 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 afternoon from TFNN. Welcome to the May 13th, the magical Monday 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 and I do mean 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 and of course 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 make that one little 2x4 shift, it means we can find the gift in every set of circumstance that life is gonna toss at us. Today, you and I, we're gonna go check on the circumstance of these markets. We're gonna go figure out what the bulls and the bears, what those buyers and sellers are communicating to you and I just passed one o'clock in the afternoon and I want you to know that I'm absolutely grateful for your presence here, but more importantly, I'm here to serve you. So feel free to pick up that phone. You can dial in right now, 877-927-6648. If you can't dial in, we've got you covered. Send in an email like the two Larry's did out here. Just send it to Steve at tfn.com as they did. Please put in your subject heading, Radio Show Question. Of course, at our Tigers, then any ping will 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 LUS Show, All Indices in the Red. The Dow down about 2.7, 10%. That's 700 points, give or take. The S&P off 77 points. NASDAQ 100 down 267. Spot volatility like some 32%. That's up $5.10 cents, 21-14. Gold up nearly 13 bucks trading out at 1,300. Even Stephen, hey, 1,300 on Monday the 13th. I wonder if there's something to that. You've got lights we crewed down 85 cents trading at 6082. Lead the charge to the upside dollar-wise Suzuki Motor Corp. Up 665, that's a little over 3.5%. What else can we find out here that is not an ETF? Beyond meat, that's up 3 bucks. Not much other than that. To the downside of Amazon, off 60 bucks booking Holdings 52. Metler Toledo down 42. Google off 35. Lendi Tree down 23. Some big movers and shakers out there. Now the first two questions really, I can knock off two birds with one stone. The first one coming in from Larry in Wyoming, Larry Sestivo. I say Laro. The 30-minute and less time frames on the ES. We look to be forming bottoms here and now your thoughts please. We're going to combine that question with the question inside the Tigers Den from John in Philadelphia asking to confirm his Chapman Wave Counts on the ES Mini, the 30-minute time frame chart, and the 5-hour time frame chart. So where do we begin? Let's begin with the 5-hour time frame chart first. The 5-hour time frame chart, we'll go take a look at the daily as well. So we'll try to cover everything for everyone out there as we take a look at the 5-hour time frame chart with regard to Chapman Wave Counts. And what we're starting with is we're starting right out here, this bar, little doji candle, four o'clock in the morning. This is on the trading session of May Day, May the first out there. Since that time frame, that puts us in wave number seven. That would be good old letter G on my screen out here. Now interesting, just as prices move down to this seventh wave out here, it's gotten down to its second TD support line. The first one was this red line out here, but that was passed through back at about 11 o'clock in the evening. That was back on May the 5th. The second one comes all the way down here. This is to the trading session at 2 o'clock in the afternoon on March 28th. So support is being hit on a 5-hour time frame basis, along with wave number seven. Now this wave is not going to be confirmed until the end of today's close. It may not be confirmed then. In other words, if there's a lower low after 2 o'clock, that's when this candle session completes, then you could not get wave number seven to confirm until 11 o'clock this evening out there. But that's what I have with regard to the counts. That's the only potential. I do say potential. Bottoming signal, again, continued lower lows between 2 o'clock and 5, then between 6 and 11 and 11 and 4. We won't get a confirmed seventh wave move. But of interest out there is it is testing a level of support as we speak. So then the question is, well, if the ES mini on a 5-hour time frame is at support, what's it doing on the 30-minute time frame out there? So on the 30-minute time frame, let's go take a look at its Chapman wave counts out here. And for here, for those wave counts, I'm starting at this bar right here. It's a good bar. They serve great gin and tonics. Not that I drink a gin and tonic, but it's still a great bar. If we take a look at it, it's the bar from 1530 on May the 10th. That's the high. We start doing our counts to the downside. We're in wave number seven. It could be a bottom, you know, but we, you and I, we like to, we like to see the market singing. Hit a key of G out there. We don't have that. But between now and 2 o'clock, this could easily, on a 30-minute basis, make a higher low. So that gets to confirm number, count number six, and then go on and make a lower low by 2 p.m. and then get it in line with the wave counts on that five-hour time frame chart. But Larry, are you asking me, do I see a bottom signal here on a 30-minute time frame? The answer is no. No whatsoever. And no Rhodes momentum indicator bottom in sight for many hours from now should one occur. So there's your 30-minute chart. There's your five-hour chart. That was 30 minutes for John and Larry. The five-hour, specifically just for John. I'm just kidding. It was for everybody that saw it there. But as long as we're inside the ES mini out here, we ought to go take a look at what's going on on the daily. And I'd say the weekly time frame as well, even though the week just began. If we take a look at the daily time frame, interestingly enough, just as the five-hour is approaching a level of support, it's Tom DeMark set up trend support line out here, so too is the ES mini. We're trading below double hammer candles out there, so we know the bulls were trying to do everything they possibly could to form a bottom. As of 1.13, it's not looking promising, but the day is not over. When you're on a daily time frame chart, you've got to stay within the daily time frame. I can't project because I don't really see the bottoming signal in the short-term time frame chart just yet. Yes, maybe in the five-hour time frame, but no confirmation there. This says support, and this would be a level to be watching out here, is the low from $27.95. $27.95, that's the low of the trading session from March the 28th. That's key. It's really key. Why? Because the price closes below that. You'll know another level of support has been broken through with regard to market profiles. Jose and whoever else was asking the question if anyone else was, there are no new market profiles. But what does that mean, jelly bean? It means we come back to this break just to complete things. We'll go take a look at the daily, the weekly, the monthly, and the quarterly ES mini. Market profiles. We'll do get their message of the markets. Just a few minutes. Day one is fun. The TAS Profile Scanner is the most revolutionary piece of trading software that you will ever try. Wouldn't you like to approach the markets with confidence? 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Sign up today. You can test drive the Tiger's Den absolutely free for 30 days and greatly enrich your knowledge of these markets and how to make your money work for you. Details on the Tiger's Den are on the front page of TFNN.com. We even have new pricing in six months and yearly options. Check out the new TFNN.com now and experience all the upgrades. TFNN.com, educating investors. So we're taking a look at the ES Mini and its TAS market profiles and we've got four different timeframes right now. I've just enlarged the screen so we're just taking a look at the daily time frame charts. What you're going to notice here and coming off of the bottom back on December the 26th is that you never saw a break, a close below the bottom of a new TAS market profile. That was until the trading session of May 7th. There was a close just below it. The following trading session, there was a test of that level. Old support became resistance. Basically indicated a change in trend. We now see that change in trend, the way that it played out. On Friday, the strong move to the upside to fight off that bottom ran right in resistance again at the bottom of that daily profile. There is no new profile that is formed. As I mentioned, I've got my super duper, super Doppler tools out here that would catch an early signal and as I can say, as of 1.19 in the afternoon, no such profile exists. What we also know as we begin the week now down below the bottom of the weekly profile, 28.92. When one profile fails on its time frame and until a new profile for that time frame shows up, then we go to the next time frame higher. At least that's what Stevie does and then we would take us to the weekly, I'm sorry, the monthly. That's in the lower left-hand panel. One of the things that you know about the monthly is a bearish structured box. It suggests right now as of May 13th that the close above the top of that box, which was 28.92 was a false break to the upside and because it's a bearish structured box, price is pushing on its monthly point of control. That number is 28.28, we're 28.03. This says that sellers on a monthly basis should be able to take hold of the market and if they do, where they're going to push price is perhaps down to the bottom of that box at 25.75. The clear picture is just simply getting rid of all the noise and looking at the quarterly time frame chart. That's in the very right-hand panel. What is it that you see there? You see a consolidation. What's that consolidation at this stage here? The price levels, the 28.86 area on the top and at the bottom, 23.27. That level remains open. Of course, it's really one step at a time but with regard to the story of the market profiles, as Gus would say from my big fat Greek wedding, there you go. Now, we'll wait just for a moment here to see if the NQ will populate. It has and we'll just take a look at it. It's got the daily, it's got the weekly, the monthly and the quarterly. What do we know about the daily? Same set up out here. Price is below the bottom of that profile. The weekly level is 73.96. We're trading at 73.24. Another level of support has been breached. It's not the end of the week. It's just the beginning of the week out here. That will be something we'll have to pay attention to come Friday. Right now, this would say on a monthly basis, price is targeting 7200 or 7199. The center of its monthly profile, we can see resistance on a quarterly basis has held. That was the top of that box at 75.05 out there. So that's what we see when we take a look at profile and we can go take a look at it. Sure, let's do it. I know you didn't ask, but let's just do it anyways. Let's go take a look at the Dow equity futures contract out here. So because the symbol chains and the e-signal didn't convert all the historical data to the new futures contract, which is real bummer. It means I just simply can't give you the longer term profile information inside the Dow. The worst of them all at this stage with regard to breaking through the daily and where it's traveling right now, it's trading below the weekly profile. The number there to watch at the end of the week is 25395. It too has a bearer structured box. But on a monthly basis, there's a knockin' at the door. A brand new monthly profile formed now. So to give us an idea of where on a monthly basis the Dow is headed to is the bottom of that box. The bottom of that box is 24249 out there. That's basically about a thousand points below where we're trading right now. That is where the target appears, that's where price appears to be headed to. Now if we bring over the daily timeframe chart for the Dow equity futures contract, and not referring to some kind of interday bounce and stuff like that, that might take place here. Here if we take a look at the Dow on a daily basis, I just put this blue line, it's nothing more than a hammer candle from back here in March. You know what we like to say, if you close below the low of a hammer candle, if you're long you're wrong. So what that says to you today is the number to watch today is 25246. This should be a support area, which just simply means a close back above that level of the daily days end. Now the even more interesting thing here, and Larry I know you asked about the EES and John, you asked about the EES as well, but the five hour timeframe chart, perhaps a chart that is of most interest to us, is the mere fact that it appears that today is going to be day number nine of the TD setup nine count out here. And what I do is I ask you to ask yourself this question. As the Dow equity futures contract made their high back here in the trading session of February 25th, and they were up in the 26275 level, what were traders thinking? What were they thinking when price got down to 25246? Well those traders who were doing the time to mark setup counts out there knew that on the trading session of March 11th, after that hammer candle you got bar number eight. And the question was, were you going to see a bar number nine meaning that bar number eight would indeed have been the bottom? And the answer there was absolutely yes, that's what was out there. So now when we take a look at today's activity, today's activity in the Dow equity futures contract and tomorrow's activity in the Dow equity futures contract are going to be more important day. Even if the Dow makes a lower low tomorrow, that just means tomorrow's bar would be bar, the bar that follows bar number nine or otherwise known as bar number 10, which is where we know the markets can or instruments can form bottoms. So what it really means, it's either tomorrow or Wednesday that likely would give you the signal. So as bearish as the outlook is that I just provided you, so to speak, directionally speaking with regard to where the markets are going and first of all and most of all, the most important thing to remember is the activity that we're seeing right now on an annual basis is normal. It is not the new normal. It's not the old normal. It's the normal of the last 130 years. What is that normal? That there's a 10% or more pullback on average at least once a year. Walla, I believe here we are when it comes to the Dow and when I go back 130 years, it's only the Dow that I am looking at out there. So the Dow equity futures contract, perhaps more important, certainly as important as taking a look at the S&P as we speak right now. Now on a weekly basis, it doesn't look good. It looks like it does not look good out there. What do you mean it doesn't look good? Well, if you take a look at price last week closing below Stevie's red line, we were anticipating a test of that. Of course, we had tested that several times giving you the bullish signal. Now we're in the additional pullback signal out here. I don't really have a level of support on the weekly basis to defer to when I take a look at this chart nor when I take a look at the TAS profile charts out there. So the message is not great, but we need to be paying attention to the daily timeframe charts, I believe at this stage of the game, to generate our best signal information. So that is what's going on with the equity futures market. Let me take a quick peek at the email. See what other requests are out there. There is Larry number two, which is Larry C from Detroit. Larry C from Detroit says, give me your take on GBTC. So we'll do that. When we get back from this breakout here, Steve Roach with TFNN. Dow's off $6.89, S&P 76. Goldy wants up $14.40. I'm certain you are or strive to be one of the best of the best at everything you do in life. It's the most common trait that we Tigers and Tigers share. If you're looking to become the best of the best when it comes to managing your money, let me teach you to do what most wealth managers tell you can't be done, which is how to time the markets. I'm Steve Rhodes, author of Mastering Probability, and for the last 12 months, Timer Digest has been tracking my newsletter signals, which have earned me the ranking as their number one market timer in the nation for the S&P 500 for the last 12, 6, and 3 months. Timer Digest also ranks me as the number one market timer for gold as well. 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Using this first-of-its-kind program, the Art of Timing the Trade Chart allows you to scan thousands of stocks for Fibonacci formation setups, including guardleafs, ABCs, butterflies, and much more. The Art of Timing the Trade Chart is designed to help you when scouring the markets for stocks just beginning to form the trading patterns that many investors spend days, weeks, or even months searching to find. And right now, we're offering licenses available at only $79 a month. We are so confident that you're going to love this new charting software that will even give you a 30-day unconditional money-back guarantee. Don't miss out on this incredible new piece of software. Get your copy of the Art of Timing the Trade Chart today by visiting TFNN.com. 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. Down the S&P down 79 points, so Larry writes in, can you give me your take on GBTC? Do your indicators show any potential pullbacks or does this still have room to run? I'm a long-term holder. I would like to add on a hopefully large pullback, if any, my eventual target, 3871. So, GBTC is the ETF. Let's just do this for you. We'll give you the quick rundown. Oops, that wasn't it. It was right here. It is the grayscale Bitcoin trust out there. What does that mean? What that means is if you go take a look at what this invests in or what it's supposed to invest in, it's supposed to be similar to the GLD for gold. Only this is the GBTC for Bitcoin. So the underlying instrument is Bitcoin. And Larry, we can give you my assessment on the ETF out here. But you know and I know and Dave Mason knows that would be bogus. What do you mean? Because it's really trading off the underlying instrument. So we really would have to take a look at Bitcoin itself, which is somewhat complicated because I don't have a live index feed on my system. Just to show you the differences, though, out here, if we take a look at GBTC, first on a daily, on a weekly, on a monthly basis, prices above the top of all profiles. So this is not providing you with any kind of resistance levels out here to take a look at. On the weekly basis, it shows you the swing point that it's targeting, which is back in July of 2018 in the 1115 to 1236 level. We've got a gap to the upside today. Does this gap mean anything? Absolutely not. This is just catching up to Saturday and Sunday's trading inside of Bitcoin out there. And if we take a look at the ETF, still stick with it, and you ask me for my indicators on it, I've got this in wave number seven, letter G or wave number four, the way that I do my counting. Now, when this formed a bottom out here, Rogel went to indicator signal. On February the 7th, a nice hammer candle there and then price moving above Stevie's red line out there. But so what this says is, if there's going to be a pullback, it says be careful because you could be in wave number seven, even though this thing has gap to the upside. Today is going to be day number eight of the TD set up nine count. So this also says you could, could be nearing a top. But are we going to rely upon GBTC for that signal, Larry? Are we? No, I'm not going to do that for you. I'm just simply going to go switch over and take a look at what I can on the Bitcoin index itself. Oops, I grabbed the wrong thing out here. Let me get to the right thing. What I mean by that is just happens to be coincidentally on Saturday. No, it was yesterday, I think it was. I had actually downloaded for a friend of mine, Bitcoin charts. Here's the daily timeframe chart for Bitcoin on the daily basis out here. You're not going to see wave number seven. You're only going to see wave number C or B out here. And you're not going to see a TD set up today being an eight count out here. We're only going to be in bar number four. So which one isn't my friend? Well, I'm going to say it's always the underlying instrument. It's not the Bitcoin trust ETF that you really should be making your trading decisions off. It really should be the underlying instrument out there. If I take a look at a weekly chart here, and so therefore on the daily basis, we have a completely different message than taking a look at the Bitcoin trust ETF. What does this tell us when we look at what the weekly chart says? The weekly chart says prices headed towards its green horizontal line. It's line of demarcation that could indicate a change in trend. Well, what is that number out there? I'm going to share with you that number as soon as my screen helps me out here. 8881, you're at 7204. At 8881, perhaps that's where you see price run out of steam out there. The monthly timeframe chart doesn't really provide me with a whole bunch. Now, we won't stop there because in truly trying to analyze what's going on inside GBTC, we also should take a look at how is Bitcoin trading in all the major currencies. And that's what this chart here shows. Well, kind of interesting. What you can see out here is these yellow lines on this chart were previous swing points. You can see that Bitcoin is moving higher in all major currencies, so everybody's in the mean green Bitcoin machine out here and prices above a prior swing point in a pretty decent way. So the answer to your question, it's not blowing in GBTC, it's blowing in the actual Bitcoin itself out there. I don't have today's pricing on Bitcoin because I don't get that flow through here. But as of certainly, yes, Saturday's date out there, looks like it wants to continue moving higher. So hope that helps you out with regard to what Stevie sees when he takes a look at GBTC. We have a request to go take a look at gold from Peter in Park City. Peter, are you still skiing out there? I mean, we're getting sunburned out here. Of course, you're skiing out there getting pretty nice suntan, I'm sure. Probably in the same bathing suit, not the exact same bathing suit, but probably in a nice bathing suit out there. If you still can ski, I'm sure you can ski somewhere, just need the helicopter to drop you off. But Peter wanted to know, yes, you're a snowbird. Okay, if we take a look at, if we take a look at gold, gold was the question out here. Now, this is kind of interesting with regard to Goldilocks. We take a look at gold, we put over the daily timeframe chart out here. What are we going to see? We're going to see a clear break of that descending trend line. A clear break of that descending trend line. We're going to see that this morning, Bryce did a little trampoline effect off of Stevie's red line. I mean to the T. And so, it looks to me like gold, gold, gold is broken out. At least in terms of US dollars, it's taken out resistance out there. Does old resistance become new support on any kind of pullback perhaps out there? But the daily chart is looking really good. What's the weekly chart saying to you and I? Well, what it's saying to Stevie is the following as soon as we open it up, it's saying I'm taking out Stevie's green line. Now, we don't know, and that's at 1296 70 or 1301. It's not like conviction, but if price does close above this level come Friday, Peter, that is a beautiful thing. It says more skiing is still in place. In this case though, skiing upslope to higher price out there. Now when gold potentially formed its bottom out here, happened to be a time to mark set up nine count, it was the bar after bar number nine, bar number 10 out there. So gold looking pretty good as we speak right now. That's at 137 in the afternoon. Well, if gold is doing good, the question should be and I know Peter's other question, but the question should be, oh, how's the XAU doing, Steve? And if we take a look at the XAU, we'll know by day's end, but it's got a nice bullish reversal signal right now but gosh darn it, it hasn't taken out Stevie's red line, which is basically at 6861. We're trading at 6861. So is it a top or not? It's possible, but it's risky. It really like to see the miners outperform gold when they make a bottom. You just like to see price take out resistance and that would be on the weekly level out here. So I have to send up the flag that says you still gots to be careful out there. And that's the message coming from the XAU, which I think is a really reliable underline message with regard to the miners. Now look GDX is trading up 60 cents right now, trading out a 2088. And similar to like the GBTC and Bitcoin, the GDX is not following exactly the XAU. It's not intended to. Here you've got a nice bullish message so to speak. I'm going with the XAU. I'm going to hold out the way to see if the XAU can close above Stevie's red line, which I believe is green. No it was red the XAU. Hope you're ready. Thank you. That's same $50,000 investment in the Tiger First mortgage program would give you $3,500 per year or $14,000 over the four years. What should you prefer, $6,200 or $14,000 of interest on your investment? If you'd like more information about the Tiger First mortgage program, you can call me at 877-518-9190. That's 877-518-9190. Up to date, affordable, and a must-have for every trader looking to gain a competitive informational edge in today's markets. TFNN Newsletters cover every aspect of the markets to offer you the very latest in market news. Plus, new subscribers get to test drive our newsletters risk-free for 30 days. From all aspects of the markets, including stocks, bonds, metals, commodities and tech, there's a newsletter to fit your needs exclusively from TFNN. Stay informed each day you trade and get the competitive edge that will help you stay ahead of the game. Visit our newsletters page by going to tfnn.com and click the newsletters button near the top of the page. TFNN.com Educating Investors Biotech is booming, but for how long? Whether you think the Biotech bull has room to run or has run its course, trade B-U or L-A-B-D Directions daily S-M-P Biotech three times bull and bear ETFs. Visit Direction Investments.com slash Biotech today. An investor should consider the investment objectives, risks, charges and expenses of the Direction Chairs carefully before investing. The Prospectus and Summary Prospectus contain this and other information about Direction Chairs. To obtain a Prospectus or Summary Prospectus please contact Direction Chairs at 476-7523. 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 Four Side Fund Services, LLC. Welcome back folks just to finish off gold because I know Peter was interested in taking a look at this chart here shows that gold is moving higher in all major currencies out there. Peter's other question was about the Advanced Decline Oscillator Line for the New York Stock Exchange as we peek in on that and Peter's paying attention to the minus 150 level we are at minus 192.89. When you get to minus 150 or below you're getting into the oversold reading area. Bottoms can form here in two different ways. For example if you take a look at the bottom that formed back on December the 24th out there and I'm looking at a closing basis by the way you can see it was just simply a slingshot move off of the really severe oversold reading which was minus 318.16 says to really be on guard out there. The other way that markets will form so you can get an oversold bounce or bottom which occurred here when you get down into these levels you can also get a series of what we'll say are higher lows of that Advanced Decline reading while we get lower lows in price on a closing basis and that will also set the hook to the upside. So it's worth watching here certainly over the next many days to see what if any kind of bottom signals form inside that Advanced Decline Oscillator reading. There was a question earlier about treasury bonds what is my take on treasury bonds. I'm going to give you the short-term take out here I apologize it would vanish from my screen whoever asked but that's okay and I should remember but the reason why I'm going to put up the 30 minute timeframe chart here is because it's done a rather good job of helping to identify a short-term tops and bottoms out here. It hasn't worked all the time but we have talked about the nine count out here if you take a look at this bottom back here it's 1700 hours this is back on May 8th that most certainly identified a bottom and was worthwhile to pay attention to. If we take a look at this morning right here at 12 noon what took place what what took place is we had the TD up nine count top now it would appear that prices going to pull back pull back to where well it's got support at this low from the at right here at about 8 30 this morning so that's what I would be looking for when it comes to T bonds out here at least on a short term basis. What else is it that we're going to look at I don't know because I don't have any other questions out here let me just take a quick peek so if you're in the dead fire away please and I'm happy to do that if you're not in the dead and you're just listening in and you want get that email in quickly because you know it's liable to you're liable to write it and I won't get it till after the show or something along those lines out there so what else should we look at that's really the good question here of what should we look at we should look at when we look at some individual stocks that are moving about some of the weighted stocks inside the NDX 100 so Apple would be the first one up so if we're going to do that let's go take a look at Apple let me see if I can get my other charts fired up but while we're waiting on that let me close this out here close that page but let's come take a look at the three time frames for Apple APL is a ticker symbol when I say three time frames of course referring to their market profiles below the daily market profile well below that now below the weekly of course week doesn't end but that's 187.65 now below the monthly top of its box out there that's 187.74 so this week you're watching 187.65 out there it probably stays below that then what we're looking at is a pullback to about the 169 area that's at the center of the box or point of control on the monthly time frame that's what's going on in Apple we go take a look at Google G double O G whoops or goof if you are a typist like I am well or good let's try G O G Steve oh really come on that third time was the charm price below the daily price below the weekly price pulling back to 11.0184 the top of the monthly profile how about Microsoft out here taking a look to see what kind of damage in the top five issues right now prices below a brand new daily profile watch that level that's 124.28 you got a brand new weekly profile out here and prices just testing the top of that box 12345 so Microsoft of all the issues out here from a market profile standpoint is looking pretty good but the question is will the current bottom of the box continued act as resistance 124 and 28 pennies out there and that's simply because prices point back to test the top of its weekly profile Facebook let's go take a look at Facebook what is Facebook doing out here Facebook looking really quite good on a daily standpoint simply from the standpoint is trading within its box out here the bottom of the box the support level or one support level 17945 the second support level out here is the centerline of that box that's at 181 57 you're trading at 182 right now so Facebook looks pretty decent from a daily timeframe the weekly timeframe also forming a brand profile trade price is trading just below the top of that 182 80 and the monthly timeframe trading with inside the box so we watch it 17945 inside of Facebook if that level holds and there's some other type of bottom that forms all is good it fails 174 96 the bottom of that weekly profile would be in order we take a look at lights we crew what did it do what has it done it's trading at 6086 or so if I put up if I put up I don't know why I've got a difference out here maybe because I have so many things running in operation but here's one of the things you and I can look at with regard to light sweet crude here's what we know we know that what price did today was tested Stevie's green line that's at 6317 and that is now resistance this suggests to you and I that with regard to light sweet crude it's headed back to the low here from March 28th I've got that low being 5834 looks like that is where light sweet gold Texas T is headed to issues we didn't look at intel let's go take a look at intel out here I am TC is the ticker symbol okay so we want to look at I am TC it comes to the other sets of charts the reason is because we're below daily we're below weekly we're well below those and it looks like we're headed to 4360 the bottom of that monthly profile you're at 4495 if I put over the daily time frame chart using Stevie's other system we can see that TD set up nine count out there that identified a high if we just simply do a wave count down from that bar we're only in wave number two we don't see any other bottoming signals in the daily time frame for intel doesn't mean it can't bottom it just means the patterns that you and I use out there are not present we can see on a weekly basis that prices moving back into levels of support that were previously bottoms right you can see a bull sash candle the week of October 26 December 28th the piercing camel hammer candle January the fourth out there so that really would be your line of demarcation what I mean by that I see a close below 42 36 it's curtains there's no more floors no more levels of support says you can pull all the way back to 33 bucks and change out there that is the message of Intel and on the monthly time frame chart it's got basically the worst pattern you can have it's got that topping pattern the rose went to Mindicator top price moving higher doing less of energy generating a bearish reversal candle trading below Stevie's rewind I still have to try one of those green green egg and cheese out there 2 bucks okay since 1984 Basil Chapman has been using the Chapman wave methodology to advise traders of his expert market opinion well originally hand drawing charts from the late 1970s into the 1980s Basil noticed that prices under most circumstances virtually always had a certain number of legs to the upside before declining sharply later Basil found that computer software which included the standard market technical indicators enhanced the degree of accuracy in calling price turns as well as market trend calls thus was born the Chapman wave sequence using the Chapman wave methodology along with other indicators Basil Chapman advises his subscribers of his expert market opinion each market day with his opening call newsletter right now you can get a two week free trial to the opening call Basil's daily trading newsletter by visiting the front page of TFNN.com cancel at any time during that trial and pay absolutely nothing get your two week free trial to Basil's newsletter the opening call today by visiting TFNN.com it's amazing to think that Tom O'Brien started his weekly gold report 17 years ago with the first issue published April 7th 2002 when gold was trading at under $300 per ounce gold peaked at $1900 in 2011 and after spending many years consolidating at lower prices gold may be poised for its next big run Tom O'Brien publishes his weekly gold report every Monday morning for subscribers consisting of coverage of the XAU HUI, GDX, The Dollar Bonds, South African Rand as well as 25 different mining equities with specific buy sell recommendations as of April 1st of this year the gold report currently has eight active positions with average unrealized profit of almost 8% for each open trade 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Welcome back folks. That was our 641 S&P 71 and the X100 off 250 so a bit off of the lows during the show out here when we began the program what does it mean well go back to the first questions that came in we just simply take a look at the yes meaning on a 30 minute basis again we did not see any kind of bottoming signal wave number six out of potentially seven out there being in letter F and so far this has a little countertrend rally out there as prices come up and tested Stevie's red line that's a 28 call 2814 out here now price able to close above 2814 then its next level resistance not too much higher it would be the bar from 1230 that is 2817 75 call 2818 so you got 2814 2818 if you clear 284 18 out there then you've got a further countertrend rally to a go but right now watch that 2814 level it's just two points away from where we're trading but that's going to be a key area because if you can get a rising price oscillator even though it's below zero says you can have more you got to look for additional excuse me resistance points out there NQ same story I believe let's go take a look at the NQ prove it stevo price right now trading right into or just a bit above stevy's red line no bottoming signals there from account I got to wave number eight out there we don't do eight counts so right now in its resistance level stevy's red line I can't give you the number not that I don't want to I do it's like around 75 7350 7351 we're just watching it live so four minutes right now price here to trading bouncing just really right up into resistance so just be careful out there those are the numbers to be watching today so folks thanks so much for being here stay tuned please your favorite polar bear David White he's up next open up a Coca-Cola with them and then stay tuned for Tom O'Brien show three to five today and especially tune in tomorrow on terrific Tuesday at one o'clock I'll see you next take thanks