 I'm am Mr. Basil Chapman as we do each and every Tuesday and don't forget folks Basil as an outstanding show here every trading day 10 to 11 Eastern stand-to-time also is a great newsletter now It's very easy to get Basil's newsletter folks come over to our website at TFN You go right in the newsletter as you see the opening call right on the right-hand side You just hit subscribe and as you hit subscribe. Whoa, where am I? Where'd they go? How'd I do this? There we go. Sorry As I hit subscribe you can get the daily newsletter for one month for $149 you get it for six months The 695 which is the savings of $199 at 22% and you get it for one year for 1195 Which is a savings of $593 and 33% now they all come folks through the 30-day money-back guarantee Basil has about 12 archives out there So you'll absolutely understand how to ride that wave each and every day Basil Chapman. What's going on? Good afternoon Tom. How are you? I'm doing great man yourself. Very good. Thank you. Wow that raised though the waves going down Yeah, this is very interesting Well, you know what's interesting about the the move that we've got today It's on Friday at about lunchtime Eastern time about noon We were about 400 points in the doubt and then there was an extra 400 point I didn't quite understand it didn't complain because we were long But that extra 400 points was really straight and then Sunday night. There was a little bit of weakness and then there was strength So Monday there was a move Yesterday was a move to a slightly higher high and then today we went to even higher high thirty one thousand eight eighty five So where we are right now at thirty thousand nine seventy seven as long as I think we hold thirty thousand nine hundred to thirty thousand eight hundred on this particular pullback and then by Friday we're back at above the thirty one thousand two hundred level. I think we've at least survived the first Selling that pressure that we we've gotten off the every big sharp Dip to the downside for like the on May the 20th Excuse me when we went to thirty thousand six thirty five and then we ran up to thirty throughout thirty three thousand two hundred and then turned around This one I find is a little different in that I am starting to see Strength in areas that before did not participate So in that sense, I'm looking at on a purely technical level saying just in the work that I that I do I Like the low that was made with their doji candle on the 17th at twenty nine thousand six fifty three in the Dow I think the doubts for a little while now has been the strongest of the indices only thirty sucks But it's really an interesting mix because of that 30 is really the Dow 30 They cannot call it the Dow industrials anyone I don't know why they do is this tradition, I guess But they are not it's really a real mix of American economy insurance bank You've got Boots Wargreen you got everything you got You got the credit card companies so it's a real mix. I do like it So in that sense because we got in very early At almost at the low We've got a bit of a cushion So we've had some other trades that have done quite nicely. We've taken profits and some of them. We're still holding And it's a very interesting. You remember I spoke to you last week. I said we've actually gotten into IBM and It's it's something I wasn't really expecting to do but I'd be following it for a while Of course, we've all followed IBM for for decades, but this is the first time That on its own it's really holding very well and what I said to you was I think they were just they're a handful of stocks That were great winners at one point that were just terrible losers and that have morphed They've changed their personality. They've for instance IBM is now a deeply involved in the cloud Cloud enterprise software AI and I think that there's a difference and you can see it in the price so we're fortunate we got in about A 136 today to 144 that was it my first big target and one of the reasons is I've been looking talking about these in my show for It must be over a year now How many stocks have gone to double tops within pennies sometimes within days sometimes within weeks sometimes even within years if you look at some of the multinational gives me oil stocks Some of them have gone back almost to the penny to where they were a couple of years ago So this was a 144 73 on the 6th of june With a doji candle pulls back Usually that's what I interpreted is either a reversal candle or the continuation pattern In this case it was a reversal candle We pulled back to 132 nicely above the 200 p.m. moving average the next day We went long and all of a sudden you're looking at a double top potential of 144 15 But the technicals are actually still holding quite well and it's only down the dollar at 141 60 after hitting 144 15 and in a market like this today I think that's not bad action, but if you look at this weekly chart Look at this beautiful cup formation going back even further to june of 2021 That 145 99 and look at this. We've just had two tests in the 144 area And this is exactly a year later. It's just amazing how these patterns repeat look beautiful cup pattern And now we're testing in this case the technicals are a little bit better So I think if you're looking at individual stocks, this is a really good time But in the generic sense I think that the qqq I think it's trying to make some kind of a stand here and it's going to be very important coming into friday's close Thursday, of course is the end of the month So between the end of the month and the beginning of the month and being the end of the week And the end of the going into the long weekend holiday I think I still see enough strength and the doubt to start rallying a little bit further So we're going one step at a time and we've got individual stocks that are holding quite nicely And you were talking about the dollar and the dollar which we've been long for subscribers since 2018 So go all the way to just under 103 and then pull back to 89 He has another u-shaped pattern But look at this in the monthly chart Look how the dollar at this particular point with two days two and a half days to go Is still above the 102.99 high in a monthly chart So that's going to be important because if the dollar can hold above 103 In uh, june and then all of july it can do anything it wants But if it closes above 104 In july that'll be my my test is in the cup formation Two out of three bars need to be above the previous high and that would be a good sign So yes, the dollar is acting very well Basil, can you go back to the the dow the dow shots because it looks to me on your charts there that on the daily and the weekly I mean the dow gave it up before it even got to your lines there, right? So, uh, well, this is a technique in my webinars. I talk about this technique It's called it. Excuse me. I don't know what's going on until I throw it here This chapel weave inside wedge target resistance line is a particular I'm talking about the top of the line. So see how it gave it up. Oh, right Yes, so I wanted to say that this dash green line was the resistance line It went right to it and it's pulled back But so far it's holding the nine period exponential moving average the magnus turned positive That means the histogram is positive and the stochastic is running So I still yes, I still see strength just technically in the dollar in the in the dow at this particular point But uh, we'll see what happens, but I uh In at a lower level, so we have some room at this point But I think I'm going to get a bind mode meaning that it should go to the c and the d. We'll see what happens Hey folks, it's really easy to get Basil's newsletter come over to our website at tfn Go around the newsletter as you hit the opening call right on that right hand side. Have a great one. It's safe. I'm basil Thank you, Dom. You too. Stay right there folks. Come right back