 man Mr. Basil Chapman as we do each and every Tuesday at 20 past the hour and don't forget folks Basil has an outstanding show here every trading day 10 to 11 Eastern Standard Time also great newsletter the opening call now it's very easy to get the opening call folks come over to our website at TFNN you're going to newsletters you hit the newsletter button you'll see the opening call on the left hand side you just hit that subscribe button and you can get the opening call for one month for $149 you get it for six months for 695 which is the savings of $199 at 22% and you can get it for one year for 1195 which is the savings of $583 a 33% now they all come with a 30-day money-back guarantee folks when you get Basil's newsletter you're also going to get about nine or ten great archives you really understand how to ride the market ride that Chapman wave each and every day Basil Chapman what's going on yeah talking about each and every day if you're looking at the child on the left here you can see we've got red bars then green bars and red bars green bars it's just been up and down down so what's very interesting is this is the first time in a little while that on a purely technical basis I'm starting to see some structure come in for some of the stocks that either were leading and then just got smashed to the downside some of them are starting to at least show some signs of strength that is how should I put it on it's hard to give short term a long term because everybody has different meanings my thinking here is that we're very close to about a two-week it could even be a three-week rally and that's going to be very important it could be shorter it could be just speed on the upside but at the same time because the Fed what happens normally when the Fed comes in as we get closer and closer to what I call Fed speak at 2 o'clock on the Wednesday you start whatever the market is doing if it's a sharply higher earlier on or if it's sharply lower as it gets closer and closer to the to the actual 2 o'clock to 230 timeframe the market just narrows it just kind of it meanders and it waits so as far as I'm concerned looking back historically I haven't got can't documented because I haven't written it down every time but if memory serves me well I've very very seldom got a major turnaround at the Fed at the Fed when they when they discuss their book with a discuss all the in that 2 o'clock and or 230 where there's there's an open mic and and questions are taken in this case from Powell I once I remember getting a sending subscribers a short sale we got the two-time short the DXD straight off to the Fed speak and it was just a terrific turn to the downside but most of the time you're either in the trend or you have already made the turn so it's not that they they trigger the turn it's just that's all I'm looking at so I whatever they say it's how the market reacts and I'll be discussing a lot of this in my show tomorrow at 10 o'clock just the parameters that I'm looking at and you can see on this daily chart the Dow of course has been the strongest of all the indices and hasn't gone to its January sorry to the February low it just broke the March low by Ted yesterday so it's got this arch formation you can see the Magde's holding much better than it was before I discussed this in fact we were talking about last week I said do you look at the vertical test of the high that was made on the fourth on the 29th of March at 35,000 g72 in the Dow and then that cup formation that retested and went to a slightly higher high on the 20 was that to 21st of April at 35,000 492 if you look vertically down it's almost the way that you look at your your volume I'm looking at the same thing with my own technicals it was much weaker but now what we're looking at is that the MacD is starting to improve just a little bit and there's a chance and now I'm looking at parameters and all I'm going to say is not not tomorrow afternoon but Thursday at this time at about two to three o'clock on Thursday if the Dow is trading well above 35,000 sorry 33,600 and it's 33,300 200 right now so that's two days time if it's trading in the 33,600 that would be the sign that I'm looking for to say that the low that we made yesterday which I think has the chance now to produce a pretty good countertrend rally that's succeeding if there is a decline in the Dow I'm using the Dow goodness as I say it's being the better of the indices if the Dow is trading below 32,750 at that time that's just saying you know what rallies are just not showing any they do not have the strength to continue to move higher and we'll go sideways to Dow so this is a really important moment in that the weekly chart has seen a pullback but we haven't taken out that left side low either it's got the H pattern and these H's can turn into a cup formation so I'm just saying this is what I'm looking at and we've for subscribers we've been in cash big cash position we have had very nice trades actually on the long side of the Dow quite a number of times even today we went along the Dow he actually went along the QQQ and it had a really nice pop and then came back and took us out but I'm making the stops very tight I don't see any reason to get too carried away but I am looking at some stocks that are starting to show strength and they are in areas various areas some of them cyclical and that's going to be important are they able to to rally and sustain a rally it's not rallying because we've seen one day pops to the upside we had a 600 700 point rally the other day that's not the point it's a stain ability so overall yeah where do you have oil on your you know ABC so if you're looking at crude oil yeah it's been in the sideways pattern and there's another action I'm going to discuss some of these patterns tomorrow because this is very important it had a huge spike to the upside in the 7th of March to about 128 and then it came down then it made an that was oh I see that was an E right that was an E and then what happened to pull back and it made one arch and the whole thing about the whole left side low I can see it yet another arch but the fascinating thing is I like to talk about rectangle formations narrow rectangles and large rectangles and look it's just been stuck in a trading range but the whole idea here is that it's still in the hundreds it's not like you can dismiss it this is holding very well so far so yes that's oil so these patterns you know I I talk about Vixie which is the volatility index dolly which is the dollar we've been long the dollar for a couple of years now it's trading at an all-time high not all-time high but at least a recovery high and that's at 103.48 in this it's forming a little narrow rectangle so I like to call these things and this is also what I'll talk about in my show 10 o'clock in the tiger technicians hour tomorrow Dixie which is the dollar Bondi which is bonds this is I'm looking at oily which is oil you've got the gold which is Goldie and Bondi which is bonds so I nicknamed these five different areas and each one has been separate look when gold when dollar goes to almost new highs and gold holds that's something to be you know that's a divergent with yet this market it's a no doubt listen folks from over that website of TFNN you can hit newsletters you can see the opening call right on your left-hand side second one down hit that button and you're riding that way guys have a great one safe when we look for a show tomorrow morning thank you John thank you