 T F N N headline news update Good afternoon folks Steve Rhodes coming to you live from Delray Beach, Florida Hope you're having a great Wednesday. This is the 12. This is 1 p.m. Update currently we have the Dow trading down 15 points 2700 9 is the print SNP's off 7 NASDAQ off 33 Russell 2000 is mean and green. It's up three points trading out at 15 26 Transports are up 80 points about three quarters of percent the other indices are to the downside spot bottle till next so well below It's 50-day exponential moving average. It's trading out at 1394 Gold's up nine bucks over three pennies lights. We crude is up 74 cents if we take a look at the S&P 500. Let's well start with the Dow Let's start with the Dow if we take a look at the daily chart for the Dow What we can see here on the Stevie's charts is prices trading in between support price found support That's that red horizontal line. That is where price broke out in the Dow that level the most recent breakout I should say that was at 25 978 that level was tested on October the 4th That held now prices above Stevie's green line and the price is very likely targeting its resistance area 27 272 or 27 281 Significant resistance resides up there, but that is where the Dow is targeting if we take a look at the S&P 500 Here's we're gonna see we're gonna see that support held the breakout support level. That is the red horizontal line We don't have a resistance area a breakdown resistance area like we do in the Dow So the Dow is gonna be one of the indices that we're really gonna track to try to understand if the market is going to be able To break out of its consolidation now I know you might say what do you mean consolidation if we take a look at the bigger picture here the Dow in the left-hand side The S&P in the upper right hand the Nasdaq in the lower left the Russell in the lower right What we can see here is the market has been in this long-term consolidation really it began taking us back into the January 2018 time frame. Yes, price is trading above that high, which is 26 616 in the Dow, but really the trend line that would need to be broken in order for there to be a No for for us to consider this to be a real breakout out here is just simply using a trend line from the high of January in 2018 The high in October of 2018 Price was contained both in July of 2019 as well as September 2019 So you and I know that that is a significant line of resistance out there Stay tuned for the next hour. This guy's coming up next and we're gonna take a look at the S&P 500 in the spot volatility index. It's signaling to you and I Be careful the breakout is not ready. The party is not ready to start, but we're gonna party from one to two So join us. Have a terrific Wednesday. We look forward to seeing you