 The following is a presentation of TFNN. The Tiger Technician Hour with your host, Basil Chapman. Call now. Call free at 1-877-927-6648. Everyone, this is the early edition. This is 8.06 a.m. eastern time on Thursday the 19th. And it's my pleasure to be here. So we replay it again at 10 o'clock. So that's always a little difficult to do when you've got a volatile day like this, potentially. Right now we're looking certainly at the Dow close at a sell signal yesterday. It's the only index, key index, that actually went to a sell signal. A very near term that is, not a sell mode yet, just a sell signal. Close at $33,296. And the YM, which is the Dow futures, is down very sharp. You're almost at the 200-period moving average of $32,100. Oh, that's where it is right now. $3303.06 is the 200-period exponential moving average. It was fantastic support for the last, ever since the low that was made on December the 20th. So we're going to be watching this very closely. I need to put that, not a plus sign, but a down arrow. That's a sell signal right there, very close to a sell mode actually. Looking at the S&P, the S&P cash yesterday closed at $39,28 at a Pd underneath the 200-period moving average when you go to the continuous contract of the E-mini trading down $34,3911. You can see how it was repelled right at the 200-period moving average. It's now under the 14-period moving average, very close to a sell signal. And that inside track has gone back into the inside track of the weekly chart. Well, this is going to be a very interesting session. We're looking here, and that's the reason why we got out of some of our trading position in the Dow. But right now, what we're looking at is the QQQ, which closed at the NDX100, in VSCO QQ Trust series, closed at minus $253 at $275 yesterday. And the NQ right now is trading quite sharply lower. It's down $109 at $11,365. I'm going to be watching this very closely because it needs to hold the $11,200 over the next few days. The IWM was doing very nicely. Pullback sharply from the peak at making a leg C. And now it could be a peak C today down $1.70 at $182. It has $183.80 as resistance and must hold $182.40 support. Gold is still holding very well. Up 2.4 at $1909 did make a peak E. It's right in the area that I consider to be strong resistance. How does it hold that? It's a leg C in the weekly chart. Looking at the dollar, each time it's tried to rally, it's failed. Today it's down at $21.00 at $102.19. It's got a little rectangle formation. It needs to get to $103.50 to be able to say it's going to impact the gold and the markets. But if it holds down here, we could see a bit of a bounce today in the market. We'll see what happens. And the TLT has been a tell for some time now because it's been rallying strongly. Meaning the yields are coming down. Today it's down $0.79 at $107.84. It's doing very nicely actually in terms of the rebound. And the final thing here will be crude oil. Crude oil is at $0.79.60, down $0.20 at a leg D. Right under the 200-period moving average. It's just kind of stalling in this rectangle formation. So I'll be back for my show, the Tiger Tech. Oh, this is the Tiger Tech. This is how I thought I was doing the update. I thought that yesterday is a little confused with this early morning opening. Okay, so now we can do a lot of things. What I want you to do is, I just want to go through a couple of questions that I had. Michael wanted to know about Moderna. I got that yesterday. Just like I didn't get to it in my show because I only saw it as I was about to wrap up in the early edition. This is a pattern that we look at. It's the wide rectangle formation that forms some kind of a U-pattern. That is going from one point down, curving around, like a boat hull. And then it starts to move to the upside. Trading right now, pre-market down $1.52 at $195.50. I think Moderna is holding very well. Unlike many of the other areas of the healthcare, which is called the pharmaceuticals, I think they're in for a bit of a slide right now, and healthcare itself. So Moderna, Biotech, COVID, they were very involved in COVID. But they had many other trials, and I've been speaking about this for quite some time, that Moderna is in different companies. Not one of those flesh-in-the-pan COVID related, like Zoom, that had the spectacular ready doings. They have products, they have real products. The products that will come to market at some point. So the question was that he's been a long-term buy-and-hold. He's added to the position. I like that, Michael. And if you have goals for Moderna, it doesn't even necessarily have to be priced because it's gone for $497. It only lost 400 points down at $197 right now. But if you're looking at this at 300 points, that is, if you're looking at this as a potential consumer product that's always going to be in demand and it rotates through its various FDA approvals, et cetera, I think that this is something that you've got to be able to sit with it as it comes down. It goes up and comes down. But as a longer-term, higher lows and higher highs potential, I think this fits the category exactly the way you were talking about it. I would not recommend doing anything. You're in this new position. I think it will make that laying D above the peak C that was made back in the week of November. No, December the 16th. At $217.25, it made a peak C. I think it will go to $217.26 to start laying D. And then we'll see if we can go higher than that because it's got that very ugly candle off. The January of last year, exactly a year ago, the high was $249, the low was $138, and here it is, not even, I would say it's kind of, yeah, it's in the middle. So it's in the middle of that particular range and I suspect that that will be the target. The high there will be the target over the next, oh, maybe I should say six weeks, but I'm going to say over the first quarter into the end of March. The next question was about Merck. It was actually Pfizer, but I want to put them together. So let me just type this in here. So Merck, fantastic company, higher highs and higher lows in all its history. It's just being something you can rely on. Look at the way it has this huge sequence. It usually goes to a peak D or an E, and then it fails. You go all the way back to 2003. I can go further back. I mean, I've followed Merck for ever since four decades. So Merck has been, I wonder if I could do that. Yeah, let me just do this right now. This is going to be fascinating. Here's the black background chart. I really miss my black background charts. I use the white because I know people like to print out these various charts, and I print them out as well. This is the spired resistance right here. You can see the chat wave inside track and repellent zone, although it did cross positive. There's an L that says the alignment over the 14. Anyway, let's go back to Merck. So look at this Merck. Oh, that's the dating chart. It doesn't matter. I want to change it. So this is the Merck has just gone to a cell, and the dating that's under the 14 period moving out. I wanted to change this to a monthly. So here we go. Monthly chart. Now, look at this. Here's Merck. There were very brief periods since 2010, genuinely, when it was in the 34 to 39 area. Look how many brief cell signals there were where the nine went under the 14, just for like two months. But mostly it's green. Two months. Mostly it's green. One month, I think. Mostly it's green. Three months. And mostly it's green. Isn't that interesting? I'll be right back. 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You might think that if you want to be successful at trading in the stock market, you're going to need a crystal ball. After all, it's impossible to predict the future, right? Like any endeavor in life, before you decide it's impossible, get some advice from the experts. You might find that it's not so impossible after all. For daily market overviews that give you direction on the key indices, selective stocks and commodities, subscribe to the opening call newsletter at TFNN.com. The opening call newsletter is written by Basil Chapman, creator of the trading methodology known as the Chapman Wave. The Chapman Wave up-down sequence gives you an edge in identifying price turns, finding the peaks and valleys in stock prices. Get the opening call newsletter by Basil Chapman in your inbox every day. First-time subscribers also get a 30-day money-back guarantee. If you're not satisfied, let us know and we'll refund within 30 days of signing up. TFNN.com Educating investors. That's 1-877-927-6648 internationally at 727-873-7618. Well folks, you're going back to this back-back round chart. You can see, let me just expand that. This is the PPA, which is the Invesco Aerospace and Defense portfolio. And look at how it's holding so nicely. But if you look at the PPH, it has a slightly different characteristic. It did make a high, it's still green. In other words, a 9-period moving average. But if you look at the individual stocks, look at Merck, acting very well as one of the leaders in the group. If you look at Pfizer, that had a huge red candle. There's a monthly chart, big red candle for January. January is only halfway in. We're just starting the second half of January. So we're watching this very closely. If you look at Moderna, MRNA, the S has got a much shorter lifespan. That's still very pink. In other words, the 9 is much, much weaker than the underneath the 14-period moving average. The MACD hasn't crossed poses. The cash is at a really nice ready. Look at the on-balance volume. I'm kind of impressed with that. It says that big money is coming into this and supporting it and looking out, just like Michael is, at the longer term. So yes, I do like it. That doesn't mean to say on a very short-term basis it can't be vulnerable. But I am saying to you, within the context of the different chart patterns that we look at, this one is saying it's within... How can I put this? MRNA. Let's go through this again. That within the context of the characteristics that I look for, yes, it made a lower low on this low in the H pattern, but within two bars it was already back above the left side low. In this case, the low of June of 15061. The last low was 11503. Just a tad lower. How many times have we seen this? Bottoms are retested almost to the penny. And now this is a single A to the upside. But look, the nine is getting closer and closer. There's a monthly chart closer to turning up. So I would say if it can, in the next... If we can get into this ugly candle of a year ago, January of 2022 has a high of 249.42 and a low of 138.17. I think that this is a good way to play this very choppy market that we're in right now and rotating market. Now, talking about rotation, I told my subscribers in the opening call that I would go through the IWM, the Russell 2000 this morning. So look, there's a technique that I developed a long time when I used to hand chart. I used to do this where I drew in channels and trend lines. It was the major thing that I did. So I started to learn about this chapter, which I call the seven way four meaning that prices in a buy mode should go to a D at least. And then I found out that when I found out when fragility had become my first big client back in 1987 in the summer and they were put me on trial and then they said, okay, in August, you're on. And then I got this signal that said, I've got a PD in my hand drawing chart. And all I did was it was the closing price. I did it on closing prices for the major indices like I had done it for the Nike, which gave me a really good sell signal back in 19. Was it the long, the long weekend, New Year's weekend, 1979 came to 80. I think that's when it was. And then I found out, you know, it really can go to an E and even an F. I didn't know about Gs, but E and F. So I said to, I think it was the third week of August of 1987, I said, I had a hotline. They used to call it a hotline. I said, I'm a little cautious here. We've got a D. I know you don't quite know what the D means, but D means be very careful. And I think 27, 38. I don't remember the exact number. I said, but I think we can go a little higher. Then I got that sell signal. And I said, okay, now we're in a sell. We're about to have a very sharp decline. I had no idea whatsoever it would be like it was. But it was, we're in a sell mode for most of that period. So this is very interesting. IWM, this is a channel line right here. There's the inside track repellent zone. And it's gone above it for last week. This week, it's still above it, but it's kind of testing it. But if you have a look, look at this, the S&P acts. I don't want to go back to the black background chart. We can do it right here. The S&P went right to the border of the green line. And now it's under. It's above the nine period moving average. If I go to, this is the reason why I like to do the E-mini continuous contract, even though sometimes the price is a way off with the patterns. Everything's the same except the price sometimes can change. Right now it's exactly the same as the E-mini march. E-mini is minus 33. That's 39.12. Had that peak D at the top. I haven't yet put the down arrow. I needed to wait for today to conclude. But look at this chap. We've inside track repellent zone. It's still acting as a repellent zone, even though very briefly it became a propulsion for a move above it. But look at that. You can't make up things. This is the way it is. This is the way it looks. Just extend it. There it is. So we're right in. This is really important. This is the E-mini. Let's go back to, we can go to RQY. No, I don't want to go there. I want to go to the IWM again. This is a cash index from yesterday. It's actually down to the 182 level. So it's gone back inside. But look, the nine period actually crossed over positive into the 14 where we have the whole week to go, meaning all the way through to Friday at four o'clock tomorrow at four o'clock. Do you see whether or not this can hold in the L if everything starts to decline all the way through the day and into early tomorrow, no matter what happens at the end of tomorrow, that'll say, whoa, there's a chance that this L could change back to an S, meaning it goes negative. But so far, this is a positive sign. And if I'm looking at rotation, well, maybe I'll just keep that up and go to the SMHs. Look, the SMHs, also, it's a little different line. This is a secondary line. It's really way above the initial inside track repellent zone. But then I always like to do another one from maybe a peak on the left side that looks important. Now it's visual. Now this is mathematical. You're not going to be able to do this. This is all visual. And now what we've got is that if I took that trend line from that peak B minus right there back in August at the August high, you can see it's been pushing above the line and below the line, now above the line. That's the semiconductors. And it did go to a leg E. This is the one index that I look at or sector that I look at that actually extended leg D or E yesterday and has not made a peak yet. Now it's down 266 at 233.05, meaning pre-market with an hour and five minutes to go that there's a real good chance we're going to get our peak E. But look how technically strong it is. Look at the MACD so strong. Look at the nine period exponential moving average so strong with the price way above it and the 200P moving average of 220. So I can't just throw in the towel and say, oh my God, this is it. We're going down a little drink of tea there. But I can't say that the semiconductors are very, very leading us up and very leading us down and so far they've been stellar. They've been looking at the high that was made right here in December the 15th, 13th at 234.59. Yesterday's high was 231.05. Yes, a little bit under it already in leg E. You remember I don't like peaks the E or F to be made way under the previous high. That usually is a sign that says that's what I was saying. I was saying to subscribers of the last couple of days. Down has been lagging. Will it drag others down or will the others drag hold it at the down hold okay. But that golden sex travelers sell off two days ago. That was serious stuff. 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Sign up today and become a part of this educational community of traders just visit the front page of TFNN.com Our folks we're back just before we go into anything else we've got what is it time now is 8.29 so within another few seconds probably got some economic news could be a big spike. Actually let's do this right now just for fun. So we've got ourselves a leg D and a chart of the E-mini. Remember the objective is always to get you to a D and look at this. It goes to a D and what happens in a D other things can happen. Well, it spiked up and one minute later it plummets down the E-mini is now down 36 at 39.10. However, it's a leg F in the 10-minute chart. I want to watch this closely because you can see on this 2-minute chart right here, Chapman automated support and resistance levels. Look at the cluster of support in the 39.10 area. So let's see if that's going to hold as a springboard. You can go lower but it's the whole candle that we want to look at. That's a 2-minute chart and look at all the resistance of the 39.13 level. However, it did go to 39.16. Plummet immediately down to 39.08. So let me talk about that because I had a bit I don't mind talking about things that go wrong. It's enough when we talk about things that go right. So in the meantime what I wanted to point out is why we're there and I'm going to go back to what I was looking at just in a short while and that was looking at the estimators which had held well and so forth. The estimators are down about almost three points, about over two points. So I'll come back to that in a moment. But what I wanted to show you is we had a position that I wanted yesterday. It's been on my list for quite a while. The chart that just came up here because in the DEN Dock U S&P says Dock U hit that peak D, a leg D in the morning yesterday. Yep, that's what we were looking at. And it's fascinating that you can go from 61.60 on the 14th of December down to the 52 area 51.52 area and then come back in a peak A, peak B, peak C and a leg D. And what does it do? Remember what was the high? That was the high was 61.60 and the high yesterday was 61.27 Unbelievable how you get these little double tops. And then you start to see a pullback or a rally. So anyway, go back to what we were looking at here because I've moved away about five steps. Let me see what I can come on Dock U estimators. Yeah, so we were looking at the estimators and the estimators are suggesting that they've been holding very well. They can pull back here, but 220 is the 200 period exponential moving average. There's still quite a way above that right now. Early pre-market, they're down to 223.05 down to 266. And I was mentioning to you that within the e-many, the two-minute chart says there's a ton of support and now another support level of 39.07 has kicked in. So you've got all these support levels. Can that hold? Is it possible that whatever the news is, I don't know what the news was at 8.30 with the I can't remember what was supposed to come out today. An economic report came out and that was that big pullback and now we're going to see is this going to be the start of at least some base building on the session to be able to say it's not yet ready for prime time, but it's attempting. The e-many let's say above 39.00 it's attempting to form some kind of a support level on the very near-term charts and now we can start looking at other things that I wanted to do. So the questions came up about the pharmaceuticals. Well, the pharmaceuticals have a slightly different chart of the IBB and the IBB, which is the IBB Nasdaq Biotech ETF just look at this. I didn't know this is what I was going to pull up on you. I wanted to pull up the IBB at some point during this morning session. This is the pre-opened session that will be recorded and replayed again so that's pA, pB- right there because it failed to make a new high. It comes down to a lower low and it goes down to a B no, that's it's a penny difference. I just need to make sure that I'm not missing it. So the low on the 6th of December was 132.24 and on the 12th was 132.25. Yeah, I knew it was a penny but I didn't know if it was below or above. I'm usually good at the eye business but this is a little difficult to see. B trough C and then it goes to what? pA, what's the objective of the Chapman wave bi-signal to bi-mode is to get you to a D a leg D which maybe makes a pD and then you go to assess and see what's happening. Well, lo and behold, remember I was talking about the double top system moment ago. How about this? The IBB on the 2nd of December goes to 118.74. Yesterday's high was 100 and oops, did I say that incorrectly? On the 2nd of December goes to 138.74 I think that's what I said. What was the high yesterday? 138.13 You can't make these things up. Is that not just absolutely amazing? In a leg D goes back to that previous pE it's a little in a little quicker time frame and yet within that context it goes right to the door but cannot get through and in a weaker chart it goes that would be a little higher. That peak was in 138.74 there as well. Unbelievable. Now what I like to do, I should wait for the whole week to finish but I'll show you what I'm going to be looking at. Look at the vertical line. Everything was fantastic when it was making that leg D and then a peak D and look, this hasn't finished the bar because we can still make another high by tomorrow therefore it would continue this leg to the upside but I'm looking at it right now. The mag is still very good although the histogram is weakening. The stochastic is now under 80% at 77 and on balance volume is weak but look how strong the 9 is over the 14 and that's why I say to you use your techniques but know what you're using and know what's leading, what's lagging in terms of your indicators and if you look at this closely you'll see that it's not giving you any kind of a cell signal or anything it's saying that so far there's a little bit of weakening. Look at the data chart. The data chart to make these way weaker than it was way back there. The stochastic goes way up at 92% and holding flat that's a very good sign so far so this is the way I like to look at this. I don't want to be overlooking something that is very important and that is the 9 is way above the 14 even though the mag D is starting to weaken a little bit it's still strong but it's weakening a little bit and the stochastic has gone under 80%. So I'm watching the IBV because I want to see which sectors in this particular cell are holding ready well. So when I mentioned the XLP XLP is the S&P Select Consumer Staple I don't know where I heard it but someone was talking about the S&P I think it was on a Bloomberg I don't remember where it was and I'm saying to myself wait a minute I looked at the XLP the other day and they said the S&P did I even write it down the S&P versus I remember actually writing it I'm very visual so I remember actually writing it because now I've got to find out where did I put it. Something about the XLP is the one that's doing really well and should continue to do well and I'm looking at it and I'm saying wait a minute I've got this as kind of stalling here not breaking down but I've got it as an alternative count I've got it as a PG in the daily chart with a high in the 77s it's now at 72 under the the 9 period moving average has been weak for some time now it's closed yesterday under the 200 period moving average the weekly chart is way under the 14 moving average the monthly chart is still pretty good but this is just telling me that that rotation that you'd expect at this particular phase when the market is so haphazard you would expect that the staples would be the place to go to like a Procter & Gamble well Procter & Gamble is the same sort of pattern there's your PG with a fantastic triple top look at this it's just uncanny how these things happen at bonds I'll talk about the dollar in a moment look at this here's the on the 14th 154.44 Procter & Gamble that's on the 14th on the 28th of December 154.65 slightly higher for a PG wait a minute it retests at 154 is that a 0-0 there why am I not seeing it so well 154.80 so 144.80 goes slightly higher yes so that went to an E you might think that if you want to be successful at trading in the stock market you're going to need a crystal ball after all it's impossible to predict the future right like any endeavor in life before you decide it's impossible get some advice from the experts you might find that it's not so impossible after all for daily market overviews that give you on the key indices selective stocks and commodities subscribe to the opening call newsletter at tfnn.com the opening call newsletter is written by Basil Chapman creator of the trading methodology known as the Chapman Wave the Chapman Wave up down sequence gives you an edge in identifying price turns finding the peaks and valleys in stock prices get the opening call newsletter by Basil Chapman in your inbox every day 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guidance from the authority and technical market analysis and it's not just dry tedious text either tfnn airs live financial content streamed live on tfnn.com and tfnn's youtube channel with Tiger TV live every market day from 8 30 a.m. to 4 p.m. eastern for free each host is an experienced trader and gives their take on the market while taking calls and questions live from around the world from the moment the market opens until the closing bell sounds Tiger TV has eight different shows with expert hosts to help you make the right moves with your money watch online at tfnn.com or on tfnn's youtube channel and become the investor you were born to be tfnn educating investors this program is brought to you by Vista Gold traded on the NYSE American and TSX under the symbol VGZ you know the den is such a fantastic medium first we have Tiger we've got this thing called the den it's just they call it a chat room this is not it nobody's chatting away we're talking about stocks talking about certain things and JB mentioned that there was a high chin reading I for some reason I was so busy with so many other things yesterday and then last night again with looking at the charts and looking at what I wanted to change some of the stops in our positions etc. that I completely forgot about the chin gauge and yes it was very high and that says at any point be careful that could you could get a very sudden 11 to even 15 point gain in S&P I'm saying you expect that but you got to know where it's coming from and you also got to monitor it because it's holding the gain it just says be careful be ready for a sudden pop because you can't just short everything at this particular point now you got to be a little bit careful yes it's a vulnerable market so anyway I'm looking at talking about vulnerable market look at P&G say made this three times hit area in the 154s that was a peak E now it's pulling back sharp only it's pulling back 200 moving average of 144 to 146 but a very quick peak A peak B peak C after a big move up from 122 and installing the 144s like this it just be real careful this is where you get very quick peaks within one bar rest and the next bar even though it's a weekly makes a higher than a rest and another high says be careful because you could not a sales major sell signal but I said be careful you get quite a sharp drop and that's what we've got but P&G in the monthly chart is holding a little bit better but that is a defensive so HSY was mentioned in the den Hershey's the same sort of thing what do we expect in the chat way methodology a buy signal should take you to at least a D, D is where other things can happen so let me go back and finish up the chart that I hadn't concluded and the HSY it's a stock that I followed and I always forget to actually get people in because it always has a very decent a very decent rally and then you've got to be careful because also has very big pullbacks but this it went to a peak D where did it go to the I can't believe this where did it go to the peak D well in October the 31st it goes to 241 51 peak E plummets below the 200 period moving average all the way to the 212 area and then it rallies to where 242 2.64 what was the high back in October 241.45 I mean you can't make this up it's just unbelievable how these double tops and double balls now and now I need to go to so this in the defensive area defense XLP I think Hershey's is in it should be Hershey's company chocolate and candy all right what we're looking at here is we're going to go to the dollar I think I want to go to the weekly chart for the dollar so let me open this nicely so I I did that in the I didn't do the update today but I can't I can't even remember if I did all these different things so but yes Hershey's I'm just open this is the chart I'm going to use so that's going to disappear in a minute before it does because this trend line trend lines are so important though if you take the load that was made back in April or May it was May the week of the 20th 201.42 and then it retested at 201.63 slightly higher but because of this high low that was made the week of the 11th of November 211.49 I'm using that as my trend line well the trend line says at 214 it better hold 214 otherwise it can go quite a bit lower because that's your look I can make it right now that you have inside track propellant zone is it going to become a repellant zone is today a day where you so between today and Tuesday coming up next few days we start to see some other things happen in the market as the selling is so selective that the stock the indexes that we're holding like the IWM actually showed that they have concerted efforts to try to hold support well let's go to the dollar DXY the dollar right now 101.30 let me just see this this doesn't get smoothed out no 101.30 was the low the week of the 3rd of June in 2022 screams up to 114.78 we've taken a little bit so far our long position was started in 2018 but this is serious because look what happened we came down yesterday to a low of 101.53 within 30 cents of that previous high from six seven months ago isn't that incredible how it works that way after going so high well this makes it really important because if in the monthly chart the statistics are 3.71 that is so pathetic that's like saying it's at 97 and that's fantastic hold the longs because we might be getting closer to some kind of a top but it hasn't happened yet and as long as it's flat and holding in the 95 to 97 that's fantastic you're getting a little bit overboard but not any any signals well in this case it's the opposite you're down to 371 and flat there are no signs yet in the monthly chart that the dollar has enough strength to get from 102 right now 102.23 up into the 110, 111 it doesn't say it can't rally at some point to the pink 9-speed moving average 104 or the black 14-speed moving of 105 but in that particular context and remember yesterday I said I have no choice I'm calling this an alternative count F slash C in the dollar index although the UUP is the beneficiary it is the subordinate to the dollar index which is the key the UUP which is a trading vehicle has actually made I did call that an F slash C some time ago and I don't know why I didn't call that same thing in the dollar and that just says now you're going to be very careful you've made your peak E in the weekly chart we're in from the 23's it's run all the way to the 30's and now it's coming back I have taken little bits off but I'm watching this very closely okay look at the EUR USD so in this particular instance it ran is this going to be one you remember I talk about a particular technique that I used and I don't know if you can use it 1.0 I hate it when you got so many digits 1.0 1.0 8670 0 8670 1.8681 so it was higher good and that was higher to 1.08742 so this is actually a G slash a G slash yeah this is a G slash B in the euro in other words there's nothing yeah that's wrong but I need to be a little careful to say that could be a G this could be that camel hump where you make a little the MACD kind of bounces with the stochastic and the stochastic goes over 81 and very quickly goes under 81 so this is going to now can talk about the market this is going to become a much broader self if a number of things happen so one at a time the euro if the euro starts to break and goes below 1.06 I mean 1.061 it's at 1.080 right now that's going to suggest it's going to become a peak E in the weekly chart and we could have a digestive phase all the technicals are very strong so it would just be a digestive phase and that would correspond to the USDJPY which is the yen currency pair going to alternate count this is A E-C-F-D that shouldn't be a G so that would be an alternate count E right here E in the trough E in the bottom oh I've got a left side, right side match as well so let's just look at that I'll be back, we've got a lot to talk about in a few minutes remaining I'll be back about the chart in the early edition after this episode the advantage of this sector now is the time to subscribe to my gold report the gold report is a comprehensive look at the metal sector as well as the markets that move gold which is the currency and bond markets new subscribers get a 30 day money back guarantee so you have nothing to lose every Monday morning I publish the gold report with coverage of gold, silver, bonds DXAU, HUI, GDX as well as more than 30 different mining equities to seep yourself the types of profitable trades that are recommended within the gold report by visiting TFNN.com don't miss out on the next great gold trade sign up today everything in the universe is governed by the Fibonacci sequence this mathematical principle is responsible for everything from the most aesthetically pleasing artwork to patterns in the stock market to stay on top of stock patterns you can take advantage of sign up for the Fibonacci 24 7 newsletter at TFNN.com when 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when the markets open to give you the competitive informational edge you need to succeed these newsletters are packed full of Tom's and fans technical analysis in our gear to deliver comprehensive strategies for a successful portfolio get Tom O'Brien's newsletter Market Insights today and try all of our products and newsletters 30 days risk free with our money back guarantee at TFNN.com TFNN educating investors 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 alright so there it goes that's really important remember I assume about that massive number of support levels that was taken out and then went above and then the resistance levels now we've got 3918 to 3917 as resistance now let me just do this quickly because the USDJPY that's the yen we're going to be watching that low that was made was a slightly lower low at 127 just going to be watching that we're going to be watching to see if what the dollar does and what gold does over the next couple of days I'll talk about it a lot more tomorrow in my show this is a recorded show early on 8 to 9 it'll be played again at 10 20 minutes past 10 where my show would normally be alive it'll be live tomorrow if the e-mini I prefer not to have it just straight off the low this morning but I'd like to see another scary retest of the 3912 to 3910 area don't want to break that and then a decent run in if at any point between 1020 this morning I'm going to make it 1040 1040, 2211 Eastern time to 1215 that's just afternoon the e-mini is even able just once to touch the 3932 level that's going to be important if it touches 3932 and then doesn't take out 3927 as support but starts to run towards like 220 this afternoon it's holding and the dollars come back from minus and down needs now to perform if the dollar can come back to just a minus 90 by about 130 to 250 that's going to be saying okay we try to form some kind of a base here but if we take out today's lows the futures lows at any point you've got to be really careful there's not a time to be too that's the reason why we've raised cash to gain we've raised stops on our positions we didn't get stopped out of one position yesterday we're a very small loss on a single digit stock that's right I'm quite proud of that only a 2.3% loss usually it has to be more because it's such a low price but we managed to get it exactly the opposite of what I wanted it didn't pull back and then rally to the target we had of the target that we had on the upside of resistance it went to the resistance and then pulled back so we bought it way off the high but it still got stopped out I'm looking at that one so this is what we've got for today a very important session I want to see the semiconductors get back some of the losses that they're making early in the morning I want to see them start to lead a little bit more with the IWC