May 14 this was trading down at what 1127 you're at 17 bucks so you've had a nice move about a 50% move right now but just the consolidation now is not the time to buy I don't know if you're looking to buy it you want to buy towards the bottom of the consolidation not at the top of the consolidation now if it does break out in your momentum trader different scenario but the breakout says you've got to see a close above the bar from March 26 and that level is 1805 you're at 1708 they'll pull over Stevie's other charts out here just see what we've got for signals any type of signal out here I got nothing on the daily timeframe truly nothing on the weekly timeframe what does Stevie have out here with regard to jets I've got nothing on the monthly timeframe I've also got nothing so I've got really nothing to more to share with you not that I don't want to just that my charts are not providing you and I with any other tools to assist us with regard to what jets intention is other than the fact that it's trading inside of this consolidation so I hope that helps you out Vicki and thanks for playing the game of having fun with Steve oh so that takes care of all of the questions out here and we did that before the show is over so now let's go take a look at the markets out there because somebody probably has interest in what are these markets doing well they're headed higher that's pretty simple if we take a look at what's going on inside so get the cash indices out here let's go look at them let's pull these up yeah let's look at some of the cash indices out here we've got about a minute some basically allows us to do a couple of them we look at the S&P 500 what do we see we don't see any kind of top in signal and wave number six that's letter F on my screen and so the next topping signal could come this is Wednesday the earliest would be really would be Monday that would be the earliest out here so the S&P 500 if we type in an A to B CD out here that A to B CD from Steve oh standpoint looks like this next price target 3224 as the one to one to two points well I grabbed the I drew the wrong thing sorry let me draw in the proper A to B equal CD out there that didn't make sense there we go 3174 that's the one to 1.618 A to B equal CD let's go take a look at the Dow out here the Dow futures today trying to take out their Gertley cell signal they'll do that with a close above a close above what Steve oh a close above 25 758 79 looks like they'll do that we'll get rid of that Gertley cell pattern Steve Rhodes with TFNM stream volatility and peaks and troughs everywhere regardless of what you're looking at in the market this is a great time to see the type of analysis Basil Chapman delivers for his subscribers every market day with the opening call newsletter Basil has been analyzing markets providing his take for subscribers to his trading services since 1984 every morning Basil publishes an update for his subscribers along with weekend and evening updates when warranted the opening call provides traders a daily market overview with regard to the direction of the key indices selective stocks and commodities along with specific recommendations including stops and targets you also gain instant access to Basil's subscriber webinar archive from earlier this year a dark cloud cover an essential market analysis ride the Chapman wave today by signing up for the opening call newsletter on the front page of TFNM.com under the newsletter tab new subscribers get a 30-day money back guarantee so you have nothing to risk sign up today the gold market has taken off top side in a large way in 2020 if you want to take advantage of this 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here on TFNN so we pointed out that the NDX100 is the one that is struggling the industry that is struggling out here at the moment, here's the reasons why and here's probably the most concerned set of charts that you can see right now we take a look at Microsoft top with a TD9 count, wave number 7 pattern sell the deep points they've got really three topping signals price has just been consolidating sideways out there so it hasn't really broken down real breakdown would be below 171.88 but it's got a valid topping signal that's in place hasn't been taken out that is on Microsoft we've already covered Apple which is making that the potential drive back up to its TD9 count breakdown levels out there this has a butterfly sell pattern has a road momentum indicator signal out here it did already pull back and test its breakout level support 2337.81 but hasn't taken out those high so here's the struggle still has a active still has an active topping pattern that is in play take a look at Intel out here Intel's got wave number 7 letter G a Gartley sell pattern again no real serious breakdowns but you can see the topping signals so waiting for the others to join in and create their topping signals I don't know if we take a look at Facebook out here what do we have for Facebook we've got a butterfly sell pattern out here again no key level of support being broken that would be 226 but here is the reason you're seeing the reason these are top six holdings I'll pull over Google momentarily and in the case of Google I don't believe I have a topping pattern is that correct no I do not have a topping signal pattern for Google but it's the only one out of the five that don't and here's the this is something to be watching for inside of those equities those six represent somewhere on 47% give or take out there of the entire NDX 100 so folks thanks so much for being here thanks for all the questions that were sent in by email and stay tuned because there's two more great hours left you've got my favorite polar bear David White he's up next and after that you've got Obi-Wan Kenobi to take us on home and I'll be back with you on thirsty Thursday although I think it's a fair to say we should have thirsty Wednesday okay that's what I'm going to do a nice bottle of Italian Merlot tonight they have a terrific our wonderful Wednesday books