 The following is a presentation of TFNN The Trader's Edge with Steve Rhodes All now toll free at 1-877-MAC-27-6648 or internationally at 727-873-7618 The Trader's Edge Now Steve Rhodes Good afternoon folks welcome to the October 7th the terrific Thursday edition of today's Trader's Edge show I'm your host Stevie Perseverance Rhodes who absolutely knows that each of us should always be pioneers of our future Versus prisoners of our past Hope everyone out there is having a great day. Hey, let's make sure we have an extraordinary one in the easiest way to do that It's always remember that life is happening for us not to us That's right when you now make that one little two-by-four shift Well means we can find the gift in every set of circumstance that life is going to toss at us Now today you and I we're going to go check on the circumstance of these markets We're going to go figure out or try to figure out what those bulls and bears what those buyers and sellers are communicating To you and I just pass one o'clock in the afternoon. I want you to i'm absolutely grateful for your presence here The more important than that and that's this during this next 60 minutes. I'm here to serve you So feel free to pick up that phone. You can dial in eight seven seven nine two seven six six four eight If you can't dial in we've got you covered go ahead send me an email send it to steve at tfnn.com Inside that subject heading if you would be kind enough to radio show question and then our tigers den any ping will do So let's go ahead and get this show started on terrific Thursday. Of course. This is tiger financial news network I'm steve roads. Welcome to lust show right now I've got all the usnc's trading to the upside thousand four ninety s and p 58 nasdaq 215 russles up 46 That's two percent. Some eyes are up over two percent as well. They're up 66 points Traddy's up just slightly 27 points to the upside. You've got that spot volatility next hovering right around a very critical level 1946 I believe is the number you've got to trade at 1939 the price does close under 1946 that would suggest that the rally that we see continues on We'll take a look as many charts as we can So let's begin. I don't by the way leading the charge dollar wise the upside you got amazon of 55 google 49 Shopify 39 restoration hardware 23 boston beer up 25 bucks to the downside Nothing gigantic turning point therapeutics is off 10 bucks at 17 percent. I guess it's gigantic for them Prelude therapeutics. Oh, it's gigantic too nine almost 10 bucks down 33 percent So I take that back joint corp is down 9 percent or eight bucks or pharmaceuticals is down five Pentecost capital group is off five as well. So let's begin the day Where do you want to begin the day? Let's begin the day really kind of like what we did yesterday Let's just look at the short term time frame chart So give me a moment to get those queued up here in my short term time frame I'm really referring to the 30 minute chart. So let's change screens here As steve tries to navigate and we should see our 30 minute time frame charts for the es Upper left upper right is going to be the nq lower left is going to be the dow And the upper lower right is going to be the russell 2000. So as we look for Patterns out here look for top or bottoming patterns. Let me just update this chart. Make sure the russell 2000. There we go That's updated. I'm just gonna Make sure everything is properly updated here So yeah, looks like it is okay. Perfect. So as we take a look at this The only actual signal we have on a 30 minute basis is coming from the nq right now And that just uh generated a uh a rosement to indicator top But price is going to need to close below 14 9 29 To suggest anything because that would just be a pullback to support And then the real level of this breakout level of support is down at 14 7 90 So that's an area to watch no reason to look at 14 7 90 just yet because price is still Really, it's right above the top of its uh, no, it's it's in between its profiles out there And so it's really the 14 9 29 level to be watching So from a 30 minute basis only the russell that we'll take a look at and so what we'll do We've got a caller on the line We'll go to our caller because we have call ahead seating here And then we will go over and probably take a look at each of our eight panel charts for the es nq So we can see what's going on for all the time frames, but in the meantime Let's go out to brent in martinez california brent. Thanks for calling. Thanks for holding. How are you? I'm doing great. Steve. How are you today? Very very good. Thanks for asking and You want to take a look at cgc? I believe and uh cgc. Is that the uh, what is that? Can it be growth? Yeah, can it be great? It is one of the one of the pot stock Yep. Yep. Okay. Perfect. So i've got it up on the screen. Uh, tell me what you're doing and how I can best help you Oh Yeah, i'm here. I'm here. I just locked my level headset on that Hey, no problem. No problem. It's kind of it's kind of took a poop on me there We're good. All is good. All is good. So you got the canopy growth training at 1368 below daily weekly and monthly profiles out there Have you spotted some type of bottom? I bought in this morning. Just I mean, I know there's nothing really necessarily specific. I think it is in bar eight on the td count I've just been watching these for a while just for a balance really more than anything Okay, all right So so Brent if it's just for a bounce then Where the bounce should run out of steam would be at about 1508 So the bottom of it's and the reason that we say that Is that when you when price closed below the bottom of a bullish structured profile and here on the daily you can see It's a bullish structured profile the top line is where sellers are the bottom line Is where buyers are and that center is where both buyers and sellers believe there's fair value So we've got more buyers lined up between 1479 and 1508 versus sellers And that's why we call that a bullish structured profile now countertrend rallies Typically will make its way up to the center of that box just as it did in canopy growth on the trading session of September 28 now it only got up to a high of 1498 and 1508 is that is that level So 1479 is probably the counter trend to move if you were going to put a advanced sell order in I probably used that 1479 area. So before we switch over to the white charts any questions about our black background charts and their profiles No, that's great. Thanks, Steve Okay, perfect. So let's pull over cgc We'll take a quick peek at the daily weekly in a 30 minute time frame out here It's on a daily basis about two trading sessions ago Brent. This generated the bottom signal That was the rogement to indicator bottoming pattern out there So that then says that now you've got the valid bottom prices above its oscillator and change lines And so it does look like 1479 to 1508 becomes a target now price could close above 1508 And then it says you're moving up to the 16 21 or 17 34 level. That's the daily time frame chart Let's see if there's any kind of bottoming signal on the weekly and the answer is there's not Other than price coming back to a breakout level and that can be an area where a stock would bottom that was at 1295 there's two real breakout levels on a weekly chart 14 10 and 12 95 The actual low this week is 12 86. So that's perfect. You've got a test and rejection of that area It just curious on a 30 minute chart. What do we have out here? So as price was bottoming a couple days ago on the daily chart So too was it on the 30 minute time frame chart? I don't really have It appears right now Brent because I don't have any kind of a topping pattern or anything out here For a 30 minute chart and it looks like price had probably had it to 11 34. I'm sorry 14 34 But we might see a pullback. We should see a pullback really to about the 13 57 about 10 cents lower And if price can bounce off of that line, that would be the bullish test you're looking for in a 30 minute basis So on the daily I can see the pattern. You've got the confirmed bottom. So I like that move this morning. Congrats on on that Anything else on these charts that you've got questions about or anything that I can help you with No, I think that's it. I was going to ask you and I can even listen off line, but Sure, just if you could go over the whole seasonality aspect, I know that there's some things you're looking at I kind of got the hint of that when you know at the top of the hour break and That's update there that that uh There's some things that you watching like the vixen other things like that It just seems like when you're laying out the scenario of certain things that could happen That I got a break coming up. So we do we do just stay stay on we'll come back to you for a quick few minutes Steve Rhodes started his trading career as a student almost 20 years ago And the student has now become the master Steve won the prestigious timer of the year award in 2018 And barely missed that mark again in 2019 finishing at number two for the year an amazing accomplishment Steve Rhodes is committed to sharing his techniques and knowledge with anyone who wants to learn And he shares his vast amount of trading knowledge every day in his mastering probability newsletter Steve's award-winning newsletter Mastering probability is delivered every trading day with updates throughout the afternoon Sign up for steve's market newsletter Mastering probability and you'll receive access to seven of steve's educational webinars Absolutely free at tfnn all our newsletters come with a 30 day money back guarantee So you have absolutely nothing to worry about visit tfnn.com and try mastering probability 30 days risk-free today tfnn educating investors What's separating you from the most successful men and women on wall street? That's right Information having all the information gives us the perspective we need to place the right trades at the right time The task profile scanner is the premier market profile based scanner Powered by its acclaimed task proprietary algorithms. 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I'll lay that out for everybody. You're welcome to either stay on the line or Listen in whichever is preferable to you So you just be on the line. Okay, perfect. Okay. Thank you So and if you've got the question so does it so does pretty much everybody else out there And so we will first begin with the seasonal cycle So folks, this is an 86 year seasonal cycle of the dow Don't pay as much attention to the dates that I've got out there Just really for a general reference category. And so what we know Is on average that the dow typically forms a bottom around the middle of october Sometimes it's right on the date, but most times it's not so that's the first thing So what we like to do is how do we determine whether or not that seasonal bottom has come in? Well, one way that we can do that is to look for patterns And so if we take a look at patterns, I'm going to put up this chart here This is our daily equity futures chart for the es many the nq the dow and the russell 2000 So just for the sake of time right now What I want to share with you is we were the the es and the es ym and russell 2000 Already had their bottoms in place. They're identified with those key levels of support. Those were Gartley buy patterns And so what we were waiting for as a confirmation that the bottom would be in is some type of bottom signal from the russell Well, yesterday was a bullish hammer candle. So it also now has a buy the d-point or a gartley buy pattern So the seasonal cycle basically should have begun to kick in yesterday Now What other elements do we need to take a look at? Well, first would be the market profiles And that's why I've got this chart up on our screen. There are new profiles informed. Yes So those are the blue dash lines right now You can see the es many is well above the top of its profile 43 87 I've drawn in small consolidation patterns because I'm trying to answer this question myself here is Is this in fact the bottom Or do we just have some large consolidation patterns out here now? We've always had this one for the russell 2000 on the right And so the question i'm posing to myself really which is why I drew these in there And now I guess I throw that out to you is the market just trading within these consolidation patterns these rectangles out here And I would say if price closes above that Then the answer is no that wasn't the case in fact price is then going to go ahead and continue to run higher And we've got that seasonal cycle bottom. So that's one element to consider Another thing to really take a look at with regard to the es many I said yes the es many is trading well above the top of its profile And you'll see that here on this chart as well The problem is where does that spot volatility index trade or close today? And I don't know the answer to that question I do know that if price is below the 50 day exponential moving average was 1946 And the es many is above the top of its profile 43 87 at a minimum That suggests making it run to the top of its potential consolidation And that's about the 44 72 level But other than the consolidation if I hadn't drawn that in here brent We would I would say you've gotten the absolute bottoming signal with the last piece of that puzzle being the spotball utility index So any questions about that so far? I guess another question I think we've talked about this before if we were to have On it being more than a 10 percent Change in the VIX and have that be below the 50 day and what which is more important to you being below the 50 day? I think it's right answer 50 it is that that's that's the more important thing As far as I'm concerned and folks the reason why I answer it that way is all you have to do is just take a look at This chart here. You can go and do this work yourself You will see that in these boxes here represent Periods where the spot follow takes is either above or below the 50 day expansion moving average green is where it's below Yellow is where it is above And so and I don't have the current pattern here drawn in but it really you know It really works as an additional confirmation tool You know, you like to have those one day rates of change below 10 percent that give in initiation signal But if you're asking me, which is that which of the two is more important? It is where price closes in relationship to that 50 day exponential moving average And I mean, I'd be guessing right now if I said it's definitely going to close below it I don't know that to be a fact at all. In fact, that's why we really need to go kind of take a look at the Short term or the just all the charts are eight panel charts for the es as an example To get a pretty decent feel now. There was one other thing. I think that you mentioned so in addition to Uh, the seasonal bottom taking place typically in october sometimes it's late september And in fact, I do believe we had late september for the es for the ym and for the russell 2000 But let's the other thing to really take a look at and consider is what are the markets doing right now? I mentioned those small consolidations But we'll really have out here as best I can tell is we have large consolidations. So right now It's almost more like 2015 Than it is like anything else. And so the question is does the being of the favorable seasonal cycle Is it going to be able to bust out of this consolidation? Now if it does the nice thing would be we would have a measured move equal to or greater than So that's another thing to consider But the other element and it's easier to see on this chart here I believe this is the chart that we can take a look at all four equity future contracts on a weekly time frame And make a determination whether or not there's been a change in trend So we'll take a look at the es many since that's more related That is related really to the spot volatility index out here And what we'll see as we open this chart out here Is that we're really looking for is changes in trend will occur when price closes below and certainly for two consecutive sessions But at least one below the bottom of those weekly profiles otherwise in the es many The bottom of the weekly profiles have been the buy the blank and dip area And that's what we've seen for really the past three weeks inside the es many So no change in trend here the only place where we might have had a change in trend Would have been the nq and as we opened up the nq chart out here We pulled this back We'll see that price closed just slightly below the bottom last week last week's closed was 14761 And the bottom of that was 14802 Well remember the two bar rule that steve you like to have out here We're seeing price regain that level and if tomorrow price closed above 14802 There is no change in trend and price came back and tested those key levels of support Where the buy the dips have occurred and now we've got the daily confirmation So brent help me interpret what I just said. What did you hear that I just said? that sounds uh basically what I you know What you've talked about this that's what would make sense to me and we'll have things to watch I mean, it's all going to play out, you know in the coming days and We'll just watch all those different things that I'm assuming we want to see if we happen to get that closed Below the 50 day on the you know on the deck you want to see a second day in a third day in a It's a continuation of that I'm assuming well, you know, yes, you'd like to uh, I think we would be so There's I would say there's there's really one more level that price needs to overcome That would then suggest that we're getting back to the top of the profiles No, look if you're if you're trying to figure out where would that best trade be It almost have to say it might be in the nq right now with regard to the price difference between where it's traded right now and the top of its profile out there, but um Yeah, would we like to have two days? Sure But in essence, that's what we're looking at to go back. I think right now We're dealing with these smaller consolidation patterns, you know in the es you're about 44 74 about 15 340 in the nq About 34906 in the dial and hey brent. I'm gonna we're gonna get cut off here by heartbreak as well So I hope that answers your questions And always good to speak. Thank you so much. I really appreciate it. Have yourself a wonderful day You too. We'll be right back post Are you having fun trading the markets? 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So my just a good my last thought uh with regard to the conversation We were just having with the Brent out there is that with so many geopolitical things going on across the world not just here in the u.s That i'm i'm inclined to believe that more likely than not we're in this consolidation period Um and not until the top of that gets uh, so that's likely where price is headed to Um, so, you know, are we going to go make new highs? Maybe we are maybe just slightly by punching through the top of the consolidation But you know, we don't really I don't I try to I try not to factor in those geopolitical events where we're just The hour with you because we're really looking at technicals and just because I can't go back on my charts And take a look at other patterns that were in play and remember exactly what was going on geopolitically You know, so does it influence? Of course it does out there But the bigger geopolitical influence is where's the global capital flowing to and really right now as we take a look at It's still here in the usa you've got the dow rate of change in us dollars You can see it also priced in euros yen and pounds out there and euros for example Yen you're up 25 percent for the year in us dollars. You're up 15 percent for the year But we're starting to pull ahead Starting to pull ahead you can compare how the u.s. Is performing to the niké which is basically flat on the year The hang saying is down 10 percent. Australia is up about 10 percent. Okay, so that's another positive in australia Kind of keeping neck and neck with the dachs out there My and the footsie is up about about the same I would prefer to see a real breakaway inside the us to really suggest to us that capital has Flown here and says we don't have that it's not that we're not the leader out here, but it's not like it's an overwhelming Uh percentage like we would expect to see or we will see if a global capital really decides to park It's that took us right here in the u.s. So this chart here says well, okay Maybe that consolidation is more likely the pattern that we're in out there and that still says plenty of inter-day opportunities So let's do this we've got a few questions that have come in and want to make sure we get to those The first one's coming in from larry and this is from yesterday actually was able to Hey larry next time if you could put radio show questions So I overlooked it yesterday and my apology for that, but I did catch it earlier this morning And what larry wants to take a look at is a r k g which is the etf Did joe mick the genomic revolution etf out here and what we can see is your question is is this a buying opportunity? That was yesterday out there So first with regard to profiles If this is only a countertrend rally larry price will find resistance at the bottom of that I'm sorry at the center of that bullish structured daily profile 74 88 If price can close above 74 80, and I'm not talking 74 89 I don't know what i'm talking about meaning I don't know what i'm talking about It's just got to be well above that 74 88 level So price can close above that then you should at least see a rally up to 78 31 not necessarily a change in trend The weekly chart shows how price pulled back to support and is held so far So it closed tomorrow above 74 16 nothing broken and really just a consolidation here too. You can see the consolidation It's it's well defined. Let's go ahead and put this in here You can see it really goes back quite a ways out here But here's that consolidation pattern right there And so you've got your battles on a weekly basis at 78 34 80 253 That's if price can clear that 74 88 Level so let's pull over the white background charts and see what signals we have the question yesterday That's when the email was sent was this a buying opportunity What we would have shared with you is that you do have a valid td9 count pattern Even yesterday's close was still above the low of bar number nine the low of the pattern which was 71 66 So you've got a valid pattern You can see there's another level of resistance that this is going to need to close above Larry which is going to be 74 35 that's its oscillator and change line So 74 35 to 74 88 is where a countertrend move would end And that's what you'd really want to be looking for So it hasn't really do you have the valid bottom? Absolutely It typically when you get a valid bottoming signal price is going to make its way up to that oscillator and change line The answer to whether it's a real bottom or not is how does price deal with that level? And in this case here because we also have that bullet structure profile We have to take that into consideration as well on the weekly time frame chart other than holding support I don't have any kind of a bottom out there and if price did fail in this area 66 96 might be the next buying opportunity on a monthly time frame I don't have any kind of a bottom signal. So just quickly on the short term What we have is a td9 count pattern this formed here at 12 30 And was at the high let me see 74 13 prior bar 74 13 and you're trading at 74 14 right now So a close Above 74 13 did it do it on last bar? No, but was right at 74 13 So larry a close above 74 13 on a 30 minute bar. This next part is not complete till 2 It's going to suggest a strong upward momentum move up into the 76 19 area And that is its td9 breakdown level. So your question was Is this a buying opportunity just depends on who you're looking for your intermediate term long term short term If it's short term right now, I'd wait for the daily to prove itself to you You know, you're talking about the difference between 74 15 and somewhere above 74 88 It's worth it to have this prove itself. So larry. I hope that helps you out with regard to a r k g Thanks for writing in and we'll look forward to your next question This next question coming in from uh david in tom ball, texas and david wants to say says well Let me see what he wants to look at scco. So we'll get that populated on the screen out here I believe that's what he wants to look at and let me read the question I'd like to ask your help and identify in a buy point for scco. Now that would set southern copper I like the price action today, but the volume appears to be light I'm concerned with the gap that was created today being filled before the stock moves higher How can that how concerned should you be with today's gap when looking to buy? So I need to get scco going on my other charts out here and here's what we know about scco And you're asking about today's gap. Would you worry about today's gap? Um Let's see It's moving into a swing point that had volume on the trading day of september 27 did 978 thousand or 650 So you're really moving into that swing point with volume. Would I be concerned that price is going to rotate back? Uh to fill that gap right now No, I wouldn't you're moving into that swing point and that really suggests david that price should make its way up To resistance, which is the top of that daily profile and that's at 60 30 At 60 93. It's the bottom of the weekly profile. So that would be your resistance zone 60 30 to 60 93 Whether or not that's worth a trade for you or not. I don't know Um, but let's go see if southern copper has any kind of a bottoming signal out here for us and as we look at it I would be hard-pressed on a daily basis to find a bottom signal out here Doesn't mean it hasn't bottom. It just means I don't have one of my bottoming patterns. I uh Just trying to see if I could I suppose there may be an a to b equal cd pattern out here So it would look like this It's a junior one But nonetheless junior or not and so that would be the a to b point I'm just going to take this and move it over here for the c to d point and so in that instance We do have so today's gap in essence, uh, david would be another confirmation of a by the d point So what that really does suggest to us is that we should see price get up to that resistance zone on the daily time frame On a weekly basis. Do we have any kind of signal out here? We don't you'll generate bar number eight today But that's not the uh, not a valid td 9 bottom just yet You would need to spike below 54 92 in order for that to occur It doesn't have to happen this week. It could happen next week or the week after out there on a monthly time frame Um, I don't have anything for you there short term on a 30 minute basis Nothing there either, uh, I mean a positive thing Which is that price did clear the resistance? It's td 9 breakdown resistance at 57 55 right now It's dealing with the next resistance level and that's at 58 86 So that's the next battleground for you But if you're asking me did in fact this, uh, bottom the answer is yes See roads with tfnn. We'll be right back Are you in the market for buying or selling real estate in the bay area? Including the surrounding st. 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That's 727 329 83 22 call us today The technology around us is changing every day with so much happening can seem impossible to keep up with all the information David white's investment newsletter the technology insider is designed to give you all the information You need to understand the technology that shapes today's markets and tomorrow's future David white has made his living staying on the cutting edge of technology His weekly newsletter will give you specific recommendations for value tech stocks As well as entry prices target prices and stops to set for each trade Dave delivers his weekly newsletters every friday with updates throughout the week You can get the technology insider at tfnn.com for only 37 dollars and 50 cents Sign up for david's newsletter the technology insider and get an inside look at everything the technology sector has to offer Try it risk-free today with our 30-day money back guarantee tfnn educating investors Aotec 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 s and p 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 eight six six four seven six seven five two three 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 and hit watch tiger tv. That's tfnn.com and hit watch tiger tv Back folks. I uh, I just started something on on my system try to pull up some charts And it's kind of tied up right now with everything that's going on So I probably shouldn't have done that but uh, let's try to let's go to a couple questions That are in the tiger's den and we've got one more by email that's in out here And uh, the first question coming in from george and tampon george wants to take a look at uh, dkng That is draft kinks out here So we take a look at the draft kinks and hopefully my other charts here get updated quickly Here's what we can see george price right now is trying to regain the bottom of its daily profile That's at 50 06. So if price can close above that it suggests a move to 5133, which is almost where it got up to today Uh got up to a high of 5107 and then above that your next resistance level would be 52 59 So we're gaining the daily profile and and I I could You know, there's an a to b equal cd pattern out here. So there's a valid bottom Let's draw that in for you the a point out here looks like that began on september 8th The b point was the uh low on september 15th And the c point was the high end september 17th So this makes a one to two a to b equal cd the reason why we say that it makes that is Folks just look at the one to one level. Would you buy that? Of course not yet a wide-ranging bar coming through the one to one Area gets the one to one point two seven two How do you know when to buy it? You know for years I used to just buy or sell the one to one level And then when you get, you know, you're took us handed to you enough times you say, okay I've got to figure something else out and so the figuring it out was trying to was was was integrating Those patterns with bullish and bearish reversal candles and I would suggest you do the same with regard to the patterns that you use I think it will improve your trading out here. So you got that bullish reversal signal on the trading day of october the First out here. So you've got a valid bottom holding the bottom of its weekly Support is helpful. Okay. Good. Now. I can get back to my other chart. So that's good So that was that did you like that little, um, you know delay tactic out there? It was the best db could do so now let's go take a look at draft kings on the white background chart See what other signals we might have out here. So with regard to draft. Well, here we go So I'm glad we opened this up So, uh, george if you're asking where resistance is even though I gave you those profiles You can see that the oscillator and change line had changed colors And when that happens that tells us over the coming sessions We don't know how many just over the coming sessions We should see that line and price catch up to each other Well, that's already taken place today And what you don't want to see is a close below that red line Currently printed at about 5102. It's uh, I put it maybe 5133 if price continues to move up So right now even though you've got to confirm bottom resistance hasn't failed The first level of resistance that you certainly want to fail is a red oscillator and change line So when I take the long position now, I wouldn't but I mean if you're risky Trader then go ahead and step right in based upon that daily pattern on a weekly basis out here No pattern to speak of other than holding the bottom of that profile on a monthly basis No pattern really take a look at short term wise. Let's see what pops up on our screen if anything You know price struggled at the td9 breakdown level on the 30 minutes So 50 76 is another key level now on a 30 minute basis prices pulling back and testing that oscillator and change line If the test and rejects this level, you know, that would be a bullish signal But you'd still want to see a close two closes above 50 76 to suggest that drop kings wants to try to make run for the 5325 level So george, I hope that helps you out with regard to draft kings. Thanks so much for the request The second request came in from ruby and the tiger stand and ruby wanted to take a look at the russell 2000 So let's do this here. Let's uh go to this set of charts here for the russell 2000 And ruby just and I don't know what your time frame is that you're looking for But with regard to daily weekly monthly quarterly, this gives us a pretty good feel So the the russell 2000 has really been in a sideways consolidation You can see the trend lines here are also in essence showing you that sideways is consolidation Even though that would be more of a rectangle than these lines out here If you're asking me, where's russell 2000 likely going to find resistance Well, it's either going to be at the top of the daily profile ruby That's a 22 66 or look at all the trend line resistance just above that the highest level being about 22 94 23 17 if price can get through that then it gets up to the next trend line Which is probably in line with the top of the weekly profile at 23 17 23 57 is the monthly profile. So Really just consolidated and about to take on some resistance zones now What I'll do for you ruby is I'll go switch over And we'll go to my other sets of charts here for the russell 2000 just to take a quick peek And see if there's any other signals that maybe we're overlooking and this is our eight panel chart Our multi time frame chart. And so as we get this Populated on your screen the upper left is going to be the monthly time frame, which this month has held Tested and held this green oscillator and change line It's bullish. We see a td9 count top. So on a monthly base of the russell 2000 is neutral kind of neutral Really take a look at the daily base because if the consolidation out here the weekly you see the sideways consolidation So that's evident The 30 minute chart here ruby is going to or appears that it will form a td9 count Now in order for that to happen during by two o'clock you need to see price close above 22 58 You're 22 60 right now if price goes below 22 58 You will not have a td9 count bottom that would be the the short term top that would then suggest price might pull back to 22 55 or maybe 22 49 out there That is the only I take it back the 60 minute chart is in bar number eight So the russell 2000 may be getting ready to take a little bit of a breakout here A ruby remember on the td9 count the high can take place on bars eight nine or the bar following nine So the 30 minute chart could really be lined up with the 60 minute chart out there And suggest that that top might not come until about two o'clock. So maybe between one Two o'clock I take that back not two o'clock three o'clock So I'd be looking between two 30 and three out there and watching those patterns So I hope that helps you out with regard to the russell 2000 good to see in the tiger's den Thanks for the request the next request out of the tiger's den comes from john And this is really almost a follow-up to southern copper So this will be good for david who was taking a look at that southern copper position And we're going to put up our eight panel charts here for southern copper So what do we know the question was actually the question was what level this is well, let me read the question here And long copper from about october the sixth What resistance levels do you see that must be exceeded for this bounce to prove itself to you? So great question out there Let's um, I wanted to do I actually not that this eight panel chart is is not the right thing to look at We we will it's just that You see if this is it Yeah, I want to put up this this chart as well. So I kind of did things in reverse I don't want to do things in reverse. I want to do things the right way So john here is the daily weekly monthly and quarterly and of course i'm using my synthetic symbols here But that provides us with more profile information, which for steve. That's really what it's all about So the next resistance level john you'll draw this on your chart or those two little touch points the high of september 27 or maybe you won't in the high of october 1st Your price can clear that that's really the next resistance level But then you have resistance above that as well The real battle takes place between 433 and 442 that's because this is a bearish structured profile out there So, uh, that's what I see as the real zones Now i'm just looking at my other eight panel charts to see there's anything Additional here to pay attention to the only thing would be the 60 minute chart So let's switch over real quickly take a look at that before we go to the break and on the 60 minute chart Now expand this chart out What you're going to see is a td9 cone that should form on this bar right here Now this is the beauty price right up at resistance whatever the high is This bar john if you see price close above it right now that high is 426 That tells us about a strong momentum to move to the upside and that would say price should go ahead and target the 430 level Steve roge with tfnn will be right back. We've got a caller in the line. It's jeff and we're going to take a look at paypal Sharpening your skills as an investor is like getting better at playing a musical instrument You have to practice sure, but you also need excellent instruction from experts at tfnn You'll get advice and 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. 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You can call 877-518-9190 That's 877-518-9190 Don't forget you can listen to tfnn live on your mobile device 24 hours per day Go to tfnn.com and hit watch tiger tv That's tfnn.com and hit watch tiger tv Back let's go out to jeff jeff. Thanks for calling. Thanks for holding. How are you today? We have jeff. Yeah Hey jeff. How are you today? Oh, sorry. Hi steve. I'm doing well. How are you? Excellent. Thanks for asking. So we just got about a little bit less than two minutes You want to take a look at PayPal? Let me know what you're doing and how I can help you Right. So I know there's not much time. So, um, I'm looking at PayPal on the daily I see a beautiful Gartley pattern that's just getting started. I bought options I already got a 40 gain in the options But I think it's got a lot further to go and my question is like tomorrow morning Is the payroll report and I'm conflicted between cash and out taking the 40 percent gain or You know holding it through the jobs report Okay, I like taking the 40 percent gain But let me tell you the reason why I answered that so we take a look at PayPal It does have an a to b equal cd to the downside for steve In order for that pattern to complete it needs a bullish reversal candle And that's missing from this pattern out here What we do see is that yesterday price did close back above the center of its bullish structured profile in a daily chart And what price has done today? It's got right up to resistance to 268 42 If price were able to close above that on a daily basis, then I would say that your prognosis is correct It still may be correct the price hit resistance And you threw out a the jobs report maybe the market's going to respond poorly to it And that's a possibility and you've got a nice gain knowing that price hit that resistance of 268 42 And that was the reason I said hey go ahead and take that 40 percent If I look at my other charts out here just looking for anything that might suggest otherwise I just don't have a bottoming signal for the weekly nothing for the monthly Nothing for the monthly chart out here. In fact the monthly says be cautious Um Yeah, so so that's what I would do and that was that's the reason why does that make sense Uh, yes, definitely. Uh, thank you very much. Hey, you bet and a best of luck to you. Thanks for calling in Folks stay tuned. We've got two more great hours lined up for your favorite polar bear david white with the power trading hour He's up next. Tom will brine. He'll take it on home. Please join me tomorrow morning live between eight and nine We'll be recording the trader's edge. So I'll make it as pertinent as I can for the one to two show But please join us live. We'll look forward to seeing you then have a terrific day And uh, hopefully we'll see you tomorrow