 T F N N headline news update good afternoon folks this is Steve Rhodes coming to you live from the shores of sunny Delray Beach Florida this year 1 p.m. update and currently we have all the U.S. indices trading to the downside dows off 316 points about nine tenths six tenths for the S&P or 27 points and Azdex 49 points three tenths were sent Russell seven tenths 14 semis are down six tenths or 20 points out there spot biotics trade of nine pennies 20 303 believe we mentioned yesterday that was forming a teeny nine count bottom so important to watch yesterday's low out there you've got gold up 14 bucks 19 35 is its prints silver's up 25 cents a little over 1% 25 16 is where she is printing lights we crewed up for 46 about 113 75 and you get the 30 year treasure which also formed a teeny nine count bottom yesterday that's up nearly one full point 30 ticks right now trading out at 149 12 so we normally go over and take a look at our market update chart not that we shouldn't do that but we're not going to do that the reason is I'm going to use what we made we may end up getting over there but right now what I want to do is just really kind of get right to the point and I give you something to watch here today and what we're looking at a 60 minute time frame chart so one of the things that I'm doing when the market is pulling back I'm looking for a time frame that's generating either top on the case it's pulling back bottom signals out here turns out that today it's been the 60 minute time frame you can see in the upper left hand corner the ES mini this is formed bar number nine of a TD nine count well it formed a TD nine count bottom was actually bar number eight was the low of the pattern out here and now price is about and when you when you form a bottom it doesn't matter what time frame or a top in this case here we're talking about bottoms you'll typically then see price make its way to the oscillator and change line which in essence it did as we were coming on the air at one o'clock so you want to watch the low out here because if you see a close below today's low that would be in the ES mini 44 65 25 44 40 75 would be the level it would go target and folks if price closed below 44 40 75 we could actually be taking a look at a potential change in trend that would be the short-term signal now the NQ did not form a TD nine count bottom but the Dow the YM and the Russell did the Dow right now is saying it wants lower price and it wants to go target the 34 156 level the reason that we say that is as we came on the air at one o'clock that bar closed at the closing price was 34 386 and the low of the TD nine count pattern was 34 393 so that pattern's been negated so what you should expect at least here is some additional selling pressure primarily led by the Dow of the four equity future contracts as we speak but at those levels these guys lose their TD nine count bottom patterns all the markets are going to head lower take guys folks thanks so much for joining me stay tuned for the trader's said show and if you have to start your Wednesday have a wonderful see you soon