 Sign up today. The following is a presentation of TFNN. The Trader's Edge with Steve Rhodes at 1-877-927-6648 or internationally at 727-873-7618. The Trader's Edge. Now, Steve Rhodes. Good afternoon, folks. Welcome to the May 6th, the wonderful Wednesday edition of today's Trader's Edge show. I'm your host, Steve V. 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. Okay, let's make sure we have an extraordinary one. And 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 circumstance 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're going to go figure out what those bulls and bears, what those buyers and sellers are communicating to you and I just passed one o'clock in the afternoon. I want you to know that I'm absolutely grateful for your presence here, but much, much more important than that. During this next 60 minutes, I'm here to serve you. So feel free to pick up that phone. You can dial on in 877-927-6648. If you can't dial in, we've got you covered there, too. You can let those fingers do the walking. Go ahead and send me an email, Steve, at TFNN.com. If you'd be kind enough in that subject heading to put radio show question, that would be great. And of course, insider, Tiger's Denwell, any ping will do. So let's go ahead and get this show started on a wonderful Wednesday. Of course, this is Tiger, Financial News Network. I'm Steve Rhodes. Welcome to Lush Show right now. We've got a mixed bag out here. You've got the Dow down 20 points, the S&P up 1. NASDAQ 100 up 102. Russell is flat. Summizer up 32 points. The leader in the clubhouse up nearly 2%. Spot volatile, next down 4% off a buck 30. Goldilocks back 22 bucks. Silver's up 4 pennies. Lights we cruise off a buck 33. Natural gas down 16 pennies. That would be confirming a three drive to a top pattern. That's what it looks like to me. We can go check that out a little bit later. And you got Treasury bonds that are down, down two full points out there. So we'll certainly take a look at that. The first question was just from in the side of the Tiger's Den, just simply so I don't forget. Would be to take a look at the XLF out here. So let's take a look at the financial sector, see what it's communicating to you and I. First, what we can see out here, and I apologize. I didn't write down who had requested it, but inside the Den. But here's the first thing that we can see is that we have got a nice little Gartley cell pattern. Let me get my crosshair out here. Now the Gartley cell pattern was confirmed on the trading day of April 13. So in a Gartley cell pattern, you've got an A to B equal CD that takes place to the upside. Let me see if I can actually draw that in without screwing up my shaded in pattern out here. So here you'll see the one to one, A to B equal CD that completed. Now not all A to B equal CD patterns complete with a one to one. This one did, we know that it did because it created that bearish reversal candle. In this case here, the bear sash. And not until the high of April 9th is taken out will this pattern have failed. Now what sellers, when you get a topping pattern, a topping signal, the real only requirement, see we don't never, we don't never. My goodness gracious. We don't ever know whether or not when you get a topping signal will the sellers be able to bust out support. If we get a bottoming signal, we don't ever know until it happens whether buyers are going to be able to bust out resistance. And that's why it's so important, not just to be able to identify the patterns out here, but we must understand where support and resistance is. So whoever was asking me about the XLF, right now what it's done today, it's testing two levels of support, both the bottom of its profile, which is about 2148, right on 2148, as well as Stevie's red line. So if you see a close below these levels, two important areas of support will have fallen in price should move lower. Now in the case of the XLF on a daily timeframe, below these areas, there is no additional support. Not that we can't find some support, but on a daily timeframe, there's no breakout support. The XLF would be one of the sectors that would be telling you it's ready to go down to the March lows. Is it there today or right now, I should say at 110? The answer is no. Price has just pushed its way back to support. That's what's going on when we take a look at the daily timeframe for the XLF. Now, one other thing that I can do for you is pull over the market breadth for the financial sector. So if you're short the financial sector trying to understand, you know, will the XLF go ahead and push lower? Well, if we look at the weekly timeframe, that's what we're looking at right now. We can see that only six instruments with inside the XLF. I don't know how many instruments make up the XLF, but only six instruments are trading above the top of the profile. That would be bullish. Whereas we have 13 trading below the bottom of the profile and we have 43 that are trading inside the center. I guess we could add all those up and figure out how many constituents are in there. It's somewhere around 52, give or take, one or two. But this is in bearish position. Now let's take a look at the daily timeframe outer because the daily timeframe will say, guess what? On the daily timeframe, the XLF right now may have a tough time busting through that support level that we just looked at. How can you say that, Stevo? I know that's the question. The reason it's not me that's saying it, I am just being a narrator today. So when I do this show between one and two, for the most part, I go off script every now and then. You know that. It doesn't take much to get me off script. But here all I'm doing is narrating for you what the charts are telling us, right? We want to understand whether top or bottom signals. First thing. Second, where's support and resistance? Third, if we can, what's the market breadth look like? Well, we saw that price was pushing its way down to support inside the XLF, bottom of the daily profile. Stevie's red line out there, but here's what we also know. Nine instruments are trading above the, oh, what? This can't be right. It didn't update. Oh, man, what did I do there? Well, that's a bummer. Oh, I know how to probably fix this. Let me go back to the weekly. So that's clear. So this is interesting. So this is showing right now nine instruments trading above the top of the profile and 17 below, but I don't show a bearish crossover here. So everything happens for us, right? Man, I don't know why this is happening for us here. But if I'm going to assume that the lines on the chart are correct and that the date over on the left-hand side, I don't know why I'm going to assume that. But I'm just am at this stage here. If this is in fact the case that this would be telling us that it would be difficult for the XLF to bust through support. We've got the four-hour timeframe. We see how this looks here. Now this looks more accurate with regard to only 10 instruments for a four-hour basis above the top of their profiles and 43 below. And on the 60-minute timeframe also in a bearish position. So I'd watch the support level inside XLF. It's given you the bearish signals out there. The question is, will it be able to bust through support today? So I hope that that helps you out, whoever had asked out there. And I don't want the questions to get out in front of me. So let's go to the next question that came in here. And this is from Tim R., Tim in Massachusetts. Tim says, do you still think that the broad market is headed lower in the near future as you were talking about with Tom O'Brien on Monday? Thank you, Tim in Massachusetts. So let's not, Tim, let's not use the I think, what I think. Instead, let me just present to you the information and then you make a determination about what you think out there. So let's do that. We're going to do that. Actually, when we get back from this breakout here, I see I've got about five seconds. So I'll get that set up for you, Tim. Here I'm going to give you the answer. All of the chart patterns that we're going to take a look at, all of the chart patterns that we're going to take a look at would answer that question and say yes. With one exception, one exception, and that would be the daily NQ futures contract. And that hasn't given the signal just yet. But otherwise, when we come back from this break, wait till you see what is in front of us. Steve Rhodes with TFNN will be right back. If you're not currently using the TAS Profile Scanner when looking at setting up your trading opportunities, then your arsenal is short a mighty weapon. The TAS Profile Scanner is a standalone piece of software that instantly filters over 2,500 global financial markets such as stocks, ETFs, commodity futures and forex. Heated by Steve Dahl, TAS understands that in today's technological world, the use of top flight software applications and technical analysis expertise is essential to successful trading in today's market. You also gain access to the webinar that Steve Dahl and Tom O'Brien just hosted, the best way to use the TAS Profile Scanner to profit. 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The Tiger's Den is an interactive chat room that runs all day where other Tigers and Tigresses discuss trading ideas with the hosts and members, along with charts and current market news as well as live access to the charts the hosts use during their programs. Join us for the Tiger's Den open house. Begin your Den membership today by just entering open at checkout and pay nothing while you try things out for 30 days. For all the details and to start your Den membership today, visit the front page of TFNN.com. Don't miss out on the TFNN Tiger's Den open house taking place now. Sign up today! 727-6648, internationally at 727-873-7618. Welcome back, folks. That was off 20 S&P is up about two points. So Tim asked a great question. And the question was, do I think that the broad market is headed lower? And what I don't want to do is, I don't want to give you my opinion. Again, I believe that I'm really just a narrator. We take a look at the chart. I just tried to keep it simple. We're support resistance as they're topping our bottoming pattern. Where does price have a high probability of heading to based upon the patterns that are out there? So if we start from current slide. So what we're going to do here, Tim, is I'm just simply going to take you back to the patterns that really are prevalent in the market right now. This goes back to 1935. It's called the Gartley 222. It's because it was on Gartley's book that was actually produced in 1935. So on page 222, this is where the A to B equals CD pattern comes from. It's figure number B out here. And it's on the right hand side. What this shows is a nice big bull run. A to B in this case here, what it's showing. And it's A point B point different than our A to B equals CD that we're going to talk about. The actual A to B equals CD that we're going to talk about is the one where it starts with this little letter C out here. And that's the A and B and then a retracement. And then there's your C to D. And that's where what he's suggesting is that you want to sell every Gartley cell pattern. Sell every Gartley cell pattern. Man, oh man. Yeah, I think the Corona's got to me from yesterday. In any event, I used to not have a six pack. I got a six pack last night. But if we take a look at the A to B equals CD pattern out here. Again, it's coming from H.M. Gartley. And this was coming back from his study of the what could be learned from the 1929 crash. As well as the bear market that proceeded. It wasn't as Tom and I were talking about. It wasn't that first move down that really crushed everybody. Not that that didn't crush everybody, but it was the move that continued lower. So here's from another page inside of his bookets profits in the stock market. You can still find that typically on eBay or somewhere. You can find a used version of it. But here's the Gartley 222 pattern. If you will, using candlesticks and going all the way back to the 1929 bottom. Nice hammer, by the way. So weekly timeframe out here. And there's your A to B equal CD pattern that was drawn in. So this was confirmed with the bearish engulfing candle. So that's one thing we know. The here, by the way, was the result of that. And so many people, I'm sure coming off of that low of 195 bucks or so from back in 1929. As price got up and about the two, almost 300 level thought that we were out of the woods. Turns out they weren't the woods. They were just entering the woods. And those woods here, Tim, didn't bottom until 1932. Now, without showing you any other pattern that was present in 1932, what fundamentally was taking place in 1930, because that's how we really bring it into where we're at today. If you're wondering why Charlie Munger and why Warren Buffett didn't take action, you're looking at it right here. Not just this chart, I guess. Now you're looking at it right here. Because what they also know, what you also know, is that when there was a bottom that formed in 1932, was also coinciding with a low in GDP that year. And so you've got to ask yourself the question, is the GDP low in the first quarter? Is that it? Is that it? No. I don't think so. I think we're going to have a lower GDP in the second quarter. So that does say in the second quarter here, second quarter being obviously April through June, there's a possibility we could see a bottom during that time period. There's a possibility. But is it this low that we saw back here in March? I think the answer is no. The charts are saying that the answer is no. I want you to take a look at here. By the way, you can see the 2009 bottom, the 2002 bottom, the 1991 bottom. We go back and take a look at a lot of bottoms that are out there, which I always like to do, but we're not going to do that. So we're just going to use that information here, Tim, for you to answer the question. Now let's go take a look at what's going on inside the indices out here. Let's pull over the S&P 500. What do we know about it? Well, the S&P 500 has completed a currently sell pattern. It did it with the bear sash candle half a few days ago. Now what it hasn't done, the S&P 500, what it hasn't done is hasn't been able to bust through the first level of support. That first level of support is Stevie's green line. See, this is a beautiful thing. It ain't a moving average. So you can't try to replicate it. I watch people try to replicate it all the time. It cannot be replicated. It cannot be replicated by using the actual tool. And I've got a workshop that's on my archive workshop that members have access to, and they can find out exactly how this is calculated. And I developed this tool because I wanted to understand when was a retracement just a retracement, or when was a countertrend rally, the opposite, just a countertrend rally out here. In this case, we saw price come back, test and reject Stevie's green line. So here's one thing that you and I know. If we see a close below Stevie's green line on the S&P 500, currently priced at $28.28, that's going to tell us about an ensuing further retracement. Now, what we have to do for the S&P, we'd have to go look at the ESMini, understand where support is for its task market profiles. In lieu of that, though, we can say that price inside the S&P 500 would be trying to target $25.74. That is a level where price most recently broke out. That is another support area. And Tim, you just have to take this one step at a time because I cannot tell you what the future holds. We can look at historical patterns, see what they mean. Apply them to today. Always take a look at new information. No matter what pattern is out here, here's the reality. If we see the S&P closing about $29.85.93, well then the top is most certainly not in and we would see price continuing to move higher. That's not the pattern that is in play. We're just moving sideways, which I think is really more of an indication of a top versus a bottom, but that's my own opinion. And so my opinion doesn't mean jack out here. And I use jack in a nice way. I could have used a different word out there, and I don't, nothing against jack out here. Just simply, you know what I was saying out there. So in the S&P 500, you've got H.M. Gertley's cell pattern. Well, wait, we've got more. Let's do this all in two minutes here. Here, if we take a look at the Dow, what do we have? You've got a Gertley's cell pattern. What did price do? Pull back the test EVs red line in its cell. You've got to watch the $23.565 level because a close below that says, okay, we're getting ready to rock and roll to the downside. Now, the Dow did not have a breakout level. So that tells us, just like the XLF, that we go all the way back to at least the March low. If we take a look at the NDX100, it has a Gertley's cell pattern. But if price closes a bit high, and it has wave number seven out here, but it's Gertley's cell pattern, depending on where it closes today, is somewhat suspect. But right now, it still is an active Gertley cell. Has price been able to close below Stevie's green line? The answer is no. What's that level 88.39 out there that you'll be watching give or take? Let's take a look at the Russell 2000. What do we have inside the Russell? You've got a Gertley's cell. Hasn't been able to take out Stevie's red line. Currently priced at $1234. So you see, it's really trading in between support and resistance. The market's right now, which is the sideways chopping around. What if we take a look at the transports out of the transports, a Gertley's cell? See, I don't make this stuff up, but has price taken out Stevie's red line? The answer is no. So the transports are giving us any kind of early signal. How about the semis? Having a great day today, up 2%. But guess what? It's just a little bit of a countertrend rally in its Gertley's cell pattern, as well as wave number seven out here. And we've got just a few seconds before we go to break. What do we take a look at next? Well, here's the NASDAQ composite, similar to the NDX. It's got wave number seven. It's got a Gertley's cell pattern out here. The only one that does, the Wilshire's got a Gertley's cell, the New York Stock Exchange got a Gertley's cell. Tim, you kind of get the message out there. So you answer it. You answer the question. But how should we interpret the market and what we know about it? Steve Rhodes with TFNN. We'll be right back. I'm certain you are or strive to be one of the best of the best in everything you do in life. It's the most common trade 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. 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Get your copy of The Art of Timing the Trade Charts 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. Let's go out to Overland Park, Kansas, and speak with Robert. Robert, thanks for calling. Thanks for holding. How are you this morning or this afternoon? Great, Steve. Thank you. Are you two hours behind us or one hour? One hour different from the simple time zone. Okay, great, great. So I know you want to take a look at the TLT and tell us what you're... I think you're... Are you short the Treasury bonds or tell me what you're doing? No, I'm not. It's been kind of dancing around in the consolidation kind of sideways. Yes. And so I was reluctant to take a short position, but now I'm more interested. I'd like to go short, but I wanted to check with you first on what's the support for like TLT and the Treasury to give me both. That'd be great. So if you take a look at... So just we'll look at both. We'll go take a look at the Treasury bonds in it, but to give you your answers inside of TLT, the first thing that we would do is just simply look to the profiles. And what you're going to see here is you're going to see the daily profile and this next support area would be 158.62. And that is the center of the box where there's both buyers and sellers. We can see that the center line which is priced in between the top and the bottom is really in the center. So there's nothing here to give an edge to either buyers or sellers when trading with inside this market profile. The bottom of that profile would be 150.22. And the top of the weekly profile of which price is trading above is 159.36. Now, that's what this chart here shows for TLT. If we take a look at the TLT folks is primarily trading off of the 30-year Treasury bond. Not exclusively, but primarily off of the 30-year Treasury bond out here. Here's the consolidation pattern that Robert was talking about. In this case here, it's really hard for me to suggest to you to take a short knowing that we're near the bottom of the consolidation. I would have rather seen you take a short position if you were when price was up towards the top of that consolidation. Looks like maybe April 22. But even then, if you took that short it really traded sideways up until almost today out there. So the question is is this just going to continue to consolidate? I don't know. We don't know. Is price going to be able to break through this consolidation? Now, if it did, what it would do Robert, if it broke through it you could have a moment to move to the downside. And what that would do is that would give you a measured move equal to or greater than the consolidation. And probably put you in about the 171-ish type area out there. But right now is no, I would say. And then you've got to factor in here, so many other factors. You and I have spoken before about the other factors that are out there such as what's going on over in Europe and the rush to the US dollar and buying into TLT is an immediate way for somebody to move from euros into US dollars. So that would be one way to do it. You start to see some of the things. I'm sure you read about the Bundesbank or the this morning, earlier this morning when the German courts came out and they're trying to, they're positioning themselves against the EU basically is the way that I really, if you read the article you wouldn't get this out of the article but if you dig through the actual story out there, they're not dealing with anything that transpired from the coronavirus forward, they're just dealing with all the stuff from 2014 through then. And in essence what they're really doing because the EU is trying to put pressure on Germany and the Netherlands to ease up a bit, stop with their fiscal conservative nature and they're really trying to put the screws to them. What we saw take place today was the high courts in Germany putting the screws back to the EU and what they really were saying was hey, you've purchased 40% of Italian debt and 30% of this debt from whatever other country and you need to buy some more of our debt and give us more cash. That's really there, that's what I really see and the problem is that all the chaos that could be going on over there can easily put a bid into bonds, easily put a bid into bonds out here so I just think you've got to be careful, you've just got to be careful out here but I hopefully have given your answer in that if you're so close to the bottom of that consolidation that now would not really be the time to take the short position unless it breaks the consolidation. Unless it breaks the consolidation out there and then you'd at least have a measured move I'd say it's just a trade, I know there's a lot of folks that are saying interest rates are near zero, there's no way, you've got the US Federal Reserve out here, you've got our Federal Reserve that are going to be buying bond related ETFs out here. I mean they've already communicated, they've already broadcast that to you. I see a lot of people I've seen a bunch of articles saying they're going to be buying all kinds of ETFs like the diamonds, the spies, the cues well not yet and that's not what they communicated. You've got to go back and actually read the details so now I'm going short out there you're going against, now you're really fighting the Fed you know I hear you I hear you okay so what I'm hearing you say is on the TLT it's 158.62 and what is it on the Treasury? So on the Treasury let's go see what it's give me a second here we'll try to pull this up for you, we won't try we will just give me a moment to get the tool on the system out here our TAS boxes let's switch over to the 30 year and the 30 year we're going to see that well you're right now below the center which is 179 and 330 seconds so the bottom so that's interesting the measured move of a consolidation break probably takes you down to the bottom of the daily profile and that would be 170 and 1830 seconds okay so what would it take you to so really I'm almost hearing you say what I'm interpreting you say is you just wouldn't short Treasuries if I were shorting the Treasuries I really had a hankering well I'll say it like this if I had a hankering for shorting Treasuries I would short it by the futures contract I would not use TBT, TLT because for me I want to be able to protect my capital and this way this way I would have stops in place look if you don't use stops and my god do not trade futures contracts it's really crushed out there so that would be my thinking as long as you're a trader that's using stops or one cancels the other out there some type of strategy like that then trading the actual future contract you have you've got better risk management better capital management out there and that's what it's all about my concern is that for folks that say that we can't go lower in interest rates are you kidding me are you not paying attention to what's been going on around the world out here so I just think it's a there's already a rush to the US dollar we're already seeing it out here all the printing that's going on people the printing our dollars are being hoarded overseas in Europe why? because there's a real lack of trust over there a real lack of trust and there's less lack of trust here and we're the king in terms of the currency king dollar Tom had it right all along thank you are we good? yes thank you okay you bet hey thanks so much for coming we're going to a break that was Robert in overland park kansas and dollars up 18 s and p8 we'll be right back folks if you're in the cd market and looking for a secure investment the tiger first mortgage program may work for you the security for these first mortgages are building lots tax act of 2018 set up tax free zones across the country where you can build and hold for 10 years and pay no tax on the profits which makes these lots valuable the investment is anywhere from 30,000 to 75,000 the interest paid is 7% yearly paid on a monthly basis according to bankrate.com the best rate for a four-year cd in the country as of February 20th is 3.1% a $50,000 investment at a normal four-year cd rate of 3.1% would give you income of $1550 per year or $6,200 over the four-year period that 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蛮 TMN 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. 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The funds are designed to be utilized only by sophisticated investors such as traders and active investors. Distributor, Four Side Fund Services, LLC. Don't forget, you can listen to TFNN live on your mobile device 24 hours per day. Go to TFNN.com and hit watch Tiger TV. That's TFNN.com. Then hit watch Tiger TV for the latest market information. Welcome back, folks. Let's go out to Philadelphia and speak with John. John, thanks for calling. Thanks for holding. How are you doing today? Steve, I'm great. Thanks for taking the call. Hoping you could help me with Crude Oil Futures here today. Yes. Steve, just by way of background, the many brokerages to eliminate the risk of the June contract undergoing the kind of snafu that the May contract went through a couple of weeks back. Yes. And other brokerages are also limiting the trading of July futures. And I'm wondering if you've looked at several of the contracts out the time curve and if you can, any conclusion that you've come to on which contract you'd be trading what your indicators are saying on that particular contract? Sure, sure, absolutely. So, folks, if you take a look at, so that was a great overview, John, I appreciate it. And folks, if you're watching on Tiger TV, you can see we have Lightsweed Crude, all the futures contracts right now, not all of them, but all the ones I can put on my system that go from June 2020 all the way out to January 2022. And you can see exactly what they're being traded at, what volumes we have today, the open interest on each of them. And at the bottom of my screen, I've got June, July, August, and September contracts. Now, John's asking which contract would I trade to the long side? And for that answer, it would be the June contract, and let me explain why, and then we'll walk through the other three that are on my screen, so you can see that. And the reason would be, and that's the very left-hand panel, in the June contract, you can see that yesterday was, first it was a break of a wedge, and the question is, was that a real break or not? And as of 1.44 in the afternoon, the answer is yes, because the pullback has been to the bottom of that profile. The bottom of that profile is 22.99, 22.91. We're trading at 23.29. And so as long as price holds this level here, and I know John, from an inter-day standpoint, that would be one of the things you'd be looking at, this would say that price should target 27.60. Above that would be just simply a simple descending trend line, another descending trend line up there, maybe 38 or so. On the June contract specifically, if price can break above, close above 27.60, that would offer a price target of 34.50. At 34.50 is the TD-9 count resistance level out here. Today is gonna be bar number five of a TD-9 count. And so I'd be looking to see if in fact we have more consecutive closes with each close above the close four bars earlier. I'd be watching that and as it gets to bar number eight, nine or the bar following nine, if it's below this 34.50, that would be a signal that is probably going to take a rest. And that would be the June contract. Now, the reason folks why I answered it that way, which of these contracts would I trade? It's because in the case of the June contract, it is back inside the box, it is above resistance out here. Whereas when I take a look at the July contract, yes, it broke a descending trend line, but what it hasn't done is it has not gotten back inside its profile. In fact, what it's done so far today, it's rejected the bottom of that box, 27.20. However, John, if price were to close above 27.20, get back inside that profile, that is a bullish structured profile. And that would say July could move up to, if there was a close above 28.85, that's the center of its box out there, that would be signaling to move to the $32 area. If we look at the August contract Q out here, we're gonna see that price today ran into resistance, that's 29.30. Now, if price can close above 29.30, the August contract is also a bullish structured profile. And this would say to you and I, if price can close above 30.81, the center of that box, then buyers should be able to push price up to 33.82. If we go over to the September contract out here, yesterday was, looks like a slight false break above resistance at top of that box, which is 28.98. And with price below that right now, so that's the reason why I went to the June contract from a trading standpoint. Now, if I go back to June out here, and what I'm gonna do is I'm gonna take a look actually at the hourly timeframe chart for you. And on the hourly timeframe, what this did earlier this morning was it generated a Gartley buy pattern. So it had a rose meant to mitigate our top, it's kind of hard to see, but the high that was formed out here at 200 hours, this was on May the fifth, yeah, May the fifth, at 200 hours, that was the top, followed up by a little bear sash candle. That created an A to B equal CD to the downside. We didn't know where that was gonna stop, but we knew on an hourly basis that 2234 was the breakout level. And price was unable to get below that. And then we saw the bullish piercing candle that formed at 10 o'clock this morning. And that confirmed this little Gartley buy pattern. Now, what price has been unable to do is it's just consolidating with inside it's, here's the catch, it's bear a structured profile for the 60 minute timeframe out here. But if price can close as long as this profile remains in effect, John, if price can close above 2468, this is telling you that, okay, what we looked at on the daily timeframe, it's ready to take off and continue to move higher out there. But so far in the short-term timeframe, all levels of support have held. So that's what I see, but let me throw it back out to you after sharing that information with you, what other questions would you have or what else can I look at for you? Uh, Steve, here's what you can do for me. Yep. I am trading August, September, and December futures, three particular contracts, my rationale, the valuation, where the supply produced here in the operations, a recovery in transportation demand, whether it's cars or jets or combination of the next August, September, December. And just as you do your decisions on the show in the upcoming days and weeks, if there's something that jumps off the page on those, I'd sure be much obliged if you just share that with the audience. Absolutely, absolutely. So I'll give you this one thing right now. So I put over the December contract folks, since that's one that John has taken a look at here. And you can see here that, you can see a nice little rising trend line, this little green line. We can see that price was able to close above a descending trend line. What price did was it tagged the bottom of that profile, so that would be where a counter trend rally would typically end out here. We can see that today price is pulled back. So 32.16 is gonna be your key level out there. And if price can get above this, this is a bullish structured profile. This is suggesting a run up to 35.59. Even though it doesn't show on this chart, my other chart, John, would say that the breakdown level on the December contract is 36.73. So your upside target resistance zone would be between 35.59 and 36.73 from a daily standpoint for the December contract, okay? Good man, thanks so much. You bet, thanks for calling. Good to hear from you. That was John and Philly. We get back from this break. I believe we're going out to Buffalo, Michigan. Speaking with Gary, we'll be right back. With markets trading with extreme volatility and peaks and troughs everywhere, regardless of what you're looking at in the markets. This is a great time to see the type of analysis Basil Chapman delivers for his subscribers every market day with the opening call newsletter. Basil has been analyzing markets providing his take for subscribers to his trading services since 1984. Every morning, Basil publishes an update for his subscribers along with weekend and evening updates when warranted. 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I'm a recent subscriber and I'm from New Buffalo, Michigan, the other side of the state and I'm from Michigan there. But I'm not a trader. I'm just to invest a little bit of family money. I'm big on gold and silver. And I've been in some gold and silver stocks for the family and then I got some IWN puts. Did call the market turn, right? But I didn't find you in time to understand it was turning back. So gave most of the idea to be on money back. But I'm looking for the gold is that breaks you were right last week. It didn't break above that 1,700 figure that you had. Now it's retracing how bad is the retracement gonna be? You know, it's a great question. If we just simply take a look at this chart here, Gary, this is showing you gold priced in all the major currencies, meaning the dollar, Euro, yen and pound sterling. And we like to understand, you know, how is gold trading on other people's desks around the globe? And so right now, even though prices below support, which is 1706 basically, don't pay attention to the number on this screen out here because I'm using my synthetic version of the contract. What we also have is we've got a series of lower highs and higher lows. So it's really in a wedgie at this stage. And now it's trading, it's broken through swing points, priced in yen, but it hasn't broken through swing points, priced in euros and priced in pound sterling. To answer your question though, if gold did, where could gold find support? If it breaks through this level and continues to move lower, my answer would be 1595-20. 1595-20 is where gold last broke out from using the TD9 count top. Bar number eight is the high of the price during this time period here. And that's a topping signal. And that's suggesting that we should prepare for gold to pull back to that 1595 level. And Gary, my apology, but we are at the end of the show. I know. So my apology for that. But please call back again. We'd love to speak to you and send me an email and I'll send you anything else it is that you need for what it is that you're holding in your portfolio. All right, my friend? Thanks, Steve. You're a treat. You bet. Everybody have a great day and stay tuned for two more great hours. And I'll see you on terrific Thursday. Have a great Wednesday, folks.