 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 morning folks. Welcome to the July 22nd. No, the 21st, the July 21st. 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. Let's make sure we have an extraordinary one. Now the easiest way to do that, well it's 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 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. You can dial on at 877-927-6648. Now if you've got a question but you can't call in, we've got you covered. You can send me an email. Send that off to Steve at tfn.com. Inside the subject heading, please put radio show question. Of course, if you're inside our Tigers, then 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. A slightly mixed bag with regard. Nope, not anymore. We've got all us indices trading to the upside. Now is up 83. S&Ps up 14. NASDAQ 128. Russell's up just slightly. Summai's up 33. Trendy's up 52. You've got gold trading down 9 bucks in 1962. Silver's off 12 pennies at 24. 84. Light's recruit is up 68 pennies. 76. 33 is a print there. Natural gas down 2 cents. 30 Treasury. Print out a 126. 25 that is up 19 ticks. Leading the charge dollar wise to the upside. You've got roper technologies. It's a 4% move for 19 bucks. As mill holdings, 19 bucks is well nearly 3%. Over 3% for Thermo Fisher are 17 bucks. Bioread Laboratories, 4%. 17 bucks in Broadcom, 14 bucks. Less than 2% move to the upside. The stinkers to the downside. AutoNation down 14 bucks. Nearly 8%. Netflix 8 bucks. Nearly 2%. Lithium motor is 7. And change 2.5%. Albi Marl's down 3%. Or 7 bucks. Nearly 2% for NVIDIA. That's move of $6 to the downside. Let's begin the day. Let's begin the day by doing what? Well, I'll tell you what. Let's take a look at MarketPret. Where we at MarketPret wise. The 30-minute ES, the 30-minute NQ. We are currently in a bullish position on the S&P 500 for its 30-minute time frame. I mean, we have more instruments trade above profile than below profile. When it comes to the NDX100, we presently have 46 above and 17 below. So the 30-minute time frames for the equity futures are, or for the ES and the NQ are bullish. Let's look at those other four time frames, 60, 240 daily and weekly. We begin by taking a look at the ES mini, the S&P 500. It's a 60-minute time frame that has 136 above and 151 below. So still a little bit of a bearish position there. If we take a look at the NDX100, it's other time frames by the way we're bullish. The NASDAQ 100 is bullish for all four time frames. 60, 240 daily, weekly and, of course, the 30-minute that we looked at first. Okay, so that helps us understand exactly where we're at from a MarketPret standpoint. Let's go take a look at where we're at with regard to what's going on in the daily equity future contracts. It appears to be, at least at this point in time, that is, unless the Dow, the YEM, generates a new high-tale, even if it does that, it won't completely change things. It will change what I'm about to say. What I'm about to say is we should end up with topping patterns at day's end for all four equity future contracts. In the case of the Dow equity future contract, lower left, you will see letter G. That is wave number seven. It's either wave number seven or letter E, but at this stage, you do have a seventh wave move. A lower high today would trigger a seventh wave move top. If we take out the high of yesterday, well, we are in bar number eight. We're likely going to complete bar number eight. We need a spike above yesterday's high between today and Tuesday of next week to potentially formulate a TD-9 count top, but you don't necessarily need that. You've got wave number seven is if we don't take out yesterday's high, that will give you a topping pattern. In the QQ yesterday, both confirmed roads meant to mitigate our tops for their daily tide frames. A TD-9 count top is likely to be formed today for the Russell 2000. Now, the Russell and the Dow both have A and B equal CD patterns of which the price objectives have not been hit. They could be seeking those out, but we will have, as I say, topping patterns for sure inside the ES, the NQ and the Russell 2000, and most likely the Dow as well. So that's what we're looking at. But what we have out there, as you saw, was mostly positive market breadth. So in the case of the ESMini, it's trading just above its green oscillator and change line. If it does close above that, odds-favor, move up to the top of that profile. Again, that was in that 4609 area. The NQ is trading below its oscillator and change line, and therefore 15, 8, 72 or thereabouts becomes its likely price target or resistance level. Now let's go from the daily time frame. We'll go ahead and just close these charts out, free up some resources. Let's go take a look at the intraday charts for the ES and the NQ. Let's begin by taking a look at the NQ. What do we know out here? The one thing that we know, or the one time frame that we know something about is the 4-hour time frame. And the 4-hour time frame generated a TD9 count bottom, has arrangement to mitigate her top, led to a TD9 count bottom. We have a new profile that is formed that is above price. That is a bearish message so what are we watching here? That doesn't mean that the market can't rally up to that level. That level is 15, 7, 61. The mere fact that we've got a TD9 count bottom that is present, the mere fact that price pushed lower didn't take that out this morning would really suggest to me that we may see that move, that move in the NQ up to the 15, 7, 61 area. What happens if price gets above that? If price gets above that, then price will head to its sell zone between 15, 8, 68 and 15, 904. What happens if price doesn't get up there? What we want to watch is that TD9 count bottom. That's the low that came in at 5 o'clock yesterday afternoon. That was at 15, 5, 47. If we close below that, we're most certainly going to go tag 15, 479 and we could also form an A to B equal CD to the downside. But we don't have that pattern just yet. We also don't on an intraday basis have any other bottoming signals that at least stick out to Stevie here. So why did price stop where it did this morning? And that's a great question. On the 30-minute timeframe chart, that's easy to answer with regard to the NQ. The issue is I can't answer this with that for the ES or the Russell or the Dow using the 30-minute timeframe chart. But who is the leader out here? Is the leader of the NQ? Well, if the leader is the NQ, then what price ran into was its breakdown, TD9 count breakdown resistance at 15, 720. That's pretty important. How do I do this? Oh, let's see if we can do this. Let's take the 30-minute chart over here and see what we had. We have both. We don't. I just have the bottoms. But what we're seeing here is we are seeing on this NQ 30-minute chart we are seeing TD9 count breakout support levels fail. And if we take a look at coming back to the early part of July out here, let's just take this from the July 10th timeframe out here. Those levels only failed once for a short period of time out here. So this is beginning to tell you and I that we may indeed have a change of trend that's unfolding in the NQ. How will we know that? Well, price would have to close below the bottom of that daily profile. Steve Roach with TFN, 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 TFN.com TFN, 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. Toll free at 1-877-927-6648 internationally at 727-873-7618 Welcome back first let's quickly take a look at the ESMINI out here so we take a look at the ESMINI as I mentioned before as far as the rally why did it stop where it did I don't have any kind of a topping pattern and I have a resistance level really that stuck out at me on and any time frame out there but when we do take a look at the ESMINI it starts a daily time frame does have that Rosemont Dominicator top that is out here what else can I really share with you here about the ES not much there's just not much that I can share with you so I won't so let's just move on let's move on to our first question our first question coming in from Nicholas this is from yesterday and Nicholas was asking the question about whether or not the S&P 500 somehow was correlated with gold directional standpoint so I told them I'd be happy to answer that question today by using our correlation tool so that's we're going to go take a look at here next and here what this does the top portion of the chart is gold the center portion is the ESMINI and the bottom portion is the correlation now I can set this to a number of different days or averages I have the bottom panel or the correlation setting set at five days we can take a look at a five-day average when the bars in the bottom are above zero tells us about a directional correlation in other words they're both moving in the same direction whereas when bars are below that zero line it is a inverse relationship well I'd have to say that the bars here are pretty equally split between the two so I think what we could do here Nicholas is both you and I and everybody else inside the tiger stand listening on Tiger TV knows that there is no correlation there is no directional correlation that exists that we can at least see here and take a look at how gold and the S&P 500 trade and this takes us back in November of 2022 through today so no correlation there to be worried about or concerned out so glad to have answered that question for you we have a question the next question that came in is about is from Ron and first station I believe let me see first stations about natural gas first station says what's your thoughts on natural gas you're in the UNG long do you hold and Ron is asking where to take along in natural gas so we'll put down both those questions together here and we're going to go answer it now the way that we're going to answer it is by looking at the natural gas charts we're going to switch panels here we're going to go back to my white background charts we'll be there momentarily as soon as we get there let's focus in on let's go left to right left to right on the monthly time frame chart you've got a potential for a TD 9 count bottom in order for that TD 9 count bottom pattern to form this month that means by whenever the last trading day of the month is which is when take a quick peak here today's the 21st last trading day is going to be no not next Friday will be the following Monday July 31st July 31st if price is able to close below so let's give you the first number if price is able to close below 2.673 the monthly time frame natural gas will generate a TD 9 count bottom why is that important it's a fairly big bottoming signal here let's look at the yearly chart we are in bar number 9 right now so really looking for a long-term bottom out there and the monthly would certainly qualify to suggest that perhaps there is a bottom that is in so you're one of the questions what are my thoughts on natural gas my thoughts on natural gas is that this could really take off to the upside now we know on the TD 9 count pattern that it doesn't have to be the low on bar number 9 that identifies it could be the bar following I mean it could be next year so we're going to get ahead of our skis so to speak but first things first not next Friday but the following Monday if you get a close blow at level that I gave to you you will have a TD 9 count monthly bottom now remember of course the low can take place the following month as well right came to be the bar following bar number 9 well the weekly says I'm just waiting for you guys to generate your bottom signal because I already have and it has its generated a roadsman to indicator bottom with price consolidating with inside the profile so since we know the top has been tested and rejected and the bottom is held as support if you're asking me where's a place to enter the first place I'd be looking at is $2.53 $2.53 the bottom of that weekly profile we look at the daily time frame panel number three the second one over from the upper right we can see that price right now is trading with inside its consolidation first station ask the question should he sell should he hold should he buy well where would you sell where you would sell from us where sellers were at you saw that we've been talking about that there are $2 and 75 cents that's what price hit yesterday that is held do you sell I don't know what your trading outcome in your trading plan was but it most certainly is a sell area where would be a place to buy the weekly time frame gave us the bottom of that profile 253 what if price doesn't pull back there are there any other areas of support well the other areas of support inside a natural gas one would be around 263 around because that's the oscillator and change line and his price moves up and down that will move but what won't change is the bullish structure daily profile zone that's between 250 and 260 so price pulls back in that area and you're looking to get into UNG and by the way it's a September contract that is exclusively making up UNG at this moment that would be the area to enter 250 would be the better of those areas because that is the bottom of the daily profile that's lining up with the bottom of the weekly profile with regard to inter-day signals out here the four-hour time frame chart does not have a signal just yet no does not have a signal that the two-hour chart has a TD 9 count top so you want to watch support which has been tested that's at $2.69 a price close about $2.69 that would be signaling to move back to the $2.59 level so let's summarize natural gas and UNG and Boyle first longer term we may be able to get a weekly or monthly TD 9 count bottom to go along with a yearly TD 9 count bottom to go along with a weekly roadsman to indicator bottom with regard to the daily time frame believe it or not I don't have a bottom signal here that doesn't always happen but I don't have a bottom signal here really what we've got is just price trading with inside it's a daily set of profiles out there so the buy point again round the 250 ish type area out there hope that helps you out both Ron and first station thanks for taking the time to write in have a fantastic weekend the next question coming in from a guppy inside the Tigers den the guppy is asking about ticker symbol MAP so we're going to pull that up on our screen here momentarily we're going to go take a look at it and his specific questions where would you add I believe that was the question list that's one that I wrote down so we take a look at MP MP has done what well it's trading below on a daily time frame but guppy is trading below profile is trading below an oscillator and change line is bar number six I believe that price will go target it's TD 9 count breakout area and that is at 221 16 doesn't mean it gets all the way back there I'd be looking for a TD 9 count bottom to potentially form as that's the pattern that's in play right now there's also an A to B CD pattern was the B point passed with volume with a B point that's from the trading day of January July 17th at volume of 2.2 million shares it was passed with 2.2 million it was passed with 1.9 and today so far you've done 673 let's call it kind of a coin toss it doesn't really matter you're below the B point of an A to B equal CD do they always have to be crossed with volume the answer to that is no they do not we take a look at just simply where's the 1 to 1 on the A to B equal CD it's down around the 2290 ish type area so as price gets down there if you were to see a bullish reversal candle that would then form a buy point that would form a Gartley buy pattern short of that unfolding price will target the 221 16 area on a weekly basis price did close above the top of its weekly profile for two weeks in a row and prices testing level right now that is at 23 63 the price close below 2363 you could see a move back to 2190 that's kind of tying out to what we just looked at on the daily time frame we'll finish taking look at MP from a guppy and the Tigris Dan as soon as we get back the gold report as a precious metal gold is still king it continues to hold the most effective safe haven and 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 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Watch online at TFNN.com or on TFNN's YouTube channel and become the investor you were born to be TFNN educating investors at TFNN.com and hit watch Tiger TV welcome back folks we're still looking at the charts here for MP we can see that as we just finished this half hour session it generated a rogement to indicator bottom you're in wave number seven price should bounce up to its oscillator and change line at 23.71 out there but if we do close below on a 30 minute base to the low of the day low of the day so far for MP is low of the day is 23.46 and we're going to add to what really the daily and the weekly charts or at least the daily chart is communicated to us is that it wants lower price so hope that helps you out McGuppy with regard to MP and what it is doing Mr. Bill wants to take a look at NVIDIA NBDA as a ticker symbol let's go take a look at it and in the case of NVIDIA what do we have here we've got a wave seven top that's letter G so it's got a topping signal price right now is trading with inside its profile brand new profile is formed for NBDA the bottom of that profile is at 444.75 so we want to watch that Mr. Bill if price close below that we're really trading into it right now so I've got actually 444.75 if price close below 444.75 we're going to see a change in trend signal out here for NVIDIA now that's a likely outcome I say that's a likely outcome why actually I don't say that's a likely outcome I thought I had a TD9 count on the weekly chart I do not well we do have though on the weekly chart is wave number seven so it looks like we're going to get a two wave seven patterns here NVIDIA on the daily and NVIDIA on the weekly unless there's some kind of miraculous rally out there so it does have a topping pattern when you get a topping pattern price should pull back to support whereas the first level of support for 18 and change that happens to be the weekly oscillator and change line so Mr. Bill I believe it's really critical with regard to NVIDIA for it to be able to hold this profile level support 444.75 if close below that does it guarantee a change in trend no we saw a couple closes below that here back in the early part a couple weeks ago back in the late part of June out there we never saw two consecutive closes below the profile if we do see that that could be telling us about a change in trend but right now it looks like 444.75 is the target area no idea whether it's going to bust through that or not but you are going to have a daily and a weekly top that's what we got for NVIDIA you know one thing I meant to do this here I did this during the break for natural gas and natural gas is now just starting its favorable seasonal cycle so First Station and Ron had asked me about that this is a 32 year chart for natural gas you know don't get to overly September is a recent month if you take a look at annually the best months are March and April but we are in a more favorable seasonal time period that typically lasts through about the middle of October so I most certainly want to be able to throw that out to you as well so that could aid in your decision making so back to NVIDIA is there anything else out here that we can use to assess what's going on with NVIDIA on a 30 minute timeframe basis this has a TD9 out bottom that's going to be at 12 noon so watch the low of this pattern out here last TD9 count that formed on the 30 minute was back at 3 30 or 2 30 3 30 in the afternoon on July 14 that led to a rally led to a rally all the way back up to its TD9 count top so is the third time a charm if it is then what we should at least see here is a rally up to its oscillator change line currently printed in the 452 ish area you've got resistance at 454 06 that's really where if this is just a counter trend move for NVIDIA for its 30 minute timeframe Mr. Bill that's where price should find resistance the center of that bullish structured 30 minute profile if price close above it we're back up to its TD9 call breakdown resistance level at 461 so overall with regard to NVIDIA you've got two wave seven tops if the daily support area fails I believe we have lower price coming at us at 418 area would be the next price target so hope that helps you Mr. Dan inside the Tigers down wanted to take a look at UPS and there's interesting price action out here and if we take a UPS boy it is bullish it's bullish on the daily it's bullish on the weekly now there's a to B equal CD patterns out here on the daily time frame no reason for me to draw those in if we were to see a bearish reversal candle that would generate a sell the deep point or in this case here a garly sell pattern we don't have any kind of signal that that's going to unfold we look at the weekly time frame chart we're above profile above the awesome change on the weekly charts as I want to go tackle those most recent highs and that would really be up in the area of about the 195 197 ish type range out there the monthly chart is taking is trying to get back inside his profile it'll do that if it close above 188 45 over trading above as we speak right now so that's pretty bullish and it's suggested at least get up to 1952 so I don't see anything bearish about UPS even though there's some strikes looming I believe that's what you were talking about Dan if we take a look at this will be four days in a row to the upside for UPS now it doesn't typically get more than five or six consecutive days to the upside so what UPS should be doing even all that what I just said sounds bullish you should expect to anticipate a retracement to occur sometime over the next couple days now there's a rally should lose a little bit of steam out here maybe it actually pulls back and test that daily oscillator and change line that's currently printed 185 25 that is not my call not just yet we don't have a top out there to suggest that we just have the normal dance moves of consecutive days higher consecutive days lower so Dan hope that covers the interesting price action inside of UPS again things here look Hunky Dory looks bullish looks like it wants to continue to move higher well that answered all of the questions wow was there anything inside the Tigers then anything else I think Steve I was asking where to get out if it goes against me but Guppy sounds like 21 16 but Guppy what was the one we were looking at where to get out that was an MP so I did look for MP by the way in the seasonal pattern but Guppy nothing had pulled up forward I did that offline off screen so I didn't have anything there but you're asking where would you add so in long look to me like it was trying to bottom may okay and where would you add more and where would you exit the position well okay so I guess where it add more would be a bottoming pattern on the daily timeframe where would I get out well you're still in it I don't know you got in an early May or you got in when it you thought I mean it did make a nice bottom at the end of May made nice roads meant to Mindicator bottom so you've got that there but prices pulling back in your below your below support I would have to say you're watching that weekly level and if we get a weekly close below 23 63 that's going to tell you to expect lower price and price could get all the way back to 21 16 so you've got to make a decision you know obviously you got to make your decision yourself anyways but that's what it would be signaling to and I was that price would be targeting that level so if it targets that level then make your decision based upon that so watch that weekly profile that top that weekly profile today and that may assist you Fletch would like to take a look at 3M MMM is a ticker symbol so let's go out to Minnesota and see what 3M is doing and right now it's trading out at looks like 115 103 10390 and what it's found is resistance at the top of its daily profile so the first thing here Fletch you're from the long side well you run into resistance you'd love to see it close today above 104 22 just like you did yesterday because then you'd get two consecutive closes above the top of the profile but really where's your resistance level you know the answer to this Fletch it's at 10460 89 count great down resistance Seabro's with TFNM we'll come right back here we'll take a look at 3M we're gonna take a look at Mosaic MOS 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 TFNM.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 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are designed to be utilized only by sophisticated investors such as traders and active investors distributor four side fund services LLC this program is brought to you by Vista Gold traded on the NYSE American and TSX under the symbol VGZ folks we're taking a look at 3M for Fletchies in it from the long side and so Fletcher as your pilot you need to fasten your seat belts and that oxygen mask may fall down so make sure you put that on first out here the reason why it's going to get pretty turbulent out here is because you're running up against resistance no matter whether we look at daily weekly or monthly on the daily time frame we identified that at the 104-60 level on the weekly time frame it's up at 107-30 grant that's a four dollar move and on the monthly time frame it's up at the 105 this area so you're about to run into a bunch of resistance out here I don't have any kind of a topping signal although markets can top when they get back to their breakdown resistance level out there so you want to watch that 104-60 do I have any signals to suggest that this is any kind of significant top I don't but you're just up against resistance resistance resistance no matter how we take no matter how we cut it 3M as far as what 3M looks like on a seasonal sample and see if we can figure this out here before my monitor starts flickering seems to have the trouble for this from this application right now but I did reset everything so maybe we're good so with regard to 3M we've got 61 years worth of data and what we can see here is that we are in the unfavorable seasonal time frame so we go back we take a look at the charts the charts are up at resistance but there's doing pretty good I don't have any kind of real negative thing other than prices running up into the resistance level but you're going against the grain so to speak from a seasonal standpoint where the bottom doesn't typically come in in 3M over a 61 year period until about the September time frame anything else that I can share with you on 3M nothing else that I see so Fletcher hope that helps you out from the long side best of luck to you there electric light orchestra would like to take a look at mosaic MOS is the ticker symbol that was all that was requested mosaic looks like it's got an A to B equal CD pattern out here so looks like it's achieved the 1 to 1 price target let's draw that A to B equal CD pattern in here here's A to B let's just move this over to the C point out there there you go so you can see we've achieved the 1 to 1 so what that says yellow is you want to be able to look out for some type of bearish reversal candle if that were to form you would then get a sell the D point pattern if you get a sell the D point pattern price to then pull back to support and in this instance here on a daily time frame for mosaic support is at the 3690 level that's the top of its daily profile a second level of support comes in on the weekly chart on the weekly chart pro profile support it looks like it's going to close above it this week 3790 that's a pretty good sign that's telling you about a potential change in trend out there or at least tells you that the rally should continue and on a monthly basis prices trading above is getting back inside its monthly profile on mosaic that happens via 3816 so not this coming but the following Monday you'd love to see mosaic close above 3816 so with regard to mosaic what should you expect well you should expect to get some type of retracement will that generate the bearish reversal candle I don't know the answer to that but this could be day number five of consecutive moves higher we haven't seen this extend past six consecutive moves higher and that was back on April the third so you should be expecting or anticipating and we are in is a two-day a two-bar pullback out there maybe price will target that 3646 or 3690 level out there doesn't have to without a top if we got a bearish reversal candle then I would have a different viewpoint on it but that's not the pattern that is in place right now I don't know why when I put up the monthly chart it didn't give us all the patterns that are out there so there we go with regard to the patterns inside of mosaic so hope that helps you out electric light and thanks so much for the request Mimi wrote in and Mimi wants to take a look at ticker symbol PSX so let's get over and take a look at those charts PSX is Philip 66 and Philip 66 appears to be forming an A to B equal CD to the upside and that A to B equal CD to the upside would give us a 1-1 price projection of 112-84 now the B point the high of that is at 103-93 did volume there are 2.8 million shares yesterday as price was moving up into it was 2.5 so far today you're at about 900 thousand and the first two hours of trading that could get us over the 2.5 million mark and if we do you have a 1-1 A to B equal CD with a price projection of 112-84 now you were asking about profile support what a daily base the profile support is at 97-34 you're well above that so that profile support could our profile resistance that could become support there is no other profile resistance for you to worry about the resistance on a daily basis is up at 106-20 and 106-20 is its TD-9 account breakdown resistance but if price can get through that Mimi then you're looking at a move up to the 1-12-84 ish area at a minimum why a minimum because that B to C retracement level was only a 37 percent retracement level typically you do more than a 1 A to B equal CD so the more than one or the 1.272 expansion of that pattern is 116-70 turns out that on the weekly time frame the top of its profile is up at the 1-13-53 remember the daily has an A to B equal CD we don't know if it's confirmed by volume or not that would take us up to 1-12-84 so by the way you were asking about profile levels well 104-17 is the center of its weekly profile and a price close above that that will be another bullish outcome on a monthly time frame you are inside a bullish structure profile a price above the green oscillator and change line that assures us a price trying to target the top of that profile 1-13-53 so overall with regard to profiles what do you have to support levels what do you want to watch your pay attention to boy it just resistance up at that 1-13-53 area right now support 98-78 99-34 101-36 and 97-34 those would be your support areas Mimi I hope that helps you out thanks much for taking the time to write in let's see if there's any other request by mail email here and the answer is drum roll the answer is no there is not inside the Tigers den I don't believe there is any other request out here so there's not so now what do we do folks no requests yes sir please bisect and dissect gdx thank you Mr. John inside the Tigers den so let's do that let's put up the charts here for gdx gdx today pulled back and tested the key level of support Mr. John it pulled back and attested its oscillator and change line so we take a look at the gdx out here what are we going to see we don't have an a to b equal cd that b point out here which would have been the trading day of July 6 pulled back too far so that that's below 0.786 retracement no a to b equal cd pattern all that we have is price pulling back and testing support two support areas at least at this moment in time the first one was the oscillator and change line currently printed at 3117 the second one was the bottom of its profile 3135 as long as those areas hold the gdx should either consolidate with inside its daily profile or resume its move higher both of those really going in the same direction out there on a weekly basis we've got a beautiful td9 cow bottom with price finding resistance at the top of its profile that key level there mr. z is 3240 if we can get a close above that that will tell us about a change in direction and that change in direction ought to take the gdx up towards 3581 3581 is a td9 count breakdown resistance area on a monthly time frame the gdx is above its profile it's above a green oscillator and change line its monthly conditions are bullish so in summary here with regard to the gdx we are bullish on the monthly we are dealing with resistance on the weekly up at 3240 with a beautiful td9 cow bottom a nice rogement indicator bottom on the daily price pulling back in testing support and support as held that may be the entry point into the gdx or the addition to your position inside the gdx see rogement tfn we'll be right if you're looking for potential trading setups in the stock market and 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 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 everything in the 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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 so let's try to summarize where we might be here so as we began the show we took a look at each of the four daily equity future contracts we don't have those up on my screen right now but you may recall each of them show topping patterns well we've got confirmed tops inside the ES and the NQ if the Dow does not take out yesterday's high it'll generate a wave 7 top out there and the Russell 2000 is likely going to form a TD 9 count top now where we at ordinarily right now today's July 21 right ordinarily this is the time of year where you and I would be looking for a bottom pattern seasonally speaking this is a 95 year chart for the S&P 500 and we can see that it typically forms a summer low right around June the 24th 5th 6th today's July there was also a June bottom but there's also another bottom that forms right around now in July you can see this is the S&P 500 and then it just kind of moves sideways not like the market rallies substantially but it just pretty much moves sideways out there so that's what the S&P is showing us and here's the divergence if we go take a look at the NASDAQ 100 now we don't have 95 years worth of data so we take a look at the NDX 100 and we've got what 37 years worth of data 38 years 37 years worth of data now we take a look at it it's unfavorable seasonal cycle begins July 16th well yesterday July 21st July 20th and we got that rogment to Mindicator top this suggests that we ought to move down into the October late October timeframe out there so we've got one market the S&P 500 says we should find a bottom and move higher and we've got the data that says that we should move lower out there if we take a look at the Dow we might have the Dow as well to put up here do we have the Dow we've got the Dow here we've got more than 100 years worth of data we have 126 and over the last 126 years worth of data the Dow typically hasn't really topped until about September the 8th out here it typically finds a bottom around July 24th as well so what's controlling the market to answer that question and you may have the answer as to where's the direction between now and October folks stay tuned for the great programming thanks much for all the requests this week really appreciate it have a fabulous a fantastic weekend be safe out there and I'll see you on Marvelous Magnificent Monday take care