Stalling And Sector Rotation, What Does It Mean? StoneCo, Toll And Micron In Focus

28:44That would be saying, you know what, there's something wrong here and it needs more time or maybe it's not going to work out. But, you know, we went with toll. We could have gone with almost any throw a dart at the home builders. They all pretty much they all look the same. You know, I'm also trading DHI and we've got that on Swing Trader. They all look the same. I think this is the strongest one, at least at the moment. But, you know, that - And I do have a position in DHI as well. Okay, yeah. And, you know, you could also just do it through XHB, which we have on Swing Trader and I have as well.

29:20And this, you know, that's one way to play it. ITB is another way to play it, which we're trading on there and I'm trading. And I should mention that I brought up Nail, which is basically like ITB, but it's a triple leveraged. So, you know, just in case people are wondering what that is. Not for everyone to be in the triple leveraged, but you have to make sure that you know how to cut your losses when they happen. And by the way, I've had a number of losses in Nail that even recently where I tried a couple times didn't immediately work. But, you know, right now I've got a good gain on it. The trick is to nail down a good gain on that.

29:59Right, exactly.

30:29Learn more at GeneralFusion.com. Let's move over to StoneCo. This is another, this is in the finance area, Brazilian company. I do have a position in this myself. And yeah, you know, for as ugly as finance looked, was it because this has the Brazil exposure? You know, Brazil looks decent. I think so. ERJ. ERJ also looked very good. Yeah. Another Brazilian, quite different business than Stone. And even though Melia is Argentinian, it's got a lot of business in Brazil. But I mean, that was kind of middling, but very different than those. But back to Stone. Give us your take here. So as a contrast, pull up like Visa or MasterCard.

31:14So our version, you know, that looks weak. MasterCard looks weak, but yet the Stone looks, you know, really solid. And it's kind of a classic little, you know, if you just started reading charts, you know that that's a cup with handle it i mean it says textbook as it gets nice little shake out in the handle upside reversal at the bottom and then you break out through your standard pivot kind of pause a little bit um stay above your 21 day like this is as textbook as it gets it doesn't mean it's going to work out but what you're doing is trying to put the odds in your favor of you know finding things that that behave like this it doesn't mean that they go up every day but you want to know what's normal and natural.

31:57And so like yesterday's, you know, close near the high gave you the expectation that something like today might happen. And that's what happened. So every day you look at a chart and say, okay, what's my expectation for tomorrow? And as long as it does something like that, it's acting normal. When it starts breaking your expectation, that's a danger sign to say, you know what, I just don't know. And it's a total crapshoot. This should go higher. Doesn't mean it will, but that would be normal and natural for this to, you know, run up to maybe 20 or so. We'll see how it plays out. And I can't remember if it was on a day where I was covering for you on the SMT video or if it was on the Monday.

32:36But I did bring this up, you know, on the SMT video back then. So hopefully people got into it at that point. I was actually a little late myself. I didn't want to buy it right before talking about it on the video. So I was planning on waiting until the next day and I plum forgot. And so I was, I think, buying it in here and in here. So, yeah. I forget all the time, man. Lots of moving parts. Yeah. Now, let's talk about, you know, Micron, which is, you know, it's in the chip space, but it's also this computer data storage. We've been seeing a lot of decent moves in the computer data storage with Seagate technology.

33:19That had a really strong day today. WC is a position that I have. Unfortunately, you know, as is almost always the case when things go up like this, I don't have enough of it. It was much smaller than it should be. But let's talk about Micron and what you're seeing here. Yeah. So this is more, I'm not trading it. For me, the day would have been yesterday to buy it because it was going over that prior resistance plus a downtrend in the handle. Today just felt a little bit extended. But from a standard pivot, that's with my swing trading hat on. With a position trading hat on, it's right there, 2 % past its standard pivot.

34:02This is where you do end up buying it. So I think that looks good. it was just a little bit weird how there's just so many gyrations in this general tech space. But you know, you have things like pull up SanDisk. I mean, I was trading that. I sold it either yesterday or today just because of other stuff to move money elsewhere. I was not expecting a big move. Like I think I sold it yesterday. I was not expecting this. There was no reason to sell. It It was more just needed the capital for something else. It was a small position, but some massive moves in this area. And I was trading the WDC and stuff like you were trading too.

34:43And that's on the positive side. So you're just always looking at everything. Sure, the NVIDIAs and AMDs look bad, but these look like the money is going from that space and just coming over here. So the Micron looks like it's in position. And, you know, I think it's worth studying over the weekend. Mike, I'm going to have you go ahead and take control here. And then what we'll do is we'll also wrap up with just a revisit on the 1980 precedent, because when we talk about what to do now, that might be very instructive. But go ahead and take it away, Mike. Sure. OK, so you can see my weekly chart.

35:22So this is our time to do the Bob Weir. take a step back and not look at all the noise and just see, okay, what does a weekly candle tell you on here? Really nice in a lot of ways. I mean, the part that's bad is the top wick is bigger than what you'd like, but the body, meaning that the distance from your open to your close really dwarfed anything that we've seen for the last three weeks. And so that's telling you there was a lot of movement on there. I know that there was a lot of fear in the market on Tuesday, but we were able to get through that and close a lot higher. Yes, we stalled today, so we're off the highs.

36:01But it still looks good. And you want to stay above this week's low because that was kind of a critical place, critical test that it passed. And same thing with the NASDAQ. It passed that test with the very week open on Tuesday. And then we went up and hit the new highs. It's not a bad-looking candle. Would I have preferred it to close at the top? Of course, but when you look at it through this lens, it looks solid. Now let's look at the regression lines. Let's start off with spy. And this is kind of inconclusive because it's looking weak from this lens because let's just let everyone know that your starting points on here, if you want to do this at home.

36:51On 5-12 was your first date. And then we go out 50 trading days. And so 7-23 is what I have on here. And so we look at 50 data points. We put a line of best fit, which is your white line. And these are just 0.75 standard deviations and one standard deviation below it are the green lines. And when you come through here, Let me blow this up a little bit. When you come through this bottom one the way we did, your expectation is to kind of go straight up to your white line. That's your home base or your mean reversion trade. And we ran into problems today. Clearly, at least we close still above your one standard deviation.

37:39So this is not broken, but it is bent, you know, because if we zoom back out. I should mention that this is a little reminiscent of what you were talking about, you know, a couple Fridays ago. Yeah. Where we did get through that dashed green line and you were like, OK, this is where you punch it. And then it was like, oh, you know, it didn't get up to that white line. It just kind of meandered a little bit. And then we had another test. Should also mention that just because it breaks that solid green line doesn't mean, oh, the trend is over for good. You can give it a little tolerance, in which case this one did come back into the channel.

38:21Well said. And so with this, if you just look at the time since August 1st, this is weak compared to prior to August 1st. So you're looking at this and always being objective, even if you're bullish as I am. You look at this and just go, the character is starting to change. And it's not that same rate of advance in the same way that it was before, because you can see that it's living in the bottom part of it in the southern hemisphere of the regression area. And that's not where you want to be. You want to be in the middle to the top part of it, you know, dragging it up, not just living along the bottom.

39:00So it is just objectively it's weak, but it's not broken. And so what are our signals here? taking out today's high, really, that would put you back above the 0.75, the minus 0.75 standard deviations below that line. And that's where you would want to, you know, if we get a gap up on Monday and go above today's high, that's where I would be gunning it in that space again. But right now, not so much. Let's look at the NASDAQ. Same basic thing, you know, just it's not broken. Like you said, you can be underneath the one standard deviation for a few days, but you really have to pay attention to it there.

39:42And so it was only down there for one day, really kind of one and a half days and moved back up there. But still, it has this overall feeling of being weak and that character change that happened with that break of the 21 day. And that's what we've been talking about for a while, that when you've been training above your 21 day for a long period of time and then you finally break it. you do get this character change. So, you know, given enough time, we might start a new regression line and actually start it over here on August 1st and then do a new trend, which would be kind of just a different slope.

40:19But it's still too soon to do that. We'll go over to the 50 % retracement. And what we're doing is just... Just real quickly. Okay, so what about IWM? Have you done a channel on this one? No, because it's still a little too early. Right. Exactly. I was going to say, you know, because it's so different from SPY and the NASDAQ, when do you start doing one here? Because what do you use as your anchor points? Well, that's that's a tricky thing. Like so you could just go back down over here and do that, but and do something like that. But it doesn't you know, that's OK. Let's go back to like, you know, something like that, you know, somewhat works.

41:03but it really feels like the inflection point was on August 12th. So with that, you know, start, you know, let me get rid of that and start it again. You know, if you're starting it here at this inflection point, we just don't have enough data there. You know, but now you could also, and it's funny that you mentioned this because I've been just contemplating this so much and going, starting it on this date there and going there. But it's not the standard one that we would use. And obviously that slope is a bit too steep. But somewhere in that one of those, this is an art, even though it's numbers, it's an art of where you start it and where you stop it.

41:51But this is probably the one that makes the most sense to me. But I'll do more work on that and we'll circle back to that. How about that? Yeah, that makes sense. Because again, stay tuned. We'll have the updates as they come. Yeah. So going on to this one, again, we're we look at all these charts to kind of paint a picture in our mind of are things clearly bullish, clearly bearish, somewhere in between. It's always somewhere in between, but you want to see where where things are leaning. And that's why we start off with the weekly and then we go through all this noise. and with this the 50 % retracement again in art you can start them anywhere you want this one I'm using the August 20th low and the high from the 28th and just saying okay well that was our our kind of move that we had are you in the upper hemisphere or not and you are you're in the northern hemisphere still so that's a positive let's look at the Nasdaq and same thing there I'm using August 20th and the 28th.

42:54Did I do one on the IWM noise? Yes. So August 21st is where I was doing a bear and then just doing the next day, the 22nd. And you can just see how much stronger this looks. And that's why I've been moving over into this space versus the others, because it just is showing so much strength. Now, just a question real quick on these, because we did break above that red line, right? You know, so at what point do you start redrawing your lines here? Are you waiting for kind of like, oh, we had a short term top and now we're pulling back and you got to have, you know, a low or how do you how do you do that?

43:37It's an art and I slice it all sorts of ways. So, you know, sometimes I will do it from all the way back here because what you're doing is you're looking for extreme levels, right? It was an extreme weak point and then moved up to something. And, you know, a breakout is a clean thing or in this case, kind of a shakeout down here as it was on August 1st up to kind of this peak here. You could even do this peak. But at some point, once you start living above it, you just delete it and move on because it's proven itself. So from this one, it proved itself. You can also do them from just days like, from just like a day like here up to this one.

44:23Oh, it's being temperamental with me. But, you know, those two days. And let's try it again. And then like these two days, you know, like, so you can slice this. I do this on an interday charts. I do it all the way up to monthly charts. And there's not a one perfect place. So that's, again, why it is an art. That's a really, really good question. Sometimes there's only one way to do it. And then you'll just it'll be so obvious on the chart, like a clean breakout up to kind of a swing high. that would be your, or just up to, you know, a high that then, you know, gives back a quarter or so more of it.

45:06It's clear that that's the retracement level to use. But other than that, it becomes really an art. You know, when you see it. And especially looking at a lot of different charts, a lot of different examples, playing with it yourself. As you said, you kind of have to make these indicators your own really just by playing with them. And that's, that's how you get, you know, better at it and kind of learn that art, you know, just as, you know, when you were a kid, you did your finger painting, you did your, you know, coloring. Sometimes you were in the line, sometimes you're out of the lines and that's how you learned, you know, what to, what to do.

45:38Well, well said. I was not very good at coloring. I still am not. So here's the, the levels chart. Let's look at Spy. I tried to clean this up a bit. always just put the green one up at the current high. And then the yellow is, you know, kind of the first line in the sand. And that would be Tuesday's low. And you can almost even say that that's a red one because that is an important level because we on Tuesday morning, you didn't know we could have had a waterfall sell off. And so on that day, on that gap down, you got to take some action, but you're trying to not throw out everything, just anything that maybe you got over your skis or some things that are triggering some sell signals or just backing away from some stuff.

46:25But the fact that it made a stand there, that becomes an important level. And then the next one would be the low from the 20th, but I didn't mark it there because I didn't want it to be too busy. But the next level would be the low from August 1st. That's probably the most important one on this chart because that was a key change in character that we keep talking about. Then you can go back over to the 591.89, which happens on the June 23rd. Or, you know, the final line in the sand is down here, which hopefully we don't get down to the May 12th low. And that's, you know, this is how I like to do it where you don't have to do, it's not a sell everything type of thing.

47:11If you're a slower trader, as it starts hitting these, you start backing away and backing away. If you're swing trading, that's a different animal. You're a lot faster and everything. But if you're position trading, which probably a lot of people who watch are doing, these are kind of the levels of where you want to start taking some action as they go through it. You know, if you're the type of person who maybe doesn't even trade even once during the week, that's where you would look at these lines in the sand and say, OK, it's really starting to break down. I need to start taking some action.

47:42So just depends. And as you said, like you, you change that yellow to kind of a red because sometimes you'll have multiple things happening at the same time. So now Tuesday's low is pretty close to the 50 day moving average line. So if you break below that, you're breaking not only that upside reversal, but you're also breaking below that important 50 day moving average line level of support that a lot of people use. It can be a self-fulfilling prophecy, but just because a lot of people use it doesn't mean you shouldn't do, right? Yeah, well said, Justin. And so the same basic levels on this chart.

48:17This is the NASDAQ. And again, the level from Tuesday is the most important than the other ones. So just get in the habit of doing this on your charts, because what will happen is at times you might get carried away with a theme. You know, like I'm very carried away with this theme of housing and small caps working, really more so housing than small caps. because if the banks don't end up working out, there's such a big part of the IWM that that might be tricky. But the home building space and related, that's the thesis for now that I think it could be the very beginning of a really extended move because when that group starts moving, they can last a long time like we saw with the NVR back in 2000.

49:05But I still want to have lines in the sand on there because if they start breaking through them, then I know, hey, I was wrong. And then you start throwing them in the towel, maybe not all at once, just gradually doing that. And you and I have both been wrong on IWM multiple times over the last year or so. But the reason why we can try it again is because we always kept those losses small. Or, yeah, we just didn't get hurt. So it kind of gives you that freedom to try and try again. I should also mention that I'm not sure if this is still the case, but I know that the financials, the banks and all that were about a 20 percent of the IWM, you know, roughly.

49:48I'd have to rerun that. But you also have, again, when you have the lower interest rates, if it's easier for those smaller companies to borrow with more, you know, better terms, that's something that you would assume would be better for them as opposed to something like Apple that's sitting like on a mountain of cash. They don't need to borrow. You know, you raise rates on them and they just, okay, well, we'll go into our cash reserves. But it's very different for the small cap companies generally. So you've got that. Yeah, I mean, the banks are potentially helping them out. Yeah, the banks, they like the, you know, the spread there on the yield curve.

50:26And that's a whole topic for another day. But hopefully that's a winded or back there, too, with IWM. Because, yeah, I do think it's about 20 percent, give or take, of them. Yeah, a lot of regional banks. Here's SPY with just keeping it clean. Just the 21 day, your low is still above it. So that's good. And let's look at the composite. Same thing there. Your low is still above it. So that is good. Let's share my other charts. One sec.

50:59And okay, we will go over to the Webby RSI. And this is this little histogram down at the bottom. It's just this tiny little baby candle. And that's saying that the distance from your low versus the 21 day is just really teeny tiny. It's still positive, but you want it to be a lot bigger than what it currently is. But it's still hanging on. Let's do the NASDAQ. Same thing there. Just this tiny one. But let's look at RSP. It's telling you, you know, it's really not doing what you'd like it to do. But let's look at the IWM. And quite different. You can see that that distance from the low versus the 21-day is expanding.

51:46You'd like to see it expanding more really in the two and a half, you know, or even higher range at this point. But at least it's on a relative basis a lot stronger than what we're seeing with, you know, let's even look at the queues. And I mean, when IWM, you know, when everything else was breaking their 21-day lines, IWM was holding at its 10-day line. for those of you that look at it. So major, like just such a major divergence, you know, and you know, a lot of folks who've been burned on the IWM for the last three, four years, as I have been, they're gun shy and they're like, oh, I want to wait weeks or months, you know, for this to prove itself.

52:28Well, if you do that at that point, then you're going to be always making excuses. Oh, now it's too extended. I'm going to wait for a pullback. Then the pullback is going to happen and you're going to say, okay, now it's rolling over. I don't want to buy it. and rinse and repeat it and just keeps on happening. So you've got to find a system that works for you and, and, and, and trust it. And so if your instruments are telling you, this is where the money is going, um, you've got to put, be that goldfish you brought up the, this morning on, uh, IBD live, uh, from the whole Ted Lasso thing of you just forget it.

53:00You know, the, the, um, if no one knows what I'm talking about, like a goldfish has no memory, At least that's what people think. And so you just forget the users got burned all these other times. Just follow what your rules tell you to do. And if your rules say don't trade IWM, then don't. But if your rules say it, don't make excuses, which I hear a lot of people doing. So let's go to SPY and do the Bob Marley chart, my daughter's favorite one. And this is in the green zone. So from that standpoint, it's still all good because the green zone is within four ATRs off your high. That's what that measurement is down here.

53:41And you're still better than two ATRs off your high. So nothing wrong there. And nothing wrong with the NASDAQ either. You're, you know, right up there, less than two ATRs off the high. And IWM is coming back quite a bit because that had been a dog for a long period of time. You can see this chart. I mean, this is what we're talking about, how sloppy, you know, this has been for such a long. You basically flatlined it at 10. Like, OK, once it gets under 10 ATRs, forget it. Yeah. It doesn't matter. That got really, really ugly there for a while. So let's see, stop share. No, that was, you know, I would suggest people this weekend do a lot of screening.

54:27And I would do it in a way of look at the extremes. Look at what was up the most this week with a high closing range. So you can go in a market surge and, you know, do those up a few percent on the week and add a closing range for the week of, let's say, 70 or higher. and then also do the same thing on the ones that were down a lot. Let's say they were down, you know, three or 4 % for the week and close in the bottom, let's say 25 % of the closing range and study and see what themes you're seeing. You know, when you run that, put the sector in as a report item in your custom screen and then look and see, okay, oh, well, all the home builders were up a lot and all the XYZs were down a lot.

55:18And it'll give you a sense of where that rotation is. Frankly, I know a lot of people don't have the time to do it, but you really benefit from doing a really wide screen. I'm going to tell you, it's going to scare people, but just do something as simple as stocks above$10, above$25 million volume, not share volume, dollar volume, and above their 50-day and above their 200-day. It'll give you probably around 1 ,000 stocks, maybe 900-ish, and not ETFs, exclude ETFs, and just look at all of those and sort them by what was up the most on the week. On the way down, there's one way you can do it just to get a sense of where is that money flowing because so much going on.

56:05And that's what I'm going to be doing over the weekend. I'll actually do bigger screens than that because this is an important time. It frankly is. And it's going to be very, very tricky. For those that got scared by saying, oh, just go through a thousand charts. You can also, you know, do some filters to kind of, you know, triage a little bit. You know, maybe you stick with. Yeah, I know. I know you wouldn't. But not everyone has empty nests. You know, some people are still taking care of kids and, you know, everything like that. So, look, there are things that you can do to sort. And so if you don't get through all 1 ,000, you can sort.

56:43And sometimes that allows you to kind of get through the top, the ones that are most important and you can prioritize. So I don't want anyone to not do the process because they're like, oh, I don't have time for 1 ,000 charts. Better to do a smaller sample than nothing, in my opinion. um we'll disagree there because a thousand is a small amount of charts frankly really for you not for everybody that's how you'll get you gotta start somewhere right that's how you'll get your feel for the market so if you don't have a lot of time just look at the growth 250 that's your easiest way but you're not going to see a lot of the things that got damaged there um an easier way to do it for the folks who who don't have the type of time just um do by dollar volume, just the top, whatever, however many you can do.

57:37If you can only do 50 stocks, do that. 100 stocks, however many you can do, you are going to get so much information if you do that on a regular basis. I cannot stress that enough. It's so important for your subconscious to be picking up on all the stuff in the charts of what's moving, what's not, what's acting normal, what's acting abnormal. And it should also be mentioned that when you're doing this look at a thousand charts, you're not analyzing a thousand charts. You're going through spacebar, spacebar, going through very quickly and just allowing the chart to kind of, you know, the ones that are special to jump out at you.

58:12And then you might stop or flag, but you do not have to analyze a thousand charts. I didn't mean to scare you guys. Well, you started with, I don't You know, I'm going to scare you, but yeah. So, you know, just real quickly, because I know we're already, you know, over time, but I wanted to make sure that we also spent a little bit. We forgot to go over XBI. This was just an area of strength that we should point out, you know, when we went through the sectors. This was something that definitely stuck out. And look, XBI, unlike a lot of the sector spiders that are very concentrated, you know, This one is pretty spread out.

58:53Your top stocks in terms of weighting are like 3%, 3.5%. And there were a number of stocks that were contributing to the strength here. So this was up over 2%. This is another one where a little bit of this rotation where it has been out of favor, but has recently, like IWM, like the home builders, has seemed to be coming into strength. So, yeah, I brought that up because I do have a position in that and we do have it on swing trader and we added back to it today. We had backed away from some of it yesterday or the day before and then added that back in a little bit out of position. I mean, we had it.

59:34We were just making it a bigger position today because this is where the money was flowing. And when I was doing this screens throughout the day, there's so many of these biotechs that I wouldn't want to trade on an individual basis because the risk involved with FDA and all that's, you know, things that can happen. But collectively, and as you said, a really broad based one where you can get one stock that gaps up 40 percent or something on the day, that's not going to have a material impact. Same thing on the way down. It could gap down 40 percent unless there's a theme out there. It's the collective thing.

1:00:09And it feels like, you know, I think it's an interest rate thing is helping it as well. You know, it's just the lower the interest rates, the easier it is for R &D. And so this is another space. I meant to mention it. I forgot. Oh, you're going to do the thing that I forgot about. No problem. Yeah, we got each other's back. So, oh, you know what? I have to go to NASDAQ first. So let's go there. I didn't want to do it while you were talking. We're going to go back to 1980. So for those that have been watching the show for a while, you know, we've spent a little bit of time on this. A lot of time, maybe.

1:00:46But let's go back to November 14th, 1980. You know, Ronald Reagan had just been elected president. And, you know, that was that was right in here. And we got this move off the 50 day moving average line after a long extension above the 21 day moving average line. And just like August 1st, we had this really bad break below the 21-day moving average line after that long time above it. And then you got back to new highs, one more pullback, and then you started moving to new highs again. So is this precedent still in play? Yes and no. Okay, so what was important was for today, and let's not go there yet, but for today, for us to take out the old high, which in this case took out the 200.83, which was its old high.

1:01:33Now, obviously, back then, it did it in quite a different way. It just powered through there. Now, yeah, let's go out to the next date that I gave you. I forget what date that was. So we're going to go up to March 12th, 1981. When it went through that 200.83, it kept going and then it ran into trouble. And so earlier today, I was worried that it was the day after the 208.29 where we were going to start coming down. Because the thing is, this one only lasted a couple of weeks into new highs and then rolled over. So when you're using a precedent, you don't just use it when you like what it's telling you.

1:02:15You use it until it's broken. And right now, the fact that we stalled at new highs versus powering into new highs, this one is now on the fence. And if we don't power higher next week, then I'm going to be throwing out that precedent and just saying, OK, it's either fast forwarded to the point where it broke down through the 50 or it's just something else now. And that happens all the time with precedents. You have to be willing to throw it out. But this one is still tracking with a little bit of a difference today. And you can probably relate that to the jobs numbers and the broad combo of the two.

1:02:54And it's also worth mentioning that, again, we are seeing this rotation. So the NASDAQ is not necessarily exemplifying the strength that we're maybe seeing elsewhere. It is also interesting that you talk about this two-week period that we have. And anything coming in two weeks? Oh, the Fed is on the 17th, right? Yeah. So that's what I've been thinking, too. is like, okay, is it going to be one of those things where it's a buy the rumor, sell the fact type of thing? And we'll just have to wait and see how things play out on the Fed day because everyone knows that we're going to be cutting. It's not a surprise, or they're going to be cutting.

1:03:36Based on the Fed funds futures, it's a certainty at this point that it's going to be a quarter or half. That can change on Monday. But at this moment in time, no one is even betting that we're keeping the rates the same. so it's not a surprise if Powell comes out and cuts it by a quarter well that was already baked in then you just have to look at the reaction but yeah that's been worrying me the timeline with with the Fed but what I wanted to point out on here is look at that day um where you're in March there where your low had been above your 21 day for 10 days in a row right as it broke through your 50-day or held your 50-day.

1:04:16Could you just point to that? So are you talking about like right here? In March, yeah, right there. So what you want to pay attention to is if we run into any trouble like that is wait for your low to get above your 21-day and start trending above it, you know, five, 10 days plus. And then that's telling you that the character has changed and you saw that there and then eventually it breaks through the 21-day. And rinse and repeat. it starts all over again with a different changing character. You never know what that's going to be. So let's just go back to our current chart, just since you have this fresh in your mind.

1:04:52And so do you see the difference there before we powered through and just would have been on our way past the 22 ,000, you know, but now we just don't know. We have to wait over the weekend and see how things play out next week. But again, just to be clear, if we don't go into new high ground next week, then I'm going to be throwing this precedent out and looking for another one. And you can't always find one. Yeah, that's and this is why we also have all the other indicators and rules and, you know, market school rules, for instance, that help us to make sense of things in a very rules based fashion.

1:05:29We had Scott Bennett, of course, you know, for the invest with rules. So that's definitely on my mind. Yeah. But I think that wraps it up for us this week. And we will see in a lot of a lot of news to digest with the jobs numbers, a lot of charts to look at this this weekend. But we will be right back next week on Ibiti Live and also Stock Market Today to help you get through it. So hope you join us for Ibiti Live at investors.com slash IBD live. And we'll see you back here on Monday on the Stock Market Day video. That's going to wrap it up for us. Thank you so much, Mike. And we will see you all later.

1:06:08Have a great weekend, everybody.

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