Video summary
The market update begins with a mixed performance across major US indices, where the S&P 500 and Nasdaq are trading higher while semiconductor stocks face downward pressure. In this environment, precious metals and energy commodities show strength, with gold rising by $73 and silver gaining a dollar, while light sweet crude and natural gas also advance. The speaker highlights that both gold and silver lack topping patterns and are currently trading above their profile resistance levels, suggesting potential for further rallies in these sectors alongside the broader market uptick.
Technical analysis of key futures contracts reveals distinct trends and support levels to watch throughout the session. The ES mini and Nasdaq 100 futures closed below their profile support lines, which increases the probability of further declines if they fail to reclaim those critical levels near 7721 and 29461 respectively. Conversely, the Dow equity future contract is completing a nine-bar count bottom and aims to rally toward its profile top at 53778, provided it closes above current resistance. High-grade copper is also noted as rallying within its daily profile, with a target set at 686 if it can break through its oscillator line.
Other commodities present more complex scenarios requiring careful observation of specific time frames and price patterns. Natural gas is consolidating within its daily profile but remains below the weekly oscillator line, indicating that while there may be buying signals on a daily basis, no such bullish confirmation exists for weekly or monthly charts yet. Meanwhile, light sweet crude is approaching a potential topping pattern after completing a nine-bar count, likely to pull back and test support at 8343 before attempting to reclaim its profile top at 8807. The 30-year Treasury bond is currently consolidating between support around 108.15 and resistance near 110.14, reflecting a period of indecision in the fixed-income market.
As the trading day progresses toward mid-morning, the overall sentiment remains cautious yet opportunistic depending on how these technical levels hold up. Investors are advised to monitor whether the ES mini and Nasdaq can regain their lost support levels to avoid consecutive bars of decline, which would signal increased downside risk. Meanwhile, those positioned in gold, silver, copper, and natural gas should watch for confirmation signals that align with their respective profile structures before committing to new positions. The update concludes with a reminder to stay tuned for further insights on the Traders' Net Show as the market continues to evolve under these mixed conditions.
Read the full video transcript
TFNN
headline [music] news update.
>> [music]
>> Good morning, folks. Steve Rhoads coming
to you live from the shores of a
gorgeous Delray Beach, Florida. This
your 11:00 a.m. update. We've got a
mixed bag out here. The mix is coming
just simply from the semis. They're down
155 points. The other US indices, they
are trading to the upside. Dow 410 35
for the S&P, 37 for the Nasdaq 100, 11
for the Russell, 186 for the transports,
84 for the Nasdaq composite, 182 for the
New York Stock Exchange. Gold's up 73
bucks, silver a buck. Light sweet crude
is up 27 cents. Natural gas is up a
nickel.
Um, let's take a look at our nine-panel
market update chart. We'll begin with
the ES mini upper left-hand side. So,
the ES mini closed below profile support
yesterday. The question is, can it
regain that level? That level 7721. If
it does not, we'll have two consecutive
bars below profile support, increase the
odds of a further move lower. The same
is true for the NQ. The NQ closed below
profile support yesterday. Profile
support is at the price point of 29
I'll tell you what it is. 29461.
We close below that, same situation.
Increase the odds of a further move
lower.
We're at opposite ends on the Dow equity
future contract. Today completes a TD 9
count bottom. If price closes above the
top of its profile, the top is trading
above it right now. The top of the
profile is 53113. It says it wants to
rally up towards 53778.
It's daily oscillator and change line.
On a
with regard to gold and silver, both of
those do not have topping patterns. Both
are trading above profile and oscillator
and change line resistance. Both want to
rally further. The same is true for
light sweet crude with one exception.
It's going to complete a TD 9 count
topping pattern for its daily time
frame. No problem there. It's going to
take a couple of day time out, pull
back, test that oscillator and change
line at 8343, and then take out the top
of its profile at 8807. High grade
copper rallying this morning just a
consolidation within side profile
finding resistance at its oscillator and
change line. If it can close above that,
it'll make a run towards the top of that
profile at 686.
Natural gas
just consolidating within side its daily
profile testing the weekly oscillator
and change line but still just below it.
So, no buy signal yet for the weekly or
the monthly time frame. Yes on the daily
but not on the other time frames. And
finally, the 30-year Treasury we've got
a consolidation within side its profile.
Uh support is down at the 108 uh 15-ish
level and resistance up at 110 14.
Folks, stay tuned for the Traders' Net
Show but if you have to start your
Friday, have a fabulous one. Thanks for
joining us. We'll look forward to
speaking with you again soon. Take care
now.
>> [music]
[music]
>> And