 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 morning folks, welcome to the August 25th, the fantastic Friday 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 pioneers of our future versus prisoners of our past. Hope everyone out there is having a great day and let's make sure we have an extraordinary one. Now 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 two by four shift, it means we can find the gift in every set of circumstances that life is going to toss at us. Now today you and I, we're 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 11 o'clock in the morning. I do want you to know I'm absolutely grateful for your presence here, but even more important than that, and that's this during this next 53 minutes, I'm here to serve you. So feel free to pick up that phone, dial on in at 877-927-6648. Now if you can't dial in, but you've got a question, we've got you covered. Go ahead and send me an email, send that off to Steve at TFNN.com and inside the subject heading, please put radio show question. Of course if you're inside our tiger's den, well then any and every ping will do. So let's go ahead and get this show started on fantastic Friday. Of course this is Tiger Financial News Network. I'm Steve Rhodes. Welcome to the show. Right now we got a slightly mixed bag. Now that mixed bag is coming from the Dow which is up 44 points. The S&P is off four. The other is trading to the downside. Nasdaq down 45. Russell's off 11. Semi 35. Trendy's are down 86. Gold's off 12 bucks. Silver's down 10 cents. Light's recruit is trading up 86. Penny's natural gas is flat in the 30th Treasury. Down six takes trading out at $119.20. Leading the charge, dollar wise the upside, you've got ubiquity ink up 24 bucks, 16 percent. Bin fast auto, 11 bucks or 21 percent. Hibbet is up 20 percent. Seven bucks. Shockwave medical, six bucks, 3 percent. Intuitive surgical, nearly 2 percent move there. That's a $5.50 cent move. The shakers, you've got top build corp down 5 percent or 14 bucks. Ultra beauty, 15 bucks. Three and a six tenths percent. NVIDIA trading lower by 13 bucks. Nearly a 3 percent move there. Super micro computer up 13 bucks. Another 5 percent move and a broad compound 12 bucks. One and a half percent. We're going to start with what I consider to be the three most important charts for us to watch today. So let's move over to that white background screen out here. You'll see three charts momentarily. One is a weekly chart. The other two are daily time frame charts. The weekly chart, left hand panel, that is the ES mini. The ES mini is testing support. This is a bullish structured weekly profile. A close below the bottom of support, not below the low of last week, but the low of that, a close below profile support. And that number is at 43.77. 43.77, 33. So effectively be 43.77, 25. Let's just use 43.77. We get a close below 43.77 today. Odds favor a pullback to a minimum price target of 41.54.75. That would be its TD-9 count breakout area. So that's the first chart. You've got that number. Put that down in your pad of paper. If we take a look at the euro, right, so it's a US dollar index, we notice it's trading higher. Yesterday negated its TD-9 count top, but yesterday or really two days ago, the euro formed a TD-9 count bottom. That had held up until Powell started speaking, I believe. And right now if we get a close below 1.0802, first the TD-9 count pattern will get negated. That will definitely tell us that the US dollar wants to continue to rally, because the next price target for the euro, this is a daily time frame chart we're looking at, would be at 1.0696 out there. That's its TD-9 count breakout level. The second chart that we're looking for or watching is going to be the Dow. Now the Dow is up 82 points right now. We can see that it tested its low from yesterday. It's not that the low from yesterday is important, because it's a low. It's important because it completed a TD-9 count bottom. Price should bounce up to its oscillator and change line. It recently changed colors. That really adds to the idea that we should see that bounce up there. 34748 is the current print. If we close below 34099, and if we close below 4377 today though, this is going to suggest markets want to head lower. In the case of the Dow equity future contract, its price target would be down at 33026. Do I think we need to do anything else today? The answer is no. I think we just nipped it in the bud. So let's head out to the golf course. Ah, just kidding. We've got stuff to do. And some of that stuff would be to take a look at your request. We only have one request in the queue right now. So please add more, whether it's sending me an email at steve at tf.com, call us at 877-927-6648 or further private pings or public pings inside our Tiger's Den. So those are the charts to be watching. Now we can go start looking at the intraday charts out here. Let's do that. Let's take a look at the intraday charts for the ESMini. We take a look at, well, there was this five minute chart that I pointed out earlier. Let's pull that over here. And Peter in the Tiger's Den said, hey, we finally got some green bars on the five minute chart for the ESMini. Well, it turns out that as he was writing that, the ESMini was completing a five minute TD nine count bottom. Now price is trading about its oscillator and change line. We've got three minutes left in this session. If price maintains itself by trading about 43.81, then we're likely to see a move up to the bottom of its current profile. Well, I take that back. It's in the current profile. It's already trading above that. Just suggest a further rally. So that further rally price target would then become 440875. That's right. You heard it here at 1112 in the morning and take a look at just the five minute timeframe chart. Now, do the other charts support that idea? Let's go take a look since we can get rid of this chart. We don't want to get rid of it. We just want to size it down. So if we take a look at a 10 minute timeframe, we don't have any kind of a bottoming signal here. Peter, price running into its first level resistance about 43.89. So in order for the five minute chart to make that move up into that 44 ish area out there, you're going to have to see a close bull above 43.90. If it gets above 43.90, we don't have a bottoming pattern on the 15 minute chart. Its level of resistance 43.93. No bottoming signal on the 30 minute timeframe chart. Price is running into resistance right now at 43.86. 43.84 is the resistance on the 60 minute timeframe out here. So it just becomes a bit suspect with regard to that five minute chart that we were looking at. Pay attention now to this 10 minute chart out there because that's the next level of resistance. So we've just had its counter trend move. Well, let's go take a look at what market breadth looks like. Excellent idea. For that, we're going to go ahead and change screen so that this one that I'm on doesn't shut down. If you give me a moment, we'll see a black background screen and then momentarily we'll take a look at the 30 minute market breadth for both the ESMini and the NQ. This is the S&P 500. It is negative market breadth. Let's take a look at the NQ and I say negative 273 below profile and 120 above. In the case of the NQ, it's 70 below 16 above. Okay. So the rally right now, this counter trend move, that's all that it is. It's up against some negative market breadth for the 30 minute timeframe. Well, let's not stop there, Stevo. What does it look like for those other four timeframes that you monitor? Well, in the case of the S&P 500, it's bearish, bearish, bearish, and bearish. That's weekly, daily, 240 in the 60 minute timeframe. And as we take a look at the NASDAQ 100, it's bearish, bearish, bearish, bearish as well. So watch these counter trend moves. Why? Because market breadth is telling you, number one, expect a choppy marketplace. And number two, it is the sellers that have a leverage here. We've got to watch those three charts that you and I took a look at. They will help assist us with regard to what the market's next intent is. Steve Rhodes with TFNN. We'll be right back. Currencies, commodities, and bond markets are as important as ever right now with how they're driving the volatility in equity markets across the globe, which is why it's a great time to try out Teddy Kegstad's Tiger Forex Report. Teddy Kegstad breaks down the Forex markets every Monday using his 30 plus years of experience as a trading veteran of futures, forex, stocks, and options. Teddy releases his weekly Tiger Forex Report every Monday morning with coverage of all the major currency pairs, including the dollar index, the euro dollar, pound dollar, dollar Swiss, dollar yen, as well as many more. And he also has weekly coverage of the crude oil market and the 30 year T bonds as they both influence forex markets tremendously. When you sign up for the Tiger Forex Report, you also gain instant access to Teddy's 60 minute webinar archive. He just hosted forex strategies and fundamentals. What is behind the Tiger Forex Report? For all the details and to start your 30 day Tiger Forex Report 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, before you decide it's impossible, 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 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. Get the opening call newsletter by Basil Chapman in your inbox every day. 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. TFNN.com Educating Investors. 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. Visit TFNN.com and try Mastering Probability 30 Days risk-free today. TFNN, Educating Investors. Toll free at 1-877-927-6648. Internationally at 727-873-7618. Welcome back, folks. So, Mr. Bill appropriately so inside the Tiger's Den said it looks like the seasonal pattern for the S&P 500 might kick in a bit early. He said before Labor Day. So, I've got the 95-year chart up on our screen so that everybody else can see what Mr. Bill is taking a look at. And I've got this detrendment. It just helps assist us in identifying the trend a little bit easier out here. Now, what Mr. Bill is talking about is you typically don't see the S&P 500. It's real seasonal pattern. It's real negative. Seasonal pattern really begins right around Labor Day. In this case here on average, it's right around the September 6th, 7th timeframe out here. And then we head lower into that October timeframe, usually towards the end, middle to end of October out there. So, that's what he's referring to. And that makes those three charts that we took a look at earlier more important day. Why? Because if we get a close below the weekly bottom. So, Vic asked if we could go over the S&P or the ESMini once again. Vic, I'm just going to because I already have done that. If we got extra time, I can go back through it later on. But just simply point out there's just one number with regard to the ESMini that you need to be paying attention to to the downside. And that number is 4377. If you get a close below that, that is then going to trigger a change in trend signal. If you take a look at these blue arrows out there, blue arrows show you, this is from a rally from back in March of 2020 up to the high that came in in 2022. Out there you can see how all of the buy the dipsters would be at the bottom of those weekly profiles. You can also see once that gets cracked as it did here in January of 2022, what that led to was a decline. That decline took us lower into when? October of 2022. Hello? What did we just take a look at here? We just took a look at the seasonal pattern. What's the seasonal pattern do? Typically moves lower into October. Did it in 2022? We'll do it in 2023. Well, we're going to find out. But one of the ways that we're going to find out and make that call is a required weekly close below 4377. That's all that we have to pay attention to on the intraday time period. I was talking about watching the 4387-ish area, which was the 10 minute oscillator and change lines. We just had a little counter trend rally up to a resistance level. That's all that is transpired. As long as I'm on these black background charts out here, we've got the New York Stock Exchange. It's advanced client oscillator. It's still in the oversold condition. We still have a higher set of lows on the advanced client oscillator, panel number three with price moving lower in the New York Stock Exchange. This condition needs to be worked off. But it can take a week or so before it sets up the actual pattern for that. But it still needs to be worked off. So it'll be interesting today to see where the actual EES mini finally closes out there. So that was just kind of the quick review with regard to the EES mini, what you need to be paying attention to. Let's continue. We really don't have that many requests out there. So I would love more requests. That's for sure. So give us a call at 877-927-6648. We're inside the Tigers Den. Maybe you can add a few more requests out there. But let's go to the first one coming in from Dan. Dan wanted to take a look at ticker symbol CELH. So let's go take a look at CELH. We'll get that up on our screen out here. We're going to change screens here momentarily. You'll see these white background screens. Now, Dan is short. So we want to go ahead and help him out. See what the, well, first you see what the message of the markets are from my pattern work out here. My pattern work on a daily time frame says that Dan went short yesterday because it formed a bear sash candle that confirmed a roads momentum indicator top. So I'm in agreement with you that the daily time frame has generated a topping signal. Now what you need today, what you need to be, what you need today is you certainly want to see a close below that green oscillator and change line. That is currently printing at about 170, I'll tell you what it's printing out, 178.47. So that's the first level to pay attention to. The second level Dan is going to be 174.98. 174.98 is the center of its bearish structured profile. Why is that important? Odds favor, especially because of the topping pattern, that if price were to close below 174.98, odds favor that sellers will be able to push price down to support. And support here is 166.28. Dan, in order for this to really get bad to the downside, you're going to need to see a close below that 166.28. The reason that we say that is if you look at the weekly time frame chart, there's nothing bearish about it at all. In fact, if we take a look at it, the swing point for its A to B equal CD did volume of 4.99 million shares. And two weeks ago, it did 13 million shares. This has a confirmed weekly A to B equal CD pattern to the upside that's going to look like this out here. So there's our A to B. I'll just simply go ahead and move this up to that C point out here. And this has a longer term over the long haul. Oops, didn't try to do that. I'm just going to use an approximation right here that that gets us up in about the 210 area. So don't forget on the weekly time frame, CELF is trading above profiles. It's trading above its green oscillator and change line. And it confirmed two weeks ago on A to B equal CD to the upside. There is no other pattern that is in place out here. Now, if we were to generate a bearish reversal can on the weekly basis, we could get a confirmed rogment to indicator top. The monthly time frame chart is all out bullish as well. There's no topping pattern that is in place out here. It's having a good month. We're trading above last month. So everything is very strong here. So with regard to your short position, I see it. I get it. I get those short term daily tops out there. Watch those support levels 174.98, 166.28 out there. I hope that review helped you out real quickly here. We could take a look at that 30 minute time frame chart. Since I don't believe I have much else in the QLK, I see one for XLRE. Let's take a look at the 30 minute time frame chart. See what's going on here. We've got a TD9 count top that took price back to its breakout level of support. It closed below that at 11 p.m. and a second closed below 177.14, which suggests lower prices in order. Now, lower price target would be 170.43. So that's what I see when I take a look at CELH out there. Daniel, I hope that that helped you out and best of luck to you on that trade. Mr. Bill writes in and you'd like to take a look at XLRE. So let's pull that up and let that populate. I'm going to check for Mr. Bill and see if XLRE is even an instrument covered by the seasonal charts of folks over at Season X. And it turns out the answer is yes. So let's put that up as well. I am going to. So first, let's look at XLRE. And your question is longer term if we've got time. Well, we've got the time. Longer term would have to be the monthly time frame. So on the monthly time frame out here, what do we have? Looks to me like we have a confirm by the D point. Let's just confirm that out here. Let's draw in the A to B. And we'll just move that over to the C point out there. So there's your A to B. Move this over to the C point out here. And yes, we have a confirmed monthly by the D point pattern. Now the issue on a monthly basis out here with all that's really suggest that price should test resistance levels. Well, in essence, it basically did that last month when price got up towards its oscillator and change line didn't hit it exactly, doesn't have to hit it exactly. No, it doesn't have to hit it exactly. But still, you've got resistance at 39.01 long term and then 39.85. That's the top of its new monthly profile out there. So that's what the monthly chart shows us. The weekly chart shows us a consolidation pattern. Right now, I see higher highs and higher lows. If on the other hand, price were to trade below the May 26 low of 35.04, we wouldn't have those higher lows out there. So that's something to pay attention to. Price is holding sport as we speak right now. And that's at 36.18. On a daily timeframe, is there a bottom pattern? I don't think so. So when I say bottoming pattern, I'm really referring to, is there a confirmed, let's say, A to B equal CD pattern out here? And it looked to me like it had made that move. Eh, close enough though. So let's go go with that's close enough. And it does have a buy the deep point better. Well, first take a look at the XLRE, the real estate sector for Mr. Bill inside the Tiger's Den. With rising inflation, rocketing interest rates, a volatile dollar, an uncertain market, there's an asset that all trade is flocked back to gold. However, these are regular times also mean a regular gold market, which presents its own unique challenges. This brings up the question, what moves the gold market? This is a question I'll be answering in my next live webinar. On August 30th, from 4pm to 5pm, I'll be hosting a live free webinar for all those who subscribe to my newsletter, The Gold Report. The Gold Report has been in publication for over two decades. And I've seen just about every market gold has been traded in. This experience lends me great insight when trading gold and other mining equities. And now that insight can be ours. On August 30th, I will deep dive into gold bonds in the dollar, where they are now, how they affect each other, and what to look for when looking to set up a trade. Additionally, I will provide a comprehensive breakdown of the XAU, HUI, and GDX, as well as cover individual gold equities and answer questions live on the air. Subscribe to The Gold Report today so you don't miss this rare moment gold. TFNN, educating investors. With rising inflation, rocketing interest rates, a volatile dollar, an uncertain market, there's an asset that all trade is flocked back to gold. However, these are regular times also mean a regular gold market, which presents its own unique challenges. This brings up the question, what moves the gold market? This is a question I'll be answering in my next live webinar. On August 30th, from 4pm to 5pm, I'll be hosting a live, free webinar for all those who subscribe to my newsletter, The Gold Report. The Gold Report has been in publication for over two decades. And I've seen just about every market gold has been traded in. This experience lends me great insight when trading gold and other mining equities. And now that insight can be ours. On August 30th, I will deep dive into gold bonds in the dollar, where they are now, how they affect each other, and what to look for when looking to set up a trade. Additionally, I will provide a comprehensive breakdown of the XAU, HUI, and GDX, as well as cover individual gold equities and answer questions live on the air. Subscribe to The Gold Report today so you don't miss this rare moment gold. TFNN, educating investors. 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 text either. TFNN airs live financial content streamed live on TFNN.com and TFNN's YouTube channel with Tiger TV, live every market day from 8.30 a.m. to 4.00 p.m. Eastern, for free. Each host is an experienced trader and gives their take on the market while taking calls and questions live from around the world. From the moment the market opens until the closing bell sounds, Tiger TV has eight different shows with expert hosts to help you make the right moves with your money. Watch online at TFNN.com or on TFNN's YouTube channel and become the investor you were born to be. TFNN, educating investors. Watch Tiger TV. Resistance is at $36.46 and it is at $36.49. That's a red oscillator and change line. So that's the level that on a daily basis that you want to see price close above to suggest that there is a further rally. Where would that further rally take us to? I'd have to say the $37.88 to $39.85-ish type area would be those price targets. But first price has got it clear and close above that daily red oscillator and change line. So I hope that helped y'all with regard to the XLRE. Thanks so much for taking the time for that request. The next request is to take a look at the GDX. This is for Hector. And Hector is asking the question was the move this week, a false move, topside. Excellent question. How are we going to answer that question? Boy, to answer that question, we've got to take into consideration a number of different things. So one of those things could be this. So we've got day number two likely of a retracement here. If we take a look in a real bull market out here, this is looking at consecutive moves higher and lower. So if this is a real bull market inside of Goldilocks, now we're looking at the GDX. So we're kind of doing both out here, but both charts are going to show similar patterns. What you should see in the GDX, Hector, Patty, is a bottom up forms either today or on Monday. You can have a two to three day pullback out there. Sure, you get a four day, but in real bull markets, it basically would be a two bar knee jerk reaction low two or three bars out there. So that's the first thing that we have to look for. We can't answer that today. Well, we can say why is Hector asking that question? Well, because we have two closes above the top of its daily profile. The top that day profile was 2845. And so those two closes suggested that on a daily basis price was breaking out. But of course, what we needed to also understand is what's simply one of the dance steps for the GDX. Well, at that stage there, those two days above the top of its profile, well, that was really a three bar move to the upside. Markets just don't go up continuously and down continuously. It's the little dance that it does out there. And so in this case here, we should expect and have anticipated that price was going to pull back silver and traded higher for, I believe, six or seven sessions. So that was also suggesting that it would pull back. And but is this a false breakout? That's the question. Right now, price is testing a key level of sport. And that's the red oscillator and change line on this daily timeframe. So the very first key that you and I should be watching is that level. And that level is 2806. If price closed below 2806, well, we could easily see a third day of price pulling back and price targeting the bottom of its daily profile. And that's at 2751. In a 2751, you have both the bottom and the center of its profile. That is a strong level of support. If you're asking Stevie, where's the best place to take a long position in the GDX? Well, it would likely be a 2751. Now, don't use that right to the penny out there, but that would be the level. Now, on a weekly basis, and this is where the GDX has got some problems. First, it negated last week, a TD9 count bottom. It blew through that swing point. Now, the swing point we're looking at is June 30th. 101 million shares traded. Last week when it blew through there was 81 million shares. So it's lighter volume. But if you take a look at the bounce this week, it bounced up to that low of that TD9 count pattern, that low being 2876. And it bounced up towards the bottom of its weekly profile. And that number is 2912. So at this stage here, what the GDX has for its weekly timeframe is actually an A to B equal CD to the downside. Now, it hasn't confirmed it with volume, but because it's trading below key support levels out here, well, you've got to pay attention to it. What would be the confirmation? I'm trying to grab this so I can do it. There we go. So I can do the A to B equal CD. So this has a one-to-one price projection in the 2533 level. Well, turns out that if price closes below the low of August 21st, that's a hammer candle. That is at 2728. Then I would say this A to B equal CD to the downside in the weekly timeframe is going to come to fruition out there. On a monthly timeframe, the GDX, which had traded above the top of its monthly profile for one, two, three, four, five months, this could be month number six. It's not over just yet, but right now we're back inside there. That's not a great thing. So was this week's move in the GDX a false breakout to the upside? I'm giving you the data that we have to watch and pursue out here, at least with regard to the GDX. The other data that we most certainly have to take a look at is what's going on inside of the US dollar index and its relationship to gold and the GDX. We took a look at those charts earlier. Whoops, that wasn't it. It was, oh, I think I turned them off. Oh, it's right here. And that is that I'm not showing the US dollar index here, but that negated is TD9 count top. And right now we've got the euro looks like it's going to negate its TD9 count bottom. If it does that, that's going to put more strength inside the US dollar index. If it puts more strength inside the US dollar index, we're likely to get a pullback inside of gold. If we're going to get a pullback inside of gold, we're likely to get a pullback inside of the GDX as well. In the case of the Japanese yen, the Japanese yen is moving higher. As in this chart, it moves higher. That puts more strength into the US dollar. So right now you've got the euro putting strength in the US dollar. You've got the yen putting strength in the US dollar and the yen's chart is very bullish. And if price closes below the TD9 count bottom on the euro, 1.082, it'll be very bearish. And if we take a look at the Great British Pound, it is bearish out there. It negated is by the D point pattern. As the Great British Pound moves lower, the US dollar index is going to move higher. So what we can say here is there's trouble in River City and that River City, that's over in Europe. It doesn't matter whether you're in Britain or whether you're in the rest of Europe. It doesn't matter whether you're trading euros or pounds out there. In fact, if you're over there on vacation, you're loving today's move because your US dollar has just gotten a little bit stronger. So I think also Hector and everybody else has listening, we've got to take into consideration what's going on inside the currency pairs. Why do we have to do that? Well, we have to do that simply because of the current directional correlation that exists. Gee, Stevie, that sounds like a lot of words out there. What the Sam heck does that mean? Well, the same heck there that that means is we look at this chart. Now, this is the ES mini and the US dollar index. I'll just leave this up for a moment. Hit top chart is US dollar index center part chart is the ES mini bottom chart is the correlation over a five day period of time right now with regard to the ES mini and the US dollar. I'd say it primarily not, you know, what we say 80% out here is a daily time frame, at least about 80% directional correlation. So if the US dollar index inverse correlation, I should say the US dollar index is going to go higher. We should see the ES mini head lower. So we have that real important key support area, the weekly profile level. Okay, so if the US dollar index is headed higher, what's the euro, the yen right now and the pound are saying that's going to unfold out here. What's the correlation look like with regard to the US dollar index and let's put up the GDX. Yeah, let's just put up the GDX. We can do that. And then we can also put up gold, but let's put up the GDX first because that's what's going to pop up. Let me get down here to the bottom panel as well. Let me change that to the GDX. So we've got the proper correlation going and we take a look at this correlation. Now this is for a five day period of time. What's kind of interesting here is over the last about 20 days, it's had a positive direction, a directional correlation. They both move higher or lower at the same time. But overall, if you take a look at all those other bars out there, it's primarily an inverse relationship. Steve Rhodes with TFNN will be right back. 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, before you decide it's impossible, 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. Get the opening call newsletter by Basil Chapman in your inbox every day. 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. TFNN.com. Educating investors. Everything in the universe is governed by the Fibonacci sequence. This mathematical principle is responsible for everything from the most aesthetically pleasing artwork to patterns in the stock market. To stay on top of stock patterns you can take advantage of, sign up for the Fibonacci 24-7 newsletter at TFNN.com. When you subscribe, you'll get a weekly report from veteran day trader Larry Pesavento on stocks you need to pay attention to, and you can trust Larry's analysis. After all, he's got 45 years experience as a day trader. Larry will also provide daily charts, videos, and data on the key markets that he's tracking. Expect notifications from 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.com. Educating investors. Are China A shares hot or not? 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I'm trying to answer the question for Hector inside the Tiger's Den. Joe also sent an email request he's long the junior nugget is asking you know should he stay with it. Now the one thing I've got I put up here the chart for gold so that you can just to finish this off so you've got the US dollar up top you've got gold below and I want you this is a five-day correlation that we're take a look at. So on average over the past 10 days what we can see is it has had a directional correlation versus the inverse. What I have shared with you many times is that when gold really gets rolling out here we're going to see the US dollar index move higher we're going to see the equity markets move higher and we're going to see gold deluxe move higher as well. I don't know that we're there just yet but that's what we're kind of looking for out there. So how are we going to best answer that question I think you've got to I think we've got is to say at this stage here expect a two to three day pullback that is normal out there if we get more than that then we're going to have to come back and take a look at it. Let's go to our next request out there we'll take a look at the junior nugget for Joe in just a moment but the next request came inside the Tiger's Den I apologize I overlooked it but Mr. Bill my wingman out there let me know that somebody requested both Microsoft and Apple I'm going to assume that might be Nancy out there but could be wrong with regard to Microsoft what we have out here is nothing more than a consolidation within sight it's a daily profile and so that support zone is at 318 23 and resistance up at 324 92 now this is not that so that's on the daily time frame the weekly time frame suggests that what price wants to do is get back to 307 59 why does Stevie say that looks like this will be week number three below the bottom of its weekly profile no bottoming signal there a more bottoming signal could be getting back to breakout support at 307 59 now if that's going to happen what we need to see is price to get below 317 33 317 33 and that's not much of a difference between 317 33 and 307 59 but right now the monthly chart is testing support so we're at support between 317 33 and 318 23 that's the bottom of the daily profile 317 33 or so was its monthly oscillator and chains line so overall daily consolidation the monthly chart that says I want lower price new monthly either weekly chart says I want lower price new monthly says yeah maybe a do but I'm not sure I want to let you do that let's go take a look at the next chart and that was by the way this will be day number two a likely to be day number two to the downside for Microsoft we take a look at its consecutive moves higher and lower out there so if it is going to form a bottom it should do that at day's end or we should see a little bit of rally on Monday out there let's look at your next request which was to look at Apple and with regard to Apple what is it doing well first with regard to profiles it is trading below the bottom of its daily profile out there so not a very good thing the bottom of that daily profile is 178 13 what has held though is 175 31 and that is the bottom of its weekly profile now as we take a look at Apple you know what I'm going to do here is I'm it's going to be easier to shift this to the other set of charts but let me just finish this set of charts out here I mean the black background charts because I wanted myself to look at something so here I know when I take a look at the monthly time frame chart it's very possible we will get a confirmed roads meant to mitigate or top now that being said price remains above resistance or at least one resistance level and that's the top of its monthly profile 168 79 now what I want to do what we're going to do is we're going to change back to the black background screen I'm going to put up the chart for Apple on a weekly basis it's not this chart right here it'll be one of the three time frames let's open this up let's go take a look at Apple APL what I'm looking for is does Apple give us that same kind of signal that the ES mini has with regard to when it closes below a weekly profile line so let's take a look at coming off of a rally out here from back in the uh yeah no I can't really say that because we have a nice rally that started back in 2019 we had breaks of that level of the bottomless profile March of 2020 yes I don't can't really say that so that I just answered the question that I wanted to answer and so therefore I don't need to share you with uh uh with uh with useless data even though if you're listening me speak to myself you'd say well geez that sounds like a little bit of useless data all right let's go take a look at the silver for g-man inside the tiger's den let's take a look at the slv and we'll put up the charts for the slv but if you're looking for a long trade in silver what he is uh we're going to go look at the silver charts first so now when we take a look at silver what do we know out here well on a monthly basis price is trading above the top of you know what let me just see if I can pull up September here I don't know if it's got enough data or not but let me just try there's a continuous contract always yeah it's just not enough data so sorry about that so I'm gonna have to go back to the continuous contract out here what we know is price is trading above its green oscillator and change line so that is a bullish indication on a weekly basis well price is running into resistance at the bottom of its weekly profile if this is only a counter trend move and silver price would find resistance at 24 77 on a daily time frame this had a nice td9 count top this is likely going to be day number two with a move lower out there if that's all that transpires then today is your day to take a long position inside of silver you don't see the silver chart thank you sorry sorry sorry sorry sorry change windows okay now you're going to see the silver charts let me just make sure yes so now you see the silver charts here's the monthly price above that green oscillator and change line bullish weekly price running to resistance the bottom of its weekly profile and it's a bullish structured profile which price has been below for more than a couple weeks so that resistance loan zone about 24 77 here on the daily time frame you can see the td9 count bottom you can see how price test rejected that level we're above profile areas this could be day number two over the guard to pull backs this is just a two-day knee jerk reaction low so it's possible now if this were to be a low what we would see or should see is some kind of bottoming signals on the intraday time periods out here i don't really have that on a 30 minute time frame that's the shortest time frame that i have here so you're looking for an entry price i'm looking at these other intraday charts out there just see what kind of signals we have so not too much there to be worried about so let's go dive down just a little bit deeper with regard to silver let me close this chart out let me go back to the charts that will give us the shorter term time frames as well we're probably going to see the es mini or the nq up there first but we'll change that momentarily yeah so we've got the es up there but let's change this to silver we've got the september contract that we're trading and let's want to see what's going on on the real intraday charts that would be a 10 and a 15 minute chart out there because when price is going to make a bottom let's say if this is a two-bar knee jerk reaction low we should see some kind of bottoming signal on an intraday chart oh that was you mike in uh in florence wanted microsoft and ample so uh uh thanks for the request sorry that i'd overlook them uh at the beginning now with regard to silver just looking for some kind of bottom signal or pattern on the 15 or the 10 minute basis do we have it and the answer is we do not so that just makes it slightly difficult so the only thing that i would have for you in silver uh is at least at this stage here is that um if we get a pullback and real strong bull Marcus out there it's basically a two-bar knee jerk reaction so i think uh i don't recall what what trade you were trying to put on there in uh in the slv gman i think it was a longer term trade out there that is really the best that i've got i've exhausted all my resources out here and i would just say the only bottoming signal that i can find for you right now in silver i'll put up the slv charts is just simply the two-bar knee jerk reaction low out there when i take a look at these slv charts we'll get those up on our screen right now that was microsoft that wasn't it let's try this one this tab ought to have it here it is the slv and on a daily basis you could say okay it's testing that gap to the upside i'm later on that was 25 million to the upside so far today oh geez you've done 13 million shares shoot i don't have any further information for you gman that's the best that steve's got we'll be right back if you're looking for potential trading setups in the stock market then rocket equities and options report is a newsletter you should try tomyo brian delivers options and equity trades when the markets present them using a combination of fundamentals and technicals sign up for rocket equities and 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 before you decide it's impossible 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 basal 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 and stock prices get the opening call newsletter by basal chapman in your inbox every day 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 tfnn.com educating investors everything in the universe is governed by the fibonacci sequence this mathematical principle is responsible for everything from the most aesthetically pleasing artwork to patterns in the stock market to stay on top of stock patterns you can take advantage of sign up for the fibonacci 24 seven newsletter at tfnn.com when you subscribe you'll get a weekly report from veteran day trader larry pesavento on stocks you need to pay attention to and you can trust larry's analysis after all he's got 45 years experience as a day trader larry will also provide daily charts videos and data on the key markets that he's tracking expect notifications from 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 thibonacci 24 seven newsletter today tfnn.com educating investors tfnn has launched the tiger's den hosted at discord tfnn has been educating traders for more than 20 years with live programming hosted by a variety of professional traders during market hours the tiger's den available to all tigers and tigers for just one dollar for the year there's no catch or added costs when you join our community of traders sign up today and become a part of this educational community of traders just visit the front page of tfnn.com welcome back folks that was up 120 s and p's up six nasdaq's down 15 russles off two points somebody's down 27 trannies off 66 points expect and anticipate a rocky market a choppy market why because market breadth for the daily the weekly the 240 and the 60 minute time frame is still negative for both the e s many the s and p and the nasdaq 100 we're taking a look at charts here for the junior nugget this is for joe who went long this morning his question should he sell or should he bail here's what i would do joe i don't know what your where your entry was or what have you but as long as what price is done it's pulled back and it's tested that red osciter and changeline out there at 29 18 so i would say if price stays above that you would not have a good reason to sell your price closed below that that would at least tell you that prices headed back to the 2775 level on a 30 minute time frame we're just trying to figure out what's the odds of that happening out here on a 30 minute time frame we've got a roge meant roge meant to mitigate her top price below profile levels no bottom pattern and its breakout area 2868 what are the odds at this stage here they seem pretty good but those are the parameters and much like i struggled a bit with regard to is a time to take a long position in silver we looked at the gdx there's nothing different here with regard to the junior nugget so hopefully the overall conversation was helpful to you but you're already in i'd stay in unless i see price closed below 2916 then i would expect an anticipated move to 2775 out there so lastly i think we finish this off by going back to the es mini and i will put up those charts here and take a quick peek what do we have on the five minute chart so we had a td9 count bottom that identified the bottom or a bountiful bottom inside the es mini even though it shows a td9 count it's not a td9 count top why because that high came in on bar number seven so it doesn't qualify right now what price is doing in the es mini just on an ultra five minute basis it's such a very key level of support if this level holds this is at 43 let's call 4388 50 4388 let's just call 4388 price closed below 4388 we're likely to see a move back towards the 4369 level out there folks have a fantastic weekend a fabulous friday thanks for joining me here and uh have a have a just a great weekend be safe out there and i'll look forward to seeing you on monday i'll love an o'clock sharp take care folks