 The following is a presentation of TFNN The Trader's Edge with Steve Rhodes toll free at 1-877-927-6648 or internationally at 727-873-7618 The Trader's Edge now Steve Rhodes Good afternoon folks welcome to the October 24th yep today is October 24th that makes it the terrific Thursday edition today's Trader's Edge show great to be with you hey I would love to hear from you got several ways to do that you can give us a call at 877-927-6648 if you can't call in you can always send me an email you can do that by sending the email to Steve at TFNN.com inside the subject heading if you'd be kind enough to put radio show question of course if you're in our Tigers Den any ping we'll do so let's go ahead and get to these markets out here currently we've got a mixed market mixed bag you've got the Dow off about a quarter of a percent at 69 points to the downside yet the S&P is flat and the Nasdaq 100 is up three quarters of a percent it's trading out at 6125 probably mostly powered by a Microsoft that's up three bucks right now Russell's off seven points about a half a percent some eyes are up 2% so we do have one of those bifurcated I can't even say they can even express it but yes Peter go Nats one heck of a game out there what was the final score was it 12 to 2 12 to 3 12 to 3 13 3 something like that in any event the Wilshire 5000 that's up and the New York Stock Exchange is down 12 3 thank you so a mixed bag out here spot follow till dynamics is basically flat train out of 1397 Gold's got a little mojo maybe headed a tad higher into the 1509 area that's the top of its daily profile straight out of 1504 Silver's trading up a little over 1% out at 1779 lights we crude is up 51 cents leading the charge to the upside dollar wise 43 bucks 17% it is Tesla O'Reilly automotive up 31 bucks or 8% line technology 31 bucks 14% lamb research 26 bucks of some movers to the upside shakers to the downside it's ADS alliance data systems down 19 bucks or 15% Morningstar is down 12 bucks 7% proto labs down 11 Valmont Industries off 10 Ariston Networks down about 10 as well but let's go to the first questions out here we've got a couple in the queue already take as many as we can get this one coming from Allen D Allen D writes in he says hey Steve Allen something concerning to me is where the spy recently topped out at the 302 level so 302 60 he has put this up here I'm going to do this I'm gonna put a quarterly chart I already know what his question is I started to map out the chart out here so to go back to his question to me concerning to me is where the spy recently top out at the 302 level I'm not sure why that but but but that is a concern of of Allen's he says if you go from the low of 67 the spy back to March 2008 the actual low 67 10 and to the recent high and then you do a point six when I retracement level takes you back exactly the 157 which which Allen refers to as the breakout level so my assumption that is referring to this as the breakout levels because the prior highs out here in January of 2000 high was 155 75 and then the high in 2007 was 157 52 so you're looking at that is the breakout level I would look at it differently but I get what you're seeing out here okay this may be a coincidence and maybe irrelevant of the 302 level is taken out substantially for a long period what are your thoughts on this well first of all I'm not worried at all about these retracement levels out here they're interesting to me but I don't take a look at G's the market is going to go back to the 157 area I don't control what the market is going to do Allen but to do this long scale retracement out here that doesn't bother me now now I want to be able to follow that up why the question should be then and if Allen and I were having this conversation which we are it's just I'm talking to myself so I'm assuming Allen is talking to me it's a well why aren't you concerned about that well one of the reasons why would not be concerned about that is simply because of the performance of it see so technical analysis I've spent all these hours thousands 10s 10s of thousands at least thousands of thousands that's for sure more than 10,000 there's no doubt about that so all these hours putting together a set of tools that really helps me to understand what the market is communicating to me whatever the market is it doesn't matter the instrument doesn't matter the time frame out here so all that time doing that and then from a fundamental standpoint you got to understand that I am a by education I am a bean counter I'm a CPA I still have a license in the state of Florida and Michigan out there I don't really practice so to speak but I'm a numbers guy so when it comes to numbers Allen the most important thing that you want to know for your investments is what type of return are you getting in your dollars well all you have to do is travel around the world I've been fortunate to have done that millions of miles just on Delta airlines alone and I haven't really traveled much on their airline for 25 years but I have traveled around the world and if there is one thing that I do know it is the currencies matter so now the cool thing about my e-signal charts is in one a flip of the button what you and I can go do is we can understand is how are different instruments how are they trading in major currencies now for major currencies here all I've done is broken apart the US dollar a reserve currency into the other primary reserve currencies those would be the euro the pound and the yen out here and when we go back you mentioned the 2008 bottom so when I go back to approximately the 2008 bottom when I say approximately I have to use quarters we're 43 quarters into it so it's not going to be the exact take to the downside but I'm being consistent when we take a look at this chart to understand how it where is the money where has the money been flowing where have people gotten the largest returns when I say people I mean the folks in Japan the folks in China well I don't have China the folks in in in Europe and and obviously the folks in the UK part of Europe as well out there but how have their returns been as great as it has been for us us Americans out here in US dollars it pales in comparison to the return of the dollar the S&P 500 here the top two category areas YM on the left ES on the right and you'll see that the highest returns have come from those folks who trade in euros 489% give or take versus 394% in terms of dollars versus 440% in yen and 451% in pounds now the importance of this is take a look at all of the other indices in indices around the globe on the left hand side we can take a look at the DAX half of the returns whether it's dollars euros yen pounds versus the Dow where's money flowing money clearly flowing to the US take a look at the footsie about a quarter 25% of the returns that we have seen in the Dow price and all those currencies look at the Shanghai almost nonexistence of 23% move off of the 2008 bottom take a look at gold a 39% move versus a 390% move in the Dow take a look at the Treasury bonds 60% move versus 400 so if you take a look at this year and the important thing and what I want to say is what's so important it's just understanding the old Jerry McGuire show me the money follow the money even today since the December lows of last year the US still the leader of the pack will be right back if you're not currently using the TAS profile scanner when looking at setting up your trading opportunities then your arsenal is short a mighty weapon the TAS profile scanner is a standalone piece of software that instantly filters over 2500 global financial markets such as stocks ETFs commodity futures and forex headed by Steve doll TAS 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 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same TFN.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 TFN.com now and experience all the upgrades TFN.com educating investors well now toll-free at 1-877-927-6648 internationally at 727-873-7618 good back up folks we're taking a look at the spy with Alan that first segment we're really just taking a look at the global flow of capital I can't there's there's not anything more important anything more important than understanding where capital is flowing what you and I want to invest in are those things that are all going up in price so that everybody at that table is making money you see if it's moving an instrument whatever it is moving higher in dollars and lower in yen or moving higher in dollars and lower in euros there's your buyer in your seller out there right and when everything's moving higher and everybody is making money in their own currency out there the instruments will continue to move higher out there it is the most important the number one the numero uno most important thing for you to take a look at in trying to understand let's say a larger picture and if you're going to go to the 2008 lows to the current highs out here you're trying to take a look at the bigger picture if you're asking me the question where is breakout you you went back to breakout level to the highs in 2000 2007 out here for me breakouts really occur by taking a look at the TD set up nine count pattern and understanding where you had nine consecutive closes in this case here if something's moving higher where you had nine consecutive closes in a row where each close was above the close of the bar that closed four bars earlier out there and that provides us on a monthly base if you were asked me a Steve where is breakout support for the spy it'd be 223 88 on any kind of a pullback that's the monthly here to say well what is it on the weekly well on the weekly that level would be at about 276 50 to 256 41 256 41 would be the most recent one if you're asking me on the daily what does it look like well the daily and this would be the number that I would be watching I am watching is is 295 57 the reason that we're watching is because what we have out here is an effect at least as of today we've got a valid TD nine count top what do I mean by that well if we just simply come back to the low on October 3rd get the most recent low out here where prices pulling back inside the spy and testing its breakout support of 289 27 out here you never saw two days with a close below that level price then formed a higher interday high today than it did two days ago when the TD nine count pattern identifies atop or a bottom that high should take place on bars eight nine or the bar following nine well today is the bar following nine now if there is a new high that gets formed tomorrow Allen it's telling us about strong momentum to the upside doesn't guarantee where price will go to we can go take a look at tools for that out here but really you've got to take things one step at a time versus a larger the larger picture I want you to understand where the global flow of capital is going and it is so predominant in the U.S. when we took a look at an entire basket we took a look at worldwide markets we didn't get to it I was on the page but it had the Goldman Sachs commodities we took a look at gold we took a look at bonds we took a good oil we took a look at China markets European markets out there and it is the U.S. the U.S. and that's important because as you know many of you either are or have friends or or you use wealth managers out there right and wealth managers keep your cash invested all the time generally speaking it works that way around the globe so money has to go somewhere when you take a look at the large buckets of money it's going to be invested in the markets and you certainly want your money invested in those markets where you've got that global flow of capital out there now with regard to so we know level to be watching in the spy it's very easy it's 295 57 because the responsibility here so sellers right now let's just see you know have got the the clear signal to go ahead and try to push their bets to the downside that bet to the downside may only get to 295 57 that would be your next buy the dip on a daily basis for the spy out there right in that general area now you and I Alan we don't use the spy to make our determination for support or resistance do we exactly we don't and the reason that we don't is we don't like using small amounts of information instead what we want to do is we want to use large amounts of information and for large amounts of information we take instruments that are trading basically around the clock out there so the real level to be watching from a daily perspective out here at any push lower is 2941 75 2941 75 is the last breakout area on the daily basis for the es mini out here if price were to close below that where would it head to very easy the next breakout level of support 2875 and a quarter which we can see in the es mini that is the level that held whereas we saw closes below the breakout level on a daily basis inside the spy we don't have that same pattern here inside the es mini as i say you don't have to trade the futures but if you're the type of individual that is trying to improve your trading skills understand what the equity markets are doing out there then please gain access to the equity futures contracts and understand these patterns out here if you if that's what you're trying to if that's what you're trying to learn so that's what's going on inside the es mini there's other things that you and or the s and p 500 per se there's other things you and i could look at for example we can look at the horizontal trading ranges out here these help us to identify other levels of support or resistance so really resistance inside the s and p 500 this is the cash s and p 500 is in about the 3090 area or really this little rising trend line if the rising trend line were to take place this month it's priced about 30 55 give or take out there we're trading at 30 05 as we speak right now so nothing broken out here 29 25 has seen a couple of monthly closes in that area so that's a key level of support so those are the things that i'd be watching ellen i don't know if i answered your question but i hopefully i gave you some other pieces of information to simply think about uh so oh you see you guy this came through as a follow so i heard your answer on the radio guy to my question below my point was if you believe the 157 breakout level is going to be tested at some time this would be an ideal area for the index to move lower and satisfy the 620 retracement nah i i um okay i mean that's your perspective uh that's that we're there are so many other spots that we have to see fail that i i just can't i really i'm not i'm not influenced by the mere fact that we just did a retracement from uh low to high and somehow that magic 0.618 area is where price is going to pull back to but that's there's two sides of the trade and i am definitely not on that side of the trade to to understand this i'm not saying that the markets don't move lower ellen but i will hear this is what i will say i will say we will see 4 000 or 4500 or you know in the s and p before we see 1570 or somewhere right around there now the fact is i can say that but it doesn't really matter because i'm the way that i'm going to trade or invest is continue to watch the global full of capital and just simply watch the patterns the patterns that are out there that give us the pieces of information to help us understand what the markets are doing so for example you know we were looking at that es mini chart out there here again we take a look at the es mini chart we can see the descending trend line we're up near where we should see a top the key is are we going to see a breakup support the other level to be watching the es mini would be steve's green line that's 2989 so ellen let's together let's just take this one day at a time out there not get too caught up into the 4500 or the 1500 level for the s and p out here topping patterns in play let's see what sellers can do over the course of the next several days or maybe a week i'm certain you are or strive to be one of the best of the best at everything you do in life it's the most common trait that we tigers and tigers is here if you're looking to become the best of the best when it comes to managing your money let me teach you to do what most wealth managers tell you can't be done which is how to time the markets i'm steve rhodes author of mastering probability and for the last 12 months timer digest has been tracking my newsletter signals which have earned me the ranking as the number one market timer in the nation for the s and p 500 for the last 12 six and three months timer digest also ranks me as the number one market timer for gold as well the fact is markets can be timed and i'll teach you the exact set of tools that i use that is transform 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 tfn.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 to sign up today the path of least resistance is david white's daily trading newsletter and if you're looking for active trading ideas then now is a perfect time for a 30 day free trial to this powerful daily trading advisory service david uses his years of trading experience to offer his subscribers his trading ideas each morning in his path of least resistance newsletter using a combination of equity trades along with options david 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trade charts allows you to scan thousands of stocks for fibonacci formation setups including godly's abc's butterflies and much more the art of timing the trade charts is designed to help you when scouring the markets for stocks just beginning to form the trading patterns that many investors spend days weeks or even months searching to find and right now we're offering licenses available at only $79 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 so peter and the den wanted to kind of go through the same exercise and take a look at gold out here so here's a way for us to take a look at the global flow of capital when it comes to a gold see how gold is trading the left hand panel is gold in dollars next to it going from left to right is gold priced in euros then you've got gold priced in yen and gold priced in pounds now here's the cool thing when you take a look at the global full flow of capital and you take a look at the way that instruments trade typically it's not a hundred percent of the time but it's in like the 90 percentile what you will see is you'll see them top out all at the same time or what you won't see okay and this is the 90 percenter what you won't see is you won't see gold hit a new all-time high in only one currency here we're taking a look at four dollar euro yen and pound what you can clearly see out here is that gold priced in euros priced in pounds priced in yen has already hit new all-time highs we're nowhere near that well i say we're nowhere near that we're 400 and somewhat bucks away from that but you can see the charts out here so the good news is is that we will see gold make new all-time highs it's just simply doing this study going back and taking a good and taking a look at the dow priced in currencies going through all these gyrations out here what you will see is that these will typically top at the same time but you never no you're gonna say never maybe there's an instance but basically i'll stick with you never see in this case here gold make new highs in these other currencies and then gold not make a new all-time high in dollars now i'm not saying that gold is going to do that now i'm telling you or sharing with you that these charts here have good longer term promise in the short run gold's got some problems that it's got to deal with out here but first let's just continue going through this process out there okay Peter so we've got that let's go ahead and just simply close that page here we can take a look at a daily time frame chart for gold priced in the four major currencies out here here you just want to take a look at what's going on today are everybody is everybody a buyer is somebody a buyer somebody is a seller right now everybody's buyers out here with regard to gold and they're all making money today it's another way to take a look at it so that was one of the reasons why steve said when we open the show gold should be able to make and move up to the top of its daily profile at 15 13 40 priced in us dollars out here it's moving higher in all the currencies it's above steve's red line by a few bucks right now so it looks like that would be where gold would head up to of course you can see when you take a look at gold price in dollars you can now begin to clearly see a series of lower highs in a series of lower lows you should anticipate that that is going to continue out here but now you've got gold on a little bit of a shorter term time frame what we can also do i'm going to keep that page what we can also do is we can take a look at gold in relationship to its horizontal trading range now this is a weekly chart out here so i have the weekly and i have the monthly horizontal trading ranges out here so the price bike that we saw in gold a few weeks ago moved all the way back down to its monthly horizontal trading range in the 1462 where we use these as guidelines not necessarily as right to the t if we take a look at where gold stopped gold stopped at 1561 i didn't right put these horizontal lines in there folks these are these are automatically driven based upon the opens and closes or the bodies of the candles out there and what it does is it helps us identify the largest congested areas it gives us that price range and that's what establishes those horizontal trading ranges out here so if gold is going to move lower if steve's right about gold moving lower we know the gold needs to close below 1462 that would then take on 1426 and then you could look at 1359 1324 even the 1225 area well we'll just take things one thing at a time it's all about being able to identify support and resistance appear to the last thing out here with regard to gold if i'm doing that same analysis now i have to switch to the continuous contract out here if i'm going to get a lot of data now if you take a look at when gold actually topped out here back in september of 2011 would you have liked to have known about the td setup nine count peter or anyone out there because that's what it topped with now when gold actually bottomed back here in december of 2015 it was a td setup nine count bottom you got to love it it's a beautiful thing and i can't rule out when take a look at this monthly chart out here that gold may not be making run for 1725 that's its resistance area but that's what the monthly chart is showing us with regard to those breakdown and breakout levels if we switch from monthly we go take a look at a weekly time frame out here from a weekly time frame support to the downside is a 1273 1273 on a weekly basis we go take a good gold on a daily chart out here we can see this 1490 70 area is really key price i bounced off of that this morning it's been trading right around there we see a couple closes peter below 1490 70 where is it that you would target that gold would pull back to what would be its next level and the answer is 1412 10 that's the breakout level below that could bring into the 1336 area when price starts to retrace you're always looking for it to come back to its breakout area and we love using these support and resistance lines established by those td nine count patterns out there now that was the daily well we do know such we can just finish up gold is gold has got topping patterns it's got that roads momentum indicator top out here and it's got it on a daily it's got it on a weekly as well and with the series of higher with lower highs and lower lows out there and not breaking through any key levels of resistance out here 1509 or 1513 would be the next one out there the trend is your friend and right now the trend is to the downside in goldy locks out there so hope that that helps you out peter with regard to taking a look at that and doing that same a analysis out here now if we go to some more questions bill writes in will writes in bill it is bill writes in can we take a look at nokia we will i don't think anybody really wants to take a look at nokia talk about a gap to the downside what did they do today must have come out with a lack of earnings or something some bad prognostication you're looking at a long term buy entry point out here well we like to say stay away from long range bars out here now we can see that nokia in essence was consolidated and that's yellow rectangle out here so if we just simply copy and paste the yellow rectangle now what we can do is come up with a approximation which is equal to the consolidation pattern as to where nokia is likely headed to because a measured move when you break a consolidation you get a measured move way to project price it's equal to the consolidation so that takes it into about the two dollar and eighty one cent area i'm not saying buy it at two eighty one i'm saying that is the current price projection now very likely gold is going to get back there i don't know why my current chart isn't updating my white background chart isn't updating but we know prices below steve's red line breakout levels were 488 and 490 we're at 388 so those levels have been crushed if we go take a look at the weekly time frame chart here for nokia that was a monthly chart by the way that we were looking at you could see this thing top with a td setup nine count pattern bottom with a td setup nine count pattern kind of cool isn't it and this is the easiest pattern for you to begin your technical analysis and be able to put support and resistance and know when to be cautious about an instrument and what it's doing so you're looking for a buy area in nokia bill all i can say is today does not appear to be that day and you can buy this at a much lower price in the 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course trade labu or labd directions daily s and p biotech three times bull and bear etfs visit directioninvestments.com slash biotech 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 by sophisticated investors such as traders and active investors distributor four-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 watch tiger tv that's tfnn.com then hit watch tiger tv for the latest market information folks so we've got hector he's doing some bottom fishing he must be at about 1,500 feet or so because he wants to do some bottom fishing on twitter if you take a look at twitter gapping down huge volume behind the move from a weekly perspective a monthly perspective wide-ranging bar to the downside out here and the question is is now a good time to nibble on it so if we take a look at this here's what you know it's below the daily and the weekly profile but not below the bottom of the monthly profile so priced at 3110 my suggestion would be wait for price to get to around 2773 and let's see what pattern is there so that's what the profiles would suggest to you and I if we go take a look at Stevie's other charts and again we're going to have to fill in the blank we know it's trading about 3109 this charts not updating I'll have to fix that after the show but 31 dollars takes us below breakout support areas out here inside the twitter by the way twitter had already generated a topping signal the topping pattern the roads were meant to mitigate our top we know how markets make tops and bottoms not every single top and bottom is formed with this pattern that every single pattern is formed with a td set up eight or nine count out here but when they do show up we pay attention even in twitter when you'd see this uh high out here back on august 2nd it was that td set up nine count pattern so way back here on september 10th when twitter had a nice run up to the 46 dollar area and maybe it wasn't on september 10th that you would have sold but on september 11th when price broke below Stevie's green line out there it was generating it was confirming that twitter had topped now there were different support levels to take a look at you had uh profile areas you had the breakout resistant or support level 3682 and 3522 out here even when a uh the most recent low back on october 4th it just lasted for a few days out here you had a td set up nine count but price was never able to get above Stevie's green slash red line out there and so if we do take a look at wave counts i can understand why hector would be considering bottom fishing and that is because um yesterday marked wave number seven or letter g and today's extended low is going to get you there too but boy you got to be cautious with that gap down with volume we don't see any kind of bottoming signal on a weekly time frame the weekly time frame suggests 3084 could be support well you're at 31 14 so 3084 2773 2843 these are areas to watch this suggests that price is still going to continue to move lower out here if i take a look at the monthly time frame chart for twitter um prices trading below Stevie's green line 3798 and on a monthly basis you can see the high out here in twitter was a monthly td set up nine count high price could easily pull back to 1678 so hector do not i want you to go bottom fishing but i want is so you can feed all of us here at tfnn big old a grouper a big grouper out there and stay away from the small little twitter fish out here it looks like it could fry you and i don't want that to happen so thanks for writing in thanks to everybody for writing in i don't see any other questions out here yet by email nothing else inside the tiger's den so let's just kind of tool around the markets and see what it is that we see for jay let's go see if there's any new profiles out here if jay's listening in and jay a couple of days ago maybe it was even yesterday time flies out here we were taking a look at a potential new profile inside the russell 2000 that shifted it actually went away overnight it came back about two hours ago there's a new profile it's trying to form out here 1539 is the bottom of that box 1560 is the top of the box and the reason that we're paying attention really to 1539 folks i don't have a guarantee that this profile is going to take hold but if it does that would be a beautiful thing the beautiful thing would be paying attention to that support level because if price closes below 1539 it suggests a change in trend now two the few bucks below that is stevie's green line 1532 so that's the range of support for the russell 2000 right now the equity futures contract at top with a td setup at nine count it was bar number eight price should bolt back to test stevie's green line at 1532 or their abouts if price holds it's bullish bullish enough to say that price would go up to the 1586 level if price closes below that and it closes below that for two sessions then we're looking at a retracement back to support 1489 or 1465 in the russell 2000 so watch the new profile hopefully tomorrow we'll be able to see if it actually takes hold out there but the one that was in place yesterday no longer it shifted 1539 is the bottom 1560 is the top no other profiles out here to reflect upon you do have the nq which earlier was trying to make a run for the top of that daily profile it's 7994 it has since backed off why did it back off i don't know let's go take a look at the short-term timeframe chart see if there's anything out here on a 30-minute chart and yeah while a lot price was moving higher do a less relative energy generates a key reversal bearish engulfing bear sash candle out here this would suggest that we should see the nq move lower and target 7922 the bottom of its bearish structured profile sellers should be able to do that if they can't do that it just tells you how weak sellers are at the moment that was looking at a 30-minute timeframe chart out here if we go take a look at the new york stock exchange trading slightly lower it's advanced the client oscillator pulling back as well but still above zero the bottom panel is a spotball utility next still well below its 50-day exponential moving average out there so there's plenty of liquidity so speaking of liquidity we haven't looked at liquidity for a while what other instrument can we go take a look at for liquidity well one would be the high yield corporate bond fund out there h y g so just out of curiosity here even though so interestingly enough if i take a look at stevie's chart today is a yes yet today to yesterday was the td set up nine count pattern today's a slightly higher high out here in this but this is suggesting a potential top to go so h y g you'll if you go track this along with the s and p 500 if this is continuing to move higher it's very hard for the s and p 500 to move lower it just tells us about so much liquid or liquidity that is inside the market the spotball utility x where it trades in relationship to the 50-day is also a liquidity gauge out here but we have a number of instruments that are identifying these topping signals these topping patterns and it's a reason for us to pay attention but if those topping patterns and signals are going to mean anything the door has to be busted down support must fail because pulling back to test support those are your buy the dip areas out here so that's what we've got to be paying attention to and at this stage of the game we just have warning shots across the bow we don't have really any key levels of support being broken now it's not entirely true and i am not going to lie to you there's an initial level of support that's been busted if we take a look at a 30-minute chart here for the es mini that first level was 3005 we're trading at 3001 right now so we are beginning to see areas fail well how about the 60-minute chart let's just go check it out price right now testing support 3002 word 3001 we'll be right back since 1984 basal Chapman has been using the Chapman wave methodology to advise traders of his expert market opinion while originally hand drawing charts from the late 1970s into the 1980s basal noticed that prices under most circumstances virtually always had a certain number of legs to the upside before declining sharply later basal found that computer software which included the standard market technical indicators enhanced 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 basal 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 basal's daily trading newsletter by visiting the front page of tfnn.com cancel at any time during that trial and pay absolutely nothing get your two week free trial to basal's newsletter the opening call today by visiting tfnn.com if you're a trader in the market looking for exposure to gold or gold mining equities then now is a perfect time to sign up for tom o'brien's gold report the summer is over gold is trading back above $1,500 and the 10 year treasury is hovering at around 1.5 percent tom o'brien has been writing his weekly gold report for almost 18 years there's no one that knows more about how the gold market trades and how gold mining equities react new subscribers get a 30 day money back guarantee so you have nothing to lose every monday morning tom publishes his weekly gold report with coverage of gold silver bonds the x au hui gdx the dollar as well as more than 30 different mining equities as of september third gold report subscribers have five active open positions with an average unrealized profit of almost 38 percent for each position to see for yourself the types of profitable trades that are recommended within the gold report sign up today by visiting tfnn.com 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 nika our hunter and gatherer ancestors found all their nutritional requirements for health and their wild environment but today our food 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 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go ahead and pull back support we knew that the first level of support for the great british pound was tv's green line that's price right now 1.2803 and that's exactly what has been tested if you were to see a close below that this suggests that the pound will continue to pull back i don't have profiles out here but the eventual price pullback would be where it broke out 1.2206 you can see that that was the low of that td set up at nine count right now price has been tested and rejected out here so even though you've got a topping pattern and you've had a test of support for the call in a daily base for the great british pound would have to be neutral to bullish out here because support has held so that's an interesting looking chart out there if you were to take a look at the japanese yen the japanese yen has pulled back over the last several days and tested steve's green line this still remains bullish there is no bearish structured pattern to the upside to suggest that it has topped out here not that it can't but so far support has held that steve's green line also known as the oscillator unchanged line folks if you'd like to learn that just subscribe to the newsletter there's a workshop out there that will teach you about that and you can go ahead and figure out how to program that on your software tools out here no uh no secrets if you take a look at the euro it still has a bit to pull back so it's going to pull back to about 1.107 that is steve's green line remember the number can change a bit because the green line can move up price pulls back wherever it is but there's an eventual test and depending on whether test uh whether whether price tests and rejects or tests and moves through that will tell you the next direction for the euro but right now the retracement is nothing more than a normal retracement back to support after forming a topping pattern out here folks thanks so much for being here but stay tuned two amazing hours coming up next your favorite polar bear obi-wan kanobi and steve's son will be back tomorrow one o'clock have a terrific thursday