 The following is a presentation of TFNN. The Trader's Edge with Steve Rhodes. Toll free at 1-877-927-6648 or internationally at 727-873-7618. The Trader's Edge. Now, Steve Rhodes. Good morning, folks. Welcome to the January 3rd, the wonderful Wednesday 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 is to always remember that life is happening for us. Not to us. That's right. When you and I make that one little 2x4 shift, it means we can find the gift in every set of circumstance that life is going to toss at us. Now, today, you and I, we're going to go check on the circumstance of these markets. We'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 am here to serve you. So feel free to pick up that phone, dial on in an 877-927-6648. If you can't call in, but you've got a question, send me an email. Send that off to Steve at TFNN.com. Inside that subject heading, please put radio show question. Of course, if you're inside our Tiger's Den, well, then any and every ping will do. So let's go ahead and get this show started on wonderful Wednesday. Of course, this is Tiger, Financial News Network. I'm Steve Rhodes. Welcome to the show. A sea of red out there. All the U.S. industries that we track are trading to the downside. Dow's off 242, S&P's 29, 121 for the Nasdaq, 143 for the Russell. Semi's off 72, trend is down to 10. Gold's off 31 bucks, testing support. Silver is off 75 cents, since well below support. Lights recruit, found support and is trading higher, up $2.30. Natural gas up 9 cents, 30 treasure off 17 ticks. He's trading out at $1.20309. Leading the charge, dollar-wise the upside. You've got Eli Lilly up $18 in change, regenerate up $16 in change. Northrop Grumman about 9, Lockheed Martin up 5, Everest Group up 5. So the downside is booking holdings of $41 move a little over 1%. Micro strategy, 37 bucks, 5%. Monolithic power systems, 3% or 19 bucks. Broadcom down 19, waters corp down 17 in change. That's a 5% move for it. So we've got movers and we've got shakers, but everybody wants to know what are the markets doing? Well, at this stage of the game, we've got a change in trend signal out here. Let's go take a look at what's going on by looking at the daily and weekly time frame. So we're going to switch our panels. We're going to go take a look at the four equity future contracts with our primary focus really being on the NQ. But here, if we take a look at the ESMini, a close to maybe below $47.82 suggests that we have a change in trend. After we came out from the bottom down here with that Rosemont Dominicator TD9 Count bottom pattern on October 27th, we've never seen price close below the bottom of a profile. If we do that, that's our first change in trend signal. Now I did mention earlier, if you caught the 11 a.m. update that the Spot Volotenix is testing its 50-day exponential moving average. That level specifically right now. So you're going to kind of put both of these together. The 1388 is the Spot Volotenix 50-day exponential moving average. If the spot fix closes above that and the ESMini close below profile support out there, you've got a really good change in trend signal. However, and however is, that may be only telling us that price is going to get back to support, the next level of support. So one of the things that you and I do here, it's really important. One, we try to identify patterns that are associated with tops and bottoms. So that's one of the things that we do with the tools that we have. Another thing that we do with these tools is identify, support and resistance levels. That's really important. As you know, I take a look at multi-time frame charts. Why? Because you go from one timeframe to the next, like the daily, we go take a look at, all right, if you're busting through daily support, where's the weekly support level? Well, in the case of the ESMini, that's at the 4693 area. Now, that number is going to change. That's the oscillator and change line. The oscillator and change line is a difference between the 19 and 39 period, exponential moving average of the price oscillator. Let's not go into all the technical details. Let's instead, let's go take a look at the NQ. If you'd like to know that, I'd love to teach it to you. You subscribe to Mastering Probability's workshop that will teach you those exact details. In the case of the NQ, which is the weak link out here right now, it's not the Russell, it is the NQ. Although the Russell's getting fairly weak. But in the case of the NQ, close below the bottom of its daily profile yesterday. By the way, that bottom profile is 16880. It's trading below it right now, or 16839, either one. Those two profiles, we have different profiles for the black background system and the white background system. But now when you break through profiles again, you have to understand where support is. Well, you don't have to. I'm suggesting that that's a good thing to do. And support here, as we can see, is the oscillator and change line for the weekly time frame. Now, I don't have enough data, unfortunately. I've got to have the continuous contract up. Whereas in the eS mini, I was able to get enough data for the March contract out there. But we're still in right about that exact same spot out here. So this is a suggestion that prices at a support area. And we could see about we'd have to go take a look at intraday charts to see if there's some kind of bottoming signals there. But before we go to any intraday charts out here for the NQ, what we can look at is today is likely going to become bar number four of consecutive moves lower out here. Again, it's a March contract, so we don't have a ton of data. I could put up a continuous one right here. All that I want to really be able to share with you, as we can see, a couple of four-day consecutive moves lower. Each of those here have led to at least a one-day rally. The first one was back on August the 7th. The next four-day consecutive move we had was on August 18th. We had really more than a one-day rally out there. We had an A to B equal seating pattern to the upside that informed. If we take a look at the next one that came in, that was on the trading session of October 20th. We had a two-bar rally out there. And then that's it. So today is going to become bar number four. So we've got bar number four that's taking place while the NQ is testing its oscillator and change-line level of support. Now, if it fails, that's the oscillator and change-line, then we're looking at a move back towards the 16-336 level, the top of that. And really, a counter-trend move would find support at about the 15-937 area. That's the center of its bare-structured profile. But one thing at a time right now, and that one thing is that the weak link out here is back to a level of support. The Dow has been strong like bull. Now, today it looks like we'll get a bearish and golfing candle that'll confirm a roadsman-dominicator top, prices trading with inside the profile levels there. And it's broken inside the Dow. That changes if the Dow closes below the bottom of its profile. And that number is 37607. In the case of the Russell 2000, it does have a roadsman-dominicator top. It has a four-river evening star candle formation. It has a bearish reversal candle. Prices testing support. Now, this is a bullet-structured support level. The bottom, which is 2,990 out there. We're trading just below there. We're about five bucks below that as we speak right now. Again, if these levels get broken, if price on the daily basis closes below the bottom of those profiles, what your eyes need to or should look at is the oscillator and change lines for the weekly time frames. In the case of the Dow, by the way, it's down right now at about 3,623, the Russell 1912. And you got the ESMini about 4,693 out there. So that's the first thing that we know. By the way, the ESMini, this is four consecutive days to its downside as well. So much like the NQ, you got to expect or anticipate a bounce. Now, you really expect that after what we've taken a look at. If that spot volatility closes back below the 50-day exponential moving average. Again, that's printed at 1,388. The spot fix right now, 1,390. Steve Rhodes with TFNN. We'll be right back. If you're looking for potential trading setups in the stock market, then Rocket Equities & 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 & 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 a 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 in 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 it 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. TFNN has launched the Tiger's Den, hosted at Discord. TFNN has been educating traders for more than 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 $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. Toll-free at 1-877-927-6648. Internationally at 727-873-7618. Folks, to follow along with that first segment and that first segment, what we identified, we've got four consecutive days of the downside inside the ESNN queue, we can see that that typically has resulted in at least a one-day rally out there. We also know that the spot biotechers for the S&P 500, for the ESMini, is testing a level of potential resistance. That's a 50-day exponential moving average out there. And here if we take a look at the, and so this is suggesting at least a one-day bounce, right? So if we try to find a seasonal chart pattern that the markets may be following, obviously we're only two days into the year, well the one that we know that we have and what I'm showing right now is the Dow Jones over 127 years, I'm showing its election seasonal cycle. And that's what we're in right now. Now interestingly enough, again I don't know if this is just coincidence. There are no coincidences in life. It's typically the beginning of the year we see a move lower inside of the Dow during this time period. Now this has got a total of 32 touchpoints out here. So there's 32 presidential elections that make up this cycle. So it's a pretty decent cycle. If I put up the S&P 500, we have far less out there than ASDAQ even fewer. So we're going to use from a market perspective, we're going to go ahead and use certainly the Dow as to what equity markets are likely to do. So here this typically forms a bottom right around January 3rd, January 4th. Today is January 3rd. Falls right in line with what we were just talking about. Then this suggests that we get a rally. And that rally here that would take us up into the 8th. So today is the 3rd. Let me just look at my calendar here. Not that I'm very good at adding to subtracting. The 8th would be Monday out there. And this goes along the line with the first question that came in was from an individual called KK. And the question was on my nine panel charges, a time to short each and every one of those. And then the following question was, which is the weakest out here? So first with regard to the equity markets, I would not tell anybody to short, based upon what we've done here, to short the markets now today. Instead what I would say is, if you're going to go ahead and get short, why don't you see if we get that one day bounce? And then just simply go ahead and sell irrespective of everything else out there. You may still be a little bit early knowing that it rallied that last three or four sessions out there. But if that's what you're looking for, today is not the day, even though we've got those change in trend signals out there for the daily time frame, for the ESN, for the NQ out there. So that's my recommendation. As we take a look at this nine panel chart out here, if in fact the spot follow tunics holds its 50-day exponential move in, average $13.88 in your day trader, then look to go ahead and trade that for one day to the downside. If you want to short the US dollar index and wait to see if in fact it holds 102.26, that's the top of its profile. If it does, that's potentially a shortable instrument. Gold, you wouldn't short. Gold right now is testing support at 2041. Silver, I wouldn't short out here because it'd be paying attention to what's going on with the US dollar index out there. Lights, we include the buy. This is not a shortable thing. You would not have shorted as price was testing support, which was the bottom of its profile and more likely was a buy. You wouldn't short the natural gas is trading above resistance levels and wants to go target the next resistance area. That's a 281. And I wouldn't be shorting the treasury when price is trading back into the buy zone of its bullish structured profile. That's between 120.215 and 120.302. So sorry to give you another overview of the nine panel charts out there, but there was a question that came in. I answer or certainly try to answer all questions. So speaking of questions, let's go take a look at the questions that have come in. And for this, we're going to go ahead and change our screens. We're going to go change over to the white background screens. We're going to take a look at Bank of America and that's for Duncan Steve inside the Tiger's Den. Here we've got our three panel charts out there. And Duncan, what we have is nothing more than good old fashioned consolidation with inside its daily profile. And that profile level of support is at 3316 and resistance up at on a weekly basis. This is going to go ahead and complete a TD nine count top this week. It is the high of this week. That is what was needed because we had to, well, let me just make sure of that. Price had to spike above 3407 this week. What did we get to yesterday? 3407 actually How is Stevie going to do that one out there on the bar following? Stevie's going to have to think about that. So what we're going to do, Duncan Steve and Stevie, Perseverance Rhodes, is we're just going to focus on the daily timeframe chart at this stage here. If we get it closed below the bottom of that profile, that's at 3316 Price is likely to get back and test this gap to the upside at least. And that high out there is at 3213. So closed below 3316 gets at least $1 lower out there. What else can I share with Stevo on Bank of America? Not much. I don't have anything else. I hope it was Bank of America that you were looking at. Maybe it was Boeing. Sometimes I tend to screw those up out there. But all I see right now in the daily basis of consolidation with inside of profile. So Duncan, I do hope that helps you out or anybody that was asking about Bank of America. Nancy, who loves Microsoft, day trades Microsoft, is asking if we could go take a look at it. When we take a look at Microsoft, what we know out here is we are going to be looking at the consolidation pattern and that's been set up by the daily time frame charts and that is its rectangular box. So rectangle consolidations you want to maybe sell from the top of the consolidation buy from the bottom of consolidation. We're pretty much at midstream right here. So you got neither from a daily perspective that gives you much of an advantage. Maybe it's a little bit below midstream out there. So perhaps this is telling us that price is going to go target between $365.16 and $367 even Steven. But if you're a day trader, what I did do Nancy's I spent a little bit of time trying to identify what time frame is providing you with the best signals. Now sometimes these signals will end up going away, but it is the 10 minute time frame chart that is providing you with the best information for day trading Microsoft. What Stevie means about that is we come all the way back here back here by the way is just simply the time frame chart. We're going to go back to the last session at 10 o'clock in the morning back on December 29 out there that triggered a road meant to indicator signal that signal was then confirmed with the bear sash candle at 1020 that high is held up. What price then did Nancy as it moved down. It created roads meant to indicator bottom it did that at 1240 in the afternoon on December the 29th that led to a rally towards its TD nine count breakdown level at 377 11 pattern. We don't always get them, but again we've gotten to a nice top and a nice bottom, you know then whether the day trade sets up you take it if it doesn't set up you don't take it or maybe you do and you look at some other tool out there turns out that is price move lower out here and that price moving lower this is on the trading day of January the 2nd. We come back out here and take a good January 2nd and put that together with that was yesterday put that together with the Microsoft chart price was pulling back and found supported that boba structure profile zone so that you know you kind of put two things together you always want to understand what's going on in the daily time frame out here I think you want to understand what's going on in multiple time frames well turns out that in the case of Microsoft on a 10 minute basis Nancy went ahead and formed both a TD nine count top and they sell the D point top and it did that at the trading time frame of 10 10 this morning and now what price is doing is pulling out that level of support is green so in a green also don't change I want to change from red to green if price able to hold that level that's actually a buy point when I suggest that you buy that based on everything else that we have going on here you make that decision I'm not going to make that decision for you out here but a price does close below that level you'll be looking for its next bottoming pattern in the case of Microsoft short of some pattern forming out here I don't have anything I would say that next bottoming pattern would be but I'm not saying that Nancy at 1126 because price is still above that green also don't change like look at the 10 minute chart I think that's provided you with the best intraday signals for Microsoft we'll be right back old 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 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 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you can listen to tfnn live on your mobile device 24 hours per day go to tfnn.com then hit watch Tiger TV that's tfnn.com then hit watch Tiger TV we've got the charts for a bank of month three all up on our stream got the daily weekly and monthly this is for Joe D out here and Joe what we've got is we've got really a gigantic A to B equal CD to the upside so the A to B point started from the bottom of its TD nine count went right up here to what's marked as a wave number four that's letter D and you can see it was quite the expansion if we just simply move that over to the C point so that expansion level actually so you had a sell the D point pattern that formed on December 20th that I was negated two days later and then that formed a TD nine count top on December 26th that got negated the next day but we did get a bear sash candle and that was on December 28th and that confirmed the one to 2.618 A to B equal CD to the upside out there what took place yesterday is price pulled back and tested support that was the bottom of its profile 9788 today you're trading below that Joe so that suggests to you and I that there's a change of trend going on inside of Bank of Montreal so where's that going to take us to one the daily time frame chart the next level of support for it until new profiles form is down at 8712 is that likely is that a possibility it absolutely is a possibility because when we take a look at the weekly time frame chart which does not have a topping pattern so it's really being driven by the daily is if price does continue to move lower well its area of support is that oscillator and 95 and of course that number is going to change the next area potential support on this set of charts out here would be down at 9228 9828 is the top of its daily profile out there it's a deadly top of the monthly profile so Bank of Montreal generated a change in trends there's generated a change in trend signal today generating to sell the D point pattern a couple of days ago it looks like this wants to pull back further now this is only going to be day number two to the downside out here consecutive days that is so as we take a look at that or should be just depends on how the closes and if we take a look at this we can see we've had since the bottom we've had one three day pullback another three day pullback and then a two day pullback out here so this is still it all though it's got a change in trend signal out here Joe I don't want to get completely married to that until we see how many consecutive days we get to the downside if it's three or less out there this thing is still very bullish out here and maybe there's a new profile or some pattern that would form on an intraday basis to assist us but right now let's go with the signal that the technical tools are providing to you and I and that is that if we close below 9788 we have a change in trend and that suggests we've got a fairly decent pullback no I think that gets in the way that pullback is just simply the Texas two or three step out there today being the Texas two step with two consecutive days to the downside so Joe I hope that provided you with the information you were looking for now we're going to go take a few stocks that Jimmy D inside the Tigers den wanted to look at the first one is ENVX and ENVX is going to go ahead and form a TD nine count bottom today that pattern will complete tomorrow out there if we look at the weekly time frame chart the weekly time frame chart has a TD nine count top now what you don't like here course the week is not over is that prices trading below red oscillator and change line your price closes the week not on Wednesday but a price closes on Friday below 1204 that signals move back to the 903 973 maybe even 833 out there but if that's going to unfold that what we know is that the TD nine count bottom will fail now tomorrow is Thursday that's when the pattern confirms out there which you'd like to see taking place is you'd like to see some kind of bottoming pattern while this TD nine count pattern is forming I've said pattern a few times out there just deduct something from my pay here if we take a look at the daily time frame chart what I go to daily I thought it was the 30 minute chart okay so sorry about that didn't mean to pull that over there I'm not even sure why that's on the screen but on a separate screen that I've got now for the intraday standpoint let's look at a 30 minute time frame chart and see what we've got and Stevie says we don't have anything now I can draw a number of A to B CD patterns here to the downside is that enough out there maybe it is because price is trading above its oxygen chains out but there's no profile out here that's acting to support resistance there is that's up at the 1241 level out there but ENBX let me come back here that's a 30 minute chart you got a TD nine count so let's see if we change this just simply to a different time frame what's going on for example on a 15 minute basis and then we'll just check out the 65 so the 15 has got an erodesment of indicator bottom so that's saying this TD nine count bottom could take hold today out here Jimmy let's take a look at a 65 minute chart as well and the three of our shorter term times now there I don't have a bottom signal the bottom signal though would be testing the 1150 year that's a TD nine count breakout level for the 65 minute time frame keep your eye on this I don't know which way if you're assuming not shorting a $11 stock but if you're looking for a bottom keep watching the intraday charts out there along with the daily because you're getting that buy signal out there now the markets we're expecting are anticipating at least a one day bound so you know is that a sympathy bounce I don't know the answer that what I'm most concerned about on these charts Jimmy is that a 1203 level on the weekly chart because a price close below that it's a it's telling us it wants lower price of course that TD nine count on the daily would have to fail okay enough about an OVICS corp out there I did hold to hope that provides you with the information and Jimmy's got two more requests out here so let's take those this next one is a take a look at BYON one of the crowd favorites out there which is beyond meat and take a look at beyond meat what do we have here what we do have is we have a sell the deep point pattern that formed a couple of days ago and yesterday price closed below the bottom of its profile the bottom of its daily profile for beyond beyond ink is 26 86 so beyond ink is giving us a change in trend this signal as well turns out the weekly will go ahead and confirm a TD nine count top if price closes on Friday above 23 32 seems like a likely outcome but you never know out there so you're getting a top on the daily a top on the weekly that's going to suggest a further pullback or retracement the next downside target for beyond is going to be at about 21 72 I say about because that's the outside and change line that number is going to change a price were to close below that also during change line then we be looking at move back likely to the 1543 level 1543 being its 29 count break out here but we also see wave number seven top inside of beyond me so you got two different topping patterns not that that matters so you get a top on the daily you've got a top that looks like it's going to go ahead and complete on the or confirm on the weekly time frame looks and on the monthly time frame prices struggle at the top of its monthly profile so this looks like this also wants to do a retracement and hope that that provided with the information you were looking for your third request was to take a look at CWH out there and CWH right now testing profile support at 25 15 this is camping world holdings out there as long as that holds and this is got a TD 9 count top as long as that holds this either sets up maybe a consolidation with inside profiles that consolidation would range anywhere from 25 15 up to the 28 0 5 area the weekly chart for camping world does not have a topping pattern we are trading below the last week's low so that says watch 25 15 Jimmy D if you get a close blow 25 15 odds favor that this is going to pull back to 2080 now interestingly enough there's no oscillator and change line on here for the weekly so Stevie needs to do that let's get the right template installed out here but we're going to break so we come back from break with finished take a look at the weekly time frame chart for CWH Steve Rhodes 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 Keg stats Tiger 4x report Teddy Keg stat breaks down the 4x markets every Monday using his 30 plus years of experience as a trading veteran of futures 4x stocks and options Teddy releases his weekly Tiger 4x 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 4x markets tremendously when you sign up for the Tiger 4x report you also gain instant access to Teddy's 60 minute webinar archive he just hosted 4x strategies and fundamentals what is behind the Tiger 4x report for all the details and to start your 30 day Tiger 4x report subscription today visit the front page of TFN dot com TFN educating investors everything in the universe is governed by the Fibonacci sequence this mathematical principle is responsible for everything from the most aesthetically pleasing artwork to patterns in the stock market to stay on top of stock patterns you can take advantage of sign up for the Fibonacci 24 7 newsletter at TFN dot com when you subscribe you'll get a weekly report from veteran 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and other information about direction shares to obtain a prospectus or summary prospectus please contact direction shares at 866-476-7523 the prospectus or summary prospectus should be read carefully before investing an investment in the funds is subject to risk including the possible loss of principal the funds are designed to be utilized only by sophisticated investors such as traders and active investors distributor for side fund services LLC this program is brought to you by Vista Gold traded on the NYSE American and TSX under the symbol VGZ so we're looking at the chart here for BYO when I was calling it beyond meet it's not beyond me thank you for the wing men and women inside the Tigers then to correct me that is the old overstock dot com out there and so just wanted to simply clarify that we will take a look at the chart here for CWH as we were going into that breakout there and I was looking for the weekly and change that's only comes into play out here Jimmy if we were to see two consecutive close blow twenty five fifteen that would then say twenty two ninety one or thereabouts would be the target no which you can watch for here is price at the patterns of work with what I'm what I'm saying about that to the account top on the daily price pulls back to support my price pull back to support we look to see the kind of intraday bottoming signals see if that support is likely to hold well turns out that on a thirty minute basis and this is exactly at ten thirty eleven thirty this generated a roadsman to indicator bottom and it confirmed a wave number seven bottom out here now what should unfold Jimmy at least intraday is a CWH camping world should at least rally up towards its oscillator and change line currently printed at twenty five seventy one now this is where it gets kind of a little tricky here because thirty minute profile that is forming right now is above price that's a bearish indication so right now you should at least get a rally up towards twenty five seventy one and if you can get above that then you be looking to move to twenty six or three or twenty six seventeen out there price gets up to that red oscillator change line and turns back down boy you've got to watch that low not just because it could negate a roadsman to indicator bottom on the thirty minute chart because that the bottom of that profile twenty five fifteen save everything in line right now for this area to hold now you've got to wait to see what buyers and sellers actually do out there so i hope that that helps you out jimmy d with those three instruments of not just right back to me let me know what else you are looking for dan wants to take a ticket symbol a q s t so let's fire up those charts out here a q s t let me make sure i'm on the right page here okay i am good alright so a q s t happens be a q s t therapeutics ink therapeutics ink even though my chart here i've got a little bit of a delay it is trading still with insiders profile so right now dano we've got i can't say dano because we actually have a dano it's consolidated with insiders profile that's between the range of one ninety one support two oh eight resistance we're trade right now a two oh eight the price close the day above two oh eight that's going to give you a change in trend signal out there pattern per se not the type of pattern pattern but pitter pattern not the type about bottom pattern so i guess i can't really can't say bottom patterns too much out here but not the type of bottom patterns i just wanted to prove that i could say it that is associated with the tools that i use doesn't matter if you close above the top of this daily profile it's going to signal a change in trend at the same time the weekly chart which did generate a road indicator top found support both at the center of its profile the centers where both buyers and sellers believe there's value with inside that profile but more importantly at that green oscillator and change line so it's trend is still to the upside out there it still isn't a bullish trend it's overall signal we have to say right now is more neutral because price found support after creating that high and with regard to the monthly time frame i just see a sideways move out there so you got a sideways move on the monthly the weekly says i want to go target 228 the daily says i'll let you target 228 but first you've got to prove that i close it above 208 and i prefer it not to be 208 or 209 but it could be out there so that's what i see when i take a look at aqst dan i hope that that helps you out and as always thanks so much for your request the next request coming in from kim who wants to take a look at live cattle much take a look at the current contract that is the february contract and that is what we've got up on the screen the question was is this a potential long and the answer is it most certainly was so let's come back and take a look at these tools out here me may want to consider utilizing these tools here kim this would certainly help you or would have identified for you that on december 8th that's when this generated the bottom signal that was a rogement to indicator bottom was confirmed with that bull sash candle out there now what we can see is there was another rogement to indicator bottom that formed out here and that was on the trading day of November 28th when that pattern formed what did price do got right up to resistance that was the bottom of that bullish structured daily profile so the zone of selling is between we know that's resistance is what between 173 67 to 174 68 well now prices run so much you're so close to that area if I knew that price could break through some resistance and I'd say yeah go ahead and take a long but I don't know that now maybe you know that maybe you know that because of some fundamental things that are out there but technically speaking trade at 170 85 right now knowing that you've got clear resistance at 170 365 I don't see it buy it on a pullback a pullback to where maybe that oscillator change line right now print at 167 30 if we look at the weekly time frame chart why did the rally yesterday stop where it did turns out that on the weekly time frame this formed a TD 9 cal bottom it completed that pattern on the candle following bar number nine now we've got a rally that rally ran right up into resistance the top of the weekly profile that's at 172 10 that's another reason for me to say it's definitely a potential long but you don't want to buy potential longs when they're up at resistance especially when the resistance levels that had held out there so it is absolutely a potential long what are you going to do I think you wait for some type of retracement now if we look at some intraday charts out here let's start with a 30 minute time frame chart see if there's any signals here for live cattle and the answer is she's none that I see so let's go from the 30 minute let's go down to a 60 minute time frame now somebody out there might say well we had to be used 65 on that other chart that was because it was an instrument that traded between 9 30 and 4 so we take a look I'd like to have equal time framed bars out there not you know and if you 60 minutes it says not going to work but if you 65 it will but on the equity future contract where we're trading and not all but I mean you know almost around the clock out there here why use the 60 minute time frame so after that whole long dissertation do I have any kind of a topping pattern bottoming pattern I don't I do have a price trading below profile so that's someone helpful what other time frame can we use out here let's use a two hour time frame chart see what kind of signals we get out there that this stage here I don't have anything here to help you with so right now at this stage I've got to say let's just refocus on the daily and the weekly time frame signals they've given you the information that you need there's definitely bottoms both on both the patterns out there it just price as a found resistance where it should have where the sellers were located and now you've got to wait for some type of retracement and I don't know if we'll get back to 167 and change out there but that would be an area for you to take a look at even on the monthly time frame chart out here price pulled back tested and found support at its breakout level at 164.65 so it does look like live cattle wants higher price the question is when to get in and at least now you know the resistance areas and again you really need to see a daily close let's new profile forms above 174.68 to suggest that this really has changed its trend and on the weekly time frame the close needs to be above that also in change line that's currently printed 175.33 you do that and then you've got a weekly or an intermediate term time frame change in trend chart out there so we're about to go to breakout here I've gotten through all of the questions that I'm familiar with so let's go take a look at the intraday charts out here for the ESNNQ we get back from this breakout there again we're expecting or anticipating that a bottom form today and we get at least a one day rally but there's a couple things that we're taking a look at to help us prove that Steve Rhodes with TFN we'll be right 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 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traders just visit the front page of TFNN.com Welcome back. Let's go out to Miami, Florida and speak with Lori Lori thanks for calling Thanks for holding. How are you this morning? I'm doing alright. How are you this morning and happy new year to you and all your loved ones. I'm wondering about wheat, W-E-A-T. I own a thousand shares of it, bought it right around six and it's come down a little bit and I'm wondering what your advice would be about that. Okay. So if I take a guess, so what I didn't have enough time to do because you're calling so late towards the show, was just make sure and confirm that the three future contracts that make up the W-E-A-T ETF are the May 2024 contract, the July 2024 contract, and the December 2024 contract. I believe that it is and if I take a look at those three contracts, we have those up on our screen. We can see that price is trading below support and support being the bottom of their daily profiles and that is for each of them. When you chain below the bottom of profile, odds favor that you're going to head lower. There are some swing points that the, for example, the July 24th contract is trading into a swing point and if it did close today below $621.25, that's your signal it wants lower price. The May 2024 contract only needs a close below $613.75. We're trading below that right now and in the case of the December 2024 contract, it would be a close today below $647.50. That would suggest lower price. If you get that, if you could follow those future contracts out there, what I would probably do is I would jettison the position and I would just take a small little loss. You say it's trading at $575. You've got about $1,000 shares, so it's $25.50 because this thing could move all the way back to its most recent lows back in November out there. That's what I see, Lori, at this short brief. I'm not looking at intraday charts or anything like that right now, but the dailies right now are giving us enough information that looks like weed itself wants to continue to trade lower. I hope that helps you out. I wish I had a better New Year's message for you. I really appreciate your help today. You and your loved ones have a happy New Year. Thank you. You too and thanks much for calling. Folks, stay tuned for all the great programming. I'll be back with you tomorrow on Terrific Thursday. Please have a wonderful Wednesday. Be safe out there. We'll talk to you soon.