 The following is a presentation of TFNN, The Trader's Edge with Steve Rhodes, all now toll-free at 1-877-927-6648 or internationally at 727-873-7618 The Trader's Edge. Now, Steve Rhodes. Good afternoon, folks. Steve Rhodes coming. Oh, wait, that's the 1 o'clock update. But welcome to the June 6th, the magical Monday edition of today's Trader's Edge show. I'm your host, Steve E. Perseverance Rhodes, who absolutely knows it. He should always be pioneers of our future versus prisoners of our past. Hope everyone out there is having a great day. Hey, let's make sure we have an extraordinary one of the easiest way to do that. Always remember that life is happening for us, not to us. That's right. We do not make that one little two-by-four shift. It means we can find a gift in every set of circumstance that life is tossing at us. Now, today, you and I are 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 one o'clock in the afternoon. I want you to know I'm absolutely grateful for your presence here. But more important than that, and that's this. During the next 60 minutes, I'm here to serve you. So feel free to pick up that phone. You can dial on it at 877-927-6648. If you can't dial in, well, we've got you covered there, too. You can always let those fingers do the walking and send me an email. Now, send it to Steve at tfn.com. And inside the subject heading, please put radio show question. Of course, in our Tigers, then, well, any. In every ping we'll do. So let's go ahead and get this show started on magical Monday. Of course, this is Tiger Financial News Network. I'm Steve Rhodes. Welcome to less show right now. You've got a market that is trading the upside. All the U.S. Indices trading up the Dow's up 48. The S&P 17, Nasdaq 55, Russell 5. Some ice three traddies up 149. Light sweet crude is trading out at 1847 off 40 cents. Natural gas up 81 pennies trade at 933. Gold is off 6 bucks traded 1843. Silver up 18 cents. The 30 year treasury trade down at 136.25. That's a one point and 11 ticks. Lead the charge. Dollar wise, the upside. You got Google. 53 bucks followed by Shockwave Medical. 20 bucks. Generic holdings up 16. Not a big surprise there. We had a big super soaker event here in Florida over the weekend. If you were in the southern portion of the state, doesn't matter whether you're on the west coast or the east coast. It was a super soaker. You've got Mercado Lear Bay. LBLI. It's up 16 bucks. That's 2%. To the downside, lead the charge is regenerant off 28 bucks. Q2 holdings off 8. Murphy is off 8. Thermo Fisher down 7. Praxis Precision Medicines off 6 at 75%. That is getting taken to the cleaners out there. So let's begin. I hope everybody had a great weekend out there. We finally did dry off about late in the evening. On Saturday and in yesterday's kind of, just a little bit of cleanup, so to speak. But let's go clean up these markets. Where do we want to start? Let's start with our four daily equity future contracts out here. Now, there is a new profile attempting to form that is inside the NQ. Really suggest that we should prepare for a consolidation if this takes hold. Why does DV say that? Because the new profile that is attempting to form, by the way, is in support, 12308, resistance 12945. The center is at the 12, sorry, is at the 12563 area. So the reason I say it looks like it's just to get ready for a consolidation market is because this profile formed within the prior daily profile, also with inside the prior weekly profile out there. So we may just begin to more day trading than any kind of trending market. But time will tell. We'll see. You've got the, I suppose that, here's how I would frame it. The NQ, assuming that this new profile, whether this new profile takes hold or not, because the NQ now has resistance at 12945 and 12973. The latter was the top of the weekly profile. The price closed above 12973. Then price is going to have higher in the other equity future contracts or should have higher. Now, the price target in the ESMini who's all the way up at 43.54. Not undoable at all. Or it's going to need a participation help from the NQ. The Dow, if the NQ can take out those highs. I'm not saying that it's going to. I'm saying that if it can, here's what you would prepare for. A run in the Dow up to 33.964, even potentially 34.930. Now, the Russell 2000 is trading above the top of its daily profile, as is the Dow equity future contract right now. But the Russell 2000 has been above the top of its daily profile for four or five sessions out here. So it is signaling to an eye that she really wants to make a run for the 1944 level. Is there anything else that we can glean from these daily timeframe charts here where I've also got the weekly profiles? Not that I see at the moment out there. If we take a look at that spot volatility index. So we've got a market that is, well, first, let's not start there or go there next. Let's go to the New York Stock Exchange. We could take a look at the New York Stock Exchange. Top panel is the Advanced Decline Oscillator reading. So the markets are working off an overbought condition out here. In the case of the New York Stock Exchange, it's Advanced Decline Oscillator. That is the difference between the 19 and 39 period exponential moving average of the Advanced Decline line. It is a mouthful out there. Nonetheless, that difference, that oscillator got up to a reading of 337 plus. Now that is a very high reading. What is a very high reading? In fact, the most recent high reading would have come back in June of 2020 up at 326.37. And then prior to that would have been up on April 9th, 2020. And that was up in the 341 level. So very lofty level. Now that is actually a strong positive longer term for the New York Stock Exchange. Now longer term, I don't know if that means next week, next month, next year. But that is really strong out there. But when you get up to that level, you've got to work off those conditions. So what we're seeing right now, and maybe the profile that is trying to get established inside the NQ, where Stevie said that's a bit of a consolidation, take a look at just last week's action out there. You had a day up, a day down, a day up, a day down, and so forth. So just some sideways action out here. And that's helping, helping to work off this overbought condition. But look, anything above plus 150, at 150 in the Baskine oscillator, is an overbought territory. We're still at 157.61 out there. So it's got to work off those conditions, or should work off those conditions out there. But longer term, it's a very large bullish message. Now is it going to work itself off to the downside in a significant way at the moment, at 1.13 in the afternoon, the message there is no. What do you mean no, Stevo? No, because that spot volatility is still below its 50-day exponential moving average. 50-day is at 2,707. The print of the spot volatility is at 2,544. Yes, it's above Friday's close out there, but still as long as it stays below that 50-day exponential moving average, the market shouldn't get too wild to the downside. So what are the markets doing? Well, it sort of means that what you and I need to do, it doesn't sort of mean, means we need to go drill down and take a look at what's going on on the multi-time frame charts that typically deal with, or the ones that I'll pull up, are the intraday time periods. But before we do that, the importance of the 50-day exponential moving average out there really is shown right here. Here we go. These boxes, yellow and green, show you the time periods when price is trading above or below the 50-day exponential moving average. You'll hear many people on the talk show medias talking about the importance in fact you'll hear it in other places. You know, if the spot volatility is at 40 or 50, that's some kind of meaning. Let me tell you the meaning. Where is that trading relationship to the 50-day exponential moving average? Go back to 2008, 2009. When price was above or below, it followed along this guideline right here. Right now, that spot volatility is below its 50-day exponential moving average. At the time of booming inflation, where your purchasing power is eroded, there's no better place to protect your hard-earned money than in gold. This gold flagship asset is the Monk Todd Gold Project in all the territory of Australia. This is Australia's largest undeveloped gold project. We are talking a world-class gold project in a tail-one mining district. 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These newsletters are packed full of Tom's advanced technical analysis and are geared to deliver comprehensive strategies for a successful portfolio. Get Tom O'Brien's newsletter, Market Insights, today, and try all of our products and newsletters 30 days risk-free with our money-back guarantee at TFNN.com. TFNN Educating Investors. Thank you, folks. Before we drill down into the multi-time frame charts for the equity futures out here, let's just take a look at what's going on the index ETFs. This has 118, so we've been effectively been trading for four hours. Volume is a light. To say light, of course, it is summer, so we expect light volume, but no push really to the downside. You've got volume inside the spies, 29 million shares. Now, on Friday, as price was pushing lower, it was 71 million shares out there. So you've got a new profile that has formed out here a couple of days ago inside the spies. By the way, the support level there, 405, 25 resistance, 417, 44. In the end, you volume a little bit better to the downside, I suppose. 33 million shares so far. On Friday, it was 60 million shares. So still lighter than what we saw on Friday out here. If we take a look at the Dow Diamonds, just lethargic as can be. You've got volume today of 1.2 million shares. On Friday, it was pushing lower with 4 million shares out there. And finally, the Russell 2000, which is actually pushing higher, not lower out here. And it's got volume of 13 million shares. Last time it was pushing up here was June the 2nd. It had 24 million shares. So light on its push higher, light to the other index ETFs on their push lower. So what's going on inside the sectors that make up the S&P 500? Great question. Let's go take a look at those charts out here. To begin with, we take a look at the XLK, the number one sector inside the SLP 500, which we can see earlier in the day. Got up to test a brand new profile. Resistance, the top of the profile. Not out of my data box, but that looks like that is at 140206. Support, 137. 97. If we take a look at the XLV trading into the top of its daily profile, 13086, so resistance holding there. We're obviously resistance inside the XLK. XLY is a new profile. 157.69 is top of it. And to the downside, 146.85 is support. No breakout there. The financial sector of the XLF is in breakout mode. What I mean by that is we are above or it is above for the last three trading sessions, above its bearish structure daily profile. Now it's trading into a prior swing that was the May 31st level. And we're doing that on lighter volume out here. But still volume, small, it's only one aspect. Only one aspect of the marketplace out there, but still not enough volume to push this thing at this stage here over its swing from May 31st. But the XLF is certainly bullish out here. The XLC, the communication sector, struggling at resistance, above its daily profile as is the industrial sector. We can see how prices hit that. It's found resistance in the consumer staples area. Resistance is old support. The bottom of the daily profile is 74.42. The energy sector attempting to take out the top of its daily profile. The real estate sector doing the same, but trading below it. The utility sector is below the top of its daily profile there. The material sector is bullish. It is trading above the top of its daily profile. We've got two of the sectors are trading above the top of their profiles. That's the financial sector and the materials sector. The utilities trying to break out above that level. The energy sector is potentially above the top of that profile. What we're not seeing is anything below the bottom of the profiles out there. So that says, you know what, Stevie, let's do this. Let's go take a look at where we're at with regard to market breadth out here. So I'll get those set up on our system here so we can take a look at what the market breadth looks like. But let's go to Brent de Martinez, California first. Brent, thanks for calling. Thanks for holding. How are you? How was your weekend? I'm doing great. She had that real nice weekend. We had a retirement party for a good friend of my wife. It's a fellow teacher that had put in 34 years and she retired after this school year. That was a good time and had nice weather for it. This is a good get together. That's great. That is 34 years. That is dedication to a field. So that's a wonderful thing. Glad that you had a good time. Glad that you were a part of that celebration. So what is your specific question today? I wanted to follow up on a conversation we had, not this last Friday but the Friday before, about this general market question and I guess probably the easiest way to pose the question is, and I know it's one that's not the easiest thing to answer, but at least your take, I mean, here we're basically halfway into the year and you've talked about on the longer term, it's being in that bar nine and some things that tend to be a little more bearish, excuse me, negative. And so I guess my question is to you, do we have a better chance of going to the March 2020 lows or to go up and making new highs? That's my question for you. Which index? Which index or equity future contract? You take any of the major indices. You pick. Oh, I'd take the NASDAQ. The NASDAQ, okay. So let me see here, let me do this. And what I'm going to do, the reason why I wanted to ask was because I've got these different templates that are set up and so I'd rather just take a look at what you're interested in looking at. So we'll close up on our screen right now and we'll change over to them. We'll go to the NASDAQ. So we're just going to, we're going to interpret Brent the message of the charts out here and let them tell us what the likelihood is. So we'll switch over to those in the upper left-hand corner. You should see the NDX100 from the yearly standpoint. And what we can see here is that the NDX100 actually has traded below the, well, first, this is generating, which is hard to do out here. It's generated one of my roadsmen to Mindicator tops on a yearly basis. It's actually the first one out here. Of course the year is not over, but we have a bearish and gulping candle. Price did trade below last year's low out there. The NDX100, the last time to the traded below last year's low, actually traded below a prior year's low was, this is how far back we've got to go, on a yearly basis, was back in 2008. Does that mean anything? Yeah, it might mean something out there. But so right now the yearly chart says, to you and I Brent, you know what, prepare for a market that's going to go lower, it perhaps into next year. That's how I read the chart for the NDX100. Did you have any questions about that yearly chart? No, that seemed to be, you know, that makes sense. And I know that we pretty much made that, I think a decent bottom there back in May. Absolutely. And again, we'll see how much that, you know, turns out to be to the upside and then, you know, what we do after that. But yeah, that's what I wanted to see, the bigger picture, what you're doing. Okay. And on the NQ chart that I've gotten, I've got the continuous contract, it doesn't have enough data to generate that rogement dominicator top out there. But then if we, so if we're going to head lower out here, what's really cool is whether we take a look at the NDX monthly chart or the NQ's monthly chart, there is a price level that where support really took place. Now, folks, when I talk about support, I'm really referring to the close of the candle session, the body of the candle. And on the NDX100, the cash in to see that level, the breakout area is 1220839. Price in the month of May tested and so far and rejected that breakout level. If we do see Brent to close below 1220839, that is a signal that we're headed lower. And the question or the answer of, we're headed lower to where the next price target on the monthly base would be 742397. Now, a number of things have to fail before we would get down there. In the case of the NQ, it was 1217950 that acted as support. And if that level fails, then its next monthly price target to the downside would be 7319. Brent, any questions about these charts? We're going to go to a break here real quick and we're going to come back. But any questions about the monthly timeframe charts? It's really helpful, Steve, that gives us some level to be watching if that breaks. You know, it needs to do it, I guess, for a couple of months, but we'll just watch it at that point. Absolutely. I hope they are on through the break. Perfect. That would be great. So we'll be back with Brent in Martinez, California. We'll take a look at the big picture, folks. Steve Rhodes with TF and NQ. Every Monday morning, I publish the Gold Report with coverage of gold, silver, bonds, the XAU, HUI, GDX, as well as more than 30 different mining equities. To see for yourself the types of profitable trades that are recommended within the Gold Report, sign up now by visiting tfnn.com. Don't miss out on the next great gold trade. Sign up today. 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This segment 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, folks. We've got the Dow up 22 S&P 13, NASDAQ is up 31, and that's what we're discussing here right now is a NASDAQ one-on-one. It's a weekly chart that I have up on my screen, Brent. And what I've taken this back to is the top in 2007. And it's a weekly time frame chart that we're taking a look at because weekly is the next time period that we're going to go to to analyze the charts and see what they're communicating to us. So in the case of the weekly time frame chart, this formed a rogement and indicator top, was also wave number seven, part of the Chapman wave, which went on to form really two bottom patterns on a weekly basis. One was a Gertley by pattern, which required an A to B equals C to D, and that C to D extension was about between 1.618 and 2.0. And that was confirmed with a bull sash candle out here. That was the confirmation of that by the D point. It also formed a TD9 count bottom. That's that blue line that I've got across. That's the bar following. Oh, I take that back. Do I take that back? No, let me see here. Oh, 1682. I want to make sure that you're speaking correctly. Yeah, okay. So it did form a TD9 count bottom. It was the bar following bar number nine out there. And that led to a move that lasted basically one, two, three, four, five, six, seven, eight, nine, 10, 11 weeks to the upside. And that finally topped with a TD9 count on a weekly basis. And then it was a big swoosh to the downside. So that's what's going on. The reason that I went back to 2007 is because we have a similar pattern, Brent. We have a confirmed by the D point pattern. We do not have a TD9 count pattern, but we do have a by the D point pattern. That was confirmed with this bull sash candle a few weeks ago. So that being said, then the next upside target where price could turn down, could turn down without forming any kind of a topping signal in the area first to watch for the NDX100 Brent on a weekly basis is 12, 9, 48, 75. Now that number is going to change as price moves up and down. But if we do get a close above that, that at least tells us about a further retracement out there. No pattern on a weekly basis, other than the oscillator and change line right now to suggest to help us identify any kind of resistance or anything along those lines on the NDX100. A quick peek. Any questions about the NDX or what I mentioned so far? No, that's great. Thank you, Steve. Okay. So now let's go take a look at the NQ out here. See if there's anything else that can assist us. It's really got the same patterns. And on the case of the NQ, the resistance level is really up at the top of its daily profile, though there's a new profile that's formed. I mentioned that earlier. But with regard to the old profile, which is what I've got on the white background chart, significant resistance at about the 12, 9, 95 level. That's also that red oscillator and change line. So if price did close above that, then that's going to suggest a further rally and we'll have to come back and figure out where it might be headed to. The daily time frame chart out here in the NDX100, there's a confirm by the D point and that was confirmed a few days ago with this. Oh, sorry, that was the weekly chart I just went to. Oh, any questions Brent about the NQ chart before I go to the daily? Hello? Okay, I'm going to keep going. I hope that everybody can hear me. And if not, then that's a bummer. So I'm going to go with the daily time frame chart out here and we'll expand out the daily. So what's the daily telling us at this stage? There's an A to B equal CD to the downside. In the NDX100, it's just been a sideways move ever since the trading session of June. The second I believe that was, I'm sorry, May 27th, May 27th. Really just a sideways move if you will. So not really provide us with a ton of information. If we go over to the daily time frame chart here for the NQ, that's one that I said on my other charting system is attempting to form a new profile. But the 12995 level, which also ties into that weekly oscillator and change line, that's your resistance level. And so Brent, if we get above this, that's going to suggest higher price. And higher price to where? It could be the 14389 level out there. And that's what's coming from the NQ chart. So Brent, are you still with us or? Yeah, I dropped off and then I got back to you. Okay, appreciate that. So I guess a bigger picture. So what we don't have going on at this stage. So here's the dynamic, right? We do have a nice Gartley bi-pattern that formed on the weekly chart, which could be a significant bottom. And it's the first Gartley bi-pattern, a weekly base that we've had since the 2009 bottom. However, if we step back for a moment and think about it, that's not really too unusual. You wouldn't really expect to necessarily get a weekly Gartley bi-pattern unless you were in a bear market. You know what I mean? So that's kind of my take is that, okay, we got this Gartley bi-pattern on a weekly basis. So it tells us that we should have some type of counter-trend rally. And in order for that to occur, we're going to need to see some resistance levels fails. You know, just make it easy in the NQ, that resistance level that we need to see fail is probably $12,973. And that's the top of the weekly profile. Until that happens, we've got to be concerned about the market could make a U-turn to the downside at any point in time, especially the price below the oscillator and change line on the weekly timeframe. Does that help? It does very much, Steve. I really appreciate the longer-term charts and to see it visually dis-help. So that's what I wanted to have you do. And thank you so much. I didn't really get a chance to thank you on Thursday. We got, again, got cut off. So thanks for helping me that day and for all the other times you've helped and just have a wonderful day and enjoy the rest of the week. Sure, sure. Well, look, your call into the show is all to thank you that I need out there. So I really appreciate that. And I know you do a lot of your own work out there. So does what we've just went through by interpreting what the charts are communicating to us, do they line up with what you're looking at? Do you see anything different? No, it makes total sense. I mean, if your charting is great and it just shows that, you know, until we do get through some of the levels that they do, I know we've been having some issues with on S&P about, you know, 41-68. I think I got above it just briefly, you know, only a one-day thing. And I think I've even tested it again today and it hasn't been able to get above that and hold above that. So far, that's another level that seems to be, you know, indicating that we might be, you know, playing this thing out. We'll see, you know, we'll just have to watch. Yeah. So the interesting thing is we're in a, what I would call an unfavorable, in the unfavorable seasonal cycle, which is basically May through October, with inside that are favorable and unfavorable time periods. And we're in the unfavorable time period right now. So over the last 100 years or so, now not the NDX100 hasn't been around for 100 years, but if we did take a look at however long the NDX100 has been around or just simply NASDAQ composite out there, and I've lost my train of thought, where was I going with that? Where was I going with that? We're in the unfavorable seasonal cycle, which should take us lower through about the, through for another two weeks, about June 24th, 5th or 6th, is where we typically see a summer bottom, even during the, even during a presidential cycle period or a midterm cycle period out here. So we should see, this is the odd thing, if we just keep like this and we don't make lower lows coming, for the next couple of weeks out there, then that's going to put us into a favorable cycle. That should take us up into about the third week of July or so. So I just throw that out there, not to confuse anybody, but longer term, I'll just sum it up like this. If we see close in the NDX100 believe 12, 208, 39, and the NQ below 12, 179, 50, that helps answer our question Brent, which is it's signaling that the markets want to head lower. Okay. It's been an interesting market, I have to say. I think my trades at least, you know, for the last, I don't know, going back a ways have been much shorter term. I mean, there hasn't really been a, necessarily a trending market, not since we made that top back in January. So it's been a lot of back and forth and there's trades on both sides, you know, so it makes you interested. It does. Hey Brent, thanks again for the call. Much appreciated and we'll look forward to speaking to you again soon. That was Brent in Martinez, California. You bet. Thanks Brent. Are you in the market for buying or selling real estate in the Bay Area, including the surrounding St. Petersburg, Tampa, and Clearwater markets? Tiger Real Estate LLC is a firm that has extensive experience in the Tampa Bay Area. Whether you're looking to sell your current property for maximum value, or you're in the market for a second home or investment property, Tiger Realty has the experience across all areas of real estate in the Tampa Bay Area to help buyers and sellers make the most informed decisions across all price levels. 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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, Foreside Fund Services, LLC. This program is brought to you by Vista Gold. It's rated on the NYSE American and TSX under the symbol VGZ. Back up folks, so I have been known to say a time or two at least every day is that everything in life happens for us. Not to us and so Brent Segway is right into this next question out here which is a longer term question. I believe this has come from Nick A. Nick writes, good morning Steve and not really a radio show question but we're going to take it anyways but in anticipation of Friday's CPI numbers it's possible for you to somewhat estimate if inflation has peaked by analyzing commodities, et cetera charts by comparing year over year just a thought. So let's try to answer some of Nicholas's question because with regard to the CPI you got to be a genius of exactly what it is that our government is going to put in there but in general CPI is dealing with what housing, transportation and food and beverage. There's a number of things that feed into those. So what I've got on my screen right now that we're taking a look at are the monthly time frame charts for some of those things that might be able to and this is a monthly chart. So take a look at a bigger picture out here we've gotten rid of some of the noise. So some of those things that would impact the consumer price index out here. So what do the charts tell us? Do we see any kind of long term top out here? Well in the case I'll start with lights we crude I've got the continuous contract up here and certainly there is an A to B equal CD pattern that has completed with a bearer shooting star. That bearer shooting star occurred during the month of to complete that pattern during the month of March of 2022 but notice that price is above the top of its profile it's above its screen oscillator and change line so even though we've got a topping pattern the overall message is neutral but here's the deal if price closes over the high from March of 2022 that's at 125.83 that pattern will get negated Nicholas that says we had higher out here. So you ask though do we see some kind of a top in the answers we do in lights we crude but it's really neutral the signal on the monthly basis it is not bearish it is neutral out there so and I would have to say that based upon our current administration the lights we crude by the way on Friday so I think I mentioned to you one of the reasons I did the show release because I traveled back and forth to Naples pretty often almost every weekend these days and in this case here so I needed enough gas to get over to Naples because over Naples on the west side of the state gas is cheaper we go up to Tampa it's really cheap but I think David has mentioned because of refineries transportation so forth out there so I loaded up I put just enough in so in case I got stuck on Hurricane Alley on Friday was kind of Hurricane Alley on Alligator Alley that you know I'd have enough gas and would run out of gas out there $6.19 and then when I get over to Naples obviously I fill up and there I was paying $5.40 which is kind of crazy you know I mean that's a pretty significant it's like a 12, 13, 14% move out there but overall based upon the actions of our current administration out there fundamentally I don't see gasoline prices going down nor lights we crude but we'll take things one from a charting standpoint you at least have your answer from a monthly base on what's going on now natural gas out here having a nice day we talked about in the daily base it's got a TD9 count top but we take a look at the monthly timeframe ain't no top here so to the extent that natural gas is going to be a component of what comes out of the consumer price index people say that inflation is top well certainly not from a natural gas standpoint and I can't really say that it's top from a lights we crude standpoint you know corn's a big part of food prices out here on a monthly basis do we have any kind of a top and the answer is we do not now price may be pulling back maybe it's going to pull back to 680, 842 that would just be a normal retracement no topping signal resistance stands at 846, 25 846, 25 if price clears that then prices head and higher but we don't have a top out here inside of corn on a monthly basis so now that's not telling me that we've topped out from a commodity standpoint wheat out here I mean I really got to stretch to come up with an A to B equal seeding to the upside quite frankly out there but it's got to shoot these start resistance, normal resistance breakdown resistance of 1294 does not have a TD9 count topping pattern out there price above it's also there and the top of its profile so prices hit some resistance it's going to have to clear close above really 1376, 25 to suggest Nicholas that we're headed higher out there and then I'd really hesitate on drawing in an A to B equal seeding here just hardly any retracement whatsoever out there if we take a look at how about housing so it's going to take like a housing stock so the two largest, I believe the two largest housing builders in the United States are DH Horton and Lenard out there and in both of those I don't want to expand the charts I don't think that I need to they're the bottom ones on the bottom right DH Horton on a monthly basis forms a roadsman to indicator top any time we form a top out here what we're looking for is price to at least get back to support doesn't necessarily have to form a bottoming pattern we'd like that on the weekly basis out here both DH Horton and Lenard have roadsman to indicator tops and where does price find support in the case of DHI it's at the bottom of its bowler structure profile so price can get above the center of this monthly profile the center of this monthly profile would be at the 7709 area where it's 7653 you close above 7709 price can ahead to 8945 now has housing top it could just be a consolidation pattern we'd have a different outlook if price closed below the bottom of that profile but it has not done that so maybe we just have a consolidation Lenard price came back to the bottom of its profile was a bare structure profile so price found support at the 7378 area now price closed above 8606 that will become monthly from a monthly standpoint bullish but send price up to its center and change line at the 9560 so has housing topped it had a short term top with regard to those two builders but price also come back and found support so with regard to your question regardless of what the government tells us on Friday out there with regard to the CPI no that was jobs Friday last Friday with regard to lights we crude neutral natural gas bullish corn bullish wheat neutral to bullish out here and in the case of housing you know the tops pulled back and found support and so price can certainly move higher from here so Nicholas I hope that helps you out with regard to that question thanks much for writing in let's go to our next question this one coming in from Hector and Patty and Hector wants to take a look at Google for the weekly time frame coaches through this move you load up twice during May as you know I think that we may have the chance to be in a free trade of a lifetime election dollars driving Google profits and so forth so that's the fundamental picture let's go change over to a different set of charts out here you give me a moment to get to our that did not mean to do that okay well no problem this is going to populate well this is populating let me go to my three time frame charts out here for Google Google which did a split no that was Amazon did the split today not Google make sure you were you were talking about Google right just make sure here don't want to screw that up yeah it was Google okay so we're going to get Google I know you've got the index charts here populating I was going to do that during the quick breakout here so let me get back to our multi time frame charts and put up about Google G O O G and so Google right now is trading out at twenty three fifty five there is a new weekly profile Hector and Patty just forming this week support you can't see it right now but support I'm going to give it to you so jot down on your pad of paper twenty two twenty eight fifty five this bullish instructions those center is at twenty two ninety this tells me that Google should make a move to the top of its daily profile because price trade above the center resistance at the top of that a weekly weekly profile my apology weekly profile twenty four twelve ninety three the bottom twenty two twenty eight fifty five twenty twelve ninety three and that's where price should head to price close above that that's what you're looking for but we'll be right back we'll further analyze this chart sharpening your skills as an investor is like getting better at playing a musical instrument you have to practice sure but you also need excellent instruction from experts at TFNN you'll get advice and guidance from the authority and technical market analysis and it's not just dry tedious 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Larry on market movement you need to act on at any time 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 subscribe to the Fibonacci 24 7 newsletter today TFNN dot com educating investors welcome back folks so we're taking a look at the charts here for Google this is for Hector and Patty out here and Hector really wanted me to focus on the weekly time frame chart and pull it apart so here's what we know about Google one on a weekly basis it formed a Gartley by pattern what's a Gartley by pattern Gartley by pattern is when you have a nice move higher such as Google that's coming off the March 20 20 lows out here and then you get an A to B equal CD down to the downside in this case you're on a weekly basis it was about a 1 to 1.272 1.618 now A to B equal CD patterns folks they complete when at the at the price projection areas when they generate a bullish reversal candle that's how we know that at least the market is attempting to form a bottom well in the case of Google three weeks ago they did it nice bullish chamber candle now Gartley patterns have five different potential outcomes the first three are retracement levels 0.382 0.618.786 out there the fourth retracement level is 100% move of move meaning it gets back to its eyes out there and the fourth is at the actual Gartley by pattern turned into a brand new A to B equal CD to the upside now on the weekly timeframe as I mentioned Hector you've got resistance a new profile and that's up at the 2412 level 2412 93 to be specific turns out that the 0.382 retracement I'm not showing on this chart of this A to B equal CD to downside is 2425 so that is when you've got an oscillator and chains line at the 2412 level right now so it's really clear price is going to should trade up into resistance if it can clear resistance out there then you've got a positive and would suggest a move perhaps the 0.618 retracement level 2660 so that's what I see in the market we took a look at the same a similar A to B equal CD to the downside the NDX100 at this stage here my thoughts are that this is just a counter trend move and then we had lower and in the case of Google I would say if you close below that hammer candle 2044 16 that will be its message but price should get up into that 2425 level so hope that helps out Hector folks thanks much for joining us here on Magical Monday stay tuned your favorite polar bear David White's up next, Talbot Bryan will take us home I'll be back with you on terrific Tuesday have a bad day