 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 morning, folks. Welcome to the July 27th, the terrific Thursday edition of today's Trader's 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 make sure we have an extraordinary one. Now, the easiest way to do that is to always remember that life is happening for us, not to us. That's right. When you and I can 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. Now, today you and I, we're going to go check on the circumstance of these markets. We'll go figure out what those bulls and bears, what those buyers and sellers are communicating to you and I at just past 11 o'clock in the morning. I want you to know I'm absolutely grateful for your presence here, but even more important than that. And that's this. During this next 53 minutes, I'm here to serve you. So, feel free to pick up that phone. I would love to hear from you at 877-927-6648. Now, if you've got a question which you can't call in, well, I'd love to hear from you by email. Send it off to Steve at tfn.com. Inside the subject heading, please put radio show question. Of course, inside our Tiger's Den, well, then any in every 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 Rhodes. Welcome to the show. Right now we got a mixed bag out there. The mix goes like this. The Dow is up 17. The S&P is up 21. The Nasdaq 100 is up 180. The Russell is flat. The Semi's are up 110. The Trenes are down 118. Gold is off 25 bucks. Silver's off 60 pennies. Light's recruit us up a buck 40. Natural gas's off 11 cents. 30 or Treasury down a buck. And 1.14 ticks. Trading out at 124.24. Now, lead the charge to the upside. You've got aligned technologies. A $60 move or 17% lamb research. $56 move, nearly 9%. KLA Corp up 7% or 32 bucks. Asmil Holdings, 31 bucks, 4%. Mercado Lear Bay, $23. That's a 2% move. To the downside, Initia Pultley leading the charge up $192. That is a 9% move. Reiling automotive down nearly 4% or 37. Grainger worldwide down 29 or nearly 4%. S&P Global down 7% or 30 bucks. Belmont Industries, $22 move. That's nearly an 8% move to the downside. So let's begin like we have in the past. Let's begin with market breadth. Where are we at on the short-term timeframe charts? Here is the NQ. You are 10 above, 50 below. So that is a negative market breadth reading. For the S&P 500, we are 104 above, 239 below. So 30-minute timeframe charts, we'll go take a look at those. Our negative market breadth territory. How about the other four, the 60, the 240, the daily and the weekly. When we take a look at the NASDAQ there, bullish for each of those timeframes for the S&P 500, we're dealing with the same thing. So just the 30-minute charts right now that have that negative market breadth. What's going to be really key to be watching and observing today? I would have to say it's going to be these numbers. The ES mini, 4609, 25. Why? Because the close above that will negate a TD9 count or a Roadsman Dominicator top out there. And that would suggest higher price. The level that the NQ has to close above to negate its signal is 16062.75. However, close above 15, 681 at day's end increases. You can't see my charts. That's weird. Not over to tell you. Duffy, they're up on the, and they're streaming out there. Maybe reboot. Here, what is likely to occur is a close above 15, 681. Odds favor move up to 15, 967. For the Dow equity future contract, the number is going to be 35, 693. That's its TD9 count top. And the Roadsman Dominicator top inside the Russell is set at 2007. And each of those areas, our tests have been tested. So far at this stage here, the only one that is a successful test being trained above resistance is the ES mini. But we'll have to dig down into its charts to see if there's any kind of bottom signal. Well, Steve, why don't we just go ahead and do that? Okay, let's go ahead and do that. Let's do that right now. Let's look at our multi-time frame charts for the ES mini. We'll look at this for the equity future contracts. In the upper left-hand corner momentarily, you'll see the ES mini, the daily time frame. And you'll see that Roadsman Dominicator signal that confirmed back here on July the 20th. If we take a look at the five-hour chart, the five-hour chart is in the process of potentially forming a Roadsman Dominicator top. I say potentially because it's 11-11, and this candle session does not close till 2 p.m. But if it does form that bearish reversal candle and price does close below its oscillator and change line, that would suggest a move to 4590, 4572, 4563, or even 4545. We won't really know until 2 p.m. If we take a look at the four-hour time frame chart, this candle here is going to close at 2 p.m. as well. Also a potential Roadsman Dominicator top. Also testing oscillator and change line support. If price closes below that, its next area of support would be 4587 below that between the range of 4563 to 4569. The two-hour chart has already confirmed a TD9 count top. So let's take a look at it. Here you've got the TD9 count top that completed. It completed as we came into the 10 o'clock session. And now we have price below its oscillator and change line. That suggests to you and I, prices gunning for its next level of support. For the ESMini, that level is going to be 4605. 4605 is the top of the daily profile. If price gets inside there, then it's the bullish structured area of that profile between 4588 and 4594 that become the price targets out there. That's coming from the two-hour time frame. The one-hour time frame confirmed a sell the D-point pattern. Its level of support is way down here at 45... I don't know where it is. No, it's below support. The only profile that form is below support. If I take a look at a 30-minute time frame, I don't really have a topping pattern per se, but we do have its price below support. Next level of support for the ESMini is going to be 4594. 4594. 15-minute time frame chart is going to for 4607. 10-minute time frame chart is going to complete a TD9 count at 1120. That could. If you watch that pattern, if the low doesn't get taken out, you should at least see some type of intraday counter-trend move that would take up to the 4618 area is where price would likely run to. So that's a review of the ESMini. Let's try to get a feeling how would we summarize this. How I would summarize this is at first be watching the 10-minute time frame chart, see what takes place after 1120, I'm going to be watching 4608.25 as well. Those areas get taken out, odds favor 4605. Below that, I would go to the 2-hour time frame chart for its signals 4588 to 4594. Now let's go take a look at the NQ out here. The NQ, a moment just to pull this up, we know the NQ formed a rogement dominicator top. Price today found resistance at its oscillator and change line. That's up around the 15872 mark. If we take a look at the 5-hour time frame chart, there's no topping signal here. That suggests price wants to move higher. In the 4-hour time frame chart, there's no topping signal there either. It does appear that the 2-hour time frame chart may form a TD9 count top. The reason I say may is because at 2 p.m. price has to close above 15762.50 or 157.85. So I don't know if that pattern is going to unfold or not. If we take a look at the 1-hour time frame chart, we do have an existing top. And price is testing support. So this is going to be the most helpful chart, at least at this stage here for the NQ. And that says, because this is bullish profile support, if we see it close below 15769, that's going to then signal move back to 15697. But as we speak, 1114 in the morning, support is being tested, support has held. We'll be right back. Currencies, commodities and bond markets are as important as ever right now with how they're driving the volatility markets across the globe, which is why it's a great time to try out Teddy Kegstad's Tiger Forex report. Teddy Kegstad breaks down the Forex markets every Monday using his 30-plus years of experience as a trading veteran of futures, forex, stocks and options. Teddy releases his weekly Tiger Forex report every Monday morning with coverage of all the major currency pairs, including the Dollar Index, the Euro Dollar, Pound Dollar, Dollar Swiss, Dollar Yen, as well as many more. And he also has weekly coverage of the crude oil market and the 30-year T-bonds as they both influence forex markets tremendously. When you sign up for the Tiger Forex report, you also gain instant access to Teddy's 60-minute Webinar Archive. He just hosted Forex Strategies and Fundamentals What is Behind the Tiger Forex report. For all the details and to start your 30-day Tiger Forex report subscription today, visit the front page of TFNN.com. TFNN Educating Investors. You might think that if you want to be successful at trading in the stock market, you're going to need a crystal ball. After all, it's impossible to predict the future, right? Like any endeavor in life, before you decide it's impossible, get some advice from the experts. You might find that it's not so impossible after all. For daily market overviews that give you direction on the key indices, selective stocks and commodities, subscribe to the opening call newsletter at TFNN.com. The opening call newsletter is written by Basil Chapman, creator of the trading methodology known as the Chapman Wave. The Chapman Wave up-down sequence gives you an edge in identifying price turns, finding the peaks and valleys in stock prices. Get the opening call newsletter by Basil Chapman in your inbox every day. First-time subscribers also get a 30-day money back guarantee. If you're not satisfied, let us know and you'll get a full refund within 30 days of signing up. TFNN.com Educating Investors. He started his trading career as a student almost 20 years ago and the student has now become the master. 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Toll Free at 1-877-927-6648 internationally at 727-873-7618 Good back folks, let's get to a couple of questions, just a couple have come in, so let's go and get to those. The first one, I've got to do some reverse order. Dennis was asking about the short-term outlook for the Q's out there. I think I answered that question but let me be real specific here. We're taking a look at the, and I'm not going to go into all of that. I'm taking a look at the NQ chart because this is going to provide us with all the data that we need here. So in the case of the NQ, we've got that 60-minute time frame chart, that's the only one really that I can rely upon right now for any kind of accurate information. We know we have a confirmed TD9 count top and we also know that price has pulled back to test support. That support level, let me see, oh I see I've got a host chat, so let me see what's going on here. If there's a problem with the system, give me a second here. So let me just finish this out here. So with regard to the NQ, price is sitting at support. It's just, and you're looking at asking about short-term, I would say on a short-term basis, if price on a 60-minute basis is able to close about 15, 796, price makes a run for its TD9 count high out there. So that's the very short-term look that we have. If the ES, the YM and the Russell 2000 take out those resistance levels that I shared with you earlier, then I'm going to come back here and say with regard to the NQ, it's likely going to take out its top two. Not a guarantee, but likely. And then what I would say, this is the last five years for the NQ, so I'm showing the seasonal pattern out here. If those tops get taken out, then the seasonal structure within the last five years, on average, has moved up into the early September or late August timeframe. That's the last five years. If we take a look at the last 10 years, price has moved up into about the middle of that. That would be my shorter, longer-term prognosis. If in fact those topping patterns inside the indices begin to fail. Now, a much different pattern on, say, the last 37 years. The last 37 years says the top that we see that's already taken place should take us lower into the September, October type timeframe out there. So that answers that question. I hope that answers your question there, Dennis. Now let's go to our caller, and that is going to be Mike in Ormond Beach. Mike, thanks for calling. Thanks for holding. How are you today? I'm doing great. Now I want to thank you for taking the time to share your photos with us about your trip. He's just, you know, it's really interesting to me. Well, thanks. Thanks for that. But I've got hours and hours. It was such a cool trip to go back so far in, you know, in history. So very cool. I know that you didn't call just to talk about that. You wanted to take a look at the GDX, which could be forming an A to B equal CD to the downside. But tell me what you're calling about how I can best help you. Okay, Steve, I see that we're inching our way into GAP that occurred from July 12th to July 11th. And as of right now, it looks like it's a lot less volume, but we're not at the end of the day yet. But with your opinion of we think we could see a good cradle bottom into the X. So, yeah, great question. And I'm watching this and I'm watching this because I'm long metals. I'm long mining out here and what I'm watching specifically is going to be the swing point right now from July the 24th. That low is going to be really important at day's end. That low is 3101. If we close below it, we're going to have so the volume on that candle was 10.8 million. Today, we've already done 8.8 million. So, we know we are thrusting lower into that breakout session that you were talking about that had 44 million shares to the upside. So, there's a possibility that the low from July 24th will hold. If price close above 3101, I don't even care what the volume is. I mean, I do care. But as long as price holds that, then there would not be an A to B equal CD pattern to the downside. If price closes one penny, and it's really got to be more than a penny, but if it does close one penny below 3101, then that would trigger an A to B equal CD to the downside. Now, the one-to-one price projection, I can give you the approximate out here, is going to be approximately about 30 bucks, 29.96 or there abouts. So, if price does close below that 3101, then I think the answer to your question would be we would the buy would be a confirmation of a buy the D point or a Gartley buy pattern. And the price starts moving down in, you know, completely fills that gap. It still could be targeting the swing point or the high of the swing point from June the 30th. When I look at a weekly timeframe chart out here, we have a sell the D point. We have a wave number 7 pattern but we also have a TD9 count bottom. That TD9 count bottom has led to a consolidation with inside its profile. So, the consolidation pattern here Mike runs from 2912 up to 3240. On a monthly timeframe, price is just simply pulling back and testing support that's at 2956. So, everything still looks good volume wise, so to speak but there is the threat of a potential A to B equal CD to the downside and if we get that, that would be the next buy signal. If we don't get that in this area holds, do we get a buy signal? You know, for that I'd say we'd probably have to go more back to the gold charts and see what's going on there and look for some type of bottom signal. Does that answer your question or what additional questions do you have? No, that's pretty much it Steve. You pretty much told us the important thing. If we get a close below the 3101 we're likely to set up the ABC down. So you always have really good resistance and support levels and that's very helpful to me. Perfect. If we do get below that 3101, that could be setting up a I guess I can't say, I was going to say a Tiger Gartley, but the reality is it can't because then we'd be passing the B point with volume. So forget that last comment I wish I could hit the rewind tape I just did. So that's where 3101 is going to be the key level for us to watch and observe today. Alright Mike? Alright, thank you very much. You bet you have a great day and thanks much for holding the little extra hold there as I didn't see the call and we'll hopefully hear back from Mike in Orm Beach sometime here in the near future. Let's go take a look at the next request that came out here. This is from John in Milwaukee and John wanted to take a look at Proctor & Gamble and his question is, is it a buy or where is the buy for a one year hold? John, as we take a look at the daily time frame charts here for PG, we see that yesterday was a completed TD9 count top. So where's the buy? Now even though it's got a completed TD9 count top its overall signal is neutral. The reason it's neutral is because price is above the top of its daily profile so it's above resistance there. It's also above a green oscillator and change line. The green oscillator and change line is bullish. When we're above that says we have a rising price oscillator above zero. So the overall signal at the moment is neutral. That doesn't mean that price won't pull back to test support. It should and support here is between the range of 150204 and 150253. Now the real key level has a potential buy for you. If the move lowers only a counter trend move then support should be at 151.37. That would be the area John that I would be looking for. Now of course you'd like to see price pulling back with lighter volume lighter than what? I'd say lighter than at least the candle system July 21st that had 9.9 million shares. On a weekly time frame all we have is price moving into its bearish structured cell zone. It's a decent cell zone. It ranges from 153.53 to 158.11. On a monthly basis Procter & Gamble is trading above its green oscillator and change line and the top of its profile. But it needs to close on Monday above 158.208 in order to make in order for that statement to have really any substance to it because if we do get that close its signal is it wants to longer term move higher. But you got to have that you know you're in a turbulent zone between the 153.158 area and the dailies got a TD9 count. So let's do this here. Watch the pullback further pullback and let's watch. Let's see what happens should price get towards that 151.37 level. Steve Rhodes with TFNM we get back to this red green taking an AQST for Dan in the Tigers Day. 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Watch online at TFNM.com or on TFNM's YouTube channel and become the investor you were born to be TFNM Educating Investors here for Accusive Therapeutics AQST is the ticker symbol beautiful chart patterns out here forms a TD9 count top it does this on the trading session of May the 12th that ends up leading to an A to B equal CD to the downside that forms of the TD9 count and by the D point a gigantic hammer, Dano from June the 29th out there such a real key level of sport which was also really right at its breakout level of a buck 29. Now what price is trading above the top of its daily profile so you want to see two consecutive close above a buck 70 if you get that that says that price should run higher now I say should because what price needs to first do on a weekly basis take out that green oscillator and change line and that's printed out at 177 let's call 176 but as price moves up that'll move up just a tad so what you really need to see here for this to start moving to the upside is a close above 177 that will get it back inside its weekly profile and then that would be signaling to and I move towards a 207 to the 216 area the weekly chart is nice because you are trading above profile you happen for three months out there so the month no problem here with the monthly no problem with the daily the issue is really overcoming that green oscillator unchanged line out there so if you do that Dan that should continue to move higher out there this is going to be day number three the market moves higher out there we take a look at what typically happens after three bar move out here what do we see well we pretty much see for the most part we pretty much see pull backs out here so I would be preparing for some type of retracement to begin you know tomorrow Monday something along those lines out there but you know the resistance level that's going to be the key area for you to continue to watch and observe so best of luck there let's take a look at slumber J SLB is a ticker symbol so let's pull that up on our screen slumber J has triggered a rogment of indicator signal now a lower high today will confirm a wave number seven that's a letter G top so as long as price is not spike above 5822 flex you're going to have a wave seven top does that mean that's going to move lower no really the signal right now is neutral it's neutral because prices trade above the top of its profile on the screen oscillator and change line but if it loses 57 62 gets back below that then it will have lost its momentum and likely signal move between to the 5483 to 5576 zone the weekly time frame chart will confirm a TD nine count top this week and complete that pattern next week that says watch the daily time frame for your signals out there wave seven could be at bearish reversal candle it generated rogment of indicator top but again it's the top profile that green oscillator and change line that are really the key levels to watch the monthly chart looks beautiful when I say beautiful I mean because prices trade above the top of its monthly profile 5691 you'd love to see a close above that come Monday but the weekly says caution the daily says caution out there so the eyes need to shift to the daily to continue to watch it but right now it's overall signal is neutral and I've go neutral to bullish so much I hope that helped you out with regard to slumber J and best luck to you on that trade Peter from Park City wants to take look at one of his favorite things to trade and that is the euro so let's pull up the charts here for the euro see what they're doing on a monthly basis if we pull this back the euro is just dealing with a trend line that is trying to get back into so that's what it's dealing with it's struggling to do that on a weekly basis price right now is dealing with its oscillator and change line is trying to hold that level of support on a daily time frame price is pulling back you've got bar number seven perhaps on a daily time frame we form a TD 9 count bottom now that couldn't occur until tomorrow to next Tuesday out there so I'd be on the watch for that as one possibility the 30 minute time frame chart does not have a bottoming signal but you could get a TD 9 count bottom price still needs to spike low of the day and we need to do that within the next hour so it's 11 30 bar number 8 is at 12 by 1 o'clock price would have to spike below let me give you that number that's got a spike below it would have to spike below 1.0983 if it does that you could be on a 30 minute time frame getting a short term bottoming signal it's the only time frame that I see that has a potential bottoming signal out there so Peter I hope that helps you out with regard to the euro if not right back and I'll try to get you the information that you're looking for John inside the Tigers down let's go back to those we close this out just free up a few resources out here let's go to the next question which is from John inside the Tigers down and John wants to look at Carvana CVNA so let's get to that actual chart out here and Carvana right now pulling back formed that TD 9 count top so had a beautiful day a week ago plus big move to the upside that generated or confirmed a TD 9 count top pattern was completed the following day now we have a price pulling back it failed to hold its first level of support that are in change line so now we're below that the next level of support is the top of its profile 4040 if in fact Carvana CVNA is bullish where will find support well could find support in 4040 but the real level the real key level there John is going to be at 3616 that's where a counter trend move would typically find support now on the weekly time frame price negated its TD 9 count top weekly this says it wants to run higher on a monthly time frame price above profile it's also in change line it's also saying it wants to run higher so I'd be looking for a bottom pattern on the daily time frame it's not there just yet it could be because a low of the day so far I love the day so far is a 4067 the top of that profile 4040 I would say more likely than not to be watching at 3516 level that doesn't come into effect until you get below close below 4040 out there so that's what I would be looking for I hope that that helps you out as well I think we've got another request or two I just didn't get that so let's see here and you and TJX okay so let's get over to that area and let's start building those charts so let's take a look at micro and you as a ticker symbol this is for Bob and Spokane and you also want TJX let me just type that in so I make sure I get that and then long-term hold got it okay perfect so with regard to micron micron that gated is TD9 count top yesterday so that pattern went by the wayside it's above profile it is traded into resistance which is the weekly profile that's at 7142 out there you're trading above monthly so the key area of resistance for micron MU is a ticker symbol it's going to be that 7142 if price can close above 7142 if it can do that tomorrow that's going to signal that it wants to go test the swing point from June the 2nd the Sunday weekly base that we're looking at that hides 7477 now there was 86 million shares that traded on that week so far this week we are at 43 million shares so we're coming into that swing point with lighter volume nonetheless a close of 6792 still because of close inside the swing point still suggest you could get up to that high that suggestion that would have to come by overtaking that 7142 level so 7142 is the magic number out there today's going to be the third consecutive move to the upside micron typically pulls back I believe it typically pulls back after a 3 bar move 3 bar consecutive move let's take a look at it and the answer is yeah it loves bar number 3 I do see a few 4s and 2s out there but it loves 3 bar moves so I would expect that micron is going to form a short term top by tomorrow Steve Rhodes with TFN we'll be right back and we get back we're going to take a look at TJX but I would love some additional requests as well Steve at TFN.com you might think that if you want to be successful at trading in the stock market you're going to need a crystal ball after all it's impossible to predict the future right? like any endeavor in life before you decide it's impossible get some advice from the experts you might find that it's not so impossible after all for daily market overviews that give you direction on the key indices selective stocks and commodities subscribe to the opening call newsletter at TFN.com the opening call newsletter is written by Basil Chapman the creator of the trading methodology known as the Chapman Wave the Chapman Wave up-down sequence gives you an edge in identifying price turns finding the peaks and valleys in stock prices get the opening call newsletter by Basil Chapman in your inbox every day first time subscribers also get a 30 day money back guarantee if you're not satisfied let us know and you'll get a full refund within 30 days of signing up TFN.com educating investors everything in the universe is governed by the Fibonacci sequence this mathematical principle is responsible for everything from the most aesthetically pleasing artwork to patterns in the stock market to stay on top of stock patterns you can take advantage of sign up for the Fibonacci 24-7 newsletter at TFN.com when you subscribe you'll get a weekly report from veteran day trader Larry Pezzavento on stocks you need to pay 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got the Idao up 60 the S&P's up 24 NASDAQ one is up 216 Russell's off 3 Semi's are up 123 Tranny's down 53 out there we're going to take a little time and take a look at TJX take a look at this chart here it says it's all time highs look at the monthly time frame chart we don't see any kind of topping pattern there is a signal for roads meant to indicator signal but that's it you're trading above profile TJX TJX is suggesting it wants to continue to move higher now if it's going to continue to move higher what it needs to overcome is going to need to overcome a potential TD9 count top that could form between this week and two weeks out so long time another couple of weeks out there it is bullish you also have wave number 7 but that needs a lower high in order to confirm that pattern out there you're above profile you're above the oscillator and change line the weekly time frame is bullish on a daily time frame the daily time frame has an A to B equal CD pattern out here and that A to B equal CD pattern would get I sell the D point pattern would get confirmed here's what it looks like I'll just draw it in it's more than a 1 to 1 A to B equal CD but there's your A to B and I'll just simply move this over to the C point and there's a retracement there's a C point it gets beyond the 1 to 1 if you do get a bearish engulfing or well bearish reversal candle right now it's a bearish engulfing candle that will then go ahead and confirm a sell the D point pattern alright but it's signal would still be neutral why because price above profile price would be above its oscillator and change line I don't know where it's at at day's end the price closed below 86.94 this is TJX it will have lost its momentum time frame it will have generated a topping pattern and its first level of sport will have failed that would then suggest move back to its second level sport and that would be at 86.01 84.83 as another area of support and 83.13 those are the weekly oscillator and change line and the monthly top of its profile but overall TJX looks very strong but it may be getting ready for a bit of a pullback out there all depends upon today's candle so I hope that that helps you out whoever you were apologize I didn't write down who made that request but I do appreciate it there was a quest for the SMH's I forgot to write down who made that request sorry about that in the SMH's having a nice day out here up 120.3% but all it's really doing is consolidating with inside its daily profile that's after forming a roadsman to Mindicator top that being said prices currently traded above its green oscillator and change line which is 158.74 that increases the odds that price will make its way up to resistance and that is at 160.79 and a price close above 160.79 it will negate its daily roadsman to Mindicator top and if it close above that level tomorrow it'll negate its TD9 count for the week and it'll have done that in one week and that tells us about a strong upward momentum move would be underway for that specific time frame and we look at the monthly chart really any close above 159.35 we're at 159.84 right now 159 that's the high 159.35 159.41 a close above 159.41 negates the monthly sell signal roadsman to Mindicator signal form way back in January 2022 and that would then suggest a significant move higher out there well if that's the case let me come here and take a look at the seasonal charts here for the SMH's let's try to get a feel for whether or not there's something here that we are looking at so let's pull up the SMH's and let's look at multiple time frames let's start with the short one so the shortest I can do is a five year and at a five year time frame so over the last five years the SMH's don't typically peak out until about the first week in August that's a five year deal we take a look at the last 10 years last 10 years price doesn't typically top out until Monday this coming Monday we take with the last 15 years last 15 years same kind of thing not until Monday and lastly if we take a look at last 23 years last 23 years says a top that forms that typically forms around the middle of July gets tested around the end of July out there so that's the seasonal pattern inside of the SMH's but I would say Monday the real key number to be watching is going to be the high from November of 2021 that's 159.49 159.41 we're trading above it right now you close above that and negates that resistance level it suggests to move higher yes 160 79 is a another key area to be watching here which we will do and that's on the SMH's I believe there was a gap there was a request to go take a look at MUX out there MUX at McEwen mining I believe it is MUX the ticker symbol trading out right now at about $8.51 it is trading with inside it's daily profile now it is a barestructured profile the price is trading below 866 which is the green oscillator and change line so it is definitely lost momentum or at least lost momentum as of 11.47 in the morning this would then suggest that a close below 866 because it's a barestructured profile that MUX would pull back to the $8 level $8 the bottom of that profile we can see on a weekly time frame that price formed a TD9 count bottom and that took price right up to TD9 count breakdown resistance at the 9.11 area so on a weekly basis you really need to see a close above 9.11 to say that this wants to go back and test its most recent highs from back in April on a monthly basis you have a new profile that is forming that new profile is barestructured with the resistance level being the top at 9.32 the center is 7.29 and the bottom at 4.58 we won't really worry about those because it's really the daily chart that we're focused in on right now that daily did form a TD9 count top and again most likely with the MQ and mining MUX is doing is going to go make a run for that support level down at the $8 level so McGuppy I hope that helps you out could you please look at MUX looking for a longer position looking to add so I think at this stage here it's got to be that $8 not that $8.17 can't hold a support which is the top of the weekly profile so that really becomes your range what you'd love to see then is you'd love to see some kind of short term time frame chart as prices approaching that area you'd love to see some type of short term time frame chart 30 minute 65 minute that shows you some type of bottoming pattern out there that's not what we have as we speak right now in fact the 30 minute chart we're going to get to $8.16 that is suggesting anything else so hope that helps you out McGuppy thanks much for taking the time to write in much appreciated I don't have any other questions that I know of let's take a quick peek here let me just make sure yeah that's been a quiet day on the email front so where do we want to go to next where do we want to go to next we cover the GDX but we didn't cover gold I believe so or if we did then Stevie's having a senior moment and I will apologize well before I actually pull up the gold charts but now we got the gold charts so now that we're here we're committed what do we see when we're looking at gold well first we've we've rolled over into the December contract what we know about gold is it's key level of resistance is of 2020 to 90 that number is going to change this attack that happens be that weekly us that are in change line if you look at the daily timeframe I guess we did take a look at gold we saw that pulling back to a key area of support I guess we did that during the update yeah that was during the update and what price was doing was testing the bottom of its daily profile in the center of its weekly profile and that's really between the range of 1980 80 to 1994 90 so so far that area is held if that area fails odds favor price pulling back to its breakout level of 1954 30 the 30 minute chart does not have a bottoming signal nor does the 60 minute nor does the 120 minute nor does the 240 and nor does the five hour timeframe chart so it's really going to be all about the support of the daily profile nineteen 83 that's the number zeroed to a tf and n will be right back if you're looking for potential trading setups in the stock market then rocket equities and options report is a newsletter you should try Tommy O'Brien delivers options and equity trades when the markets present them using a combination of fundamentals and technicals sign up for rocket equities and options report today with a 30 day money back guarantee so you have nothing to risk for all the details and to start your subscription today visit the front page of tf and n dot com tf and n educating investors you might think that if you want to be successful at trading in the stock market you're going to need a crystal ball after all it's impossible to predict the future right like any endeavor in life before you decide it's impossible get some advice from the experts you might find that it's not so impossible after all 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this educational community of traders just visit the front page of tf and n dot com welcome back up folks so we're taking a stock charts here for a census surgical ASXC having just a horrible day it's a stock that was selling for about 50 cents yesterday woke up and fell out of bed and it's now trading at 31 pennies out here I don't have any good news prices certainly targeting it's a weekly roadsman to indicator bottom from swing point head bottom of 6 million shares you're already at 11 million shares for the day the week is already 13 million shares so it's pulling back into a swing point that has a low of 28 cents that 28 cents is going to get tagged that may get taken out it gets taken out where does it go to I say where would go to somewhere between zero and 28 cents so you've got massive volume coming out of this thing this does looks like a little stinker and I don't know what additional help that I can be for you on ASXX ASXC but it doesn't look good thank you for the request though much appreciated Steve something for the end of the week to review correlation gold in the dollar especially the dollar has turned sure we can go take a look at that chart we can put that together I think we can put that together relatively quick so let's go over to Steve's black background chart this is for Mr. Bill we take a look at the correlation so we got gold up top we got silver below that was correlation between those two instruments let's change this out let's get this to the US dollar index that'll pop up here momentarily or try to DX and then one more spot that I've got to change that that's at the bottom panel and here we'll just simply take a look at the correlation between the direction of the US dollar DX and Goldilocks this is set at a five-day time frame and the bars at the bottom the bars at the bottom tell you when the bars are below zero I should say tells you about the inverse correlation higher dollar lower gold and when bars are above tells you they're both moving in the same direction so we can certainly say that for the most part out here yes we've got that inverse relationship that for that mostly is in place out there and that's how we go today folks day two and you've got great programming lined up for you I'll be back with you on fantastic Friday but first you have a terrific Thursday be safe out there and we'll see you again soon take care