 Hi everyone, Basel's Chapman sitting here for Tom O'Brien and I'm the host of the Tiger Technicians Hour at 10 o'clock in the morning, 10 a.m. to 11 a.m. and also the author of the opening call dating newsletter. What are we looking at? We're looking at the Dow, down 312 points and 34,425. Look, Friday, a rally attempt fails, closes down over 500 points. That was Thursday. Friday, trying to rally fails, closes over 500 points down and holds this orange line on the left. There's the daily chart, 200-peer moving average. Today, it's gone right through and it's turning the 200-peer moving average of 34,600 into short-term resistance. If it goes above that, that's good. But right now, you've got to be watching it closely. There's arch formation. Let me just do this quickly. This is the part of the technique that I use. A straight line, up or down. That's one cup formation. That's two arch formation. That's three. Come down sharp. You make the arch formation. Take out that left side low. It's red because that can be very serious to the downside. On the bullish side, reverse Y. Take out that left side high after a move up. That can be very positive. What are we looking at here? We're looking at the first one for the Dow high of 36,952. On the fifth of January, comes down to 35,639. Tries to rally and then fails at the first peak and makes that H-patent and plummets. Goes all the way down to 32,150 on the 24th of January. It rallies up and it stalls. Now, you can see what I call a chat wave inside track repellent zone. It went above it for one session to 35,824 peak C. Now it's failing. This is really an important moment because the pattern, I'll show it a little bit better here on the S&P, here on the daily chart. Well, first of all, you've got the weekly chart of the Dow, the weekly chart, sell mode in the daily, sell a sell mode in the weekly chart. And the monthly chart, we're just going to wait for, we have to wait for all of February to get a lock on the actual closing price of February's monthly chart. And now we're going to go to the S&P and the S&P is a little different. This pattern here where you make that H-patent but hold quite nicely, nicely above the low, in this case 4222.62, it says there could be another bounce and that bounce could go to a second arch formation, making what I call a lower case H to a lower case M pattern. In other words, we're in a rectangle formation. Today's low of 43.64. If we take out 43.58 on a closing basis, that's going to be negative. It says, be careful because the next level of support is right there on the 28th at 42.92. Let's go to the QQQ and the X100. Trying to rally here, it's down 43 cents, 346.56. It's not looking too great, but just on the day it's not looking too bad. So sell mode in the daily, sell mode in the weekly, and I'm real close to a sell signal in the monthly. We have to wait for all of February to complete. But all I can say is that a close below 340 in the short term says, wow, be careful. That you 34.15 over the 24th beckons. IWM is trying to rally to the 106, 159 level of 200-period moving averages at 156. It's really struggling. It's kind of the laggard of the group. Let's go to gold. Gold is acting spectacularly here. Now, I always consider gold to be kind of a geopolitical fear factor. It's really an icon of what many, many people around the world go to whenever there's geopolitical turmoil. I wonder if there is right now. Yes, of course there is. So we're looking at the gold up 30 at 1872. What's interesting is that silver is having a very nice rally. Those are 1.64 percent. Silver is up 2.12 percent, up 50 cents in 2387. Just stopping dead at this orange 200-period exponential moving average in the daily. The weekly chart says, hey, it's just stuck in a range. And the monthly chart says, ooh, not a very good chart. So that's why I'm saying, I think gold is quite specific. And if you want to know why, I say that because, look, the dollar is rallying. Usually they work in inverse, like counterpoint in Bach music, where one line goes up and the other one goes down. This is 9,634, up 26 ticks. It's not great, but it's not bad. It's within this rectangle formation. So gold is acting quite well. Now, if we go to the crude oil, here's the issue. Crude oil is not just a transitory thing. Crude oil is impacted because geopolitically, there's a lot going on. And we are not the producers of petroleum anymore. We've relinquished that very momentary title. And now we have to look around the world. And crude oil is saying, with what's going on right now, it's acting extremely well. It's a 9,470, up $1.60. I would say, just on the shorter term, any close below 8,850, we'd say, okay, now we're having a bit of a dip. I don't know why we do that right now. It still seems to be in play. And yesterday, the weekly is strong and the monthly is broken out in the league above the October of 2018, high of 8,565. What we're also looking for right now is, what's going on with bonds? For goodness sake, the history, I always think that when the market gets volatile, when stocks are being sold off like they are over the last month, money tends to migrate from the volatility weakness of stocks into the so-called safety of bonds, not this time. So therefore, I'm going to say, this time is different. And in fact, there's a chart that I will show. Maybe I'll have a little chance in a little while to show the chart. During the break, I'll set it up and we'll see if we can look at it. And that's my triple yield chart, showing all the different yields as well as with the ice shares of the Global Timber and Forestry ETF and the Philadelphia Housing Sector index. We'll look at that in a moment. What I wanted to also say is that the volatility index, this VIX index is trading up 2.18 at 29.54. It went to 32.04 today. And this is the first time I've included Russia in all these years with my titling of these big spikes up. Look at this in the monthly chart, all these big spikes to the upside. It used to be the Greek crisis back in 2011. It was China and domestic and interest rates back in, what is it? That was August of 2015, hit 53.29, higher than the Greek crisis at 48. And then it pulls back sharply to the 8.84 level. This is the volatility index. Spikes up to the 50.30 higher yields on the February of 2020. That's both again, yields, tariffs, China, the Saudis we even included. And there was a whole thing with impeachment back of the high of 36.20 and 12.20. That's December of 2018. And then it pulls back. And then we had that whole coronavirus business fed huge spike to the upside, 85.57. And that was March of 2020, when the market made its low on the 23rd of 2020. We'll be back in a moment. Baselchap is sitting for Tom O'Brien. This is the Tom O'Brien show.