 T F N N headline news update Good afternoon folks. This is Steve Rhodes coming to you live from the shores of sunny Del Ray Beach, Florida this year 2 p.m. Update and currently it's a bloodbath out there You've got all the u.s. In disease trading the downside the Dow's down about 2% 615 points the S&P 2 and 7 tenths or 108 NASDAQ 3 and a quarter percent. That's down 387 rustles off 3 and 7 tenths 66 some eyes down about 4% or 111 points golds off Two and a half percent or 45 bucks silver down a little over 3% 68 cents That's trading out at 21 24 natural gas is off 20 pennies lights We crude is up 50 cents a 30-year Treasury down nearly three points 132 23 is the prince So let's do this here. Let's go take a look at our Indicee charts out here. We'll move over to those momentarily just see what kind of messages there providing us if any and Here we go. So what we know about the Dow is it's testing the low from May 20th that low out there is 3635 we're trading at 3770 you could get a rejection of that swing point But I don't know is whether it'll be on lighter volume or not if it is then that would be suggesting that the Dow should move up to 3198 or thereabouts the S&P 500 also testing its swing point for May 20th That low out there is 3810. It's trading out at 3789. So right now It's a price is trading below that swing point Even if it's with lighter volume still says we could head lower But if you do close back above it on lighter volume You'll have a rejection of a swing point and suggest a bounce to 3996 if you take a look at the NDX 100 the swing point that It's testing from May 20 at that low is 11492 or 114 36 So that's the area to be watching the Russell 2000 has triggered a Rhodes momentum indicator signal That would require a bullish reversal candle to confirm a bottom much like the New York Stock Exchange down below that and the Nasdaq Composite that takes us over the semiconductor index a semiconductor index is testing What where's the swing point? It's testing the swing point here from May 13th that low out there is 2754 70 we're 27 17 if you close below that that suggests lower price I do see a wave number seven that is present So a higher low would generate a seventh wave move bottom out there and the transports are trading below their swing point Which is from a 20th that low at 13163 So it doesn't look good out here But it's all going to be based upon today's close and volume as price test those key swing points from May the 20 Folks they told your favorite polar bear David Whites up next after that Tom O'Brien will take us on home I'll be back with you on terrific Tuesday. You have a magic