 The following is a presentation of TFNN The Traders Edge with Steve Rhodes Free at 1-877-927-6648 or internationally at 727-873-7618 The Traders Edge now Steve Rhodes Everyone, Basel Chapman for Steve. I'm sitting in for Steve Rhodes, but it's not. Mastering probability, it's the host of the Tiger Technicians Hour and the opening call and the Chapman Wave. So this is what I want you to look at right here. In the Chapman Wave we try to identify the lowest low bar, count each successively, successive higher peak, alphabetize them, uppercase on the way up, lowercase on the way down. On the way up, it's way more important than on the way down. Although I do notate on the way down, it has a different meaning. But in this particular case, as soon as it gets upgraded from a buy signal to a buy mode, it means at least four higher peaks at the fourth highest peak, peak D, A, B, C, D. Other things are going to have got nothing to do with A to B equals C to D, absolutely nothing. Just as I notated the Chapman Wave A, B, C, D, because at the time, Elliott Prakler was talking about one, two, threes and all sorts of different things like that in the Elliott Wave, which I sort of studied. I never quite got it. I'm much more conversant with it today. I also refer to an expert that I know down on Cape Cod. But I use the Chapman Wave and that just counts the peaks to the upside. It's the only obligation and counts the troughs and then looks at different patterns. But it can go to E, F, and G. G is the seventh highest peak and never an H. And so we don't have to get to that. But D is where other things can happen. Look, yes, the Crudall went to peak F and it's broken out. Now, what is this? Is this a G, a continuation, or is this a brand new A? If it's an A, that is extremely positive for the crude oil market. If it's a G, it says, oops, be careful. Cup formation, we can break out. So we can break back into the cup formation. So I'll talk about that just to say that this is really important in the general market right now because if crude starts to break and I just read a story about our inventories, although we've been using our reserves, a country like this to be using reserves, you've got to think of the country. What happens if we need the oil and we've run out of reserves? There's something wrong with that picture. So I'm kind of upset about that. But in the meantime, back at the ranch, what we're all looking at is within the context of the markets, let me just give you a brief overview of what I'm looking at here, and the U. So the Dow, we were short the Dow right at the day of the top using Chapman Wave techniques at August 1st, 35679 was the high. It came down very sharply to the 34,029 level, and then it rebounded, and it's rebounded pretty nicely. We've got a Chapman Wave 4LX formation. We've gone out of that. That's a declining cone, expanding cone. But it looks to me like we're starting to falter right here. But the weekly chart, the nine-period moving average over the 14, I don't want to go into too much of that now. I did that in my show, the Tiger Technicians Hour, this previous hour, 10 to 11 every day. And my service is the opening call. There are news there. And now look at this. The S&P, at this particular point, the S&P is giving back all of the gains of the morning. It's up 4.73 because the futures were up earlier on. But this is still a pretty decent pattern. Look at the MACDs. He has the MACD moving average convergence divergence. Histograms positive. He has the stochastic at 86%. That's good. 85%. Nine-period over the 14. I love that. But it's starting to stall. Is it just a stall at the beginning of September on a very shaky note? Well, the weekly chart on the S&P is still extremely strong. We've got an alternate count, G-Stash-D, because we had a Chapman Wave instant restart at that peak D. We're within three bars. You make a new recovery high. You use an alternate count. And the GC can always go to a higher peak D. Now, let's go back to the story here. And the monthly chart is finished. The monthly chart did very well. But this is a peak C in the monthly chart. The former peak D gets eliminated if this thing does not go to a new 48.18.62 all-time high. But instead, this month, it's just above the high that was made of 45.07 in August to a D and then fails. Because once that D is in place, that's where other things can happen. It's the only index that didn't make it a top, D, E, U, F, or G in the Chapman Wave methodology. So with that said, let's go on to the other. The QQQ has gone negative. It's down a point at 377. Look at that turn around. But the tech fields are actually pretty good. It's 91% in the stochastic. The quicker that the stochastic goes back under 80%, the more trouble there is. If it holds here, that's actually quite good. The weekly chart is still good. That's the index 100 in VSCO QQQ Trust Series. Let me just get out of that. And IWM, IWM, the Russell 2000 doing very nicely compared to the others. But it very often plays catch-up and then it stalls. That's what we often see in gold. Gold right now is down a fraction. At 1965.7, I said yesterday, although we are long stuck in the gold silver sector, we had said that this 200-period moving average in the gold contract, continuous contract, is going to be a stalling formation. Talk about the importance of the 200-period moving average. Look at this. This is the, look at that, 200-period moving average. Look how it was a springboard for that big move up in the 10-minute e-mini chart. Now it's repellent zone of 4524. We're underneath the 4530 level that I was talking about that became an incredible support level. Now we're making another dreaded H pattern. What's the dreaded H? This is the pattern right here, where the price comes down sharply, straight line down, and then rolls over. Straight line down, rolls over, takes out the left side low. Looks like an H pattern. And usually it's at a peak A or B. That's where you've got to be careful if you take out the left side low after that. And I used the temporary phantom peak. If you want to know all about this, I did that in my show. The tiger technicians are how I use the phantom peak. If we never used that phantom peak, we would still be waiting for a leg D. So that gave us perfectly an exit strategy. All right. So with that said, just enough of all that, a lot of questions came in about particular stocks. Let me get to that. So as I wrote them down, I'm just going to go. So this one wasn't necessary. This was for me. Could I look at CX? CX is CMAX. This is the Mexican cement company. It went to that peak D. Remember peak D is where other things can happen. It can go to an E or even an F or G. But this is where other things can happen. You have to be careful. Look at that D. Sharp pullback. I think this is like a doji candle. This is telling me that September is going to be a tough month, I think. That's the way I'm looking. That's why we've kept our short position in the Dow. We've kept our short position in the SMHs just off the high, about a point or so off the high. And I feel that choppiness is really what we're looking at. Even though there are some stocks that have done extremely well. So CX holding very well. It hasn't turned negative yet. But I think it's going to get to 750 over the next week. I'll be back in a moment. 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 including 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 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 and 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. Only at 727-873-7618. Steve's Probability, I'm going to go to our corner. We've got Mike and Orman Beach. Mike, how are you? Basil, I'm doing great, and thanks again for all the substitute work you do for TFNN. It's great that you've put all that time in to help us. My pleasure. It's something I love to do. That's what keeps me going. So what would you like to look at? Okay, Basil, I'm looking at GDX, and from the August 21 low, to me it looks like we made a peak B. Correct. It looks like the 50 day SMA is acting as a little bit of resistance. Correct, exactly, yes. Now, what do you think? Do you think we have a good chance to get to a peak D with this? So I believe it was eyeballs that was telling me yesterday, and I think it was that said that there was a round number high, and the GDX, which was at $30, a 30 round number high. So I like to look at it, and the question was, what do you do with a round number like that? Well, for me, it's real simple. 30 becomes a really important level as resistance, but actually it's the 30.30 level at the 200-period moving average. Now, let's go through a couple of things. I changed the color because the peak A is a gray A. I've still only got a plus sign underneath. I usually make that red. A plus sign under the trough E that was made on the 21st of August at 2728. So percentage-wise, we're over 2 points high. So it's about almost 9%. Well, the stochastic did go over 81%. The quicker the stochastic can start to go into the 83 or higher area, the better that this is going to be. But as it stands right now, I haven't got an up arrow. I haven't got confirmation. I have to wait about another day. One of the reasons is the on-balance volume is very weak. I'm not getting the volume follow-through here with the on-balance volume. That's the blue line. The relative strength is still pretty good, just at about 50%. So one of the things I've been talking about is, I looked at the weekly chart of the Dow, the S&P, the Qs. The weekly charts based on the nine-period moving average over the 14 are still really strong. And that's one of the reasons why I've still said that the dollar has internal strength. You cannot fight it at this particular point. It could roll over like the Dow took 9 or 8 or 10 sessions or something to go from the peak that was made, August 1 to the 9-period moving average roll over to the downside. We might see something like that in the dollar, but it hasn't happened yet. And I'm looking at this, and I have to put this together. You see, because I have to tie it together with gold. Now, this is the gold mine as market vectors index. And the gold got repelled to the 200-period moving average. So they're both telling me the same story, even though the stochastic on gold is at 86%, Magdy's good, 9-periods over the 14. The way that it's being repelled, it says to me, it hasn't yet got that follow-through, the tenacity. I don't know yet because this is just the second day. Well, this is not the second day. We haven't even had, we had a one-day rest in the gold before the high of today and the reversal from 1980.2 in the continuous contract. But what I was really looking at is that that weekly chart making lower lows and lower highs and the dreaded H failed at a peak A on the week of the 21st of July, yes, it's got back within two bars above that low that was made on the week of the 30th of June at 1940. So I'm just seeing this as a process because that monthly chart says it's holding well. But think of it, and let me just draw this in here, this rectangle formation that I joined in some time ago and said, look, the bulk of trading in the gold contract itself has been between like 2000 and say 10 and 1890. And it's just stuck there, but it's holding well. It's not breaking down. When you think of what happened to the dollar, gold really should have tanked and it hasn't. And that's the saying to me that country's big, big money and I might be wrong about this completely, but I like to put in the back of my mind a little, I put little nuggets together and see if I go nuggets. I didn't mean nuggets, nuggets. I just mean little parcels of information. So look at this, the XLE. And I always think that gold and the financial markets go together. So not the XLE. I'm going to go to that next, the XLF. Look how lousy this is. The XLF is actually trading sideways. It almost looks like gold in the week, in the monthly chart. So it's not really doing very much although today it's up 30 cents. So I see this as big countries go to gold when they get very nervous. So gold is the icon for fear, just as the VIX index is the icon for fear in the general stock market. That's one thing. There are other things that play as well. Silver has a component that is really a practical usage. Gold doesn't quite have that. So when I put it together, I'm just saying I need the evidence even though we are all a silver stock for subscribers to the opening call because it's acted better than gold. So let's go back to your question, GDX. So do you have a position in the GDX? Well, Basil, all I've been doing, I've been trading very cautiously. I have an account that's a day trading account and I trade on very small time frames. And I'd rather take many small bites than trying to get one big bite. Okay. You see, as long as you know your motors up a run day and you stick to us, that's the only way because the moment you start to deviate from that, it takes a practice. It takes practicing to get the next step right. So I like what you're saying. So if you're looking at the short term, let's just call it swing trading for the moment. It might not be because it's day trading. So intraday, it could still be swing trading because you're going from point to point and you're taking off whenever you feel ready to take off or you add on. In this particular instance, you see the pullback that we've got today, there's nothing wrong with this. That's the reason why I'm saying stochastic at 81%. I'm not going to fight this. I'm just saying, I don't know if it's ready for prime time just yet. That's really what I'm saying. And if you compare it to, say, SLV, the silver chart, which is pulling back quite sharply today, down 17 cents in 2022 after it made the peak D and the peak D is under the previous peak C. This is almost representative of what we're going to be looking at in the S&P if it makes a peak D under the previous peak B. It's almost the same thing. And that just says when I see a failure below the previous high, I get a little cautious. And the stochastic is at 85% in the SLV. That's the silver I shares trust. And it's just pulling back. It's still, the nine is still way over the 14. So I think treating it first as a trading vehicle is going to give you a sense of how it's holding. And all I can say is if at this time next week, Friday next week, let's look at the weekly chart. If the weekly chart is actually closing, there's a downtrend line. And the downtrend line by next week will be at about 30.67. That doesn't sound like much. It's only $1.50. So if it starts to go towards that level, if it's taking out 30.30, which is the daily turn to period moving average, that's going to be good. Right now, I just think we've got enough resistance. Let's look at it again Tuesday. But I think treating it with some caution is exactly appropriate right now. Hope that helps you. OK. Yes, thank you very much. Have a great weekend. Speak to you soon. The Gold Report. As a precious metal gold is still king. It continues to hold the most effective safe haven in hedging properties across the global major trading hubs of the London OTC market, the US futures market, and the Shanghai Gold Exchange. The Gold Report. Tom O'Brien publishes his weekly Gold Report every Monday morning for subscribers consisting of coverage of the XAU, HUI, GDX, the Dollar, Bonds, the South African Rand, as well as 25 different mining equities with specific buy-sell recommendations. The Gold Report. New subscribers get a 30-day money-back guarantee so you have nothing to risk. Subscribe to Tom O'Brien's Gold Report newsletter now at TFNN.com. 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 in technical market analysis, and it's not just dry, tedious text, either. 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Look, you've got your cup formation, you've got the Chaplin wave instant restart, but this is very interesting. I didn't want to write this in because I needed to study a little bit more and to see if we did break your new recovery high, which we've done. So this here is what's called Chaplin wave instant restart, but if it goes to E, which is always an alternate count, E, the next high is F, B, then G, C, there's never an H there. It has to be a D. We did all that. I normally, I don't know if I want to do this because I just don't see it right now, but I'm going to do it. This low right here, and I'm just, at the moment, just for the moment, I'm not going to take the time to do left-side, right-side price time-match. That's the bar symmetry where the price should be. It says that the XLE, Select Energy Spider Fund, it doesn't give you a time because it stretches out with this kind of pattern. It's called the Chaplin wave unconventional flat-base restart. Not just the instant restart, but it's a flat-base restart. Not just a flat-base restart, but an unconventional one because the price keeps coming, no matter how high it gets, it just keeps coming back down, and what's the level that we're looking at is 80, 84.60. So I'll type in 84.60. Here we are way higher. We're up in the 90 area. 84.60. With this particular pattern, I've got to do a little bit of more work, but I'm going to put this in and I'll type it in pink Chaplin wave unconventional flat-base. There's a lot of words, but it explains the whole technique. Base restart to 84s. Wow, I don't know. I put this in sometimes and I forget about it and I come back and I look at it and I say, well, it really did work. It's very difficult to identify, but if you get used to the Chaplin wave methodology, it's just another variation of the very same thing we're always looking at. So let me just do this and then I'll make it nice and tiny so it's not interfering with my visuals of the moment. And then I will... to 84s. So I'm not even going to put that in. I'm just taking that out because I want to get this... It's very interesting because what it says is at some point we're going to bump into resistance and have just for whatever reason it is a sudden slide. I'm not interested in it right now. What I'm interested in is what is the letter? Well, this becomes a gray A. This became a gray B until it broke to a new high. So this becomes E slash B. This sounds so complicated, it really... I'm just... It's really very simple. It's just following the sequence. Analect C in the weekly and the technicals in the weekly look is flat, stochastic, is fabulous. That's what you want to see. The monthly chart is walking the 9, the 14 and 9 period moving averages looking great. So the energy sector looks like they're still upside to come. At some point we'll have a turnaround. I'm not interested in the turnaround because this is a very complex thing. It reminds me of Bart Simpson's hairstyle, spiky, spiky, spiky, but each one of those spikes at some point starts to deteriorate the technicals and then it comes tumbling down. The unbalanced volume is a little bit overboard, but we'll see what happens. So right now the preference is to call it E, but maybe it's a B. E says, got to be a little careful. B says, what are you talking about? Do you want to buy every dip? Well, there's nothing to do. As long as this is strong, that's fine. So energy XLE is broken out to a new recovery high. That's what I wanted to say. Next question came in. Could I look at... Yeah, I did that, did that. I don't know if it was asking to look at it, but I did see some and I wrote it down. SABR. Yeah, Sabre Corporation Travel Site stores, flight coupons for airlines. There's the 200-period moving average and it keeps coming back. It's almost like an instant restart, flat-based restart because it keeps coming back to this level. I looked at this because it showed up in my Screamer list. It's only at $5.20. It's up to $0.20 today when a lot of the markets have started to pull back from the highs, but it looks like it's sideways. 4 straight line down, arch formation fails at a peak A right here, peak A hasn't failed yet. It's held this left side low and it has a second. So it has your first arch right there. I'll just make it big and then make it smaller later. It has your first arch. It has your second arch. If this, because it's holding so well, is able, with the 9-period moving average, still good. If it's able to and then every peak is counted, so this is an A right here. This is another A. These should be gray As. I'm not going to change the color right now. So the question is, look how nicely the weekly is holding. Monthly is just horrible. So we've got to forget about that. That's months. Each bar is a month. Each bar is a week. Each bar is a day. So this is the one we're looking at. And so far it's holding well. But I don't see yet. I should be in uppercase A. I don't yet see a strength. So I would just keep it in mind. If you're in a starter position, that's okay. This is holding quite well. Most importantly, what I'm going to say to you is this, if the 2-period moving average of $4 and $0.84 that's key. A close in the next week, any day that it closes under $4.80 I'd just be real careful. And that's also going to tell me that that whole sector and let's see what Expedia is doing, EXP. Is that E? Whoops. Is that right? EXPE Expedia. Yeah, stalling formation. Almost the same pattern. There's an A, it fail. It's slipping from that A uppercase on the way up. Yes, you A and there's a B. It's just holding. It's like a magnet is holding it back. There's 200-period moving average. Yeah, I just say hold off a little bit. I'm not sure I want to get into travel at this particular point. I think people are going to start slowing down with their travels. So that's that. Next question came. Oh, and here we go. Apple. So Apple has had a really nice balance. First of all, it made this arch formation the dreaded H right there from the peak D top at 198.29 back in July. Broke that at a peak A- it was a little messy. I'll put it in now because I'm discussing it A- took out the left side low and then gapped down and plunged and it went all the way down to the 100 and 74 level 171.96 171.96 and now the MACD is really strong at 171.96 The MACD is very strong with stochastic beautiful at 144% on balance volume is rounding but it's not overboard and the 9 has gone over the 14 and that's what I'm saying. There's a mixed market here because there's this beautiful up channel. It broke the up channel and now it's trying to test the resistance level. I'll talk about that. This is the reason why I'm saying it's a bifurcated market. It's a real mixed market. I'll be 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 of prices. Get the opening call newsletter by Basil Chapman and your inbox every day. First time subscribers also get a 30 day money back guarantee. 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Traded on the NYSE American and TSX under the symbol VGZ Just it's exactly what I said to subscribers that we don't want to see that well if you are short you don't mind seeing that if you're long the indexes themselves it's just you don't really want to see that today because yesterday was a failure pattern as well and it's just saying that there are some heavy hitters here that are taking profits very quickly all right just got that out of the way most importantly let me do this so Microsoft need to clarify one thing SLV the silver ETF has pulled back sharply but it's just a normal retracement after a peak D there's nothing wrong with it but I'm looking at the weekly chart and was really important in this dreaded H second H pattern to form the cup and within by Tuesday I give it another day by Wednesday afternoon Thursday morning this pattern has to rectify itself because otherwise it weekly just gets stuck if this weekly closed this Friday days young I don't think it's going to happen but the day is still young above 2316 no it just has to go above 2316 preferably closed but even just going above it would say wow now we're looking at something different you'll start to see the magnitude actually start to cross positive the 9 period moving average is a little bit positive today for the first time but it needs more than that needs to expand the aperture needs to expand between the 14 and the 9 period moving average it is holding the 9 and the green 9 in the in the in the daily charts I just need to refresh to say the fact that we got to the D doesn't mean it's the end of the world when you're coming off a low you're going to get to a D as the tide rises you're going to get that and then you recycle to another one etc but I am very cautious about this because it needs to prove itself the stocks in fact not all the stocks in the golden silver did very well some of them actually gave back so it's a work in progress and I do I like I like to think that going to the late September beginning of October period that's where the dollar actually starts to take a breather and the market actually starts to move much higher so this is kind of what I'm looking at so that just says to me we might be stuck in this range for a little while but not bad action it's just not it's not the follow through that I want to okay it gets back to Microsoft Microsoft you see who did I have yesterday Garo called I forgot to write it down Garo called and we were looking at what stock and I said oh square so let me get to that with off the Microsoft Microsoft in the weekly now that moving it's getting closer and closer and this a second D this none instant resources a brand-new so this should have been the down arrow it did the price the beautiful time price cup formation and broke out and then this has to be an up move now what we're looking at is this is a big deal with this almost Hammerlike candle evening star type candle and now Now it's come down and that nine look the magnies weeks the casings way down 22% this is losing power and the monthly chart vertical from 349 higher of November 2021 to the most recent high of in the 360s look at this the technicals are holding okay but they're not as good as they were so it just says that monthly chart nothing yet wrong with it nothing yet wrong with the weekly but be careful because it looks like this pop didn't break to a leg be it's stalling right here in the MACD and stochastic they're all rose but the price stored I don't like stalling action so that's it now one of the things I wanted to talk about was within the context of what I said square let's see where square is and I said to Garo yes the parabolic SAR was working but the price wasn't even recognizing it so where's square today squares holding quite nicely made a higher high and yesterday did dip but look at look at the struggle going on here it's up 42 cents at 58.07 so on I know he likes to do this on a intraday basis looking out a couple of days and then he's out but in the meantime the SAR has still is still positive the man keys positive stochastic's right risen a little bit from yesterday it's up a 38% I'm not seeing the price movement it wants to do it but it's not doing it is still more stuck in the rectangle formation so I just want to review that to say in the analysis that he did I know it went a little lower yesterday than I was looking for I said at 50s it went to 5717 I think I'd be real careful I said if it goes to 5720 what it went under there but now it's actually went to 5904 intraday trading at 5802 so in this particular it's a work in progress I think it's going to take a little more time before you start to see a trade in the 62s that's the way I'm looking at it right now I it's one that is on my list isn't it going to be a buy at some point I at this particular point I'm stepping aside from these question came in where was it I think I want to just check the what is it what's SPR people are doing that SPR but I'm not sure what SPR is can I look at TLT oh I didn't do that yes absolutely I didn't do it in my show either I mentioned it and then I did bonds but I forgot to do yeah so the TLT the 9-period moving average went positive for a day now it's negative in the daily the weekly chart never even thought about going positive it's just been ready look at the price movement in this arch formation that goes to the lowercase h goes to a lowercase m takes out the left side low it goes much lower that 9185 level is imperative to monitor the low of the week of the week of October the 28th 9185 was the low in the I shares 20 a tertiary bond ETF now we've tested 9223 last week but look the stochastics at 14% the on balance volume is oversold but that's the only thing I talk about is being oversold and overbought and it's trying to bounce and it just can't get out of its own way the 9-period moving average is just so much below the 14 to get this even positive at some point we'll see 101 50 to 101 80 before it actually even thinks about turning positive so this just says that the higher yields theme now let's just go to the TNX TNX dot access that's the tenure having a balance it made a peak f slash beat top about two weeks ago that was a leg e it's gonna be a peak e today with beautiful left side right side time as well it was beautiful to this exact low right here so sometimes whoops I should have moved it over one I didn't do that with a TLT but I did it with a TVT this is the exact plumb line the midpoint isn't amazing the number of bars to the left side and the number of bars to the right side it was two weeks early three weeks early and it took out the left side 43.33 high now it's pulled back but look all the technicals the nine is way above the 14 the price is above the nine this is the green is the 914 and that's the nine the 14 is the blackbeard movie the magnies because the cast it's flat at 88 percent in the weekly chart I just have to tell you this is something that says to me oh and what is that that's a little e in the monthly chart those yields are just relentless they do not want to come down so the tier is holding well I'll join the forming action in a moment okay I'm gonna break coming up bowser chapter is sitting for oh my goodness oh just been great the diamond great if you're looking for potential trading setups in the stock market then rocket equities and options report is a newsletter you should try Tommy O'Brien 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 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$1 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 I wanted to do this I had it already I've done these all of these this investors business study IBD stocks CLH ELF DKNG LI DLO just a whole bunch of the I've noted almost all of them I I do it all by hand nothing's automated because they are just those variations that you need to see look at this one-to-one from the 200-period moving average in the 10-minute chart right here we need to find some kind of support and look when it turned pink that 9-period moving average we've just tumbled down nice technique huh all right so with that said a couple of things just to wrap up first of all have a wonderful weekend and think of you know memorial day is important but at the same time do you have a relaxing weekend and as Tommy Jr always says safe driving we need to look at a couple of things yes yields look the yields haven't broken out to the upside but this is a big reversal the EUR USD this is the euro testing in the H pattern now this you can often turn into a very bullish pattern if it holds very nicely doesn't take out the left side low and they're sourced to make higher highs and higher lows but at this point very negative at 1.079 look at the USD JPY USD JPY look at that nice candle this is a chaff and wave roman candle so far days young was not completed and that just says if anytime next in the next two sessions the euro the yen has traced for 90 minutes below 145.20 be careful you could test the low of today and if it closes twice above the high of today that's a very positive and it should test the high that was made recently which is a few days ago in the 147 area so 146.16 so that a couple of things just to look at and I'm going to do this right in a moment I'm gonna say check out my opening call my daily newsletter and if you aren't used to my show if you haven't been to my show 10 o'clock to 11 o'clock Eastern Time Tiger Technicians Hour we go through all of these maybe I'll talk a little bit slower so that you can get the South African accent all these decades and it's never changed it still sounds if we were if we moved to England and from South African instead of America I'd be talking like this one but in America we didn't have to hey have a wonderful rest of the day and a great weekend stay tuned for great programming see you once you