 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. And today is July 5th. So if you're listening in at the normal time, maybe you can guess we're actually recording this on July 5th. So it's the morning. Happens to be 8, just past 8 o'clock in the morning. So we're going to make today's show as relevant as we can for you if you're listening in at the normal one o'clock hour. If you're listening in at 8, I'd love to hear from you so you can give me a call at 877-927-6648. Of course, we've made things real easy for you. If you can't call in, you can always let those fingers do the dialing, so to speak. That's right. You can just send me an email. Steve at TFNN.com inside the subject heading, just put radio show question and we'll go ahead and get to that. And I hope everyone out there had a great 4th of July. Love all the fireworks. You like the fireworks out there? I'm pretty fortunate. I used to own stores inside the theme parks, Disney World, Disneyland, Universal Studios, all the major parks out there. And so if I was ever at the stores in the evening as the parks were coming to the close, you know, all you had to do is just look out the door and just see amazing fireworks displays 365 days a year out there. And so it's great that these days I just get to walk out the doors on the beach and watch the fireworks that are shot off. I live in Delray Beach and they always shoot off fireworks here. Then you're just looking down the beach down to the north towards Boine Beach and Palm Beach and you can watch those fireworks or turn over your head and watch the fireworks off the inlet in Boca. And then what's really great, I think, because the best fireworks I've ever seen display are the ones in New York. And so it's great. You just walk back in to the house. You turn on the speakers and watch that display go on for the next, you know, half hour or so. In any event, we're going to go check out see if there's any fireworks in the markets this morning. Right now as of 8.08 AM, you've got Dow futures off 50 points, NASDAQ down 19. So nothing big, a quarter of a percent is the max out here as we speak right now. U.S. dollar index is up a quarter of a percent, trading out around 96, 56. Gold's off nearly $6, 560 silver, six pennies to the downside, lights we crude is off 53 cents. So the question would be, I guess, or what they, you know, is what do I do to start my day and take in the look at I really do this intraday as well. So anytime the day to to gauge a message of the markets, what are the markets communicating to you? And it's one thing to say, hey, equity futures are off 50 bucks inside the Dow or 19 inside the NQ or six inside the S many. But what does that mean? Is it is it a sign that markets moving lower? Is it a sign the markets formed to bottom? You know, what what is it? So what do I always look at? So I developed these tools, the Bob tools out there, bullish or bearish in a way of objectively interpreting the message of the markets. That way it's not left up to me. It's just a set of tools that you and I use to help us understand whether something's bullish or bearish and then whether something is identifying a top. And by top here, the one top that I look for, the rose momentum indicator top out here. And here what we can see on the very right hand side in little white background area are the different intraday time frames, a half hour timeframe, a one hour, two hour and then the five hour time frames out here. So I'm always looking, you know, because this helps me, they help me get my head wrapped around. Okay, what is the message of the markets, at least for that specific timeframe, right? So now when we take a look at this, you and I as pilots as to, you know, I'll be your co pilot, you be the pilot, you look at the messages, the last four panels on the in the white background area out there, you'll see in a short term on a 30 minute basis, it shows bottom signals for the ESDNQ and the Dow, you look to the two hour, and then you see topping signals for the NQ and the Dow. And in the five hour, you've got a topping signal inside the inside the Dow as well. So the messages are clear with regard to, hey, what are you expecting potentially at 810? Now there's a jobs report coming out at 830, and we'll see some type of market reaction there. You and I are always looking to see, you know, is there some kind of, is there some kind of tell in the market out here? So right now we know we have competing patterns, 30 minute and a two hour charge just says, hey, that's where we should spend our time to look for signal information, see what the markets are communicating to you and I. So on the 30 minute basis out here, and that wasn't the case. So when I sent out my newsletter to subscribers this morning, so, you know, for their benefit, let's go take a look at that. We did explore the two hour timeframe charts out there and levels of support, but we didn't have the 30 minute signal. So let's go look at the 30 minute signals. Let's start with the ESMini just to see what it's communicating to you and I. So it said that bottom signal out there. What's that mean? Well, if we take a look at the ESMini actually here for 30 minute basis, we're going to see two patterns. First we're going to see what we like to take a look at, what we like to refer to, properly refer to as the TD set up nine count pattern. That's where you have nine successive, in this case here, because it's to the downside, right? Nine successive closers with each, nine successive closes with each close being below the close of the bar four bars earlier. That gives you that momentum or that breakdown move. In fact, inside the ESMini, on a 30 minute basis, the breakdown occurred at a price level of 3,003.75. That's where price, that's began the nine successive counts to the downside. Now, in this case here, a real valid bottoming, potential bottoming signal because the low of that count occurred on bar eight. When it occurs on bars eight, nine, or 10, then you start paying attention. Look for some other levels of support or resistance out here. And what we can see is during this eight to eight, 30 session, we've seen price actually move the tad lower. I don't know if it's actually taken. Now let me see the price point on that bar eight at the lowest, 29.93 and a quarter. And we got down to a low of 29.93 and a quarter. So we've just tagged it. When a price does close below that, it doesn't matter. It says that the TD set up nine count pattern is not the valid one, but instead the rose momentum indicator signal. And that's what that system Bob, bullish or bearish, was communicating to you. So what does this mean? Well, as price is pushing lower right now, we're going to get the jobs reported at eight 30. This bar is going to complete at eight 30. The next bar will be from eight 30 to nine under 30 minute basis. If you were to get a bullish reversal candle, then that would say, okay, price is going to go target. The first level would be 3000. Even Steven, that's the top of the daily box for a 30 minute time basis. You would expect resistance at Stevie's red line, 29.96. And if price is able to break above 3000 and back to the breakdown level, 3003 out here, what if price continues to move lower? Well, then we continue to see this price continue to move lower with strength or without strength out there. As long as it's without strength and these lines will continue to form, then all you're doing is waiting for at least from a bottom signal perspective, you're waiting for the cavalry or some type of bullish reversal candle to arrive. What happens if price is going to go lower? So here we've got our lower target, which right now we know that the message of the markets is it's pushing on a string lower without energy into July 5th, which is a light trading session out here. So don't misinterpret or read the mere fact that Dow equity futures are down or the ES is off six points out here that it's some great earthquake, so to speak about that for yesterday. Earthquake in California, that's not unusual. Hopefully that was the biggie. Steve Rhodes with TFNN. It's July 5th, 814 in the morning. Come and tea alive. Del Ray Beach will be right back. The Taz Profile Scanner is the most revolutionary piece of trading software that you will ever try. Wouldn't you like to approach the markets with confidence? As you begin your trading day, it's likely that you'll be faced with lots of decisions. In order to make the best decision, the first thing you'll need is a strategy that will help you minimize your risks. Whether we're in a bull or bear market, a good strategy is to have the tools needed to help you scan and analyze the markets before you trade. The Taz Profile Scanner instantly scans and filters over 2,500 global financial markets, such as stocks, ETFs, commodity futures, and forex. Headed by Steve Doll, president of Taz Market Profile, the Taz Profile Scanner understands that in today's technological world, the use of top-flight software applications, automated trading algorithms, and technical analysis expertise is essential to successful trading in today's market. Whether you're looking at the trade matrix, the ETF heat grid, the market breadth, the landscape charts, or the many other features of the Taz Profile Scanner, this is a piece of software that will revolutionize how you look at the markets and set up your trades. The team at Taz has even put together a 12-part video series to walk you through every aspect of the Taz Profile Scanner, which you can find directly on the Taz Order page at TFNN.com. Sign up now for only $197 a month with a risk-free 30-day trial so you have nothing to lose and everything to gain. See for yourself how you can harness the full power of the Taz Profile Scanner by visiting the front page of TFNN.com today and you'll find the Taz Profile Scanner under the Services section. Remember, with a 30-day money-back guarantee, you have nothing to lose. Don't let another day pass you by without trying out this amazing piece of software that will revolutionize how you look at the market and how you place trades. Sign up today. Many of our new listeners have heard about The Tiger's Den. The Tiger's Den is a lively community where professional 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. TFNN has launched our brand new website. You can still 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. Call now toll free at 1-877-927-6648 internationally at 727-873-7618. Back folks, July 5th at 8.18 in the morning for listening at 1.18 and we'll try to make the shows pertinent as we can. We were discussing or taking a look at the short term the 30 minute chart for the ESMINI because of the bottoming signal that it is showing to us. So we've got the jobs numbers coming out at about 12 minutes or so may move markets may not move markets out here. We're looking for some early clues out here in the case of the NQ because we'd mentioned it was the for equity future contract 30 minute time frames that were showing those bottoms and we were looking at the two bottoms that in essence had been forming at least in the ESMINI and the NQ it's the same thing. You can see the TD set up nine count but price did actually move below that level out there. So it negates that pattern leading negates it in my mind as a bottoming pattern out here but price is pushing lower doing less relative energy. My system will continue to draw those signals to make us aware of that situation because when price is pushing lower less relative energy it tells us that it's not a real move out here. Very similar to if you look at the NQ on a 30 minute basis it was doing that same thing at its most recent high out here. So the patterns and the cool thing is that these same patterns work on any time frame and that really helps us to understand the bigger picture of the markets out here. The pattern itself doesn't confirm until you get a bullish reversal candle so you can't use this as a I mean an aggressive trader still you'd like to have some type of confirmation out here. So what's this telling us telling us one of a couple things either the market is going to find this bottom and bounce and inside the NQ resistance is between $78.97 and $79.08 where price actually broke down or if there's a real move to the downside which is another possibility this pattern here will just simply evaporate price will push lower do with more energy out there and then that says that the two hour time frame charts could be the guide as to what to anticipate. Remember they 30 minute charts showed bottoming signals two hour charts for the NQ and the Dow were showing topping patterns out here. So here we can see that Rhodes momentum indicator top generated with the bearish reversal signals out here. We now see that price is trading below support on the two hour time frame and so the push lower if there is a push lower with the jobs numbers should really find support where price broke out. Remember price breakout or price breakdown for our purposes described because of the the TD set up nine count the nine count beam where you have nine successive closes either the upside of the downside in this case here would be to the upside where the close of that bar is above the close of the bars four bars earlier out there just gives you that momentum. Where did that race begin because if we take a look at this chart out here for a two hour time frame without that tool if I were to ask you where the breakout occurred then you are stuck with one thing going back to the swing point the lower the high out here and that that's invalid I'd say that's more valid for drawing retracement levels from A to B so to speak out here but the real breakout the real energy the real party the RSVP to move to higher price in the NQ on the two hour time frame began at 7830. So 7830 price could pull back to that level inside the NQ so that's the downside. So you try to understand the downside risk that I would say and the upside coming from the 30 minute that that's what we're dealing with what will be easier for us to look at is to recognize this right now and just simply come back after the 830 and look at this more towards the later you know the late late not right at 830 but we'll look at that for sure but more as we're coming into nine for the actual signal inside the markets with regard to the Dow out here the Dow equity futures contract it's two hour chart out here so in that same pattern here roads momentum indicator top and support here will be 26762 so that's quite a bit lower to the downside considering we're at 269 right now but nonetheless that would be what the downside target would be if in fact price decides to move lower with some energy out there I don't know what the outcome is going to be out here with regard to the job we're just going to wait and see and then go back and then make an interpretation inside the market now we can do the same kind of thing we do the exact same exact thing for gold out here but in the case of gold let me pull this back over this was really the tool that began at all Bob bullish or bearish with Stevie's signals out here and I do have the two hour time I'm sorry I do have the gold contract and we can see I also have its 31 hour two hour five hour and I don't have any signals for bottom or top so we just have going on right now inside of Goldilocks let's go take a look at Goldilocks it's just a guard variety retracement at this stage down 640 now that garden variety retracement also provides you and I with support and resistance out here resistance is very clear it's 1432 80 on a closing basis that is the top of its profile if we take a look at this profile right now what you and I know is that this is an equal is an equally distributed profile because center at 1412 is really pretty much in the center between the top and the bottom bottom at 1392 50 so Gold's response the levels to be watching today would be the top of the box 1432 80 and the bottom of the box 1392 50 now especially helpful on a holiday Friday when not a lot of people are paying attention because you're out still many people still in bed boy how that sounds pretty nice to me and no not because it's 124 in the afternoon although let's face it there's nothing wrong with the power nap it's because it's 824 in the morning so downside you're watching 1392 50 there was a close blow 1392 50 today folks this would be telling you to the extent that you can trust a light volume Friday but what it would be telling you as prices had it lower in fact what it would be telling you is that gold has formed it's next to a fairly major top out here yeah I know and you won't hear that most other places out there but that's what it would tell you but we're not there just yet but you do know the price point to watch 1392 50 and we would just simply add this one little candle to the icing on that cake which would be you really need to see two closes below 1392 50 there needs to be confirmation or follow through to a downside so we know what to look at to the upside to the downside for gold we know what to be watching for inside the equity futures markets and so let's go to our first question out there apparently we've woken up one person that's Earl the pearl Earl writes and Earl says hey Steve hey Earl thanks for being hey by the way thanks for being up early checking in I just lost the message that's not good oh John is in Sarasota he's also up okay the early birds are catching the worm that would make me the worm the tequila worm out there but Earl asks the question do you see a pullback I think capital letters this year to have a level to a level for longer-term investors to buy for a move to above the 30,000 and I do Earl if we so the answer to your question is yes the markets even though you're at new all-time highs the markets in my opinion have not broken out now I know you might say what the heck are you talking about Stevo well here's okay let me see this here's the Dow out here and let me just kind of turn a couple things on and off and because I don't want these profiles on there they're not reliable for the cash indices out here let me get rid of that test of that high out there and let's just do really might be easier no let's just do it like this so I won't consider there to be a breakout underway inside of the Dow cash and see here's what I'm going to do Earl just going to connect the dots don't know what color line we've got but I'm going to connect the high from January 26 I'm going to connect the high from October 3rd and we're going to extend that to the right it's all I'm going to do extend it to the right try to extend it to the right before we go off the air I'll have to extend it to the right now we'll be right back 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 share 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 their number one market timer in the nation for the s and p 500 for the last 12 6 and 3 months timer digest also ranks me as the number one market timer for gold as well the fact is markets can be timed and I'll teach you the exact set of tools that I use that has transformed me into one of the best at what I do sign up for mastering probability today by clicking on the newsletter tab on the homepage of 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 keeps his subscribers up to date with all pertinent market information with intraday afternoon updates when warranted don't miss out on this great chance to get a 30 day free trial to David's daily newsletter the path of least resistance with no obligation to pay anything David has been delivering solid recommendations for his subscribers recently and if you'd like to see the type of newsletter he delivers every morning then visit the front page of tfn and you'll find the path of least resistance under trading newsletters for all the details and to start your 30 day free trial today log on to tfnn.com now tfnn is excited about our new software charting program the art of timing the trade charts in collaboration with Tom O'Brien and using his bestselling 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 guardleafs abc's butterflies and much more the art of timing the trade charts is designed to help you when scouring the markets for stocks just beginning to form the trading patterns that many investors spend days weeks or even months searching to find and right now we're offering licenses available at only $79 a month we are so confident that you're going to love this new charting software that will even give you a 30 day unconditional money back guarantee don't miss out on this incredible new piece of software get your copy of the art of timing the trade charts today by visiting tfnn.com this segment is brought to you by think or swim for more information just click the think or swim banner on the front page of tfnn.com welcome back folks so 830 jobs report numbers are out we're going to pay attention to the future as well really all the markets out here you've got the gold's initial reaction to the downside 13 bucks to the downside my system is acting a little slow here as we speak so not seeing a big movement just yet in the equity futures piece of the pie so but markets certainly are moving so payrolls looks like are up by 224,000 I don't really know what that means does that do you know what that means out there so but you know we'll so we'll let kind of let this play out here for a bit let the system unclog itself so to speak but I want to go back and so that allows me to really re-answer Earl's question out there and Earl's question was do I see the market pulling back to allow longer-term investors to find that next bottom to to surf the markets up to the 30 40 50,000 range yes that's right inside of the Dow and the answer there is yes but let's look at it like this let's just look at the charts out here and you can just follow along I was trying to draw in some resistance line and as I said I don't really consider the markets at new all-time highs to have broken out now when I say broken out really taking a look at this chart here folks up in the upper left hand corners the Dow the S&P to the right Nasdaq lower left Russell 2000 on the right hand so now these are the cash indices so you're not going to see any movement in these here in the pre-market but all that I've done here Earl and you can do the same thing at home if you have access to charting just using the high from January this is for the Dow and this is for the S&P 500 so I'm using the high from January of 2018 I'm using the high from October of 2018 just connecting those two dots and then extending that diagonal line off to the right and that is where pricing would need to close above on a monthly basis to tell me that hey I'm wrong the market is in fact breaking out and is taking off and that take off time you know is in fact right now that is not the case if that's not the case then what we would anticipate just simply well from a number of different reasons but certainly seasonality being one of those that a move lower into either October of this year or January of next year would be that referred to a bottom signal there Earl so that's what I see when I take a look at the markets as we speak John writes in from from Sarasota and is pass ready to move so let's go take a look at this let's take a look at three timeframes out here daily weekly and monthly try to answer that question PAAS by the way folks is the ticker symbol yeah that's the one that we want so that's a PAAS that is Pan American Silver I believe so the question is the question is why is my system here being so slow now that's a problem at 8.33 in the morning but the system I guess just freezing up slightly based upon jobs numbers now that's a real bummer out there I didn't say major bummer okay so while this thing here hopefully is populating what can I do what can you always got to have a plan B even if you don't have a plan B make sure you have a makeshift plan B out here so what's our plan B our plan B is the following oh man those so the earlier this morning the ES mini NQ and the Dow were trying to tend to form new market profiles but they have those two have since vanished so I was going to share with you some cool information and I can't well I can all I have to actually do is just pull up the newsletter why don't I do that because then I can refer back to those numbers they should be numbers to watch now the profiles themselves as we can see right now I haven't taken effect but I was using Stevie's super Doppler tool out there which is an advanced tool to assist us with and the nice thing about having those profiles is it lets you know where support or resistance might be and the reason I was going to it from a plan B standpoint was because that was fairly important to understand out here so here is the daily I'm just pulled up here give me a moment to do that and you'll see what we were looking at and it is right right here here we go so and I don't know if you're going to be able to see this or not hopefully can let me try to expand this I'll do this oh yeah I can expand I can go something like what view zoom 100% zoom right zoom give me a percentage there we go hey hey there we go just type in the percentage let me try 125 let's see what that looks like I think we go to 150 came but here here I think maybe you can see it well enough um question is can my eyes can my eyes see it so it looks like what we've got here is we've got inside the es mini it may be hard to read but the profile it's attempting to form is a bare structured box out here with 3006 being the top of it and support being 2951 uh inside the nq the top of that box was 7907 and supported 7792 so those are key levels and inside the dial you can see the new profile was forming within the box out here so we're not going to spend any time there but the now as I mentioned to you right now as we speak at 836 those profiles don't exist out here but those would still be the numbers because I know what's happening in essence behind the scene and speaking of behind the scene we still don't have pan american silver now that's a real bummer out there john my apology for that I don't know I just must have too many things going on in the background I left a number of different tools open this morning thinking that I was probably just talking to myself so to speak and and so maybe I need to close a couple of those things but I don't want to necessarily do that during the show so as we speak right now 836 in the morning again the show is being recorded this is live July the fifth but you can see all those yellow little boxes over here on the left that's telling me I've got a delayed data feed right now so um I can't really tell you that futures equity futures are down 63 points I don't know we're flying blind here oh man what a bummer so okay so what are we going to do next then um I can't always go you go go back to my so it says gold is off 21 bucks how about Tucker in the den you got smack gold is it what's it down right now is it down actually gold doesn't gold's coming through live let's spend some time on gold right I don't have a yellow box here on uh goldilocks the 20 bucks so let me see here is here is here here's the chart here's the chart yeah I'm looking for my wingman to help me out here but here's the chart for gold which appears to be appears to be live so again we we we mentioned earlier that uh a price is trading within its range 22 bucks thanks um so here's what we know about gold that's a number of different things out here and then so this is going to support for you my reason why I say I think gold's formed a major top out there and I know I'm one of the few that say that or at least that I hear that say that that's okay that's what I say so here's a daily time frame chart it's not really what I say it's what the chart say can you imagine can you imagine if I didn't share that with you yet each day you know 200 plus days a year out here we use a certain standard certain set of tools about four or five of them help us identify tops and bottoms out there and then they form and then they form I just ignore it that's what I should tell you so those of you that do listen to show that pay attention to the tools that we use whether it's wave number seven letter g which form the bottom in gold whether ZD set up nine count which right now has the high end gold out here and this says hey if price goes below 1392 you better watch 1336 right now support hasn't broken 1392 50 for Goldilocks out there here if you're in the cd market and looking for a secure investment the Tiger first mortgage program may work for you the security for these first mortgages are building lots in the tax opportunity zone in st. Petersburg Florida the tax act of 2018 set up tax free zones across the country where you can build and hold for 10 years and pay no tax on the profits which makes these lots valuable the investment is anywhere from 30 thousand to 75 thousand the interest paid is 7% yearly paid on a monthly basis according to bank rate comm the best rate for a four-year cd in the country as of February 20th is 3.1% a $50,000 investment at a normal four-year cd rate of 3.1% would give you income of 1550 per year or 6200 over the four-year period that same $50,000 investment in the tiger first mortgage program would give you 3500 per year or 14,000 over the four years what should you prefer 6200 or 14,000 of interest on your investment if you would like more information about the tiger first mortgage program you can call me at 877-518-9190 that's 877-518-9190 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 tfnn newsletters cover every aspect of the markets to offer you the very latest in market news plus new subscribers get to test drive our newsletters risk-free for 30 days from all aspects of the markets including stocks bonds metals commodities and tech there's a newsletter to fit your needs exclusively from tfnn stay informed each day you trade and get the competitive edge that will help you stay ahead of the game visit our newsletters page by going to tfnn.com and click the newsletters button near the top of the page tfnn.com educating investors biotech is booming but for how long whether you think the biotech bull has room to run or has run its course trade labu or labd directions daily smp biotech three times bull and bear ETFs visit direction investments.com slash biotech today an investor should consider the investment objectives risks charges and expenses of the direction shares carefully before investing the prospectus and summary prospectus contain this and other information about direction shares to obtain a prospectus or summary prospectus please contact direction shares at 866-4767523 the prospectus or summary prospectus should be read carefully before investing an investment in the funds is subject to risk including the possible loss of principal the funds are designed to be utilized only by sophisticated investors such as traders and active investors distributor four side fund services LLC 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 so hey it's 842 in the morning thanks for listening in Steve Rhodes coming to you live from Delray Beach Florida hopefully everybody had a great 4th of July we're looking at the fireworks this morning in the markets right now Dow equity futures are off 87 points about three tenths or percent of the downside the Nasdaq is off six tenths or percent so we should spend some time there gold's down about 20 bucks so be careful there watch the close even though it's a holiday watch the close just watch the numbers out there we do have a system looks like a backup and running out here so we had questions from a question from John and Sarasota two questions one was passed P. W. A. S. and the question is wasn't exactly sure of the question let's go take a look at at the charts and see exactly what it's doing so here's what we know about Pan American so for the first let me see what it's trading at here is the pre-market so let me type in the symbol here as well close at 1295 last trade fired off at 12 between 1275 and 12 we'll call 1275 looks like the real price out here and 1275 just down 20 cents no big deal so with inside Pan American silver you can see it's got a bearish structure daily profile that price is trading into perhaps more importantly because it's Friday is that the counter trend rally in Pan American silver may be over this would be the second week in a row John if you had a close blow 1310 which is the top of the weekly profile so that's resistance that's your significant resistance level now the confirmation that that was a significant resistance level would have to be a close below the bottom of the daily box at 1179 out there now Pan American silver on the daily time frame when it made that higher high out there all that it was doing was creating that TD setup nine count pattern remember on the nine count pattern you've got four successive closes above the closed four bars earlier and when the pattern exists out here you watch for bars eight nine to the bar following nine in this case here that happened to be the that high that moved to the upside but then there was a sell-off during that session created that dark cloud cover candle bearish reversal signal and inside of Pan American silver 1267 would be a number to also look at today that is Stevie's green line that's the oscillator on change line it's green meaning you have a rising price oscillator above zero rising process price oscillator above zero meaning the difference between its 19 and 39 day exponential moving average yeah and so as long as price remains about 1267 lukewarm but still bullish below 1267 says look out 1179 below 1179 1135 so you've got a topping signal out here you've got resistance on the weekly I don't know what your question completely meant out there but hopefully this helps you with regard to what your upside issues are which is a topping signal and your downside support and it could just be a retracement back to support so I don't know whether you're in where you got in now let's face it if you got in down at the very bottom out here at 1026 a heck of a gain to give back then you've you've got to make the financial decisions with regard to pan american silver I think sand let's try putting up sand out here and yeah we got the market system working back up and that you were asking about this equity now this equity here slightly different from a standpoint that price has traded into the top of its daily profile just kind of consolidating between 536 and 573 out here the weekly slightly more bullish but in the case of sand strum gold it too formed a TD set up a nine count top out here it was on bar number 8 so that's your significant resistance but what price did was it pulled back to support the breakout level that TD set up line at 540 and so you there's really your range is the highs in the 590-ish down to the 540 level you've got a topping pattern that form price pulled back to support and hell that's not too shabby out here in the weekly timeframe with regard to sand strum gold what do we see out here you see this congestion right you can see the bearish up at these highs so you know where you're up at resistance and that includes last week's dark cloud cover candle so I think it's really consolidating John and I'll show you kind of know what the low area is and where the highs are and the highs were basically as of last week out there so hope that helps you out and have a happy well 5th of July celebration out there and the safe weekend see if there's any other requests we don't have any other requests out here nothing inside the tiger's den and so let's go back to take a look at the equity futures contracts out here so we haven't spent any time there get a feel so we were looking at the 30-minute time frame charts right we were noticing prices moving lower doing less relative energy out there that's always important but let's go see is that pattern still in play we have energy or not now move lower see how my line out here let me just make sure I don't have this on the close of the session so let me just make sure I don't have it on the close of the session out there and that it's live no it's it's live so price is moving lower and it's doing it with energy if it wasn't it would have the line would have continued to drawn down there so so the support level that it was going after it being the ES mini was 2893 25 that's that's the next breakout area out here and price got down to almost that area so that's the level to watch 2894 is the number versus 2983 25 so three ticks away that's the support level inside the ES mini on a 30-minute time frame out here if that level fails again let's go back to the two no the two hour time frame did not have that pattern so let's go to the nq the nq were on the 30-minute and the two hour we had a bottom potential bottom signal and then the topping signal let me just hit the update here let's see if price is moving lower with less relative energy no the answer is also with energy out there and we've got price came down and tested that next level of support there's two of them out there 7840 7842 25 and 7825 75 why don't I just do this and extend those lines so let me do that and then you'll be able to see if those levels of support held let's just ramp that up see if this works here watch those lines come across there yeah you can let me do it a little bit more in the meantime let's go out to Philly the the city of brotherly love and speak with John John thanks for calling thanks for holding how are you today Steve I'm doing very well and thank you for doing this post holiday show most of us are trying to take the day off but kudos to you sir yeah no problem my pleasure my pleasure hey it's a we're a team we're a team and you're the you're the captain of the gold team so be happy to go to my table speaking of gold I wanted to ask if you could just elaborate upon something I listened intently to your discussion as you see the gold price so thank you for that I can understand did I lose you no I'm here I'm listening I'm listening more quietly than I normally do so I'm totally focused on you okay very good I can understand the short-term high scenario up with that 1441 1443 high the past couple of days for me I am holding the bullish view that dips are for buying so long as 1388 to 1366 holds can you tell me if your rights that top is in how far we might decline lower absolutely absolutely hey John thanks for calling and I'll do that during the last two minutes of the show and have a terrific July 5th and weekend we'll be right back since 1984 Basil 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 Basil noticed that prices under most circumstances virtually always had a certain number of legs to the upside before declining sharply later Basil 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 Basil Chapman advises his subscribers of his expert market opinion each market day with his opening call newsletter right now you can get a two week free trial to the opening call Basil's daily trading newsletter by visiting the front page of tfnn.com cancel it anytime during that trial and pay absolutely nothing get your two week free trial to Basil's newsletter the opening call today by visiting tfnn.com 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 it must have for every trader looking to gain a competitive informational edge in today's markets tfnn newsletters cover every aspect of the markets to offer you the very latest in market news plus new subscribers get to test drive our newsletters risk free for 30 days from all aspects of the markets including stocks bonds metals commodities and tech there's a newsletter to fit your needs exclusively from tfnn stay informed each day you trade and get the competitive edge that will help you stay ahead of the game visit our newsletters page by going to tfnn.com and click the newsletters button near the top of the page tfnn.com educating investors 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 in 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 based vitamins minerals fatty and amino acids in an easy to use liquid form primal edge is powered by highly concentrated folic and humic acids nature's preferred delivery system they've been called miracle molecules because like sunlight air and water life cannot exist without them that's right page they ensure we receive all the nutrition we need to be healthy and thrive we take it every morning primal edge formulated and approved by nico and page of living a primal lifestyle buy it today for just $89 click on the primal edge banner on the front page of tfnn.com 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 welcome folks to the july 5th uh show out here it is 8 54 in the morning if you listen live at one o'clock thanks so much for doing that we'll be back hey monday show is also going to be recorded from 8 to 9 a.m. out there so the question that we're going to try to answer here for uh john in philly is um with regard to the topping signals that's dvcs here inside of gold one of those if you take a look at this weekly chart out here you're going to see the a to b equal cd pattern completed last week 14 38 30 uh it did generate a shooting star candle so one of things john that i'm looking for is to see if there's a lower close this week typically the way that shooting stars were not always but typically you look for follow through if there's a close below last week's low well that would be follow through to the downside if there's not what does it mean means there wasn't follow through but what it doesn't mean is that okay gold's moving higher if you take a look at this chart and the question was where is gold where could gold pull back to if it closed below the 13 60 ish area out here and one of those levels that steve you would look at on this chart would say 13 60 180 um out there and that's just simply coming back to some highs back here in october of 2013 out here so here's the long term resistance uh that's the little yellow dash lines 14 34 13 92 takes you back into august of 2013 out there the pullback i would expect would pull back into the trend line established from the lows in 2015 and the next touch point out here in august of 2018 if you're going to ask me for a price it's in the 1200 range out there if we take a look at its primary trading range boundary lines out here uh those are horizontal lines of support or resistance ceilings and floors out here what we can see is the weekly and the monthly weekly are green monthly are red and that that is really good uh levels of support or resistance john next level of support to downside you're using 13 60s well the weekly is 13 59 40 then below that you're looking at 13 24 then below that 12 92 and then finally around the 12 25 ish range that is in essence where I think gold would be pulling back to that trend line and then it is probably off to the races for years to come so we can be a bull and a bear hey folks thanks for being here stay tuned for another great programming hour tfnn have a terrific weekend we'll see you monday morning 8am sharp take care