 The following is a presentation of TFNN The Trader's Edge with Steve Rhodes Toll free at 1-877-927-6648 or internationally at 727-873-7618 The Trader's Edge Now Steve Rhodes Good day folks. Welcome to the September 24th, the fantastic Friday edition of today's Trader's Edge show I'm your host DB 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 of the easiest way to do that It's always remembered that life is happening for us not to us That's right when you're not can make that one little two-by-four shift It means we can find a gift in every set of circumstance that life is gonna toss at us now today You and I we're gonna go check on the circumstance of these markets We'll go figure out what those bulls and bears with those buyers and sellers are communicating to you and I just past 8 o'clock in the morning That's right. If you're listening at the normal time slot at 1 o'clock. This is being recorded live between 8 and 9 We're gonna try to make it as pertinent as we can for you at that 1 o'clock time frame Thanks for listening regardless of what's a show. So let's go ahead and get this show started right now Now you can gifts call if you're listening in live You do that by calling 877-927-6648 if you can't call in but you're listening live You can always send me an email Steve at tf9.com send it early and in the subject If you be kind enough to put radio show question and in our Tigers Den any ping will do So let's go ahead and get this show started on fantastic Friday. Of course. This is Tiger financial news network I'm Steve Rhodes. Welcome to less show right now. We've got the let me get the screens going here Sorry about that. We've got the US equity futures are trading lower. Dow is down 141 points NASDAQ's up 95 S&P 21 and the Russell's off 13 spot ball tonics is up a buck 54 It is trading above the top of its or the its 50-day exponents moving average It's always Troublesome for the yes many but we'll take a look what's going on the charts as far as last night is concerned Asia was a bit mixed Nikkei a big 2% move up a 609 points. We'll take a look at those charts what they mean in Europe right now Both the Dax and footsie trading lower The Dax stronger to the downside 117 points. That's about seven tenths percent in the footsies off 17 a quarter of a point Quarter of a percentage point a gold is up a buck Silver's down 15 cents lights recruit up 27 natural gas up 11 pennies So that's a big move there get to 30 your Treasury down to six ticks the US dollars up about 30 cents She's trade at 93 32. So let's begin the day By trying to understand okay future our trading lower. What does that mean? Well for me? I'm gonna go take a look or we're gonna take a tour here We're gonna go take a look at the 30-minute time frame charts because I believe these are the charts here right now As we speak and I know this may not be as pertinent at 109 in the afternoon But this will help to set up perhaps the day in understanding What the market is doing right now? So as we take a look at these 30-minute time frame charts We've got four here and the upper left-hand side you have the ES mini so last night When was this? When did this top this forms a TD 9 count top at 2 o'clock yesterday afternoon and you saw the markets move lower Was a signal by that TD 9 count top out there and now we have a TD 9 count bottom That formed at 4 30 this morning Just as we were coming on the air at 8 a.m. Price closed just below that key level of support meaning that there's a close below this area here This area that low is 44 15 75 prices right back above it right now So if we get two consecutive closes below that look the next level of support This is really what I want to be able to get out to you is at the 44 01 level. That's a TD 9 breakout area So that would be where price would target if price closed to below this level But there's really a valid type of a bottom here. You can see that oscillator and change line has changed colors We should see price not line test each other over the coming sessions I'm not saying it's gonna have by 8 15, but we should see it over the coming sessions out here Now if we take a look at the NQ I'm gonna pull this back in a moment But if it busts through its price target its breakout levels down at 14 881 So now I'll pull this back here You can see you can see it's got a nice TD 9 count top and again as we came on the air at the 8 a.m Price and close just below that so we've got to watch this because that signal in that price could make that move to 14 981 now we're looking for two consecutive closes at this stage below that level that level bar number nine By the way that price point so you can monitor 15 206 If we take a look at the Dow equity future contract also a TD 9 count bottom and price has held So that's at the level. Let me give you that number to monitor. That's gonna be a 34 500 Closes below 34 500 are gonna suggest move back to the 34 273 area The Russell 2000 did not generate a TD 9 count bottom It generated a TD 9 count, but it did not generate a valid TD 9 count bottom because oh hold on nope Yeah, did not but it does have an A to B equal CD to the downside and price is trading right now below that bullish engulfing candle That was one at 6 30 that confirmed that pattern That's at 22 42 and continued close below that should signal a move back to the 22 21 area Now pulling back and testing the TD 9 breakout levels on these interday charts should that unfold and should they hold That's sort of a bullish message. What do you mean Stevie? Good? Good question Let me pull over the 60-minute time frame chart out here and So just switch to a different time frame and I have a cleaner one than this has got a You know a bunch of my signals on here. Let me just grab a cleaner one Now I'm just gonna leave it like this. Here's really what I want to be able to share to you So the green lines are resistance and the red lines are support when price starts breaking through support You typically go down to a news of the next support level It should you be able to find one or until it makes some type of bottoming signal But in the down markets bearish will just use bearish as the term. That's directionally speaking What we see is these TD 9 count breakout levels fail now I switched to a 60-minute versus the 30-minute and that reason for that is the ES mini was providing us with the best overall Signals at both support and resistance on the 60-minute time frame For example, the first bounce that came off of the lows ran right in resistance of that 43 93 75 Level once price got above that which was yesterday That signal moving up to the next TD 9 breakdown levels out here But the point that I really want to make and it certainly I was making that with the 30-minute chart I would say that the 60-minute overall is the more important time frame because this is still catching the The the the feel for the market the wave of the market the the pattern of the market out here And so the level of support to be watching here is 43 85 75 and price closes below that that's a pretty decent signal that the ES mini or that what we've seen out here in the market So far, maybe nothing more than just a countertrend rally now. We have to go to the larger time frame charts So let's do that and that means large time frame charts. Let's just go to look at the daily time frame out here So I'm going to switch these screens Give you a moment to get that accomplished out here and now you're gonna see the daily so up in the upper left You've got the ES mini So what we know about the oscillator and change that's the green and red line It changes color depending on whether the price oscillator is above zero or below zero green when it's above red when it's below But nonetheless it still acts or can act as a key level of support or resistance So if we were wondering why did the ES mini stop where it did yesterday? Well, it's that oscillator and change line and that is where a countertrend rally which right now that is still a Possibility in the markets. We have really two signals here So the ES mini has both an a to b equal cd to the downside it has a Gertley by pat the a to b point was like this And I just copy that or I'm just gonna grab that and the C2d was like that and that was formed with that three River morning starts So we've got certainly bullish a Gartley by pattern out here, but we have persistence that is holding as well Steve Rhodes with Tia Banana will be right back. We'll continue looking at the markets What's separating you from the most successful men and women on Wall Street? 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We'll take a look at those momentarily But here we take a look at the ESMT the upper left-hand corner. What we've got is as we were showing just before went to the break There's a currently by patterns that are established on all four equity future contract in order for that to happen In order to complete an a to b equal CD to the downside or upside to the downside need bullish reversal candle So you can see here in the ESMT had that three River morning star pattern You have both a bullish and golf and three River morning star inside the end queue Yeah, that three River morning star pattern inside the YM and the same thing inside the Russell 2000 So we've established that they have valid bottom patterns. The question is well, where's resort and we have different messages this morning Unfortunately or fortunately and that is this if you take a look at the ES and the end queue Well, we take we're talking about the ES so the ES Made the strong made a strong run Right in resistance that it's oscillator and change line if price is unable to close above that level It may be signaling to move back to test the support level which is going to be the support levels Really the low of that three River morning star candle. That's the one really from Monday That's at the forty two ninety three area. So that is a valid possibilities We still have to go take a look at the daily profiles, which we will so that you have those numbers as well So you got valid bottom and resistance that itself now price is able to close above a green oscillator and change line So write this number down in your pad of paper. That's at forty four forty two or take a look at the ES many That would then switch the signal to bullish not that you know So we have a bullish pattern But prices as is found resistance if price can close above that resistance level that green oscillator and change line That could signal either move back to the top of its profile Dependent where that is priced or back to its all-time highs really the same pattern inside of the end queue now The end queue is weaker than the ES from the standpoint that yesterday price did not make its way up to its oscillator and change line 15397 so I don't have as clear a message that a key level of Resistance failed inside the end queue Like we do for the ES many now if we take a look at the Dow Here's the opposite message the Dow, which was the weakest end to see this week Was when I say weakest end to see from a profile standpoint price was able to get down and actually get below the bottom of its weekly profile Price right now is above it signaling a potential that this week's action was nothing more than a false breakdown And the consolidation pattern will continue But the point here inside the Dow equity future contract is right now Price is pulling back and testing its red oscillator and change line and if price closes below that Let me give you that number that number is going to be 34 478 That's going to suggest that price could make a way its way back to the bottom of this pattern here the low of that morning star Candlestick formation of course we need to go take the ghost has profiles But what if price stays above a red oscillator and change on well then it still has its bullish ways or says at least There should be more of a retracement higher into the market or more of a rally the Russell 2000 as you can see closed above its red oscillator and change line remains above it right now And this is the Russell 2000 is the strongest so in order the Russell is number one from a strength standpoint then the Dow Mmm, and then it's really a toying cost between the NQ and the yes me Okay, so now let's go flip over and take a look at our TAS market profiles because these are important as as well They're very key levels of support and resistance. Let's get to that chart out here. Let's stop with this screen Let's get back to the main screen out here And now what you've got is we take a look at the retracement of the pullback So we know when we open the show we were looking at the 30-minute timeframe charts key levels of support that In a couple instances we saw prices below those levels Certainly the larger term timeframe the doll of the daily charts are more important than the 30 minute but we're trying to do the play-by-play here and And as we do the play-by-play those key levels of support for example the ES mini the key level of support there Was it's TD 9 count? Bottom that took place at 4 30 this morning again that price level is 44 15 So 44 15 Fails that signal to move back to 44 1 Well, if we take a look at the bottom of the daily profile now This is a bullish structure daily profile that is formed inside the ES mini maybe and the ES mini maybe it's just easier if you look at this chart Is that easier for you? I think so a little bit less clustered So here you can see this a bullish structure profile now It's bullish in structure folks because the center which is where both buyers and sellers reside the center is Closer to the bottom that is to the top So we have more buyers in the range of 4407 and 44 26 so that should be a strong support level So 4407 is going to be another real key level on a closing basis So this is really pertinent if you're listening at 123 Of course you want to take a look at what it looks like at the end of today's trading session But a close below that then signals to you and I that price goes back and either gets to those trend lines that you see Or back to test the bottom of the bullish Three River Morningstar candle inside the ES mini that gets down to a low 42 9375 let's do the same thing here and just some some because this what what this does is this gives you Overall, what's going on on the larger time frames? For example, if you look at the quarterly time frame chart, you know It means everything goes on a monthly weekly daily and certainly interday is nothing but noise So in that longer-term picture for the ES mini it has a confirmed a to b equal CD That should take us first to 29. I'm sorry 50 38 and then the 58 27. So that is the longer-term Prognosis right now for the ES mini, but if we take a look at what transpired to this week What we saw price do is head back and test and reject the bottom of that the weekly profile 43 12 And what we know about these profiles is that in order and here's the ES Mini where's the ES mini in order to get a change in trend signal out here? We need to see just as we did back in the February 2020 time frame This took place the week of February 25th 2020 the next week was a Confirmation of two closes below that key level of support and that was a change in trend signal And we can see that we take a look at the ES mini and all the moves higher any retracements have found support at that weekly At the weekly bottom of its profile out here now there was one pierce of it And that was on the week of May 12 Remember we like to see two consecutive closes above resistance below support to confirm that it's a real break and this proved In this case here to be a false break. So this week. What do we have out here again? We're looking at a daily time frame with both daily and weekly bottom of their profile levels Shown out here. So no change in trend inside the ES mini It looked like we were gonna have a change in trend when we take a look at the Dow equity future contract That is this a bottom left because price did on Monday close below it It stayed below it on Tuesday and it does stayed below it on Wednesday But yesterday price got back above it now when I say two consecutive closes I'm not talking about two consecutive daily closes below a weekly profile I would be talking about two weekly closes below the bottom of that profile to confirm a change in trend signal But that's not what we are dealing with right now We are not dealing with any kind of change in trend whatsoever Period However, what happens if the Dow equity future contract closed below 34 to 76 today? Well, then we would have as week one below that level and if we get a second week next week below that level That would be signaling a change in trend That being said what we can also clearly see here is that each of these equity future contracts are trading in a sideways Consolidation market what that tells us is that is one up for the intraday traders the day traders That means paying attention to those 15 30 60 minute charts out there are very Important from a trading standpoint because really kind of hard to get a swing you might say hey Steve oh Price got down or towards the bottom of the consolidation should now move up to the top of the consolidation Perhaps but there's resistance levels that have to be broken and as we took a look at that those resistance levels or initial resistance levels Have been broken inside the Dow and the Russell just not the ES and the NQ Steve Rhodes with TFNN. 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It's how 8 30 in the morning But if you're listening at 130, thanks so much for doing that We're going to try to make this as pertinent as we can so let's go to our first request out here Is from john inside the tigers now. Let's take a look at ticker symbol i gv that's the i shares trust for the teca software etf And the question is what are the tas levels? So we're showing the tas market profile levels. Those are the blue Well, those are the multi colored lines that are on my screens out here And what we can see and the question is and td9 counts will go take a look at that Is this software busy tf topping is the question? So we're going to go answer that question We look at the other charts but first with regard to the profile levels We can see that price is trading with inside a bearish structured profile again The center is much closer and proximity to the top than it is to the bottom So the resistance level that this needs to take out to be on its bullish ways would be 4 24 80 We can see that price is trading above the top of the monthly profile shoot That's way down to 240 and it's also trading above the top of the weekly which is 4 12 37 So the only resistance that it has with regard to sellers John those are sitting in this range here in the range again 4 24 80 4 21 0 7 Basically we're priced up yesterday now the and we see an a to b equal cd pattern that is in place out here To the upside on the weekly time frame with a larger price projection of either 452 or 496 Now let's go try to answer the question Did this top did this provide us with a topping pattern area topping signal out here? So as we look at the daily time frame the answer is yes, it did This topped with a roadsman to indicator a topping pattern That was confirmed with this little bear sesh candle on september 7th Now when you get any kind of a topping pattern out there That just simply gives you the right or tells you that price should make its way back to test support And in essence that is exactly what took place on the trading day of september 20th What price did was it pulled back and it tested its breakout level 40456 For these those of you that are long time listeners at tfnn You know go back to the days when tom just was doing one single show by himself He would always talk about hey wait don't don't buy the breakout But wait till price comes back to support while the td9 count pattern Which is one of the things that john was talking about out here You can see how that was forming it did not was not the signal that formed the top It was a both wave number seven. That's letter g so thanks to basil chatman sarah toga bob out there But what price did was it pulled back to test out support now If I were to have asked folks where was the level of breakout support at most people would have chosen the swing point The swing point was august 19th But that's not what steve does these numbers that come across the screen out here 40456 Those are automated those are generated by the td9 count pattern Which i teach by the way if you and you really should want to know this pattern If you're trading so you just subscribe to mastering probability you can do for 29 days doesn't cost you a thing So what we have out here in the daily time frame john Yes, it's got a topping pattern But the test of support has been met and now price is just trading into a resistance zone So yes, it has topped but now what is it doing and if price can clear the 424 80 level I mean close above it that says you head back to those highs and if you take out the all-time highs because that has a A resistance level created by that bear sash candle at 428 90 a close above that says that a to b equal cd pattern We looked at on the weekly time frame gets fulfilled on a weekly basis Do we have any kind of a topping pattern or signal out here and the answer is we don't What I don't have to confirm this rosement and indicator top is some kind of bearish reversal candle So therefore and price is above the top of its uh Weekly profile, but you can see right now trading the resistance of the oscillator and changeline So closing above that would be bullish on the weekly basis that meaning the oscillator and changeline It's already above the top of its profile and the price can close above 422 55 it's on its merry ways to the upside on a monthly time frame You do have bar number nine of a td nine count now What we know about this pattern is that the high of this pattern can form on the bar following bar number nine So that means you may not see a top uh from a monthly standpoint until next month It could be this month, but it could also be next month. Could you be more definitive steve? Well, that just simply takes me back to the weekly in the daily time frame chart to see what's going on there So john, I hope that helps you out with regard to i g v Thanks so much for writing in and folks. I'd love to hear from you as well If you're listening again between eight and nine you can always send me an email steve at tfn.com or preferably We'd love to hear your voice and you give us call it eight seven seven nine two seven six six four eight So let's go back to the nq because the nq is really interesting out here with regard to its signals and that is If you take a look at the daily time frame And the daily time frame shows that the price had closed below the bottom of its daily profiles out there And then a brand new profile forms right here it forms on the trading day of september 1st and when this profile forms When this profile forms prices above it so that tells us about overhead supply And right now the signal inside the nq. We've got two signals We have the valid bottom the gertley buy But we also have where the counter trend rally should have failed and where it should have failed Was the center of that bullish structured profile and that's at the 15 3 32 50 level So you want to watch where is the nq trading? So where's it trading at 8 30 at 135 in the afternoon is price above 15 3 32 because if it is that's a signal that then this is more than a counter trend rally And price should make its way back to the top of the profile and that would be the 15 557 level Granted support is the bottom of its three river morning star candle And that's at 14 807 and that would be the price target if price closes below the bottom of its profile profile at 15 257 or it could be just simply a move down to one of these trend lines out here But overall inside the nq what we have is simply a consolidation With inside the weekly profile and that's at 14 802 to 15 301 All right, it's 8 36 in the morning 1 36 in the afternoon. We should go take a look at goldilocks So what did gold do yesterday? As we take a look at the its futures contract what it did was it made its way back to its key level of support So what we have here is we have a gertley buy pattern I'll go ahead and draw the a to b equal cd in here and in the gertley buy pattern You need an a to b equal cd pattern and for me the a to b equal cd pattern completes Yeah, I've got to use the same candle for the bottom So the b point is 914 and the c point is also 914 And what we can see is the 1 to 1 a to b equal cd that 1 to 1.272 I should say that completed at about the 17 38 level So you have a gertley pattern when you have a strong move in this case here gertley buy a strong move off the bottom Which we most certainly did in gold off of that flush low from august 19th august night I should say then you get the completed a to b equal c Now the reason why I say it's completed is because we had a bullish reversal candle in this case here It was a western bullish reversal candle referred to as the key reversal bar And that is the trading day of september 20th and a key reversal bar You need to be in extended condition while being at the 1 to 1.272 of an a to b equal cd that qualifies for that So that's the first element the second element is the high and low of the prior bar needs to be exceeded Well, that was accomplished and then third you have to close in the opposite direction Of the trend which in this case here was to the downside it was making an a to b equal cd to the downside that held So yesterday was nothing more than still a test of a bullish Bottom out there at the 17 42 30 level That is what you want to watch today because the price closed below 17 42 30 That says we've got more downside action Could even mean in the case of gold retesting the lows from august the ninth But so far the gartley pattern is in play What we also know is that this formed a slightly bullish structured profile and so and that when that formed You know in essence it was below price. It just makes a 17 90 10 level a very key level of resistance Now this is the daily time frame chart. I have an eight panel chart out here for most things We're going to switch over to that right now And then we come back from the break We'll go take a look at the goldilocks and see what it is doing from an intraday standpoint Steve roge with tfnn will be back in just a few moments Are you having fun trading the markets but having trouble finding like-minded individuals to discuss your trading and investment ideas with Become an apex predator in the trading markets and join the tiger's den trading room only at tfnn.com The tiger's den is an exclusive trading room where successful traders from around the world come to exchange trades and ideas Join the den and surround yourself with these sharpest minds in the trading world Subscribers to the tiger's den are also the first to have their questions answered live on air And can privately chat with our tfnn hosts live during their shows interact with other tigers and tigers as they share trading ideas News analysis and discuss the market action all trading day Subscribe to the tiger's den risk-free with our 30 day money back guarantee and become part of the tfnn trading community tfnn educating investors Are you in the market for buying or selling real estate in the bay area? 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That's tfnn.com then hit watch tiger tv Move from the daily time frame chart which showed that support the key level of support being 17 42 30 That's the level you're going to be watching today That's all that price was doing yesterday and testing that and it held Now here we're switching over to our eight panel chart so we can take a look at multiple time frames seeing what kind of messages They're providing so on a monthly basis you can see a td9 count top out here that formed quite a while ago And that has just simply led to a sideways consolidation within side It's a monthly time frame of profile. It's really between the center. This is a bullet structure profile So you could expect support at the center level 1706 and that in essence is what we have seen out here You know, so it's a top that's led to a sideways consolidation basically If we take a look at the weekly time frame chart this confirmed a gartley by pattern or certainly a by the d-point pattern When it formed that bullish hammer candle, which price had pulled back first it had a td9 count top Price pulls back to the breakout level of support 16 83 I think we just looked at an instrument that had done something similar on the daily basis We now have the a to b or the gartley by pattern That we took a look at and that 17 42 30 level must hold A close below that uh says we may get back to the revisit the lows From back in august now if we take a look at that so as we now move into or shift into the intraday charts I I use a 30 a 60 120 240 and a five hour time frame chart. You'll see on the five hour in the 240 You'll see those roads meant to indicator signals. So those are those black diagonal lines So on a five at a five hour time frame chart here So in essence if we're going from daily then we go down to the five hour time frame chart There's already a confirmed roads meant to indicator bottom here that that level was not taken out Let me just draw a blue line across here. So it still has the five hour chart It still has a confirmed roads meant to indicator bottom pattern out here Perfect. So you've got one bottom there signal that it's attempting to form a bottom By the way, when this top it was a td9 count top out here. Let's go take a look at the uh Me moment the next uh Pattern or intraday pattern that has any kind of confirmation of a daily time frame is the 30 minute So we have a 300 minute bottom and we've got a 30 minute bottom The 30 minute bottom is the one that's perhaps most important to us certainly at 844 in the morning We're trying to assess what gold is doing. So here last night You get a confirmed roads meant to indicator bottom signal that is at 1700 hours right at five o'clock When we get that bullish hammer candle that forms now what price is doing as we can see It's pulling back and it's going to test that key level of support So if there really was a bottom that was formed yesterday when we see Such as on the daily time frame we saw price coming back Into that key level of support what we look for is to see is there's some kind of a bottom? Well on the 30 minute time frame what we're saying Yes, so if there's going to be a rally to the upside if it was an important bottom out here We should see 1744 40 hold right now. We're trading at 1745. What happens if we see and there's 15 minutes left in this bar And we can't make the call until the bar actually closes So that means at 9 a.m. When we're off the air But what we should know right now is all price is doing is pulling back to test a breakout level of support If you were a person that had conviction that gold was going to move higher This would actually be your buy entry area. Now. There's not a bottoming pattern that's going on under 30 minute time frame chart It's just simply price pulling back to test support So 1744 40 holds during the day out here that would be an interesting Short-term indication that gold is doing everything it can to try to attempt a Bottom out here now the interesting thing about gold. Let's so see if it's still doing the same thing I haven't taken a look at the u.s. Dollar index for a bit of time But on a oh, I don't have the 30 minute chart here. I've got it elsewhere. Give me a moment Sorry about that and we can come back to the well I'll go to a 30 minute chart momentary as long as I'm here Um and again, it's the importance of of these tools the td9 counts the oscillator and changeline First take a look at where price ran into resistance yesterday Again, nobody would have chosen 93 50 as the swing point or the breakdown level It just you know, so that's why use that's why the power of the td9's out here So we know where resistance was price stopped right there Quite frankly generated a big old bearish engulfing candle which confirmed a sell the d-point of an a to b equal cd pattern However, in order for any kind of a sell pattern to get any kind of attraction to the downside Price has got to get below a green oscillator and changeline So all price was doing yesterday in u.s. Dollar index was pulling back to test support. Yeah, it was a big move lower But what does that mean? Well, the only way for me to be able to interpret that is by using these tools out here So now I just was going to go to the 30 minute set of time frame charts out here So now you're going to see a number of them across the top You've got the equity futures contracts down below. You've got the metals in the u.s. Dollar index So we can see on a 30 minute base as well. We see now that the gold has been moving lower But overnight what we had was we had the u.s. Dollar index moving higher And we had gold moving higher at the same time and at some point time in the future That's what I expect to see and I expect to see that when things just go to Hell in a hand basket really around the globe as because as people then continue to shift into Price instruments, they'll also shift into or should shift into gold as well So the real rallies in gold are when there's instability around the globe out there And then when I say instability, I'm referring instability of governments That's when you really see the big huge rallies into a Goldilocks. Okay So what else do we want to take a look at that's pertinent for folks? Well, one thing that took place yesterday So, you know a few days ago as the markets were moving lower And we were trying to assess what was the message of the markets One of the tools that we used was the Advanced decline oscillator for the new york stock exchange and that is panel number two here And what we notice we know the patterns and the patterns are that bottoms form When that advanced decline oscillator gets into the extreme or the oversold condition What you'll see out here is a plus 150 and a minus 150 Plus 150 is overbought minus 150 is oversold minus 250 is extremely oversold So and it's important for us to step back for a moment It's Friday and take a look at this week's action because many people at the beginning of the week on Monday We're saying man. This market is cratering. We're just simply going to go continue to go south And I'm saying hey hold on a minute here The all with the advanced client when it gets down to that minus 150 You've got to expect some type of relief rally or a bottom and and if you go chart this indicator This is nothing more than the advanced decline line and the difference between the 19 and 39 daily exponential moving average That's how the advanced decline oscillator is confirmed the So and now the other element so we've come from the extreme oversold condition So that's the first thing out there and we're now above yesterday It was a close above that zero threshold level when price in the advanced client oscillator is above or below zero That tells us whether buyers or sellers are in control of the general markets now Here's the deal and you'll see when buyers are in control We've got a green line that's down below in a red line just to just In order for buyers to really flex their muscles today You need to see two consecutive you know, you've heard this a million times now a million and one two consecutive closes above that zero threshold level to Indicate that buyers are in control. So watch that because if in fact there's a close above that That tells us buyers are in control of the general markets. If we take a look at market breadth And that's important to do here take a look at market breadth for the equity for the es mini here or the s and p 500 What we can see here is we're in bullish conditions. Oh shoot. You're not seeing that. Sorry about that Oh, you didn't see that last chart Son of a gun. Sorry about that. I tend to do that forget what screen that's on so let me show this here My apology. Let me show this you can grab this inside the tiger's den Good chart to have just as far as an indication of hey when you start getting down to that minus 150 level folks You have to start looking or anticipating that you're going to at least see some type of bouncer bottom Steve roach with tfnn. 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That's tfnn.com and hit watch tiger tv Welcome back folks. Thanks to all those who have joined me early here as we recorded today's show between eight nine Hey, look, we're gonna do this for at least the next Anticipate at least the next three fridays out there So if you want to mark that on your calendars the regular show While our traders edge during the week monday through thursday will be at the one to two slot But on fridays i'm going to do the eight to nine Right now at least for the next a few weeks out here possibly through the end of oct End of october it's always fun to do the show early so that we can kind of get our sights on you know What what is the meaning of what the market is doing as we speak now? Another area to be watching come at the end of the day or maybe 154 in the afternoon If you're listening into uh to the normal slot out here is the exponential moving 50 to exponential moving average for the spot Volatile next now yesterday's close. You know how important this is for stevie It's a kind of one of our it's our it's our wind indicator If you wills the wind blowing from the north blowing from the south out here and yesterday the wind just simply died Because as the close came in the 50 day exponential moving average was 1863 and price closed at 1863 And so in my evening reports. I had to tell subscribers I am confused because I think the market is confused as to what it wants to do Hey, we know we've got the valid bottoms We took a look at those in the for equity future contract during the show out here But we also know that right now that spot volatility is above its 50 day expense moving average And that is always troublesome for the s and p 500 And how do you know that you can go back and you can create a chart like this And at the bottom panel is the 50 day expense moving average and the top are the blue lines out here are the spot volatility index and the reg the the green and yellow Boxes rectangles out here show you what typically happens to price inside the s and p 500 Based upon where that spot volatility index is trading out there. So again folks. Thanks for listening We'll just simply switch over here real quickly. Take a look at those eight 30 minute time frame charts out here get a quick peek at what may be going on And you can see the es mini it's broken below support, but it's triggered a roadsman to indicator signal So too has the nq should you see a bullish reversal candle? That's going to be a signal of a bottom from a short term basis for those charts folks. Have a fantastic weekend Go USA