 The Tom O'Brien show is produced every business day. Tom takes your phone calls toll free at 1-877-927-6648 internationally at 727-873-7618. Hey, Robert, how are you doing, man? Yeah, thank you for taking my call. I wanted to let you know that I've been a subscriber for a couple years, just different members of your team and I really enjoy it, but really the reason I'm calling is to express my sincerest gratitude for you providing that information yesterday on the small business grant. I'm a small business owner and primary bed-break winner for my family. If I can get that money, it's going to really lead a lot to my family, so thank you for taking the time to do that. No, listen, man, we appreciate you growling and prowling this. Now, Tom O'Brien. Hi, everyone. Hazel Chapman here, sitting here for Tom O'Brien. This is Friday, the 13th. This is the 7 minutes past 3 o'clock in the afternoon Eastern time. I want to talk about this really quickly. I do the Tiger Technicians Hour at 10 o'clock to 11, every market day here at TFNN, done it for over 20 years, and I also have a service called The Opening Call. Danny Newsday, a very detailed newsletter and we'll talk about it in a little while. But I just wanted to show you there's a technique that I developed years ago. For those of you who are subscribers or are going to subscribe to my newsletter, you'll be getting 8, 9, 10, 11 webinars that I've done and each one really does a whole bunch of different things that I've learned over the years that I teach in these webinars and then I repeat them and show them charts throughout the day. This is called the Long Narrow Rectangle Formation. There's a time where a chart doesn't matter what it is. Very often it's the futures. This is the E-mini, S&P futures, trading at 43.59 down 21, where it goes into a long narrow sideways trading range and it stays there. And every time you think it's going to break down, it holds the line and uses it as a propellant and it goes up to the top line and that border, you think, oh, this time it's going to break to the upside. No, it gets reversed and it's just like a pink bomb ball. Eventually it goes to, in the chapter wave, the fourth or fifth highest peak, a D or an E, half of a tie, it's the ABCDFG on the way up, same thing on the way down, and it goes to an E or D and then it pulls back. If it takes out this halfway mark, I just made it kind of faint. I'll make it a little thicker right now and I'll make it blue because now this point is really important. There we go. This blue line, I usually do this by eye, so my eye says just around about here at about 40, 40G, 57, that's the midpoint of the channel. What happens is if it goes above and then above is at a D or an E, then there's a really good chance that if it takes out the middle line, this horizontal midpoint of the channel, there's a really good chance it's not only going to take, go to the bottom of the trend line, the base, it's going to take it out. But what happens is it takes it out and then it revisits that because it's always so quick that it's like, I haven't said goodbye to everybody, I just pop back up so I can say goodbye. But if it then takes out on the way up after that, you see the down arrow, after that potential up arrow, there's a chance to revisit the upper trend line and you stay in this range. Well, lo and behold, it did exactly that. Then it popped down again, it went back above the left side low and now it's stuck in this range. So let's revisit it in a little while, but I am impressed. Yeah, we're going to tell you what I'm impressed about today. I'm impressed about two things. One is, JP Morgan came out with earnings. They evidently, I mean, some of it was very bad, but some of it was very good. It's always this mixed result with the banks, but the banks, the marketeers loved it. So it caps up this morning, it closed yesterday at about 145.50. It opens this morning at 148.50. Not good enough. It screams up to the 153 level and now it's trading at 148.20 up to 2.35. So it is now underneath the opening price. So that's one thing. So that's really important. Why? Because it impacts the XLF, which is the S&P Select Financial Spider Fund. Well, as far as I'm concerned, if the financials are lagging, it's a drag on the market. It's a drag. It's telling us about the economy. It's telling us about a lot of things. So I'm just putting that out there to say, until the XLF, this is the S&P Select Financial Spider Fund trading at $0.3320, up $0.06, still up $0.06, a couple of cents because Wells Fargo came out, a couple came out with earnings. And that gap up, it's still a gap up in JP Morgan, not a great looking candle at this particular point. But if at any point in the next week, I'm not going to give it two weeks. I'm giving it next week. It really speedies up the essence now. So if it's able to tag $0.3992, the 200-period moving average, and then close above it, I would say that that is really good action. That's number one. Number two is the fact that if you're looking at this weekly chart, this orange 200-period moving average in the XLF has been holding very nicely. And we're making, yes, we're making lower highs and lower lows. But this candle, I'm going to call it for the moment. I'm not going to go into it. I'll do that maybe on Monday in my show. It's an inverted Chapman Wave Roman candle. If there is a move next week on a daily basis, even though it's a weekly chart, and on any day there's a close above $33.45, that's a big ask. But if there's one, then I would say that then you could tag the 14-period exponential moving average and the 5-period moving average, which is actually negative right now at $33.81. All right, now let's go through the story. The Dow, I knew, the Dow is now up 68 points. What a what a whippy day it's been. At 72, up 72, $33,703, we have begun a leg B. Just for clarification, you see the little long hair. We have a trading long, kind of aggressive trading long, three times long, but a small position. We are still short from August the 1st. That was the very high of the Dow at $35,679. That was the August 1st high. We still hold that short, but we've got a trading long. It might sound confusing, but then you also have to go back to October, right there, where we went along the day of the low, and we're still long from the low of 2020-2020. These are different time cycle positions. This is a trading one, because I'm not sure that this is going to last all that long, this rally. And then I think we have to do some testing. Do we have to break the 32... The reason why we went along on the 6th is, that was an exact, I was talking about this on my show, there was an exact time match from the May 25th low of $32,586. The number of bars to the high of the 1st of August to the number of bars on the 6th matched exactly, and we were within a couple of hundred points of that left side low, and other techniques say, hey, this would be a really good opportunity, just a risk reward to go along, and we are still long. It's a profits for we are still long. I just wanted to get that out the way, because the next thing we want to look at here is the S&P with the weekly chart, and I'll be a right back Basel Chapman sitting here for Tom O'Brien. The S&P is down 15, the down's up 72. We'll be right back. 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Subscribe to the Fibonacci 24-7 newsletter today, TFNN.com, educating investors. Call now toll-free at 1-877-927-6648 internationally at 727-873-7618. Hi, folks. I'm Jack Benz, sitting in for Tom O'Brien. So a couple of things I wanted to tell you. Look, the S&P has come off nicely from the 42-16 low at the, I think it was the second of October, first and third of October. And it's just made a fractional high yesterday. So I call that a leg B. It's gray because it's stochastic. Under 80% the MACD is not good, and the 9p moving average has not crossed positive. But it's really close and it's attempting to do it in this environment with the configuration that's going on. And this is, it's kind of impressive that we're only down 20 points in the S&P and the Dow is actually up. Under other conditions, just the nervousness, not the technicals of the market, just the nervousness itself. We'd see the market pull back quite sharply. And then as the day went on, especially with gold, I'm trying to mix the two things together because the one has to do with fear factor. Gold is up 58. And here we are with the S&P. Not bad. I mean, let's face it. S&P is, did I do that? Yes. S&P is right now down 20. So this is what I'm looking at. The weekly charts, 9p moving average is under the 14p moving average. I call this my technical tool of last resort. And because of it, I have to say that I now have to issue for my subscribers who are opening call where I'll do my maybe an hour long, I'm not sure, video tomorrow of the overview of what happened and what we're expecting and how all our positions have done this week. Most of them have done really well. I'm just going to say to you that that weekly negative 914 going pink after being green ever since right there, ever since the week of the 13th of January when it was down a 38, 77 low, 4003 high. This is the first time it's gone pink in the weekly chart. I have to respect that. And that just says you can have counter trend rallies, but until that turns green again, you just have to think of this as a big digestive phase. And you've got your one to one little bit more than one to one to the downside in this H pattern on my show. I'll talk about the pattern I call the dreaded H, but we took out decisively the left side low right there. I think that was at about 4335. So now what's really important about the S&P is yes, it's holding. You can see pink 9p moving average almost. It would have tried to tune green today, but this is not yet. And the day is young. We've still got 30, 35 minutes or so to go. Maybe a little more. And I would be surprised if the market doesn't feel kind of nervous about holding positions, not the market, but fund managers and do some selling into the close. Because I mean, the power of this long narrow rectangle, this is check it out right now, is the price it should hold within that at this. Yep, there it is. It's back in again. So it popped up to a peak E. Oh, I shouldn't have put that down arrow because I thought it was about to turn pink. It didn't. This is the down arrow right here. That's a leg E. And then it goes to peak E. The reason why I shouldn't have done that, I was busy about to do the show. So I did it real quickly. That should have been a plus sign, a little plus sign over the D, because the green 9p moving average held. Now it's gone pink. But look, it's just back in the range. This is the power of a long narrow rectangle. And this is a one minute chart. But it's the same thing in the evenings when the futures close at five o'clock, you can go on a Friday all the way through the weekend in the narrow range or overnight for 12 hours. You can have this narrow range stuck in a 20 point range. Right. Just wanted to mention how we've got magnet lines. This is the 200 period moving average. I spoke about it. I said in the then watch how we how this how the price deals with the magnet line. There it is. This is the magnet line 200 period moving average. Look at that repel repel repel pops up holds for four bars repel. Now we're going down to the bottom. That makes the 4350 to 4348 level very important over the next city minutes. Now let's get back to I wanted to show you this because you remember in the chapter where I was looking for higher peaks to count them alphabetically, sequentially ABCD, etc. And D other things can happen. Well, we're made a D in the 10 minute E-mini right there. So let's see what happens next. Now let's go on to what we were looking at. So the weekly chart of the S&P says I have no choice. You got a cell mode in the data chart. It almost went to a buy signal. But it isn't yet even in a buy signal. If it goes from a buy signal to a buy mode, it means they should go to at least four higher peaks. This is just a PV. But right now it's in the middle of a range. Look at the QQQ. It was doing fabulously. Look at this ugly candle. Not a good. Now we've been along. We probably we might get take no, we haven't been taken out here. We've taken nice profits on the way up. We got along about five, six sessions ago. I lost Friday. We got exactly lost Friday and we've run it up. And now the QQQs are in this range where I call this chapwave inside track repellent zone. And look at the sequence of these tops that have formed. There's almost a symmetry in the number of bars on this declining trendline. I always say, how does a how does a market know to match to almost to the penny sometimes these trendlines? You just it's amazing. It's as if there's I have a theory on it. And it says that we're in a cell mode. And each rally emotionally gets worn out on the way up from the baseline. And that's how you can get this diagonal. Yeah, right. Yeah, this is where emotion got too excessive. And now we pull back. So that's the only way I can explain mathematically. I don't know how you can explain it. But it does say that the tide is declining. And therefore every rally is and you fail to just slightly lower high. Alright, well, that's the QQQs. And it's really important for the weekly chart, which is still holding positive. In other words, there's still a buy mode in the weekly chart, because the nine is still over the black 14 period moving average, the green line is over it. But the MACDs weeks, the castics weeks, the on balance volume is still strong. So we're going to have to watch this closely. And I like to put it together with the SMHs. Look, the SMHs, the semiconductor index went to a peak C. Where did it store? I don't want to go into this too much right now. There's just too many things to look at. I was asked if I could look at many many stocks. I'll do that. Yeah, so this is the SMH 148.47 down 369. Look at the absolute perfect matching decline. This is called the falling axe, inverted falling axe formation technique that I developed. And it took out and it made this arch formation. And then I tried to make the V shape or cup formation and a stall where right at the 200 period exponential, sorry, right at the inside track repellent zone. That means that you've got exactly the same price movement up from that low to that high. So now it's ready for some kind of a pullback. And where the semiconductors go, that's kind of important because mostly that's where the QQQ and the general market tends to go. So you've got to be a little bit careful here with the general market, having a very mixed performance and leadership in the Dow 30. And it's just on a very few stocks. I'd say this is a time obviously for caution IWM Ross in 2000 looks terrible. It's about to take out the left side low over there. And now I want to get to the gold area. So let's go the GC is now up 58.4. Oh, I think that gold is up close. Anyway, it's at 1941.4. I'll talk about this 200 period moving areas that was a repellent zone. And that's at 1956. I'll be right back. Steve Rhodes started his trading career as a student almost 20 years ago. And the student has now become the master. Steve won the prestigious Timer of the Year award in 2018 and barely missed that mark again in 2019, finishing at number two for the year, an amazing accomplishment. Steve Rhodes is committed to sharing his techniques and knowledge with anyone who wants to learn. And he shares his vast amount of trading knowledge every day in his Mastering Probability newsletter. Steve's award winning newsletter, Mastering Probability, is delivered every trading day with updates throughout the afternoon. Sign up for Steve's market newsletter, Mastering Probability, and you'll receive access to seven of Steve's educational webinars, absolutely free at TFNN. All our newsletters come with a 30 day money back guarantee. So you have absolutely nothing to worry about. 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Just visit the front page of TFNN.com. 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. Hi folks, a question came in. What would, what would how was it phrased? Basically, what would reverse gold and the GDX? Let me put it this way. Because at this particular the gold, I mean, if you look at the GDX as the gold minus, it was acting terribly. It's been making, look at the weekly chart, 38.25 on the 5th of May, the week of the 5th of May of this year, plummets down to the 28th, bounces up to the 32.5, 33 area. And then there's a one to one and just misses the exact one to one in the weekly, but it does it in the, yeah, does it in the daily because it's a different frame of reference that I use. And it goes to 2562. And now from 25 to 2891, that is a single leg A up. That is a big move. The only thing that I think would change that, because remember this is a fear trade. This is a, where over the thousands of years, when there's a crisis, people go to gold. I mean, I have, during, during the World War II, I know a lot of people who had gold in the heels of their shoes. That's how they managed to pay for things. Little bits of gold. They had no money. It was the money wasn't worth anything. And they were in forests in Siberia, whatever it is. And yeah, it's been a token of, of money that you could use under dire circumstances. So that's kind of what it does today. It's very different to say a Bitcoin has got people trying to relate that to, they really set things entirely. One is financial purely, and this is in a way it's financial, but it really is a currency of fear. And it's gold. All right. So within that context, what we're doing is, if over the weekend, I can't see it happening, but you asked me the question. So my answer is, if there is even a hint of some kind of slowdown, or some kind of completion, or some kind of, some kind of amelioration of the tensions in the mid-east, I think you can see a sudden pullback. I mean, up, up this high, GC is up 58.7, Silver is up, so this is up 4.1%, up 0.91, and 22.87, about to hit a resistance level at about 23, what does that mean, Monday? 2311, gold, and let me just tell you what the percentage is. Gold is up 3.12%. The GDX is up 4.34%. And you can see there's a lot of resistance here, but as I was saying, money will keep flowing into gold if this tension lasts another, even another few days. And it obviously will last a lot more than that. And as Duffy says, and the intentions in the Middle East have barely begun, unfortunately. There's absolutely no question that that is the issue. So here, if I'm looking at a GDX and someone said, well, what would you do? Where would it turn around? I just don't see it now as a very quick thing. I can see, let me just do this. I don't like to do it that way. I have to do it this way. Yeah, we've already done more than one of that extension. Yeah, so the whole thing is 2973 is the 200 period exponential moving average resistance in the GDX. And if I do it just a simple trend line from that, from where I picked the high, that high there. Oh, that comes in at about 29, is that 35 or so? 29, that would be Monday, 2943. So somewhere in the 2940s, that's where you might, between that and 2973, you could start to see a lot of resistance because this move was the kind of move that it's really like a three day move. It should actually, as far as I'm concerned, it really should have started on Monday or Tuesday. So it played catch up and now it's maybe overbought, but not overbought to the extent that what we could be seeing looking at. All right. So the next thing we want to do, the question that came in is, could I look at, so that was the S&P. So the weekly chart says, unless the S&P can tackle the 45, I'd say 4390 to 4410 area over the next week or so without first breaking 4300 and said 4325 is not a difficult thing to do if Sunday night is weak. That just says to me, there is a limited upside now. The pattern that I often talk about in my methodology is, if I can find it right here, there we go, click on this one, is a pattern that I call the dreaded H. And what is the dreaded H? The dreaded H is if I can just move this chart away. There it is. So the price comes down in a straight line and then tries to bounce. And that bounce makes an H pattern and it often fails at a peak A or B. If it fails at a peak B, it's the second highest peak and takes out that left side low, it can go a lot lower. That's what you saw in the S&P. Well, in this particular instance, we are forming yet another arch formation. Oops, this is the one I wanted. This just shows you the chart way if you look for a starting, a low, that's a starting position. Count each successively higher peak, alphabetize them, uppercase on the way up, ABCDEFG. But what you want to see is a buy signal upgrade to buy mode and that says you should at least a D, that's where other things can happen. So that's when you get a buy mode. We have not quite made a buy mode, almost did it because if the casting went to 79%, it almost did 80%. And if it held in the 4350s, I would have said, we've got a buy mode that should be at least a C and maybe even a D. But we haven't got that yet. So the pattern we're looking at now is this pattern right here. And it's come down sharply, came down sharply and failed at a peak A and took out the left side low. Now that we've got another arch formation, I'll just draw it in. And if that fails, you've got to watch that left side low, 42.16.45. But a lot of things can happen between now and then. And that's just the pattern we're looking at that there could be an arch formation because it could change from the cup to the arch. Markets just go in cup arch formations all the time. And we're going to be watching to see what happens because if on Monday or Tuesday you're able to rebound for not you, but the S and B rebounds to 4350s, that's really good. If we open really poorly on Sunday night and Monday we come in really poorly, that's going to be a very big negative. All right. So I wanted to do that. Next question came just going to look at SDKL. That was one that I focused on over the years. Haven't looked at it for ages. This is Sunopta Inc. And I can't off the top of my head. I should remember. I think it has. Let me just do this for one second. Nice candle today. It's actually up 73 cents at 358. It's up, wow, 28%. And let me just put this in here. Sunopta, I should know this because there's a leading global company focused on natural. Yeah, I thought that's what it was. Natural food, ingredients, sourcing, organic food and specialty foods. Yeah, we once I think we even had this for a brief moment and we went right in for a long time. Nice move, but I said that what you want to see is that it needs, it must not break 3.20, 3.20 cents in the next day or two and try its best to make a higher high than today, going to the 3.80. 3.76 was the high. But really, the weekly chart says it just could be a news-related pop-up, but it's got a lot of work to do to really become an instrument that can move much higher. The Dow's up 10, the Dow's up 17, S&P's down 23. We'll be right back to see how our rectangle formation is stuck right in the middle of the rectangle. Isn't it amazing how long these things can last? If you're looking for potential trading setups in the stock market, then Rocket Equities & Options report is a newsletter you should try. Tommy O'Brien delivers options and equity trades when the markets present them using tools and technicals. Sign up for Rocket Equities & 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 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, 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. 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Well, you got your 5-minute chart, went to a P, D, and now it's forming this arch formation and finally you've got the price pulling back underneath the 1-minute rectangle formation. Look at this, here we are. And you've got a D in the 10-minute chart. So we're going to have to watch the close here in the last of a while. Look, there we are. You just start to turn down, down 31, 43, 49. Left the rectangle said goodbye to the rectangle. That means it could pop once more if it does pop in this whole area of 43, 52, that was support. Now that becomes a 52 to 53 becomes a resistance if there is an attempt to a pop-up. Now let's get going to the so a couple of things we want to look at. Crude oil had a huge move today. Because of the conflict in the Middle East, oil is in play. There's just no question about it. I had said that there's a chance that if it took out the 81 support level, we would go down to the 78, 77s, but that was before last weekend. Now it's something very different because crude oil is going to be a weapon for many countries. They can use it and abuse it. That's just the way it is. So it's up and if crude oil at any point in the next three days going to Wednesday of next week if crude oil closes above 90, this is a different pattern altogether. Even though it's got a peak D and was a horrible candle last week in the weekly chart I'm going to say to you this is something to watch because if there is a move below 81, it's at 87 right now, but if there is for whatever reason that's something very different. But there's a really good chance that this oil is back in play to the upside. Looking at natural gas, NG, it's had a really sharp pullback. We were talking about this the other day. It's spiraled up to this peak E slash B. In the weekly chart you've got this rectangle and I said I want to see two out of three weeks of closes above this natural gas above 3.343. Now this is the continuous contrast and let me go to UNG which is a little different. This went to peak D in the daily chart with a beautiful left side, right side cup formation and the chamber wave inside track repellent zone worked. It's magic four days out of four and it got repelled. But it's still looking good yesterday. Now it's just gapped out. So UNG natural gas is this rectangle is still really important just as the narrow rectangle in the one minute chart I was showing you a little show, little pops to the upside and it came back. I'm going to draw the midpoint in as your midpoint for natural gas. Natural gas, if it treats this as support, that's this area at about training is 748 right now. 687, let's call it 680. If it holds 680 throughout next week I'd say this is a good chance that moving into the later part of October, the early part of November that's where I think natural gas actually has a potential to finally break the rectangle. Look, it's raised the base of support there. So this is important for those of you more interested in the UNG or the United States natural gas fund or natural gas futures. So this is a very important pullback, how much it pulls back or whether it's stabilized as soon as it's going to be really important had a question where did it go could I look at a couple of gold stocks? Yes, Newmont mining Newmont mining is a very good candle today a good price move, the candle is pulled back from the high of 3978 it's a 3934 this is still only a a grey leg A because the stochastic is not even at 80% it's at 63 right there. The magnet is very strong, not as strong as it was but very strong and today the 9 period finally cross positive that is really important. That says 38 the 3820s will be key support in the very short term if there's a sudden pullback in the next day or two but it also has the next upside target is at about 40.33 today's high 3978 and that starts to, it's a little more difficult because you're looking at the black 14 period moving average right here in the weekly chart and the pink 9 is still way it's still very, there's a very negative weekly chart even if you go to the GDX, look the GDX, this is still, look at the 9 period way under the 14 so it's the daily, this is your little speedboat, there's the daily chart that has to give you the impetus to, this is the talk from the daily that takes you up and then the momentum follows in the weekly, but the weekly, look there's a down trend line, not a down channel, this doesn't match this little mini down channel right here, I've got the channel inside, track, propellant zone in the wind, right to that level look, beautiful support a propellant zone and now you're going to get to the well see what happens, this is an early maybe a very early stage for the GDX, I don't know my thinking about what's going on throughout the world says that gold should actually now be in play for a little while it's the speed of the move that we've just seen, maybe at a certain point it just settles down and says okay, we're up now, we're going to have a digestive phase where we've really gone off the low and we're way off the low and that might be the way we look at it next question that I had was let me see yes, could I look at the bitcoin, so BTC bitcoin bitcoin is trading, it made a peak D, remember the travel we've always looking for D's and see if it pulls back or does it recycle in this case it's pulled back it's trading at 26,935 and the 200p moving average of 27,730 is very strong resistance so just keep that in mind and if it does pull back underneath because you might find now that bitcoin is not of as much value because the speculation has now gone to gold we're looking at 26,220 as key support in the short term and you can see the weekly look at that 200p moving average was a support level and now it's a resistance level so just keep that in mind that it has it's not quite in favor as we speak and next question came in could I look at apple, so apple is down $1.86 at 178.87 had a very nice move the technicals are all very good so how it handles the support of 178.90 how it handles the support of 170 right there 177 if it takes out and closes under 177 it could make that arch formation right now it's holding very nicely the weekly chart there's not a very pretty site and the monthly chart is just having a digestive phase after a spectacular move Amazon, oh I had a question about what was it now it was a retail area oh I had this written down something that I noticed let me see if I can find it yeah all my notes if I can find it I believe Amazon, so Amazon made a PD in the chat way back in early September in the 145 area almost to the 200p moving average had a very nice rally because the stochastic is 4 weeks Magdy's pretty good and the 9p moving average hasn't turned the X the X has facilitated product sales on Amazon Ebay Alibaba and the career of these 4 girls in 93 cents doesn't look very good I'll be back are you ready to take your trading to the next level introducing Tom O'Brien's award-winning newsletter Market Insights your key to successful active trading Tom O'Brien renowned for his expertise in the financial markets has designed Market Insights to be your daily guide to profitable trades Tom publishes his daily Market Insights newsletter every market day before the market open along with updates when warranted stay ahead of the game with Tom's real-time analysis and trade recommendations delivered straight to your inbox whether you're a seasoned trader or just starting out Market Insights provides the edge you need to navigate the markets with confidence ready to join the ranks of successful traders head over 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orange pink this is the orange line right there and look where we are right at this moment we're at this orange line remember I spoke about the long nano rectangle could drive you crazy as you think it's going to break down when it hits the bottom support level of the horizontal line and then we go to the top of things and break out and break out and then it comes right back and goes like a ping-pong ball in and out in and out and then when it goes down below the support line it can come back and how it tests the in this case I made it the blue line that said this is the repellent zone and if it closes above that a couple of times that's going to be very important well here we are, so we've got another 7 minutes maybe there'll be weakness going into the close but we've been in this range for 2 hours 130 since 130 what's the time so almost 4 o'clock for quite a few hours right in this narrow range on a day like this you wouldn't expect that alright so I just thought I'd mention a couple of things that as we're going to go into the final a few minutes let me just do this I never once spoke about the volatility index now it's time to talk about the volatility index because on a Friday it is rare over the last few years I've talked about weeks but on the last few years for the VIX index you can see this chart right here that's the monthly chart on the right this is the weekly chart how many, how few is the weekly chart only a couple of times if it closes green at the end of the week and this is way back here this is the week of the 3rd of December next week was red in other words the market rallied sharply this was right here the following week was up that was the week of the 29th of April so now what we're doing is we're under the 4th and 23rd of January it's all green but look what's happening it's not anywhere close to the other VIX index is the VIX going to go into the 2832 area I think so but not yet have a wonderful rest of the week and we'll see you on Monday Basil Chapman signing off