 investors. The following is a presentation of TFNN. The Tiger Technician Hour with your host Basil Chapman. Call now toll free at 1-877-927-6648. Hi, everyone. Basil Chapman on this third day of October. We're looking at the Dow up 484. One of the reasons why for subscribers I've been wanting to we've been trying to buy and we have bought the diamonds for quite a few quite a few sessions even though interestingly enough the intro day after getting them the diamonds actually that's the Dow one to one along the Dow the diamonds they actually ran a little bit higher and then they turned down is the reason that my thinking was that when this market which is so extremely oversold finally has more than just a bounce it could be as much as 10 points in the in the diamonds well they're only up about five points at this particular point but yeah that's it's the speed with which we get these turnarounds because you first got to get the short covering then you've got to get new buying and then you get a combination and then you get a stalling motion as everybody says wow now what and then we'll see if it goes even higher at this particular point you can see that the the one minute chart of the E-mini has just had a lovely chart patterns it's walked the nine period moving average and it came down held the 200 period moving average and now it's way up that said that was at about 3625 now we're at 3657 that's just in the last since 940 but this morning look what happened we were way way down at the 3570 3571 we're now at 3659 look at this started off a really nice move right there that was at about I was just after I woke up so I forgot to put the up error there is ABCDE pulls back holds the 200 period moving average goes to ABCD pulls back goes to E pulls back then starts a much bigger move ABCD a E alternate count then ABCD pulls back and then it spikes up to an E and takes its time finally it starts a brand new move goes to another peak you look at how it's the walk in the nine period moving average the day is young we've seen this this movie many times before but I think there is something different and I'll go to a couple of questions that came up Friday after my show and and over the weekend number one is how come the volatility index on Friday in fact I've got the exact thing here here we go Paul wants to know on Friday the Dow finished down 500 points of the VIX index was also down figure that one out it clearly shows how irrational the market is today I'm sure you would be able to explain it so there are a couple of things that are going on with the volatility index you remember the volatility index combination it has to do with the out of month futures what we're really looking at here is if you consider and you look at the the weekly chart that gives you a much better picture the reason why I this is my interpretation why Friday saw the the VIX actually pulling back some we talked about this on my show but the reason I think it happened was that there's been such a buildup of the volatility index that your base level of of where it starts to be computed is not showing the big spike in the price because the volatility was already at a high level that and that allows for some amelioration of the excess of the premium to shrink if other if other conditions are met so the answer is you can't use the VIX index purely as a gauge because sometimes that index itself is becoming a gauge because it's being the mechanism with which it's it's formulated keeps changing so the answer there is that it's it's a mathematical a mathematical equation that essentially said at a certain point kind of like mid session ish that the volatility index was shrinking because of other technical reasons it wasn't just staring at the Dow or let's go to the S&P although it should be the New York Stock Exchange but this is go to the S&P you can see that moved down inverted Chapman wave Roman candle that's a very interesting thing for today because we've already gone to halfway into the week if we hold that for about another 60 or yeah about another 60 minutes there's a real good chance we could even go towards the upper end of of the S&P's candle on Friday which would say that it's a 3645.79 right now there's a chance that by the end of the day gets to 3671.44 oh that is a huge move I don't know anyway that's that's the reasoning behind this inverted Chapman wave Roman candle so in other words Paul it isn't as simple as you and I looking at the VIX and say oh my god that the Dow's down 300 oh 400 500 points the VIX should be screaming there are other factors and it's it's it's complicated because we don't know exactly the buying and selling that's going on among amongst the heavies like the fund managers etc so that's the reason why in a in a nutshell that you've got to be very selective and that's why I've been saying for about six or seven months try to treat the VIX that's the VIXY the dolly dollar bondy bonds oily oil and I'm missing one uh oh yeah I did bondy right and bonds in separate just think of them separately as much as you can because the relationship that they often have you can see look gold at this particular point is up now it's up $14 and the dollar is actually holding pretty well even if it's slipping a little bit it's actually holding up 21 ticks so try to think of these things separately look at the VIX index right now and I spoke about this all of last week in fact for about two weeks now what I've been saying is if the volatility index gets repelled from the Chapman wave inside track repellent or cell zone and we start to see it trading under 30 at any point on a closing basis that is that would say to us if there is a commensurate rally in the in the market that that rally can continue a little bit longer but the VIX index up above 27-ish is still pretty overboard uh not I should say overboard the buying intensity is still there in the volatility index so that's the first question I wanted to answer if you want to know the mathematical equations etc Paul why don't you send Dave White an email because this is this is just right in his wheelhouse this is the sort of thing he does all the time and I think he'll be able to answer mathematically a lot better than I am at the moment mine is just the reasoning behind it and from all the years that I've looked at the VIX index and kind of what I know about it but on a purely mathematical basis he's the one that'll be able to respond a lot better now the other thing is the TLT I was asked about do I think the TLT is ready for a rally and my answer is well I might think it's ready for a rally and look at the TLT wait look at this the weekly weekly chart has made that dreaded H pattern and kind of failed it went underneath the left side low and that was the left side of the 107s and here it is at 103 it actually went to just over where it was a 101 was it on Friday uh 100.90 unbelievable let me type that in 100.90 so oh wow we're at a break already so the things I've been saying this is what you need to look for for a sustained rally is the vol 30 index moving to perfectly sing the bonds rally so the yields can come down through it all is in the mix but it is isn't as important in fact I'll be back puzzle chapter type initial size of 529. Vista Gold owns and operates the largest undeveloped gold project in Australia the Mount Todd Gold project Vista Gold just completed their feasibility study resulting in a seven million ounce gold reserve Vista Gold has all major permits approved and has retained CIBC capital market assistance in evaluating alternatives and in completing and creative transaction Vista Gold trades on the NYSE American and TSX under the ticker symbol VGC Vista Gold executing a strategy to create shareholder value are you looking for a way to consistently add winning trades to your portfolio? Tom O'Brien is here to help Tom O'Brien has been successfully trading markets for over 30 years a frequent contributor to TD Ameritrade Network and CNBC Tom O'Brien founded TFNN over 20 years ago to help educate investors just like you. Tom's Daily Market Newsletter Market Insights is published every morning when the markets open to give you the competitive informational edge you need to succeed these newsletters are packed full of Tom's advanced technical analysis and are geared to deliver comprehensive strategies for a successful portfolio Get Tom O'Brien's newsletter market insights today and try all of our products and newsletters 30 days risk-free with our money back guarantee at TFNN.com TFNN 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 TFNN.com when you subscribe you'll get a weekly report from veteran day trader Larry Pezzavento on stocks you need to pay attention to and you can trust Larry's analysis after all he's got 45 years experience as a day trader Larry will also provide daily charts videos and data on the key markets that he's tracking expect notifications from Larry on market movement you need to act on at any time 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 subscribe to the Fibonacci 24-7 newsletter today TFNN.com 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 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 Hi folks and look how steady the e-mini is here the one minute chart holding above the nine period moving average which is above the the 14 period moving average and make a peak E there's a lot going on but it's only a peak B in the two minute chart and the five minute chart I believe let me just double check I don't want to talk out of turn here is this is a brand you buy yep that's that went to a D this is a brand you buy mode uh stochastics at 86% wow so that was a peak D right then right put it down arrow still walk in the nine period moving average there's a five minute chart unbelievable A and peak B right here let's see if this holds you know the sunny pressure has been so intense it comes in so quickly that we'll see we'll see if it does that today I my thinking is that we've got a trend change here in that September for a little while at least we might be able to say hey was that a low in September in October fully enough the worst month usually this is going to be you know at least decent it doesn't have to be great all right let's get back to our story so we're looking at um we spoke about the VIX index the TLT if I look at bonds and TLT is the 20 year uh Lehman treasury bond fund if I look at bonds this is only a leg A after four candles making a low and that's quite a low you talk about now I'm talking about the continuous contracts or the price that I give you now might not be the price in a month's time but everything else the lettering the shape the pattern everything is the same it's just they get smoothed out because it's continuous contracts at the high of 183 and 1830 seconds in March of 2020 so more than a one-to-one move down to the left side and of course what we're looking at here is October of 2018 it was at 123 I said 123 because I want to include the smoothing out 123 and 30 30 seconds back in October so that also changed at some point but what did we do we came right down it wasn't an exact left side right side price tie match but if I take the little candle that I always I like to if I if if it moves to the right a little more than I would expect from a pattern that says a lovely arch or inverted V shape pattern or a cup formation with the the fulcrum where the plum line is not in the middle anymore then you have to use autistic license I like it if it's mathematical it's great but if it's not you have to use some autistic license and that means all your experience goes into that and that takes us to that took us to the December time frame for a test of 123 we did in a little earlier we did it in October so we did in the September at 123 and 30 30 seconds an exact test to the tech of the low of October 2018 in other words the Fed gave us lower rates from 2018 to the high that was made March of 2020 and then it took until March of 2020 it took us until September of 2022 to retest that that retest says to me that there's a very very good chance that some kind of rally in the bonds is able to unfold the MACD I would like in October for this histogram this red line right the vertical line I'd like it to improve a little bit the on balance volumes way oversold but the stochastic is only 18 percent I would prefer right now if it was at about 9 percent or 7 percent that would say extremely oversold but oversold in the stochastic doesn't mean it has to bounce oversold in the on balance volume almost always suggests that there's a really good chance and you've got that in the weekly you've got that in the daily and it's only now turning up so my suspicion is and it's only a suspicion we'll know for sure if the if the bonds trading right now at 128 and 21 30 seconds up to an 8 30 seconds nice green candle just we've seen so many big red candles it's a beautiful thing to see this green candle and the weekly chart we haven't seen a green candle since the high that was made in august the week of august the 5th it's just been red lower highs and lower lows right up until the chaplain wave this is the roman candle last week and this says there needs to be a close two out of three sessions it's great if it happens the very next session above the high that was made this is the weekly chart on last week which is 128 and 31 30 seconds we're very close we're 128 and 22 30 seconds we've got the entire week to close above it if it closes two out of three weeks above the chamber we roman candle then the low that you've made suggests that the middle part the open let me just give you the exact number that the open of 128 and 11 128 and 128 and 31 30 seconds should become very good support within that area I'd say within a half a point that should become very good support and it should last for at least five bars so there's a lot of ifs but it's better to have the ifs with a with a 60 65 percent probability than the ifs that just look like they it's an outside chance so um yeah so that's so the the answer to the question was if you look at j and k which is junk that is the spider barkley's high yield bond made a peak d back in july or so of 2021 having gone from the 83 or 84 level back in 2020 screams up to 110 double tops comes back down and it it went down to the 87 42 level on friday sorry last week and now it's trading 88 31 nothing really to see here this is just a sideways move but if there's a chance that junk j the spider barkley's high yield bond trading at 88 33 or 48 cents actually closes even one day above the arch high of 89.17 that's the high of the 28th of september it says great now the 14 period moving average of 89.47 that could become a target so just step by step by step um that's what we're trying to do here and within that context the other one is hyg hyg has a slightly different chart pattern only made a peak c in the monthly chart underneath the previous major high and that was a high of in january of 2020 of 88.53 has a little bit of a dip and goes down to 67.52 i mean these are bonds that's incredible and then spirals up in a v shape pattern and then arches over um and comes back down in the strain right now at 71 90 and the low on early last week was 70.90 so this is also just these are not saying bonds are going to go screaming to the upside what this is saying is that might be hard work and you could get a bit of a bounce in the i shares i box uh high yield corporate bond etf and that as it stands right now that ain't a pretty picture not a pretty picture at all okay we've got a break coming up we've got a number of questions that are coming in i'll do them on the fx oh it's interesting i just spoke about the hyg uh put yeah put i'd not be a little careful just a little short check i'll be back in a minute basal chaplain like a decision seller now's up 616 svm 70 if you want to take advantage of this sector now is the time to subscribe to my gold report the gold report is a comprehensive look at the metal sector as well as the markets that move gold which is the currency and bond markets new subscribers get a 30 day money back guarantee so you have nothing to lose every monday morning i publish the gold report with coverage of gold silver bonds the xiu hui gdx as well as more than 30 different mining equities to see for yourself the types of profitable trades that are recommended within the gold report sign up now by visiting tfnn.com don't miss out on the next great gold trade sign up today tfnn is excited about our new software charting program the art of timing the trade charts in collaboration with tom obrien and using his best-selling book the art of timing the trade your ultimate trading mastery system david white has programmed an outstanding piece of software that will complement any trader's methodology using this first of its kind program the art of timing the trade charts allows you to scan thousands of stocks for fibonacci formation setups including godly's abc's butterflies and much more the art of timing the trade charts is designed to help you when scouring the markets for stocks just beginning to form the trading patterns that many investors spend days weeks or even months searching to find and right now we're offering licenses available at only $79 a month we are so confident that you're going to love this new charting software that will even give you a 30 day unconditional money back guarantee don't miss out on this incredible new piece of software get your copy of the art of timing the trade charts today by visiting tfnn.com sharpening your skills as an investor is like getting better at playing a musical instrument you have to practice sure but you also need excellent instruction from experts at tfnn you'll get advice and guidance from the authority and technical market analysis and it's not just dry tedious text either tfnn airs live financial content streamed live on tfnn.com and tfnn's youtube channel with tiger tv live every market day from 8 30 a.m to 4 p.m eastern for free each host is an experienced trader and gives their take on the market while taking calls and questions live from around the world from the moment the market opens until the closing bell sounds tiger tv has eight different shows with expert hosts to help you make the right moves with your money watch online at tfnn.com or on tfnn's youtube channel and become the investor you were born to be tfnn educating investors this segment is brought to you by thinkorswim for more information just click the thinkorswim banner on the front page of tfnn.com i folks we're back bouscle traveling tiger dishes out does up 610 s and p's up 71 and what i said to subscribers in my overview uh on saturday my video that i always send out on the weekend um was that it was really and the questions just came in uh you spoke about bouscle joe says you spoke about the silver acting so well last week and and gold lagging but you've also pointed out that silver sometimes catches up to gold and then gold takes its place there's a big difference here and the difference is silver's up 7.52 percent that's the reason why on friday we got into a silver stock had a very good session and today it's now up uh over 14 uh percent and um i i just i couldn't believe it because as i was looking at the charts i was pointing out let's go over there this is where it was so what i'm looking at is a peak c1 c2 there's a chaplain wave inside track repellent zone that's the strong the left that's silver and now you've got gold look at this gold now it's really coming on fire it's up 27 but gold was acting much weaker and even the weekly chart look at that it did this dreaded h pattern and then it made a second one went to a lower low the monthly chart so my my theory has been that something has to happen maybe it's the dollar starting to pull back and i'll just do this because i like to put to put into a into like chess board that you got everything you can look at the whole pattern so in the chaplain methodology when you get to a peak d that's the fourth highest peak that's where you've got to be a little bit careful you can go higher but at peak d other things can happen well it made a peak d uh multi-decade high uh that's the dollar index at 114.78 now i can type that in this one doesn't get smoothed out this one stays the same because it's an index so this is a dollar index and we still read along from 90.07 via the u up from four years ago anyway what we're looking at is within this context the dollar looked like it's it was ready for a breather that's all i'm saying a breather but when you put it together with the usd jpy and that is the look this is the us dollar japanese yen currency pair look at that long candle that essentially says you're that wildness of making a new uh recovery high or some all-time high doesn't matter it is but it's a high and then pulling back sharply and then kind of trading in the middle says you've kind of run out of steam in that direction but you don't necessarily have to break down what you need to do is watch the outer limits so the outer limits are just if a color closes over 146 that's really good action if it closes under 140 that's not good action but it could be stuck in the middle digesting gains because the doji candle of the weekly chart of the dollar japanese yen currency pair even today popped up a little bit but it has not gone above 145.90 high and was made eight sessions ago and that's really important so that said to me that there is room for the for the gold and silver area to at least having gone sideways and then down to at least bounce but when i looked at it closely my my theory at that particular point said for whatever reason silver is acting incredibly well and look at friday's action it broke above it it broke above the nine period moving average wind it was still pink but it started to move higher above the 14 and today you've got a crossover with an L meaning long so that says that silver even though i'm calling it D it could be a brand A but i'm being conservative calling it D and the weekly chart see that A there becomes an A minus because it failed in the dreaded H pattern that means it made an arch formation took out the left side low and within two bars it got back above that left side high then went to a gray A and called it gray because it's under the previous A and now this is a gray B i'm still calling it gray because the mag D is good the stochastic zone yet 40 40 percent until the stochastic really improves a lot i have to call this gray not a buy signal yet just a really nice turn around at a trough D and the monthly chart has gone one to more than one to one to the downside can't even discuss that now so what is happening this is independent of other commodities because look um high grade copper yes it's come off the low it looks a little better but it doesn't look good in the weekly chart um if you if you look at crude oil uh soft commodity very nice action give them back some of the game is still up four at 8350 very oversold in this arch formation in the weekly chart so this allows a bunch of things to happen if crude oil at this particular point rallies it could be saying hey maybe things are not quite as bad um as we thought because crude oil pulling back says no there's no demand and even though there's shortages if you talk about shortages let's go to natural gas look at this natural gas sharply down today down 40 cents at 6.36 i mean really what what's happening over there and we talked about this winter and people are gonna freeze to death uh the natural gas is saying maybe there's something else going on this is really strange action isn't it i mean from what you read and what you see so let's go back to silver so all i could say at the time was silver was acting very well silver was acting better than gold i had no idea where it had where it could go because it hadn't yet broken the chaff we've inside tracked repellent zone but we decided at least i decided we would get a very low priced silver stock that should participate in the rally so silver was up eight percent and the day is young we're fortunate that this particular stock is up 14 almost 15 percent so i mean that's all you can do in this particular market there's no guarantee even that everything i'm saying about the vix index pulling back etc is going to spark the kind of rally that says who you know in a in two weeks not even two weeks in a week and a half what is today today's the third so let's go to the calendar so let's just say by the 11th by Tuesday week what if the Dow is not taking out the lower friday or the s&p or the qqq but in fact has held quite well hasn't had a spectacular move but it's held quite well that'll be the first time in a while that it's even held quite well so all i'm saying is that based on everything i'm looking at based most importantly on the work that i've done for years and years on the on the on balance volume let me just go to that now and i spoke about that the other day i'll do that again let's go to the s&p look at this on balance volume look at that and if i if i drag this across see the further back you go the less chance that the low that's being made becomes a low but if it actually is the low that is significant because it made a high sometime in august before the 43 25 high of the 18th of august it already started turning down this on balance volume that's joe grandville's if the price of whatever you're following closes the bar higher it's a running total and you add it to the total if it's down you subtract that total from the running total just a simple thing i should do that by hand with so many charts i couldn't believe it the calculate and all and when it when it became software and it just look at that just a single line i love that's how i use volume other people use volume in a different way and that just says to me we're at the top of it improving for five sessions on balance volume very over sold turning up for us to have a pretty decent rally this year i'll be back you might think that if you want to be successful at trading in the stock market you're going to need a crystal ball after all it's impossible to predict the future right like any endeavor in life before you decide it's impossible get some advice from the experts you might find that it's not so impossible after all for daily market overviews that give you direction on the key indices selective stocks and commodities subscribe to the opening call newsletter at tfnn.com the opening call newsletter is written by basal 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 and stock prices get the opening call newsletter by basal 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 the technology around us is changing every day with so much happening it can seem impossible to keep up with all the information david whites investment newsletter the technology insider is designed to give you all the information you need to understand the technology that shapes today's markets and tomorrow's future david white has made his living staying on the cutting edge of technology his weekly newsletter will give you specific recommendations for value tech stocks as well as entry prices target prices and stops to set for each trade david delivers his weekly newsletters every friday with updates throughout the week you can get the technology insider at tfnn.com for only $37.50 sign up for david's newsletter the technology insider and get an inside look at everything the technology sector has to offer try it risk-free today with our 30 day money back guarantee tfnn educating investors biotech is booming but for how long whether you think the biotech bull has room to run or has run its course trade labu or labd directions daily s and p biotech three times bull and bear ETFs visit directioninvestments.com slash biotech today an investor should consider the investment objectives risks charges and expenses of the direction shares carefully before investing the prospectus and summary prospectus contain this 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 principle the funds 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 earlier when i uh look at the nqz 22 that's a nasdaq december contract e fuses contract um i in the 30 minute time frame i didn't have a chance to actually finish it up but i'll do that right now um and this is going to be i'm drawing this in but it's one of those situations where uh it very often happens does it happen this time but you don't have to see how this mac d continues high in the stochastic at 86 percent holes in the 80s preferably goes to a stronger 90 percent area but we're in leg d in the 30 minute chart we made a trough at uh 21 so that's last night at nine o'clock in them nine o'clock on the 20s yeah nine o'clock so that's interesting so the nq didn't make a low low in the s and p did all right well all right nine o'clock and what happened was it went to peak a peak b then it flipped to green and now it is positive it's in leg d the 200 moving average is at 11,254 straighting right now 11,2007 so far it's acting okay but i have a time frame i don't know if i can stretch i'll do that because we it was our slides we're trying to do so format i'm going to go to space to the right let me just increase that to about 13 there we go yeah okay so it says based on this particular pattern if we can hold above 11,120 for the next two hours there's a chance that by now make this green here we go green that by 430 this afternoon oh that's that's asking a lot by 430 this afternoon if you did 11,357 the high that was made in this lopsided cup formation it you remember the lopsided rectangle or cup formation if you make higher highs and higher lows there's a good chance you can go to a leg d maybe even higher but leg d and then a peak d just under just on or just above the previous major high that's the high of 11,357 in the futures at 1130 on the 30th that's on Friday uh and we'll see all right and that just says that if we if we keep holding and walking this green line you should be able to do that and that'll be what did i say by about 430 the softness in other words 450 or as the futures are closing after the regular session all right with that said a couple of things that i want you to look at yes the fxi good you know the fxi which is the china large cap etf or fund etf made a lower low today at 2594 it's gone from 54.33 remember these this is large cap it's gone to a leg e in the monthly chart from 54.33 in February of this year to today's low of 2565 i would have to say that's a little bit more than a 50 decline can you imagine in the large cap china stocks uh yeah that's something to make a note of yes thank you for that comment about the trillions and trillions that if you include bond stocks the last 46 trillion that is almost equal to our total national debt oh my god uh you'll not ever hear this mentioned by the corrupt news network all right well you know i don't look at things as corrupt or not corrupt it just it is what it is and sometimes it's biased you're the one that is in control of what what you you can manage and just think of it this way that excuse me yes maybe you haven't had a report i've actually heard this reported under it was on a major news network anything but i don't get carried away with it just it is what it is right now the dow is up 620 that means from fridays and there was a massive turnaround on friday from friday's high of 29355.78 we have hit 29366.21 that's all i ask for this is now a gray leg a the start of an up move but until the stochastic improves the mac d improves it's just a gray now the gray means i haven't got an official buy signal even yet and if i do i still have to get a buy mode to suggest that this particular pattern can take you to a d so it's just a starting process a lot i love this kind of process but it is a starting process a question came in okay now i need to get to some stocks apple apple made a lower low today made a low of 137.68 it had a high of 182.94 in january for apple this is a huge move to the downside in any other stock we'd be thrilled if other stocks were looking like apple's monthly chart it's just within a pretty a fairly narrow trading range if you consider 180 for 180 to 130 a small trading range yes for a big cap stock if you look at adobe not quite in the same area but look at us 699 to 280 that is just an incredible decline microsoft not as bad microsoft has gone from 349 to the 230s that is a big move leg c down in the month oh and the monthly charts did close on friday so that i can talk about them today let me just do this this is a leg c down and i have a down error so there's now a cell mode in microsoft to be able to change that back to a buy signal and then a buy mode oh you have to see something you have to see a trading in the 290 somewhere in the 280 to 290 area to really get a buy signal again and let me just do that with apple apple is not yet it's just it's i'm not even sure that i can officially call it a cell signal although technically it's very close i did that i did that i wanted to do uh oh netflix yep netflix netflix look at that i mean goes from 700 down to 215 is trading right now 235 yeah some of these i i would say that some of these are in major downturns and that to be able to recycle to to start a whole brand new buy signal in the monthly that goes to buy mode it's going to take a lot to do that but if you look at a caterpillar look at you keep you on the right chart that's the monthly chart of netflix look at this this is caterpillar it looks a little bit like it almost looks like the microsoft chart yes it's very weak and it's gone to a cell mode in the in the data even though it's in at a peak b not a b- yet but it's a peak b this is uh this is significant but how look at this beautiful move up peak a pulls back sideways leg b above the 14 period moving average so there are signs and this is another reason when i did some of my homework over the weekend and i looked at the cyclicals for instance if i look at the slx um on friday that was looking very weak but look at this bounce today up 252 at 50.27 it was once upon a time in april at 70.43 so this is a big move down but this is the steel etf if we can garner strength i mean this is the first hour not even an hour and a half into this week the first hour and a half of the monthly chart of october so that's the reason why i said to subscribers i don't want to be afraid of going long but it has to be very selective and we will go within two sessions what's working what we can get into and uh basically what new positions to take i would like to take new positions because it's cash resistance and we've got i also want to get some very low price stuff like we've got the silver stuff very very low price it just allows they have a nice game i'll be back are you grinding in the market but seeing little to no return or are you a successful trader simply looking to make your job a little easier learn to take the path of least resistance with david white's powerful trading newsletter david white is an accomplished trader whose deep understanding of technology and the markets allows him to consistently find and share winning trades support and resistance define the ranges at which stocks trade by understanding these trading ranges david white is able to find a path of least resistance david white's trading newsletter the path of least resistance is delivered daily before the markets open to make every trading day an easy win visit tfnn.com today and subscribe to david white's ultimate trading newsletter for $119 a month and try all of our newsletters risk free with our 30-day money back guarantee take the path of least resistance at 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 basal 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 and stock prices get the opening call newsletter by basal 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 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 tfnn.com when you subscribe you'll get a weekly report from veteran day trader larry pesavento on stocks you need to pay attention to and you can trust larry's analysis after all he's got 45 years experience as a day trader larry will also provide daily charts videos and data on the key markets that he's tracking expect notifications from larry on market movement you need to act on at any time 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 subscribe to the fibonacci 24 7 newsletter today tfnn.com educating investors this segment is brought to you by think or swim for more information just click the think or swim banner on the front page of tfnn.com folks just a very very short time i'm looking at the one-minute chart probably making a peak e here in the chaff wave the two-minute chart is making a peak d and the five minutes making a it's a leg d it hasn't made a peak d yet but they're all walking the nine-period moving average they're all holding very nicely so we're going to be watching closely let me just say that by the end of the day now let me just first of all say key support is a 36 57 level if it closes under that just be careful because a 200-period of moving average of 36 42 would beckon but if at any point it starts to hold for 35 minutes this is the e-mini a training of 36 72 up 70 points right now if at any time it starts to trade about 36 92 wow then we're looking at the chance of first of all that nasdaq could do what we were talking about before and then we are having a chance that that high that was made on friday or right there 11 20 of 36 84 of course that's the part that will be tackled to the upside and spending for holes it goes even higher so with that said let me just say that check out my opening call my daily newsletter and within that context what we are looking at here is that the if you can get let's look at the xlp just real quickly that got smashed to the downside this is the staples consumer staples spider fun so if this fails to have a decent rally and just go sideways in a sense that'll say hey that could allow not the staples not the not the defensive type of sector to move higher but you could even start to see the cyclicals let's see what deer is doing deer right now not as good as caterpillar but yes if these things could move that'll be very in other words you need to see the volatility index continue lower the at this particular point that's really at 30 point on i said closing under 29 20 29 that'd be very good for the week not just for the day but for the week you want to see a decent close for the week for the first time in ages have a wonderful rest of the week see you for steve rose a great programming here tf and then i'll be back tomorrow