 The following is a presentation of TFNN The Trader's Edge with Steve Rhodes All now toll free at 1-877-927-6648 or internationally at 727-873-7618 The Trader's Edge Now Steve Rhodes Good afternoon folks. Welcome to the terrific Tuesday the December 14th edition of today's Trader's Edge show I'm your host Stevie 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. Hey, let's make sure we have an extraordinary one of the easiest way to do That is to always remember that life is happening for us not to us That's right. We knew I make that one little two-by-four shift Well means we can find the gift in every set of circumstance that life is gonna toss at us now today You and I we're gonna 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 One o'clock in the afternoon. I do want you to know I'm absolutely grateful for your presence here But more important than that and that's this during the next 53 minutes I'm here to serve you so feel free to pick up that phone You can dial on it at 877-927-6648 and if you can't dial in we've got you covered there, too Let those fingers do the walking go ahead send me an email send it to Steve at tfnn.com and inside the subject heading Please put radio show question. Of course in our Tigers Den will any ping will do so let's go ahead and get this Show started on terrific Tuesday. Of course, this is Tiger financial news network. I'm Steve Rhodes Welcome to last show right now get all the US indices that we track trading to the downside the dollars off 149 points for tense percent the S&P 52 a little over 1% the Nasdaq 183 one and seven tenths percent Russell eight tenths or 18 points some eyes off 48 tradies down 173 Spot politics just slightly above its 10% one day rate of change that something will watch come days in Silver's back 15 bucks over I'm sorry the Silver's back 15 dollars. That would be a big move in one day. Wouldn't it Silver's back 41 cents Gold is back 15 buck Rooney's lights. We crude off a buck 10 tradeout at 70 19 lay the charge dollar wise the upside You got charter communications two and three quarters percent that 17 points regenerate pharmaceuticals about 11 bucks One of 610 percent Dillard's up eight and a half dollars three and a half percent Game stuff up six Terminix global holdings up six at 17 percent Google is the leader to the downside 64 bucks Adobe's up 55 Amazon 49 shop a 547 service now down 40 bucks So there's certainly things to look at of course I want to look at what you want to look at Although at the moment we're gonna go take a look at Stevie wants to look at which I think is what you want to look at And that's the following as we take a look at the what price is doing right now We're looking for anything that shows any kind of a bottom signal Well, the only thing we take a look at the task market profiles really there'll be two things I should take that back the two elements would be to take a look at the NQ and the Russell 2000 Why would we do that Steve Arrino pretty simple? We're got the NQ pulling back to a key level of support in fact if price closed below 15 721 We should go see the most recent that that I just do there interesting We should go back to see the most recent lows those are the lows from December 3rd Or perhaps lower the top of its weekly profile So when you get back to a level of support and in the case the Russell 2000 would also be the bottom of its daily profile We go take a look at those nine or eight panel charts that I've got out there with the intraday time periods Looking for some type of signals. So walla boom We're gonna go do that So give me a moment here will change screens and the first thing we'll pull up are the NQ charts and in the NQ What we're gonna be first looking for are the intraday time periods to try to determine Are there any kind of a bottom signal? So we'll start with the most the the shortest time frame that I've got in this set of panels out here Which is the 30 minute so the 30-minute chart here for the NQ you have both a TD nine count bottom that formed as we came on the air Now you've got 20 minutes left in this session. You appear to have a bullish reversal candle We just won't know until 1 30 But if you did get a bullish reversal candle, you'll have to that's right count them to Bottoming signals the road's been to indicator signal ain't a TD nine count now Price is gonna really need to clear that oscillator and change line To say that there's more rally to come that oscillator and change that is printed at 15 811 So close about 15 811 should suggest to run up to the 15 871 15 9 0 5 and Above that the 16 0 0 4 But the answer to the question as a daily chart gets down to a level of support the bottom of its daily profile We have a bottom signal in a 30-minute chart. We have a TD 9 count on the 60-minute chart We don't have anything on the 120 bar number 8 on the 240 is still would have to form bar number 9 and That's it. So two of the Five Maybe three of the five showing bottom signals in the case of the NQ and a 60-minute chart It's key level of resistance is going to be 15 15 8 59 or so That would get us right up in essence to the top of the 30 minute now I take that back the center. Okay, that's cool Now I see the lines on the 30-minute chart just gonna expand them So here's how you'll know if this is just a countertrend rally and it will really be the 30-minute chart So for any of you that are trying to intraday charts, this is really important So the first level that price has to clear is that oscillator and change line give it doesn't It's a dangerous thing at least on the 30-minute chart It would give us a neutral signal if price clears that where a countertrend rally should stop would be the center of its Structured profile so this is assuming no new profile forms between now and then then as price gets up to that area So we're gonna use the information we have now 15905 should be where a countertrend rally would end if price gets above that says hey We may have something more than a countertrend rally well That's 15905 the 60-minute chart the oscillator and change line is 15 a 58 So really right in that general vicinity and if price can close above that then that suggests to move into the 16 004 that would take us right up in essence into the bottom of the 60-minute profile so it'd be the next level of resistance and the price glows of 16 004 well Then we do have a change in trend at least for the 30-minute time frame So now we know that there's the possibility of a bottom showing up inside the NQ Let's go take a look at the Russell 2000 and see what it is doing So as we pull up the eight panel charts here well the 30-minute chart for the Russell shows us what let's expand this out just a bit You have a confirmed rose momentum indicator bottom signal that was And that was slightly negated that was negated as we came into the one o'clock time frame So the Russell for its 30-minute time frame is trying but it's failing and right now It needs another bullish reversal candle to confirm a 30-minute bottom signal in the case of the 60-minute Right now it could generate and this is going to be not till 2 o'clock But just generate a bullish reversal candle that would be a rose momentum indicator bottom Trying to do the same thing for the 120 the 240 is getting back to a key level of sport 21 49 No bottom signal in the five-hour chart So I would say based on looking at these charts out of this potential on the Russell 2000 just like there is Inside the NQ I'd be paying more attention to the NQ and its signals to you and I And as long as we're here versus the Russell 2000 but as long as we've got to go take a look at the other Now the Dow is the strong one of the a4 so let's go see what kind of signals it's generating for you and I And so we take a look at the Dow you can see on the daily time frame I'll just expand the chart out for you price is also testing a key level of sport and that is its oscillator and change line That's the green line. So price is just below that But if it holds that area That would still be that would keep it in kind of a bullish Scenario so to speak or at least suggest perhaps another run to the 35 900 level what happens of price close above us learn change line Which is currently printed at 35 423 that suggests a further retracement would be likely And we go take a look at profile levels and so forth But as we look at its interday time frame charts much like the NQ you have a roadsman Dementicator signal that is attempting to form again here Inside the Dow equity future contract the clear key level that price needs to close above is 35 for 20 You've got the same type of signal in the 60 minute chart nothing on the 120 nothing on the 240 And nothing on the five-hour now when I say nothing that Steve Rhodes started his trading career as a student Almost 20 years ago and the student has now become the master Steve won the prestigious timer of the year award in 2018 and barely missed that mark again in 2019 finishing at number two for the year an Amazing accomplishment Steve Rhodes is committed to sharing his techniques and knowledge with anyone who wants to learn and he shares his vast amount Of trading knowledge every day in his mastering probability newsletter Steve's award-winning newsletter Mastering probability is delivered every trading day with updates throughout the afternoon sign up for Steve's market newsletter Mastering probability, and you'll receive access to seven of Steve's educational webinars absolutely free at TFNN All our newsletters come with a 30-day money-back guarantee So you have absolutely nothing to worry about visit TFNN comm and try mastering probability 30 days risk-free today TFNN educating investors What's separating you from the most successful men and women on Wall Street? 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Sorry about that I wasn't paying attention to my clock in this kind of you know I've talked all the way through that commercial out there. What do you think about that? I know the answer to that That's called not much. So here's what we established during that first segment We've got the NQ and the Russell 2000 pulling back and testing the bottom of their daily profiles key level of sport While the Dow and that's what we've got up on our screen right now is testing a key level of support That's it's a certain change line for the daily time frame in all three instances It's a 30 and 60 minute time frame charts that show us the potential for a bottom out here Price really needs to clear that red oscillator and change line for there to be any kind of hope to the upside So now let's go take a look at the final contract the ES mini out here. See what kind of signals it has I don't believe that this is testing any level of support on its daily time frame like the others are in fact It's below it's a certain change line. It is Got quite a ways to go 45 37 to 45 70 Spats a 45 37 is really the bottom of its a daily profile So that could be a target But if you look at the 30 minute time frame it has a TD 9 count bottom pattern So it's got the TD 9 count bottom It's got a road's momentum indicator signal much like the NQ the 60 minute has a TD 9 count bottom the 240 is going to be in bar number 8 That's a potential so three of the four three of the five Intraday time periods have potential for that bottom signal out there So I would still come back to the leader of the pack out here Which would be the NQ So I'm just going to put those back up on our screen right now and then we'll go to our first caller So as we put the where is it here we go if we put the NQ charts back up here Watch that 15809 area that is it's 30 minute oscillator unchanged line. Let's go to our first caller It's Ron in Denver Ron. Thanks for calling. Thanks for holding. How are you doing today? Thank you Steve for taking the call. I was wondering Amazon. It looks like it's sold off quite a bit and I just wondered I was looking to take a position over the next couple weeks on it You know with with some long calls or selling to puts and I just wondered how would that look to you? Do you think it's a? Bottom down or further to or is it a good line? Okay, so let's take a look at that. Let's take a look at Amazon Give me a moment here to switch off of my woman. That's running on the beach out there Over to our black background chart. So run. Let's begin by looking at how what price is doing in relationship to its profile level So prices below the bottom of its bullish structured daily profile. This will be day number two below that So we'll have to pull up the daily chart see if there's any kind of a bottom signal here What this is really suggesting appears so so price is pulling back with lighter volume So it's pulling back in essence into the swing point that was established here run on October 29 There was 6.5 million shares that traded hands that day today We're only to about 1.5 million shares and there's a swing point a prior swing point This is from the trading day of December 3rd that had 4 million shares were at 1.5 And and one would say that a close blow of 33 38 60 would form an a to b equal CD to the downside But it's gonna be light volume So I'm not gonna go there even if price does close below 33 38 60 in your 33 41 right now The weekly chart shows that price is potentially at support It's just below the bottom of the weekly profile 33 52 is that number we're trading at 33 41 So from a profile so here's what we know from these charts here is on a daily basis Price is pulling back in the case of Amazon with some light volume into a prior swing point area where it did bounce from So it's got potential to move to the upside. Let's go take a look at this multi time Well, let's look at the daily chart so on the daily chart the white background chart That is I don't have any kind of a signal out here that it's a bottom So we'd have to be dealing with just simply a volume standpoint there. Does that make sense? Yeah, I think so Our decision Yes, I don't have a bottom signal in a daily time frame the only metric that I can use is volume In so, you know, we really have to see some type of really bottom signal I think on an intraday chart So we'll go take a look at that on a weekly time frame out here We're at a level of support that bottom of that monthly or weekly profile that is So let's just go surf around to take a look at the intraday charts So the 15 minute time frame chart you have a TD 9 count bottom and roads meant to indicator signal If price can clear close above 33 4690 you should see a move to 33 59 57 If price can close above that the 15 minute chart will be saying okay There's more potential to the upside Otherwise 33 59 57 is where the counter trend would stop So it's potential there 30 minute chart a TD 9 count It could also form a roads meant to indicator signal and a price can close above 33 43 We'll call 33 44 out there That would suggest a further rally that further rally could take up to 33 95 So intraday those two charts say yeah, there's potential The 65 minute chart shows that price is just dealing with its breakout level 33 38 60 So price can regain that 33 68 would be on store The 130 minute chart does not have a bottom signal that we would trade from Nor does the 195 minute chart The issue here Ron is that on a daily time frame Other than coming back to test prior swing points with lighter volume I don't really have a bottom signal And so it could just be just a bit of a counter trend move out here You know and you're you're asking about trying to trade this for a couple of weeks, right? That's what I was looking at I'm thinking you know Chris first and so forth and as much as it's falling off I thought that you might Start to gain some contraction, but yeah, I don't know. Maybe it'll keep the momentum on the downside So if you if you were going to take some type of trade on this my initial instinct would be to Watch the 30 minute and the was it the 65 or was it 15? No, it just would be the 30 minute and the 15 minute chart out there So I don't have a great feel to say that that's a that's a great trade just yet Um I probably feel a little bit better about it If price could clear a key level of resistance, but this on the 15 minute time frame chart 33 59 But the reality is when a turn starts if there's going to be a turn You see it starting on those intraday time frame charts First so it's a 15 in the 30 minute that I would be paying attention to I would also I suppose Because we're dealing with amazon It's one of the top 10 holdings in the nq out there. Do you do you pay attention to the nq charts at all? Only if I'm involved with them, but I'm yeah, I can I watch it along with the others Okay, so I would really so with regard to amazon I'd really be paying attention what's going on inside that nq Which we covered during that first break out there And if some of those key levels of counter trend levels fail I mean that we should see more rally then that then I'd say okay Then at least you've got the index doing the same, you know Indicating the bottom and you should at least see a bounce out of amazon So I think that's how I would view it right now Okay, great. I'll watch the nq and See if you said it had a nine count bottom and I'll see if it starts to improve it Yeah, we'll try to take a look at uh, depending on whether there's a call or anything We'll try to take a look at that to close out the show today So during that very last two minute segment, we'll just get a feel for what's transpired between now and then Okay, ron Okay, super. Thank you, sir Appreciate you bet always good to talk to you and happy holidays that was run in denver So we do have a couple of questions that have come in And uh, let's begin taking a look at those looks like we've got three questions. So one from nick Nick writes good afternoon. Steve. Do you think we will have a santa rally? If so, will that start after the fed meeting any comments are appreciated? So nick we've already had ness since the this what stevie refers to as the santa claus rally So that santa claus rally began when we saw a bottom inside of the dow Let me try to get over to a different set of charts out here. Actually, let's go Yeah, let's do this here. Let me uh See we're going to a break here. I'm just trying to pull up the indices charts And so the dowel form that td9 count bottom. I'll do this. We get back from the break So, uh, nick just a hold tight out there. We come back. We're gonna go take a look at the dow jones industrial average She wrote with tfnn. 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tfnn.com welcome back up folks so actually let's do this here i've got the dow chart up on our screen but uh before i do that let me do this uh slideshow from beginning there we go and let me just change screens here um where am i on the screens it's a great question uh this is what i want right here so i want to just come and answer uh the question the question this is coming from nick so nick is asking do we think that we'll have a santa rally and if so does it start after tomorrow's uh fed meeting so nick for my standpoint the actual santa rally and what we're looking at here is the annual seasonal cycle for the dow and you've seen this chart or you've probably seen this chart or many of you that certainly watch this show or segments that i do with time you've certainly seen this ad nauseam so to speak but it's really an important chart and this chart here tells us nick that on average the dow forms its bottom in mid-october and we just use this as a guideline so for me that is really when the santa clause rally begins i know that technically in bloomberg or cnbc they talk about that just being the week after christmas why would you do that when you know that the market typically makes a pretty significant bottom in october so i just want to establish that so knowing that october 13th they're thereabouts is when we typically see some type of bottom signal now let's go back and take a look at the actual dow chart that's not the chart that's up on the screen right now but it will be momentarily so knowing that uh we typically see an october bottom as we take a look at the cash indices you can see that this generated it began to generate an erodesment of indicator signal on september 30th this signal does not get confirmed until we get a bullish reversal candle well la la you get your bull sash candle on october 5th so what i can share with you nick is that the so-called santa clause rally this is the way that steve takes a look at it that actually confirmed itself on october 5th what happened we saw that rally make its way all the way up to where it formed atop it first informed a td9 count that lasted into about a three or four day decline out here that pattern got negated back on the trade day of november 2nd goes up makes a second td9 count top tops with bar number eight moves all the way down we get bar number nine and now we saw that rally which right now has to be termed a countertrend rally why steve i returned a countertrend rally because price made its way all the way back up to where it had broken down from and that's based upon the td9 count signal so the td9 count high was 35 952 63 granted there was a close slightly above it on december 10 i believe that was friday we have two consecutive closes above resistance to confirm that it was not confirmed that was just a one hit wonder it was just a smidgen we use these as guideline areas and basically now what we've done is we pulled all the way back nick to test that green oscillator and changeline so the oscillator and changeline inside the dowel cash industry out here this change colors three days ago when it changes colors it tells us of an impending test we're getting that test today now a test and rejection by rejection i mean a close back above it would be a bullish signal well okay it's a bullish signal but that being said you know you've got key resistance at 35 952 63 so i'll answer your question this way first the santa claus rally is already unfolded does it go through the end of the year or have the highs been put in my inclination at this day chair until proven otherwise is the highs for the year are in and that we could see a decline for a year or two would kind of come back to that now that doesn't mean it is and it doesn't mean that we can't take out the highs but here's the level that you need to watch with regard to how does the dowel respond to fed the fed minutes either tomorrow the release of the the statement or what takes place during the q&a period or what takes place on thursday out here but the key level that you can see nick that price needs to close above 35 9 is 35 952 63 if if price can close above that then we should at least go back and at least target the all-time high out there will it take it out i don't know that's a key level that's a key level of resistance that's the all-time high that we have inside the dowel right now so i'm answering your question by specifically only looking at the dowel not the other indices but if we do take a look at the other indices out here what we will see is the s&p 500 it still has a roadsman dominicator top not until that gets taken out and all that price is doing today is come back and it's filled that gap so it's kind of a bullish slightly bullish signal utter nowhere near as bullish as the signal from the dow now the signal from the dowel is telling me maybe it's telling you the same thing that global capital has made its way to the shores now global capital wants to be in very liquid instruments and they want the trophy horse so to speak and that trophy horse is the dowel it's not the s&p and it's not the nasdaq the s&p is basically representing us institutional investing the dowel is basically think of it as global the nasdaq 100 is really just more you know more local so to speak a more day trader type stuff versus the global capital so the dowel is holding up pretty well as long as it does that we may not see a substantial decline to the downside but you've got valid tops in the dowel valid top of the s&p 500 roadsman dominicator signal inside the nasdaq 100 the russell 2000 was wave number seven s letter g as well as a sell the d-point out there in the case of the semis out here maybe waiting for the semis well they actually still have a roadsman dominicator signal that is in play out here and they're just trading in the sideways consolidation i mean normally we don't go through the indices charts out here but i think that we do in order for me to be able to answer your question out there and uh so we've got really significant tops that are in place out here granted the typical top formation what did i do delete that son of a gun stevo uh nick i can't i can't pull that i i can't but i'm not going to waste the time to do that pulling up that seasonal time frame chart typically the so-called santa claus rally that begins in the middle of october runs out in the first week of january but that may be different this year and the only way that i say it well it's it is different as we speak right now because of the valid topping signals that we have across the board in all of the indices including the new york stock exchange i believe i pull over the new york stock exchange chart what do we have here roadsmen dominicator top td nine count bottom i don't have reason why price stopped where it did but it did price below its red oscillator and change line new york stock exchange is saying hey i might want to go make a run for that 16 096 level out there so uh do i think that the i do i think that we're going to see a further santa claus rally don't know i don't know i'd be watching the dow i mean if the dow can close above 35 952 then yes sure but otherwise otherwise i'm leaning towards the fact that the highs for the year are in so i hope that that helps you out nick i hope i fully explained that and thanks so much for the request we've got a caller on the line so let's go out to brent in martinez california brent thanks for calling thanks for holding how are you doing today i'm doing quite well steve how are you excellent uh... and uh... thanks for asking i believe it is goal deluxe that you want to take a look at so what how can i specifically help i didn't catch the first segment of show i'm not sure you already talked about it but i had wanted to i get your thoughts on it it looks like we kind of had that big down couple days like it was around the third week in november and from that time what did you know came down to certain levels spent in the consolidation for a couple weeks now i just wanted to get your thoughts on you know if you think it's going to stay that way if we break it either direction i'm not sure what you're looking at with it so great question um and so i want to do two things out here so first let's just take a look at this four panel chart because this helps us understand what's going on from a profile standpoint for the daily weekly monthly and quarterly time frame so on a daily time frame that's the upper left hand panel we can see the nice trend lines a nice rising trend lines that are out there and each time price pulls back and tests it it rejects those levels additionally there's the bottom of the daily profile which is at 176790 that has held as well and then we've got the bottom of the bullet structure weekly profile which is at the 1761 area Brent we're about to go to a break so i'm going to ask you kindly to hold on through the break but right now key support has held on the daily and the weekly time frame see roads with tf and m we'll be right back we'll finish off taking a good gold with Brent in martinis california in just a few are you in the market for buying or selling real estate in the bay area including the surrounding st petersburg tampa and clearwater markets tiger real estate llc is a firm that has extensive experience in the tampa bay area whether you're looking to sell your current property for maximum value or you're in the market for a second home or investment property tiger realty has the experience across all areas of real estate in the tampa bay area to help buyers and sellers make most informed decisions across all price levels from the price you should be paying per square foot in certain up and coming areas to the type of cash flow investment properties are capable of creating tiger real estate can help you make the best decision when it comes to all areas of the market before you make one of the biggest 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day go to tfnn.com then hit watch tiger tv that's tfnn.com then hit watch tiger tv back folks around the line with brent and martin is california we're looking at the uh gold contract i've got my synthetic symbols up here and so we know the price is pulled back to support but we also know it's not noted on this chart here but the day of december second that uh was a td9 count bottom so we've got support holding we've got a td9 count and price just consulting with inside the daily profile with inside the weekly profile and so all i know is support has held doesn't mean that it can't be broken you know tomorrow afternoon and thursday out here but right now we know that support has held any questions about the black background charts before i flip over to the next set of charts no i think that did i guess the other thing that i was curious about if you had anything on the the charts are going to go to anything that might give us some kind of a indication the way it's going to react tomorrow with the the fed excellent so it it's it's almost brent is if if you and i talked ahead of time and and and we talked about the setup so that was very smooth how you did that and so the first thing that i look at here is this chart which is how is gold trading in the other currencies looking for some kind of a tell so we know that gold is held the support of its rising trend lines termed in terms of us dollars we take a look at in terms of euros the same thing out here so right now uh we know that that trend is held if we take a look at gold priced in yen that's pulled back to test its trend line and price hasn't made its way all the way back in pounds so so in looking for some type of tell or some type of signal is is it going to fail what i do know is that gold is holding its trend line in these major currencies any questions about this set of charts no that's helpful i'm glad you showed those things yeah so that's the potential good news now let me share you with the potential bad news out here the potential bad news comes from the daily time frame chart it's white background charts and really is from the day i'm just going to expand out the daily chart the thing that concerns me about gold and a long gold in many different ways out here is that see how the oscillator and change line change colors basically on uh december the sixth out here that always tells us about a test of that line well in essence we've seen now three days of testing of that line and when you test and reject it a red oscillator and change line tells us the price oscillator is below zero and when it's below the oscillator change line tells us we have a falling price oscillator below zero and that is a bearish condition out here so we've got rising trend lines that are holding all the currencies this is the only chart out here that gives me real pause now it has a valid gd9 come bottom out here in price just testing its breakout area of 1773 but if you were to ask me you know everything looks pretty good with this right here this chart right here is the real fly in the financial appointment any questions about this chart no that's again thanks to you for showing it yeah perfect so and with regard to interday signals i don't really have anything out here that's going to assist us so do we have a clear indication as to how gold might trade tomorrow after um the fed announcement i mean i've shared with you about everything that i would look at what what what's your take no i think it's uh i mean so far it's holding support i mean it's kind of at a level where you don't have to give it a lot of room honestly it's either going to work or it's not going to so for me personally i would be going more on the bullish side of things taking the chance that we're going to get a bounce out of here and get above that line it's going to continue upward you know whether that's actually going to happen or not it means it be seen but that would be more my tendency looking at the way things are set up at this point yes i and i agree with you and it's just the daily chart that we were looking at the gizmy some pause out there i would feel so much better price had taken out that red oscillator and changeline uh what we do know is that uh oftentimes there's some fireworks you know there's a big move to one side and then a reversal uh and especially we see that oftentimes in in gold out there so i the only thing i only thing i want to caution not you brent but anybody else that was listening in or you say you may not have to give it much room and and that's true it's just you could put a real tight stop in there and get stopped out pretty quick but yet still be on the right side of the trade just because of the volatility that tends to take place shortly after the release of the minutes or certainly during the paul's q and a period out there but i agree with you all the signals with the exception of one point two we should see a move higher out there and you know what uh well we'll know in about 25 hours from now yeah that's right if you get a chance to you know of course we've been watching this vixen it's back and forth and above and below the 50 day yes i know we're above it again today and there's a chance we could even do over 10 percent on the the percentage of the move so we'll see what happens but yeah a lot of things going on no doubt will be watching and we'll see how it all plays out but i appreciate your help so much just have yourself a great day and a great week you bet thanks so much for calling that was brent in martinis california way to question side of tigers then from uh... mister bill i believe it was or i think was mister bill was asking me to pull up the uh... the ratio chart between the x l y and the x l p and that's the bottom panel and as uh... and what he was looking for some kind of diverging pattern uh... because this gives us some type of signal and i've got a couple of those diverging patterns out here on the chart each of those that led to some type of decline well mister bill when i take a look right now what i've got out here i don't have that same divergent signal so let me get a red line so we can draw that in so i don't see it because what i see out here is the high now we're just looking on a closing basis the close on november first that's the uh ratio was 2.89 uh... the close on uh... november 15 2.93 so the question is do we see uh... and what's the signal out here and this is we're taking a look at the s and p 500 index uh... what uh... oh i'm sorry i was uh... so yeah so i i don't you know i i see that the signal shows moving higher yet here we've got an essence price just moving sideways whoops that didn't work out there right so we don't really have that type of divergence that typically is associated with a pullback out there so i don't know if you're seeing something different or you just ask me to pull up the chart because it's easy for me and i've got that ratio but i don't see that type of divergence that usually is associated with a significant top out there so thanks for asking me to pull that up because i hadn't looked at it i'm sitting here telling you that i think the highs for the year may be in maybe that's hard to say and hey stevo doesn't know what in the heck he's talking about uh... let's go to a next caller which is john and philly john thanks for calling thanks for holding uh and i know you want to uh supplement uh the Brent and i were having on gold so please have at it yes uh good uh good afternoon steve thanks for taking the call and absolutely merely a supplement very brief everything you and uh brent just discussed about the gold market makes good sense to me i think you identified all the relevant parameters the one thing i just add to that that i didn't hear you to uh speak of out loud yes although i know you're thinking about it steve is that the last general open market committee meeting concluded on wednesday november third which what that's going to be december 15th yes so if you look back on your daily charts you will see that uh they pulled back low maybe it was even said we were no is these gold and bottomed i think exactly on november third it did and then of course it took off like a rocket ship um i just share that i make no predictions i do find all this very interesting however discussing all that in detail and we love what you just added so thank you for calling in and sharing that with us that was john and philly steve roads with tf and folks will be back in just a few to wrap things up 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 in 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 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market if it's going to bounce is waiting for the russell 2000 to get its mojo but the one thing that's really important here is that c price never took out that oscillator and change line now it's not a guarantee that a price closes above that that we're off to the races it is a guarantee that we don't close above it that we don't have any kind of confirmed bottom in there so continue to pay attention to those oscillator and change line levels let's go out to rich uh who's on the phone who wants to take a look at mux i believe rich thanks for calling thanks for holding how are you today i'm doing really good steve how about yourself very good thanks for asking so it's mcqueen mining uh we've got about a minute here tell me what i can help you with uh and we'll go from there well i know tom feels that the the the metal markets are ready to kind of do some kind of rebound it and i've followed mcqueen and it looks to me i don't know is it you know you're buying a falling knife here or do we really kind of maybe finally have some sort of settlement here earlier in the year it was settling out around this you know 90 cents a level and now it's around 86 cents and the volume is drying up and i just was asking uh you know what's your tools that you use what does mcqueen look like to you well uh what you would hope for if you like the number nine then today has the potential for a bottom inside of mcqueen mining that is daily time frame chart so today is going to be bar number nine of a td nine count if a td nine count is going to identify a top or bottom that bottom should occur on bars eight nine to the bar following nine so you can still see a lower load tomorrow but you do have a valid bottoming pattern that is forming when this top rich back here on the trading day of october 15th it was a td nine count that did it so maybe you're going to get a td nine count bottom tomorrow sometime my apology we're out of time out there but i at least wanted to get to you appreciate that thanks so much yeah you bet you've been have a great day folks stay tuned for uh david white the power trading hour tom or brine he'll take us on home from three to four i'll be back with you tomorrow a wonderful wednesday have a terrific tuesday folks