 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 afternoon from TFNN. Welcome to the May 20th. The magical Monday 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. And of course the easiest way to do that is to always remember that life, life is happening for us. Not to us. That's right, we do not make that one little two-by-four shift means we can find the gift in every set of circumstance. That life is going to toss at us. Now today, we're going to go check on the circumstance of these markets. We're going to go figure out what the bulls and the bears, what the buyers and sellers are communicating to you and I just passed one o'clock in the afternoon. I want you to know that I'm absolutely grateful for your presence here but most importantly, I'm here to serve you during this next hour. So feel free to give us a call at 877-927-6648. If you can't call in. We've got you covered. Let those fingers do the walking. That's right. You can send me an email. Steve at TFNN.com. Just inside that subject heading, please put radio show question and of course in our Tigers Dead. Well, any and every ping will do. So let's go ahead and get this show started on magical Magnificent Monday. Of course, this is Tiger Financial News Network. Steve Rhodes, welcome to less show right now. The Dow off 82 points. It's about three tenths of a percent. Not a big deal out there. S&P is down nearly six tenths of a percent. Almost double that. 17 points. NDX is down 117, one and a half percent. Keeps getting worse the further we go. Russell 2000 though back off is off about five bucks. Semi is 46. That's 3%. Gold is up 90 cents. We'll call it flat. Silver is flat. We screwed up 17. Pending's leading the charge, the upside, dollar wise, individual stock wise. Chipotle, 7 bucks per percent. HDFC bank, up five-and-a-half percent. Northrop Grumman up two percent. Lending tree five bucks, one-and-a-half percent to the downside, booking Holdings 40 bucks two percent. Google off two percent. Broadcom down four percent. Asimil Holdings down five. Charter communication down two-and-a-half percent. percent so there's certainly some movement to the downside I think where we begin where we begin the afternoon is let's take a look at the index one let's at least look at the top five holdings which is going to be an order here this would be as a Friday would be Microsoft was number one Amazon Apple then Google if you put together bullshit bull shares Facebook and then Cisco one two three four five those six represent approximately 50% plus or minus 50% of the entire ndx 100 so let's start by take a look at Microsoft just to try to get a gauge as to what might be going on so we take a look at Microsoft nothing really broken here prices trading sideways had nice breakout this was on the trading session of April 25th 38 million shares out there when price pulled back what it was doing on May 9th was it was testing the top of the top of its weekly profile and was getting ready to begin testing the bottom of its daily profile that formed on the following session May the 10th out here now we've got price in essence trading between 12345 and 128 53 that in essence is what we will call the consolidation area not a big deal here no big breakdowns inside the index as far as the number one waiting inside of it in the case of Amazon and again in the case of Amazon we're looking at a similar type of set of tools daily and the weekly profiles out here what you'll see is there's a brand new daily profile that formed today it happens to be below the prior profile suggesting there's a trend change to the downside but nothing has been broken there 1813 34 that's the center of the box appointed control that is a level of support even below that you're looking at 1737 though that's the green horizontal line or the weekly profile out here so Amazon doesn't look too shabby out here at least at the moment in the case of apple apple is a problem child when we say it's a problem child now today and I would be hard pressed to say that we've got an a to b equal cd to the downside but I'll do it for the blanks and giggles out there let me just to get this box here and what I'm referring to is apple is trading below it's really broken through today two real critical areas three perhaps first it's trading below the swing point from May 13th that swing point at 57 million shares we're 24 right now we're not exactly halfway through we're at similar type of volume maybe slightly lighter but it's not like we're gargantuan lighter of course I don't know at the end of the day is it's going to look like out here but it's below a swing point it's also below the bottom of its bullish structure daily profile now nothing more bearish than a failed bullish pattern and that means a price should have been able to hold 185 45 again I don't know what the end of day looks like but it price were to miraculously close back above that it wouldn't be a miracle but if it did well then support will have held if support hasn't held what's that mean means we go to the next level now the next level and and I'll draw the a to b equal cd and they're even though I'm hesitant to do that because there's really not much of a retracement out there and if there's not much retracement you know it kind of makes the pattern suspect if I put the monthly profiles out here that's we have now this would actually suggest that price in the case of apple targeting 169 44 this is what oh I have to turn the a to b equal cd tool on this is what it would look like if we were going to draw one in here the a to b equal cd pattern giving you a one to one price projection down at the bottom of that monthly profile that's in the 160 29 level watch again if there's a close below 182 85 near 182 54 right now especially if you're below 182 85 with volume and again that was with volume of more than 57 million shares that does not bode well for apple is likely headed to now that doesn't round them out let's go take a look at google see what google is doing google's off 24 bucks 800 oh my goodness I deleted the chart well so much for that I will have my work to do during the breakout there it's a bummer I hate when those boxes that little x is just too close for my fat fingers out there when I try to minimize the chart so my apology I don't want to do oh I know what I can do here for google let's just come over take a look at the three time frames out there always have a backup plan even if you don't remember that you have a backup plan now in the case of google price below the daily profile not good below the bottom of the weekly profile not good looks like prices targeting the top of the monthly at the 1101.84 level out there yeah that's what that's what I see here in the case of google just out of the for the heck of it let me see if I get my other charts populated here real quickly just just wanted to take a quick peek at that bottoming process down here on May 15th and was there any pattern to speak of and there's not out here look as long as google remains this on a daily time frame below 1168 43 um what we'll have to say is that that 1101 area becomes its price target target right now the doff 74 points s and p down 16 I want to hear from you we'll break the taz profile scanner is the most revolutionary piece of trading software that you will ever try wouldn't you like to approach the markets with confidence as you begin your trading day it's likely that you'll be faced with lots of decisions in order to make the best decision the first thing you'll need is a strategy that will help you minimize your risks whether we're in a bull or bear market a good strategy is to have the tools needed to help you scan and analyze the markets before you trade the taz profile scanner instantly scans and filters over 2500 global financial markets such as stocks ETFs commodity futures and forex headed by Steve doll president of taz market profile the taz profile scanner understands that in today's technological world the use of 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without trying out this amazing piece of software that will revolutionize how you look at the market and how you place trades sign up today many of our new listeners have heard about the tiger's den the tiger's den is a lively community where professional traders and investors can meet exchange ideas and information in a comfortable moderated atmosphere hear all of the tfnn shows plus see all of the charts as they happen live and have access to archives of all of those charts you can test drive the tiger's den absolutely free for 30 days and greatly enrich your knowledge of these markets and how to make your money work for you details on the tiger's den or on the front page of tfnn.com tfnn has launched our brand new website you can still visit us at the same tfnn.com URL but when you do you'll see a new and improved homepage with a much simpler navigation whether you're watching tiger tv live in high definition or just accessing your newsletter subscriptions we even have new pricing in six months and yearly options check out the new tfnn.com now and experience all the upgrades tfnn.com educating investors call now toll free at 1-877-927-6648 internationally at 727-873-7618 welcome back folks that was off 69 s and p down 15 uh first question that came in inside the tiger's den john and the tiger's den writes and says anything you see timing wise that would be a candidate for short term low next 10 trading sesson 10 next 10 trading days in the es mini so if we take a look at the daily time frame chart out here john we're not going to see any well i take that back we do see we do see several patterns that are out here first pattern was the high so that's the that's mayday price was moving higher doing a less relative energy may first you get that bearish and golfing key reversal session uh not surprising that it actually identified the top out here a couple trading sessions ago we saw price jump up and try to test db's green line didn't hit it exactly but got close enough out there in essence deflected that would say so you're saying that would be a candidate for a short term low this suggests this chart here the daily time frame chart suggests to you and i at this stage here the price wants to continue to pull back so continue to pull back to where john what we know is that we've got the bottom of a daily profile fairly wide box out here 28 13 we also know that there's another level of support that's the march 28th area that was the most recent breakout for the s and p 500 that is 2795 in essence it's those levels that i believe that uh we would want to be watching is there a pattern associated with price moving down there nothing other than a retest of a breakout area but on the daily time frame chart i don't have anything here to suggest to you or i that um that a bottom is forming doesn't mean one won't form it just means we don't have a pattern on a daily time frame chart uh if i take a look at the weekly time frame chart the problem last week the problem overnight and it's not really a problem but if we take a look at what transpired was price got up tested and rejected remember on Friday at this time we were taking a look at the s and p 500 the es many i should say in the weekly basis notice that price was trading above steve's green line and we said look if that level holds that's a pretty powerful message out there whereas if price closes below that it's a powerful message to the downside suggesting that a trend has a change or taken place the thing with price closing above 2873 which it has not done and in overnight trading that in essence was a level of resistance was if price could get above that because we're only in its third wave let her number see on my chart that would suggest to me we could see at least a push up to those highs before the uh unfavorable seasonal cycle will have kicked in didn't happen i've got to go with that unfavorable seasonal cycles is here right now and that suggests that any type of low that you'd be looking at during the next 10 days would be nothing more than just a counter trend rally um in a market that wants to move uh lower no reason really for me to answer your question over a period of 10 days to go look at the interday time frame charts because they're always providing us with additional information but for those specific in essence time periods out there so um i hope that helps answer your question you know you ask the last piece of information i could throw out there for you um would be to watch so if you're looking for a rally let's say um what i'll be watching here would be the spot volatility next and i'll shown at the bottom of my panel out here it's shown in a line chart which means we're just looking at closing prices currently the price is 1630 and the 50 day exponential moving uh average is 1529 if your rally is going to occur it won't call the bottom per se but if it's going to occur and especially with price being the spot fixed index being so close to its 50 day you would see price below that you would also likely see maybe not that day but if day or two following the advanced decline actually reading for the new york stock exchange above zero neither of those are conditions that are present therefore it continues to suggest a move lower with regard to the s and p 500 even though i show the new york stock exchange here i'm going with this as a combined reading out here so that's what that's what the charts are communicating to you and i as we speak right now now there's one last piece of information to put out there and and that is the horizontal trading range levels right so if we're going to identify or try to figure out why is price stopping where it is or not stopping and where is it headed to next one of the things that you and i can do is take a look at a lot of historical data about as much as we can compact into a chart this happens to be the daily time frame for the es mini but what it's showing out here are the daily the weekly and the monthly horizontal trading range boundary lines now what we can see out here is that the weekly and the monthly seem to be the ones that are generating the most amount of information right now john uh we can see that where the advance and price stop was at the weekly horizontal trading range level of 2957 now folks what i want to to let you know is that these horizontal trading range are based on information that took place years ago but yet it is still very applicable to us with regard to areas of support or resistance when price breaks through a resistance level it'll go to the next area out here we also know that when price found support several days ago the trading session of may 14 price was pulling right back to the monthly horizontal trading range level of 2810 right now that's really the range this is our range out here 2810 to 2957 but it's not really providing me anything with regard to let's say the next 10 days but if 2810 holds well there you go and then you would know one of the additional reasons why we talked about the nq earlier i was speaking about the nq and taking a look at the top five or six holdings with inside i don't recall if we got through all of them but if we take a look at the nq what you're going to notice right now is it's up against a potential level of support that being both the weekly and monthly horizontal trading range area of 7405 the price is stuck right here thus far it is held what happens if price gets below there well you've got to say that it opens up the the door for 72 39 first 71 88 and then 70 70 but you don't have to go there right now you know that price is up against support if we take a look at a price up against support do we find support or a pattern on a 30 minute time frame chart out here and the answer is no not really there is an a to b equal cd to the downside pattern that looked like this for the 30 minute time frame i will use this one out here and a a to b equal cd patterns they are subjective well turn it nonetheless here's your a to b equal cd pattern a 1 to 1.618 and we do have bulls trying to defend this area but defend this area meaning the 73 80 ish type area out here what price has not been able to do is close above resistance on a 30 minute time frame 74 41 so yes price is at support we've looked at those horizontal trading ranges but stevie and you are not seeing any type of significant bottom on an interday time period we see the pattern we see the completed pattern we don't see the follow through and without follow through what do you get you don't get a pga championship like brooks kepka he had followed through they don't see follow through as we speak right now inside the nq on a short-term basis dows off 73 s and p16 hope you're right back i'm certain you are or strive to be one of the best of the best at everything you do in life it's the most common trait that we tigers and tigers share if you're looking to become the best of the best when it comes to managing your money let me teach you to do what most wealth managers tell you can't be done which is how to time the markets i'm steve rhodes author of mastering probability and for the last 12 months timer digest has been tracking my newsletter signals which have earned me the ranking as their number one market timer in the nation for the s and p 500 for the last 12 six and three months timer digest also ranks me as the number one market timer for gold as well the fact is markets can be timed and i'll teach you the exact set of tools that i use that has transformed me into one of the best at what i do sign up for mastering probability today by clicking on the newsletter tab on the home page of tf and n dot com and get immediate access to workshops where i take you step by step how to use an extraordinary set of tools as well as provide great market calls to sign up today the path of least resistance is david white's daily trading newsletter and if you're looking for active 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brought to you by think or swim for more information just click the think or swim banner on the front page of tf and n dot com welcome back folks so the chart that we have up on our screen right now is square and that's for a david g david writes in from long island i own square ports i'd like to add to my position as i'm seeing a test of 60 and if it breaks a trip down to 50 would love your opinion out here so a couple of things um here's what i would be watching for now oftentimes not always but oftentimes when a whatever we're going to look at makes a top or bottom there are a handful of patterns that you and i like to look for one of those patterns would be a wave count using the chaplain wave part of the chaplain wave toolbox we like to look for letter number g or number seven because i have other numbers out here i'm using just the letters hasn't done that okay no problem but another pattern that we do look at because it does have those digits is that tell me to mark set up nine count knowing that bars eight nine or the bar following bar nine can be the low which would identify a bottom on the case of square david that is exactly what took place out here on may 14 now may 15th is what completed the pattern meaning getting to nine but the low was the low of may 14th so it's a bottom signal prices trading below steve's red line slightly above the top of the above the bottom of its profile 62 52 you mentioned 60 really all you've got to look at a 62 52 but reality is you've got to look at that swing point for may 14th that low out there is let me see if i can give it to you this way 61 65 so i'd say if you break below 61 65 you're right you're looking to add to it if you've got conviction behind it and you say yeah you know i don't really care about that td set up a eight nine count pattern out there stevo so if you're looking at where to add to it you'd use steve's red line that'd be 65 46 on a bounce out there price did get up a couple days ago to the center of its bare structured profile that was 66 86 that would be another spot and if price closed over now the top of the box is 68 60 david where you really need to be concerned about is in essence where the breakdown began which was a gap to the downside that started that td set up nine count that's the trading day of may 3rd or the high there 70 50 anything above that and square wants to trade higher so you're looking for a place to add to your position i would say okay that sounds great except for the fact that we found a bottom just out of curiosity what is it doing today volumize square that is so we know that there was a bottom signal that td set up nine count we know that that took place at the current low out here from may the 13th guess that was the date may 13th and 14 think i said 14 and 15 my apology out there but you kind of got it volume there was about 15 million shares today you're at 3.7 now prices right now david trading above the top of that may 13th candle session that high was 64 31 out there you're at 64 57 if this was the end of the day this is a classic test and rejection of a swing point on lighter volume which says there aren't enough sellers so you're looking to sell more into this but the sellers aren't there to say hey i've got your back out here so be careful be careful because of that bottoming pattern out there do i have a bottoming pattern on the weekly basis i do not no reason for me to show that we can take a look at this the weekly chart says hey you're trading within the profile price could get to 52 26 so maybe my chart reading is inaccurate you're right look for price defined support between 52 26 and 59 58 out there you didn't want to hear that second number that's a bullish structured weekly profile so that's what i see when i take a look at square i hope that helps you out i wouldn't add to your position right now not saying you've got to get rid of the current position i just wouldn't add to it i'm just not seeing it based on what we just looked at but i'll just defer back to you what say you all right thanks for writing in you too can write in just send me an email steve at tfnn.com inside the subject heading just put radio show question of course in the tiger's den there's something that you'd like me to post and put up on the screen please do so so what else we want to take a look at out here that's worthwhile of course gold everyone's favorite to look at right now trading oh wow how did i do that i don't know what it's trading that clearly i got rid of what price was trading that so we need to add that in there i know what it's trading down or up it's trading up a buck 30 well i've got my work cut out for me i'll go back through here apparently i really mess things up but you don't want to hear that so what are we going to do to go take a look at gold let's do the following things let's do the following things what do we want to look at in gold you know on a daily basis let's pull over the daily time frame chart what do we see here it you know it's like if david and i were continuing our conversation we weren't looking at gold we were looking at square we would say okay gold has formed a seventh wave move that is letter g on my screen out here that low hasn't been taken out we've seen price pull back it's trading below a bullish structured daily profile that was 1281 clearly closed below that you're 1277 right now it's not looking good it's looking like price might go test that area by the way that area looks like i can't tell you on this chart oh this is a real bummer let me do this here can i tell you on this chart here what happens when i hit this where we go okay i think we're good so the number that you're watching for oh man wow folks my apology here i am not sure exactly what is transpiring but here's the number and try this one more time oh that didn't work either okay um looks like i need some assistance here um let's see if i can get it this way okay here we go 1267 30 so about 10 bucks from where we're trading right now that is an area to be a watching still bullish but um it's kind of more neutral than anything bullish because of that bottoming pattern bearish because we're trading below the bottom of the profile so we're just simply going to use a neutral signal out here the weekly chart again i know i'm reviewing something that many of you have already seen before the weekly suggests that a bottom is in you can see the gertley sell pattern the reason it suggests a bottom is in because that td set up nine count um but what has not happened and here for those more intermediate term time frame traders the key here for you and gold in order for gold to get its moxie would be a close above stevie's green line and that number is 1290 70 1290 70 that is where gold needs to close above um what did i say yeah close above from an intermediate term okay things are all set to move to the upside if peter's in the den i'm sure he's asking the question what's gold doing in all currencies out here the major currencies it's slightly lower in euros slightly lower in yen it is slightly lower in pounds out here kind of flat as we took a look at inside of gold priced in a us dollar so right now we got the dow down 46 s and p is off 13 um silver just up six pennies out here we can take a look at that we get back from this break out here chipotle again the leader dollar wise to the upside trading out at 723 97 up eight dollars and six pennies the sea roads with tfnn we'll be right back if you're in the cd market and looking for a secure investment the tiger first mortgage program may work for you the security for these first mortgages are building lots in the tax opportunity zone in st petersburg florida the tax act of 2018 set up tax free zones across the country where you can build and hold for 10 years and pay no tax on the profits which makes these lots valuable the investment is anywhere from 30 000 to 75 000 the interest paid is 7% yearly paid on 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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 four side fund services LLC don't forget you can listen to tfnn live on your mobile device 24 hours per day go to tfnn.com and hit watch tiger tv that's tfnn.com and hit watch tiger tv for the latest market information come back folks sorry about that delay out there hey look so the dow is uh but but what i left the dow is uh really hasn't changed up about 55 points i said let's go take a look at silver out here so let's do that see what it's doing see if there's any new profiles or anything out here we take a look at the silver contract what i'm going to do is uh first find it so we're taking a look at come on workforce my apology there's just some something that is wrong with this system here and it's going to require just shutting everything down and and that that the show will be over but here when we take a look at silver this is what we know right now it's trading below really all profiles and looks like a day when i say all i'm referring to daily and weekly and so at this stage here it looks like what silver is doing it's targeting its uh swing point it's already trading into it that was the swing point i shouldn't have used red but 14 14 i'm sorry 14 41 to 14 18 excuse me is the uh level so it's making a hundred percent move of a move that's about all the good that you can say from it let me see here if i can get this up oh seven one nine on my other system just in case it's making some other type of a daily pattern out here to assist us and at this stage here the answer is no well let me do some wave counts right so let's do this from the february 20th so no that's out of the question that's not it what would you use next i'll probably just come here as level now so i've got nothing in the case of silver on a daily chart out here to identify whether this thing is at any kind of a bottom if we look at the weekly timeframe maybe that's better when i say maybe that's better it's because what price is done or what it did do on friday or did it what it did do last week it closed below a hammer candle it closed below the breakout area so this red horizontal line going across the screen out here the breakout area didn't begin from the low of that roge momentum indicator signal but instead it began at the low of the td setup nine counts so price is broken below that level that was from the trading week of december the seventh the low out there 1446 just not looking great for a gold or silver as we speak right now not at least as a 150 in the afternoon dow is 54 bucks s and p down 14 and the x off 107 i can't tell you what they're trading at i just know what they're down flip your head back since 1984 basil Chapman has been using the Chapman wave methodology to advise traders of his expert market opinion while originally hand drawing charts from the late 1970s into the 1980s basil noticed that prices under most circumstances virtually always had a certain number of legs to the upside before declining sharply later basil found that computer software which included the standard market technical indicators enhanced the degree of accuracy in calling price turns as well as market trend calls thus was born the Chapman wave sequence using the Chapman wave methodology along with other indicators basil Chapman advises his subscribers of his expert market opinion each market day with his opening call newsletter right now you can get a two week free trial to the opening call basil's daily trading newsletter by visiting the front page of tfnn.com cancel at any time during that trial and pay absolutely nothing get your two week free trial to basil's newsletter the opening call today by visiting tfnn.com no matter what kind of trader you are 2018 is a great time to try out a subscription to tom obrien's gold report whether you just plan on diversifying 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tfnn so two questions let's get to the first one this one coming from will will is short west texas intermediate crude uh just to under want to understand what's going on the daily and the weekly time frame out here so will the first place that we're starting with is is the daily time frame chart with your daily and weekly profiles out here and we can see that light sweet crude has been in a trading range really between the top and bottom of the daily profile that's between 45 82 49 87 ideally by being short what you don't want to see is price close above 49 87 now i don't know where you're short from if you do see price close above 49 87 you would anticipate that uh what the heck am i talking about 49 87 jeez louise 6105 to 6406 eventually i'll i'll get to this planet here okay sorry about that 6105 6406 if price closes over 6406 you should anticipate price is going to get up to 65 62 the top of the weekly box and if price is above that you don't want to be short out here if we take a look at um what was going on in a daily time frame i pulled this other chart over here um we can see the top this little roads will make the indicator top out here but the breakout level inside of light sweet crude is actually priced at about 58 34 so until it gets down below that it would just be pulled back to where lights we could have previously broken out to but you don't have to worry about that figure right now because price is not breaking through its profiles out here so do i so that's what i see when i take a look at lights we'd crude and again watch 6406 because of price above that you're looking at 65 62 john writes in john wanted to take a look at romper room rom actually is a ticker symbol no idea what that is but if we take a look at rom that's the alter share technology etf and we're out of time here's all i can share with you right now john price at the bottom of its daily profile i'll give you the correct number there that's 109 16 the bottom of the weekly 108 62 prices at key levels of support folks thanks so much for being here sorry for that system issue and problem but uh we'll make sure that everything is up to speed up to snuff on terrific Tuesday take care