 The following is a presentation of TFNN. The Traders Edge with Steve Rhodes. Toll free at 1-877-927-6648 or internationally at 727-445-1044. The Traders Edge. Now, Steve Rhodes. Good afternoon from TFNN. Welcome to the May Day, the May 1st. The wonderful Wednesday edition of today's Traders Edge Show. I'm your host, Steve. 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. Let's have an extraordinary one. And of course, the easiest way to do that is to always remember that life, life is happening for us. Not to us. That's right. We knew when I make that one little two-by-four shift. It means we can find the gift in every set of circumstance. That life is going to toss at us. Today, you and I, we're going to go check on the circumstance of these markets. We're going to go figure out what the bowls and the bears, what those buyers and sellers are communicating to you. And I just passed one o'clock in the afternoon. I want you to know that I'm absolutely grateful for your presence here. But most importantly, I'm here to serve you. So feel free to pick up that phone. You can dial on in right now, 877-927-6648. Kent Allen, we've got you covered. You can always send me an email, Steve, at tfnn.com. If you would be so kind to put a radio show question in the subject, heading, of course, in our Tigers Denny Ping will do. So let's go ahead and get this show started on wonderful Wednesday. Of course, this is Tiger Financial News Network. I'm Steve Rhodes. Welcome to Lush Show. Right now we've got a flat market, and that's really to be, I would say expected anticipated with the Fed releasing their decision, whatever decision that might be at 2 o'clock with testimony or Q&A period coming afterwards around 2.30. So really what the interpretation of what the markets are doing, and we'll go through the charts. But quite frankly, and I don't say this normally, but quite frankly right now between one and two, it's pretty much useless. It's really going to be about the end of day. So we'll take a look at what the end of day numbers might be. That way, whether you're listening live or listening to an archive version on Tiger TV, you'll be able to have some data points to go ahead and take a look at how the market has responded and how it is that you can interpret its message. So I don't want to get too caught up in the short-term timeframe charts right now or any of the equity charts, really metals or bonds or anything, because things are potentially going to change out there. But nonetheless, right now we've got the Dow up 11 points. The S&P is flat, saw 42 cents. NASDAQ 100 being powered by Apple, which is up 13 bucks. So the NDX 100 is up 42. Of course, the Dow, a lot of points to the upside in the Dow as a result of Apple being up 13 bucks. I'm going to guess 70, 75 points, something like that. I'm going to have a conversion system out here. You've got the Wilshire 5000. That's off 11 bucks. Trendy's off 1%. They're down 109 points out here. Spot volatility index. Now that's one thing that you and I are going to take a look at today, especially with regard to where it finishes. Now it's up 27 cents. That's 2% trading at 13.39. Getting awfully close, flirting with that 50-day exponential moving average line out there. And if we take a look at what's moving to the upside, you've got Rogers Corp. That's 25, 55. Timothy Planned, not sure what that is. But it's up 2,409%. Must be an IPO. That's heck of a day out there. You've got L3 technologies up 15. Strategic education, I'm going to guess what ED stands for. It could stand for something else, but we're going to go with the education. Of course, it could be strategic. Ah, we won't touch that. But it's up 9% out there. To the downside, Google of 23, MGP ingredients has some bad ingredients today down 23% or 20 bucks. Google's up, I said there are 17. Micro strategy down 6.5% or 9 bucks in chain. So where do we want to begin? Where do we want to begin? Let's begin here. The spot volatility next. Perhaps the one tool that you'll be able to utilize to get a feel for what the message of the market is has come four o'clock today. And so here what we have on this chart, the top panel of this chart is the S&P 500. So we're looking at the SP cash in the seat. We're looking at the spot volatility index. That's at the bottom. Now, one of the things that you identified rightfully so at the beginning of the week on Monday, you had noticed this rising bottoms pattern in the spot volatility index. And what I mean by that, I'm referring to, I'm starting with the day here. You correctly picked out April 12th as the so-called low on a closing basis in the spot fix index. That was at 1201. He danced to the next real low out here. Well, that was on April 18th on a closing basis, 1209. Now, at the same time that that was going on, what we had was we had price rising inside the S&P 500. It's very easy to see the rising price direction in the S&P 500. That's the top panel of the screen. It's a little bit, it takes a little bit more work to identify that you had a rising bottom pattern. But you did it out there because on the trading session of April 23rd, 1228 was a number. So slightly rising and then really rising since then. But you see the slightly rising and really rising since then with the S&P 500 going north out here, you can look at my screen and see those other green aligned divergences in the S&P 500 and the spot volatility index. It always has meaning. It is always a signal as to something to come. That something is some type of retracement. Now, the pattern can get negated. We haven't had that some type of retracement that I've been able to see out here. So the pattern is still in effect. Now, when this pattern really gets rockin' and or rolling this case here, this is telling us a retracement. It gets beyond retracement when you see the spot volatility and it's closed over its 50-day exponential moving average. Now, that number as we speak right now is 1415. Again, we're trading at 1342. It changes by the second out here by the tick. But watch 1415 at the end of the day. Now, right now, it's just a warning signal. I have learned over time you can't trade off this. You have to be able to use other patterns and tools in order to be able to trade off of this. So you're going to want to watch this because it's going to help. If the spot volatility index closes below the 50-day exponential moving average, it's going to tell you that, hey, the market is not... There's still plenty of liquidity. I'd rather just use it like this. You and I, at least during this 1 to 2 p.m. show, we never refer to this as the X gauge out there. And the reason that we don't is because it's useless to refer to it that way. There's no trading strategy or anything that you and I can do to interpret what the market is doing out here. So what we can do is we can use that. We can also take a look at... We can look at the S&P 500, but I choose at this stage here to look at the ES mini. And we're going to take a look at the ES mini and we're going to take a look at the patterns that are out here. Now, one of the things that you're going to notice right now as we speak of 114, we don't have a bearish reversal signal out here. But who cares? This is a daily chart. That means that we need to see when the contract closes later this afternoon what type of candle we have. But here's what we know. We know inside the ES mini prices moving higher, doing a less relative energy. How do we know that? Because my system automatically draws that out there because it's one of the single best tools that any of us could use for any time frame, any instrument that we trade out there. It helps us to identify tops. Right now it's just a potential top. But the ES mini is also singing in the key of G. That's wave number seven. You know, that's that wave where during the ballgame you get up and you sing. So sing during this break and I'll be right back. The Taz Profile Scanner is the most revolutionary piece of trading software that you will ever try. Wouldn't you like to approach the markets with confidence? As you begin your trading day, it's likely that you'll be faced with lots of decisions. In order to make the best decision, the first thing you'll need is a strategy that will help you minimize your risks. Whether we're in a bull or bear market, a good strategy is to have the tools needed to help you scan and analyze the markets before you trade. The Taz Profile Scanner instantly scans and filters over 2,500 global financial markets such as stocks, ETFs, commodity futures, and forex. Headed by Steve Dahl, president of Taz Market Profile, the Taz Profile Scanner understands that in today's technological world, the use of top-flight software applications, automated trading algorithms, and technical analysis expertise is essential to successful trading in today's market. Whether you're looking at the trade matrix, the ETF heat grid, the market breadth, the landscape charts, or the many other features of the Taz Profile Scanner, this is a piece of software that will revolutionize how you look at the markets and set up your trades. The team at Taz has even put together a 12-part video series to walk you through every aspect of the Taz Profile Scanner, which you can find directly on the Taz Order page at TFNN.com. Sign up now for only $97 a month with a risk-free 30-day trial so you have nothing to lose and everything to gain. See for yourself how you can harness the full power of the Taz Profile Scanner by visiting the front page of TFNN.com today, and you'll find the Taz Profile Scanner under the Services section. Remember, with a 30-day money-back guarantee, you have nothing to lose. Don't let another day pass you by without trying out this amazing piece of software that will revolutionize how you look at the market and how you place trades. Sign up today. The TFNN has launched our brand-new website. You can still visit us at the site to learn more about the Taz Profile Scanner at TFNN.com. Call now. Toll free at 1-877-927-669. At 727-873-7618. Back folks, so hopefully you were singing Take Me Out To The Ballpark and we'll see whether or not the markets want to take the markets out to the ballpark or to the shed. And we'll know that perhaps by the end of the day. So what we have out here, we'll take a look at the ESMini. One, you can see an A to B equal CD pattern. Price has made it beyond the one-to-one level. That was $29.29. Here along the way, if you're watching us on Tiger TV, there was never a bearish reversal candle. You see that whole A to B equal CD thing. You can go ahead and sell the D-point or buy the D-point if you want, but you'll get crushed over the long haul if that becomes your pattern. What you need to do is you need to make sure that the market will go ahead and communicate to you when the pattern is complete. That doesn't mean that things can't get turned around, but what you want to do is you want to... Our role, my role here is to interpret the charts and tell you what buyers and sellers are doing. It is as simple as that. It is really not to inflect my opinions. What I give you as far as information out here is here's the pattern we're looking at, here's what we're looking for, and then here's what action you could consider taking. Remember, this is a daily timeframe chart. A daily timeframe chart may or may not really impact any trading decisions for that. You have for your longer-term accounts out there. For those, you might want to look at the weekly but let's just focus on the daily timeframe chart out here. What needs to happen? What really needs to happen at the end of the day in order for the many folks that want to just get bearish out here. Look, I don't care what you want to get bearish from bullish. Just the interpretation of the chart itself. You need to see some type of bearish reversal candle at day's end. You can get a bearish in golf and you can get several different candles out here. I just want you to know right now we don't have it, but if you were to get one, along with a close above the spot volatility, exponential moving average, then the next thing that you would be looking for or anticipating is a final level of support. Inside the ESMini, that's why we're taking a look at the equity futures contract. Well, it's quite a ways down. You would have to make a decision before price gets there. Here is the June contract for the ESMini. These are the daily profiles that are out here. What you will notice, what you should notice and take a look at this and you'll look at all other contracts, what you should notice is all pullbacks or retracements out here have found support where they should have. In other words, all retracements and people might have thought that was the end of the world, that was the end of the rally, the end of the countertrend rally. Well, as we know, that's wrong. That is not a correct assessment. The only way that's going to happen, as you will see on this move up here, is if price closes underneath the bottom of a daily profile. These are hidden, they're not hidden and now they're on your screen and you can at least take down the numbers here. But if you take a look at the first real pullback and test of support, it took place on the dates of February 7th and February the 8th out here. It's really the role of price to always come back and test support and then to communicate to you and I, hey, if that support holds then the trend has not changed out there. For whatever the time period is, here we're using a daily time fearing. If we take a look at the trading day to look like it was curtains out there because there was a bearish reversal candle on March the 4th, that was a key reversal session out there. That could have been the end of it. That's why I'm going through this, so I don't want you to be able to correctly assess and interpret the market out here and what it's doing and that should have been the end of it. But you see, when it's so called the end of it, in this case here the end of the move higher when a bearish signal shows up on the screen all it means is that price is going to go back or should go back and test support. It's not until we see the results of that test of support that we can really draw a conclusion. So you had that top, you had even a bearish structured daily profile back here and what I'm referring to, let me just go ahead and put the rectangle around it. Here's the rectangle right there. So that's what we're talking about and you can see that price is pulled back to that level. Yeah, interday can get underneath it but it's always going to be about the end of the day. If you use a daily chart it's about the end of the day. We saw several times out here where we saw tests of support. March 25th was one of them. You saw two days later in the 27th you saw it on the 28th. Price always closed back above the bottom of that profile. You can see right now that price is trading above the top of the profile and so hence, I don't know why I use the word hence but if we do get a bearish reversal candle on the EES today the real key is going to be will price take out 28, 94, 50 because that is the bottom of the profile. We're above the top right now support. Level 1 support is 29, 29. Level 2 support is 29,09. You're getting rid of the ticks that are out there and then level 3 or the final level the key level quite frankly the most important level is the bottom of that profile and that's 28, 94. The bearish reversal signal today and you've decided or maybe you are in a short position what you want to be able to watch is what happens as price gets to 28, 94. I have no new profiles that are forming at least not yet not as of 123 in the afternoon and so I think that the what we've just covered here we just took a look at the spot volatility index the rising bottoms pattern that it is the rising price pattern that it has it can extend itself for a long period of time out there so there are clues, there are just clues of potential now what we have to really see is what buyers and sellers are going to do with the information and then it becomes easy for you and I to make a logical decision out there at least be able to anticipate where price might head to now we have a question that came in so I just wanted to go ahead and make sure that we completely covered that area and didn't leave you there but we've got a question that's coming here from Art now it wants to take a look at the unleaded gas or the ETF UGA so let's go ahead and put UGA out here what I'm not certain of is what just the question is what's the outlook so again let's look at the charts out here so what do we know about the ETF and what you and I are also going to do is we're going to go take a look at the gasoline futures contract but if we take a look at the patterns that are out here here one of the things that you can see is prices moving higher doing less relative energy out there and it was doing that into the trading session oops sorry it was doing that into the trading session of the date is April 23rd but as price was making that move and it was a gap to the upside it was doing it with less energy and when you do with less energy it's never the first time that's the problem it's always the following high and how it is made it doesn't want to make a high not you but a chart it doesn't want to make a high by doing a less route of energy now it can come back and it can resolve that but during that time period during that time period if you get some type of bearish reversal signal what that's telling you is you've got some type of short term top in place and you got that bearish reversal signal on April 27th when you saw a gap to the downside we've seen here over the past couple of days we've seen this before it's a resistance level these two little blue dash lines out here as well as Stevie's green line the oscillator and change line by the way that price point is 3311 we're trading at 3247 so right now what this is telling us UGN a daily basis is that there's a top but just like we looked at for the EES mini the rules are the same you see what you and I look at instrument wise we're agnostic to see what the outlook is for unleaded gas gas lean futures out here and where does price need to close below in order to change its trend now this almost is like we're looking at the EES mini chart out here prices above the top of its daily profile that's at 2.03 the key level of support if this is a change in trend art that number 1.9858 take it out to full decimal points out there that's the level you would watch for to make a determination where there's really a change in trend in UGA Steve Rhodes with TFNN over right back I'm certain you are or strive to be one of the best of the best at everything you do in life it's the most common trait that we tigers and tigers share if you're looking to become the best of the best when it comes to managing your money let me teach you to do what most wealth managers tell you can't be done which is how to time the markets I'm Steve Rhodes, author of Mastering Probability and for the last 12 months Timer Digest has been tracking my newsletter signals which have earned me the ranking as their number one market timer in the nation for the S&P 500 for the last 12, 6 and 3 months Timer Digest also ranks me as the number one market timer for gold as well the fact is markets can be timed and I'll teach you the exact set of tools that I use that has transformed me into one of the best at what I do sign up for Mastering Probability today by clicking on the newsletter tab on the homepage of TFNN.com and get immediate access to workshops where I take you step by step how to use an extraordinary set of tools as well as provide great market calls to sign up today the path of least resistance is David White's daily trading newsletter and if you're looking for active trading ideas then now's a perfect time for a 30 day free trial to this powerful daily trading advisory service David uses his years of trading experience to offer his subscribers his trading ideas each morning in his path of least resistance newsletter using a combination of equity trades along with options David keeps his subscribers up to date with all pertinent market information with intraday afternoon updates when warranted don't miss out on this great chance to get a 30 day free trial this daily newsletter the path of least resistance with no obligation to pay anything David has been delivering solid recommendations for his subscribers recently and if you'd like to see the type of newsletter he delivers every morning then visit the front page of TFNN and you'll find the path of least resistance under trading newsletters for all the details and to start your 30 day free trial today log on to TFNN.com now TFNN is excited about the new software charting program the art of timing the trade charts in collaboration with Tom O'Brien and using his best selling book the art of timing the trade your ultimate trading mastery system David White has programmed an outstanding piece of software that will complement any trader's methodology using this first of its kind program the art of timing the trade charts allows you to scan thousands of stocks for Fibonacci formation setups including guardleafs, ABCs, butterflies and much more the art is designed to help you when scouring the markets for stocks just beginning to form the trading patterns that many investors spend days, weeks or even months searching to find and right now we're offering licenses available at only $79 a month we are so confident that you're gonna love this new charting software that will even give you a 30 day unconditional money back guarantee don't miss out on this incredible new piece of software get your copy of the art of timing the trade charts today by visiting TFNN.com this document is brought to you by Think or Swim for more information just click the Think or Swim banner on the front page of TFNN.com Welcome back so 30 minutes to go before the real fireworks begin as the market interprets and turns around whatever the Fed's decision is but really it's probably not till around 3.30 or so before it would really be clear certainly 4 o'clock on the cash markets out here the Dow's up 20 points the S&P totally flat right now now what's not flat is silver silver is down 1.7% that's down to 25 cents trading out at 16.45 so why don't we take a peek in on silver and try to identify where key levels of support are here and we're gonna take a look at the daily time frame chart and so we're looking at the July contract for silver trading out at 14.74 and what you're gonna notice on the screen you're gonna notice both the daily and the weekly profiles and so what you can see here is that the silver is pulling back to 14 the bottom of its weekly profiles 14.66 out here now I'm also gonna put up my synthetic contract which may identify different profiles and that's not what the intent of confusing you but we've had a recent rollover in the contract for silver and the data on the left hand side is very limited out here and so if you use limited data you know it's less reliable for being able to turn out information so instead of doing that what I can do is I can come over here and for this I've got a more of a synthetic or composite contract you'll notice here when I open up this chart we go back as far as we want and now I've got all kinds of data that I can use to be able to analyze what's going on inside the market now luckily for us at this stage here the weekly profile comes out to be the same and that's at 14.66 so at this stage here we can see the A to B equal CD to the downside it does not look like it's completed let's try to get that price projection I'm referring to the A point that I'm gonna use here would be the swing from October 20th and I'm gonna use my B point I'm gonna use the March 7th level and for my C point I'm gonna be using March 21st we can see the 1 to 1 A to B equals CD pattern would give you a price projection of 14.42 14.07 is the 1.272 so how will we know if price wants to get down there well if you see it close below 14.66 PDG pretty darn good chance what we're gonna see is a move in one of these to one of these A to B equals CD points now at the 14.42 ish area really between the 1 and the 1.272 you get down into the lows from November of 2018 out there so you know can we totally make it into right now support a sell so that much we know even though it looks like there's a breakdown and there is a breakdown from the daily timeframe chart and we've got to we've got a close that is certainly well below that area no bullish signal of any sort that I can see in looking at this chart but that's what's going on with silver different than if we take a look at gold let's go take a look at the June contract here for gold this off a buck seventy twelve eighty four is the number if we take a look at profiles here the key level for gold is going to be the bottom which is twelve seventy seven twenty now you'll notice at this point and this point meaning one thirty three in the afternoon the bar has turned orange it is trying to form new profiles out here but really we won't know whether that's going to occur until tonight early in the morning but it's but it's trying to there's no information that you and I can use from this what we can do is we can we can say that if price closed under twelve seventy seven twenty then support will have been broken it will be clear in fact support on a database has been broken ever since the March the first level the question is do we have some type of bottom pattern that's in place so from the A to B equal CD side out here the a point B point C point C point by the way was March twenty fifth you'll see the one to one completion is a twelve sixty two one one point two seventy two is twelve forty three by the way if silver is about that silver but if gold makes that move to the downside and right now I don't have any reason to believe that it will right it's trading above support but if it were then it would be setting up a nice or potentially setting up a nice Gartley by pattern and one of these price projection areas out here so we'll what's there to do look right now with regard to silver it's holding support happens to be the weekly profile in the case of gold it's holding support it happens to be the daily time frame time frame profile and so that's what's going on the precious metals area but what we can also do is we can go take this and we can try to assess what's going on inside of the GDX so let's go take a look at the GDX and the GDX right now is trading out of twenty dollars and sixty four cents what do we know about the GDX at one thirty five well we know that if the GDX closes under twenty eighty four twenty eighty four is a bullish structured profile so this is all going to be about the end of the day and that what that means in the bullish structured profile is this this is nothing more than a football game and it's easy for me to take a look at this is a football game in the football game where you have two opponents with buyers and sellers is what I'm going to call the teams and we know where buyers are lined up in fact that buyers in the bullish structured box that's the A team this is all the first stringers of buyers in the GDX are between the price level of twenty eighty four and twenty one oh one and that should hold and if price closes below that and you're long the mining sector hopefully you can find some other bottoming pattern that is a trend to stay in there now this is just a daily time frame if price were to close below twenty eighty four what you and I would do is go look to the weekly time frame to see where its profile is so let's just do that real quickly well that happens be twenty fifty seven so what we can say here between twenty eighty four okay support has been broken on a daily basis intraday where has it fallen to it's fallen to support of the weekly profile again twenty fifty seven the low so far today in twenty fifty six so just like you and I can reach a conclusion about gold and silver that they've held support we're going to use the daily in the weekly time frames to help us assist with that so too has the GDX but if we see a close blow twenty fifty seven so we'll change that number from twenty eighty four to twenty fifty seven well you should have a really good reason I mean a really good reason to be longlining now if you are a risk individual and you want to try to get into something before the Fed announces it well then now is the time for the GDX or gold or silver that have held support and you close those trades out if they break support come days end out here I am not suggesting that but as we take a look at the role of just understanding where support is when support breaks where is price going to go and let's take a look at where else is it that price would go to decide the GDX well let's go take a look at its A to B equal CD pattern let's go ahead and you know what we do here so for me because here's the one a point that somebody could use and that would be the trading session February twenty but see how price came all the way back up that swing point on March twenty six not really an A to B equal CD if anything it would be a consolidation pattern that was out there which we could do so for the A to B equal CD pattern out here for the daily time frame for the GDX I would be using the March twenty six level as my A point and I would use the low of April fourth and I would use the high of April 10th and what we can see here is prices right now below the one point two seven two area and that would say it's next target 2036 or it could be a one to two A to B equal CD to the downside and that would be nineteen seventy five now volume today sixteen million shares the swing point that it is dealing with this recent one had volume of about forty eight million shares so you've got light volume here's how we're going to sum it up prices at support period end of story even though it's broken on the daily we'll go with the weekly here but if there's a close below twenty fifty seven the GDX well probably silver and gold are trading below support as well Steve Rhodes with TFNN will be right if you're in the CD market and looking for a secure investment the Tiger first mortgage program may work for you the security for these first mortgages are building lots in the tax opportunity zone in St. Petersburg Florida the tax act of twenty eighteen set up tax free zones across the country where you can build and hold for ten years and pay no tax on the profits which makes these lots valuable the investment is anywhere from thirty thousand to seventy five thousand the interest paid is seven percent yearly paid on a monthly basis according to bankrate.com the best rate of interest is one hundred percent a fifty thousand dollar investment at a normal four year CD rate of three point one percent would give you income of fifteen hundred and fifty per year are sixty two hundred over the four year period that same fifty thousand dollar investment in the Tiger first mortgage program would give you thirty five hundred per year are fourteen thousand over the four years which would you prefer sixty two hundred or fourteen thousand of interest on your investment if you'd like more information about the market market news. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Biotech is booming but for how long? Whether you think the Biotech bull has room to run or has run its course, trade L-A-B-U or L-A-B-D. Directions daily S&P Biotech three times bull and bear ETFs. Visit DirectionInvestments.com biotech today. An investor should consider the investment objectives, risks, charges, and expenses of the direction chairs carefully before investing. The prospectus and summary prospectus contain this and other information about direction chairs. To obtain a prospectus or summary prospectus, please contact Direction Chairs at 866-476-7523. 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 foresight 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 for the latest market information. Welcome back, folks. So we've got a request here to go take a look at the Apple. The question is where does it look like Apple is headed to? So we begin by taking a look at first, where's Apple trading daily, weekly, monthly? Is it above our resistance levels? And for this case here for resistance levels, what you and I are using are the daily, weekly and monthly profiles. In fact, we've even got the quarterly profiles out here on the very right hand screen. So today with price getting above along a close above 20848, it's taken out its daily resistance, a brand new profile that formed a couple of days ago. That was a 20848 on the weekly. The trading well above the top of resistance. That was 176.71. And last month, the month of April, today's May day out here, price closed over the top of that profile as well. And that was 19786. So at this stage here, everything looks bullish when we take a look at Apple. Now, Apple does have some resistance out here and that resistance level was established by a gap to the downside. So let's go take a look and see if price has tested that and it hasn't yet. So 216.81, the other level would be the bottom of the gap or would be the high of the candle session from November 2nd. So that's what we saw the gap to the downside. That's 213.65 or 213.90. So what Apple is doing is it's trading into resistance. By the way, from a volume standpoint, that moved to the downside was 91 million shares. We're 42 million shares right now. It's kind of neck and neck. It's pretty close to a similar type of volume. So I don't know what it's going to be light or not, but price is trading right now into a potential resistance area. What happens if price closes above 213.65 and hasn't tested 216.81? Well, odds favor, doesn't guarantee, excuse me, odds favor that price is going to go test the 216.81. What happens if over the coming days price closes above 216.81? Well, then that window, that gap to the downside, that natural resistance level, will it fail to act as resistance? If anything, old resistance could be or should come, should become new support out there. So what Apple is doing, Jim, is it's trading right into a resistance point. This would not be where one would go ahead and add to a position out here. If we take a look at what Apple is also doing, so the move higher today has been with less route of energy. When I say less route of energy, I'm referring back to the energy level that it had in place on April 24th when it had created a nice little shooting star candle out there. Now, there's no bearish reversal candle, anything along those lines. It's just a warning signal as we speak. There's no levels of support that have been broken out here, but it is something to keep our eye on over the coming days with regard to candle configuration. Now, when Apple pulled back all the way down here, by the way, on January 3rd, when it formed its bottom, it generated that rose momentum indicator pattern out there. That's why we pay attention to both of the top and the bottom. This is how you sell tops and you buy bottoms as opposed to buying low and selling high, which is virtually useless, useless instructions out there. We want to buy bottoms and buy tops, and so we want to use different patterns to assist us in identifying those types of markers on a chart so that we can see the change in psychology of the market. Now, in addition to moving back to that level on January 3rd, what Apple was also doing, it was testing a support level. That support level was its Tom DeMark set up trend line. That's that red solid line. I can't tell you why this works. I can. The reason why it works is because what this TD set up nine count system does is identifies a breakout because it just simply says, you know what, in order to have the energy on a weekly basis, that monthly basis, this is a monthly chart out here, to have nine consecutive months where the close on a monthly basis is above the close of a bar of four bars earlier takes a lot of energy to do. And when it does that, it tells you where the breakout was on a gap to the upside to the downside tells you where the breakout or breakdown was and price can often pull back. That's why gaps get filled. All it really means is prices pulling back to a breakdown or a breakout area. In this case here, this is the breakout area and price pulled right down into it. And so that combined with what was going on in the daily timeframe chart was was was really a great buying signal. If you were following Apple and you were utilizing these different tools that you and I use here between one and two o'clock in the afternoon. Now prices able to close above to 1681 gym. Then what we would be targeting is the TD ST resistance line. Now I've switched from the monthly to a weekly because there wasn't a resistance line on the monthly chart out here. But there were nine consecutive closes during that time period where the close was lower than the close four bars earlier. So what this does is if price can clear the resistance right, it's coming back to a level where it broke down. If that breakdown fails because bulls are able to close above that, then what that signals to you is that price should go test and get up to that other resistance level the breakdown level on a weekly basis. And that price point I'm trying to give it to you. There we go. It is 224 23. So we take a look at the weekly timeframe charts. We take a look at the daily timeframe charts. We take a look at the monthly timeframe charts for Apple pushing into a resistance area. That doesn't mean that it's going to fall apart here. But I would say it's not where you would be adding. I also would not be selling the position. If I held it, you would want to wait until you got a close below the daily profile. 196 just like we looked at with regard to gasoline, gasoline futures contract. We use the ETF and the reason that we use both of them is because the ETF is going to take its message from the actual physical underlying instrument. Now I don't know with inside that ETF which contracts it is that is inside there. So you'd want to go take a look at that. But we just simply use the current active contract for gasoline futures to make a decision about whether there was a change in trend on the ETF. And in this case here for Apple, we would say a close below the daily profile would be that signal to that is 199 06. So hope that helps you. Let me see if there's any other requests as we have about two minutes left in this segment, then we've got the two minute wrap. So no other requests that have come in. You know, we looked at the ES mini and just kind of keep some perspective here. And so we have potential topping patterns in place. We just don't have the actual signal and confirmation out there the daily reversal candle. If we take a look at the end queue, we take a look at Apple out here, we can see that price is moving higher to a less relative energy. It's got that potential top that's out there. It's already formed a top by creating that TD set up nine count where the high came in the day following that and it happens to be a bearish reversal candle. So I would tell you close above that says a guess what that pattern failed. It hasn't failed just yet. So this has topping signals, whether it's today or not, but it has topping signals in it. If we take a look at the Dow, look at the Dow equity futures contract, what has it done? Well, it generated a three drive to a top signal back about two, four, five days ago, a price today rejecting Stevie's red line thus far as well as that pattern. So that topping pattern is still in play out here. That's why today's close is going to be so important at least being able to assist you with what the markets intentions are. And if we take a look at the Russell 2000 to finish out the last few seconds of this segment here, what do we see? We see the consolidation. We can see prices not broken above the consolidation. We can see that prices moving higher doing less route of energy. And yesterday was a dark cloud cover candle. All of this suggests that the Russell 2000 wants to continue the consolidation and go ahead and pull back. But we won't reach that conclusion until later this afternoon. So right now, 10 minutes before the release of the Fed minutes out there, you've got the Dow up 19 points. That's flat. The S&P up 95 cents. That's flat. The NDX 100 up a half a percent, not flat, but Apple's performance out there, probably below flat, really. And the Russell 2000 up two points. We'll be right. Since 1984, Basel Chapman has been using the Chapman wave methodology to advise traders of his expert market opinion. Well, originally hand drawing charts from the late 1970s into the 1980s, Basel noticed that prices under most circumstances virtually always had a certain number of legs to the upside before declining sharply. Later Basel found that computer software which included the standard market technical indicators enhanced the degree of accuracy and calling price turns as well as market trend calls. Thus was born the Chapman wave sequence. Using the Chapman wave methodology along with other indicators, Basel Chapman advises his subscribers of his expert market opinion each market day with his opening call newsletter. Right now you can get a two week free trial to the opening call Basel's daily trading newsletter by visiting the front page of TFNN.com. Cancel at any time during that trial and pay absolutely nothing. Get your two week free trial to Basel's newsletter, the opening call today by visiting TFNN.com. It's amazing to think that Tom O'Brien started his weekly gold report 17 years ago with the first issue published April 7th, 2002, when gold was trading at under $300 per ounce. Gold peaked at more than $1,900 in 2011 and after spending many years consolidating at lower prices, gold may be poised for its next big run. Tom O'Brien publishes his weekly gold report every Monday morning for subscribers consisting of coverage of the XAU, HUI, GDX, the Dollar, Bonds, South African Rand, as well as 25 different mining equities with specific buy sell recommendations. As of April 1st of this year, the gold report currently has eight active positions with an average unrealized profit of almost 8% for each open trade. New subscribers get a 30 day money back guarantee so you have nothing to risk. For all the details and to start your gold report subscription today, visit the front page of TFNN.com. Don't let gold's next big run pass you by. Sign up today. You know what's cool? Taking something that's good for you. Something specifically formulated to help with weight loss, better sleep, stress reduction, and the need to detox. Nicar, hunter and gatherer ancestors found all their nutritional requirements for health in their wild environment. But today, our food sources no longer contain the vitamins, minerals and nutrients our bodies need to stay healthy and strong. That's why we need Primal Edge Daily Nutrition. It includes a special blend of ionic, soil based vitamins, minerals, fatty and amino acids in an easy to use liquid form. Primal Edge is powered by highly concentrated folic and humic acids. Nature's preferred delivery system. They have been called miracle molecules because like sunlight, air and water. Life cannot exist without them. That's right, Paige. They ensure we receive all the nutrition we need to be healthy and thrive. We take it every morning. Primal Edge, formulated and approved by Nico and Paige of Living a Primal Lifestyle. Buy it today for just $89. Click on the Primal Edge banner on the front page of TFNN.com. This is David White. Stay tuned because coming up next is the power trading hour right here on TFNN. Welcome back folks. So we got two questions here during the two minute countdown. The first is the question was, what's my take on the Nasdaq Composite sawing right here around the 81 33 level we're trading 81 20 right now. And so I have a monthly timeframe chart for the Nasdaq composite on my screen. You'll see a bunch of horizontal lines out here. These are the monthly horizontal trading range of boundary lines. Now that's a tool is a system that was the best of my knowledge created by Bud Rolfs. I took that application and automated it and it's a different system than what he uses and you'll see some numbers along the side out here. And it's these numbers along the side that really generate for us what those horizontal trading range is are. And the largest number of either opens or closes occurred between the price points of 20 90 and 15 89 all the way down here at the bottom. Once you have that gap, so to speak that price differential, all you have to do is just add that number to it and that identifies levels of support or resistance. So price in the Nasdaq composite has stalled where it should have because of something that took place all the way back on maybe about well this is based upon all the data that I have from 1996 going forward. And so it prices stalled where it should have stalled. So eighty one oh five is actually that monthly horizontal trading range number. Yes. Price has tested the eighty one thirty three and it's rejected. It's made a hundred percent move of a move. But it's a normal natural place to stall. I don't know if price is going to jettison over this or not. But it's at a place where it should have stalled anyways. Now look on a monthly basis, a close above eighty one oh five says eighty six oh six is the next number that's out there. So I can't interpret anything more than prices stalled where it should have. And now we have to wait on the daily chart for reversal signals and things of that sort. The last question was, Hey, Stevo, Qualcomm is going to be out with earnings after the bell. What's my take? Like you've got resistance at eighty eight sixty three. That's a daily profile. I wouldn't be shorting it. It's got, you know, huge signs of strength out here. But I wouldn't be going along either. Why? You've got a TD set up nine count pattern in the daily time frame. You've got a TD set up nine count pattern in the weekly time frame. Watch the level of eighty two thirty one and seventy two eighty three. If there's a pullback, you're looking at seventy two eighty three. Folks, have a great Wednesday. I'll see you tomorrow.