Speaker 1: Now here's the VIX. The VIX, again, continues to be under the 10 period. The red line continues to be under the 50. We were up slightly today at 0.13%. Again, I'm watching to see if we get a bigger rally in the S&P 500 that takes us a little higher should we see the NASDAQ fill the gap at 20,400. Watching this 200 period right here. I'm watching the lower boundary of the band here as well. Watching these two levels on the VIX. And at some point the VIX is going to get back above the 50 period moving average. If it happens, volatility will start to surge again. If the VIX is above the 50 period moving average on the daily chart here, bad things start happening on the S&P 500. And we still have the 50. The green line. The green line crossing above the 200 here. And we're holding above it. So again, that's telling us we're likely going to see more volatility and more selling on the S&P 500. We're seeing the distribution on the NASDAQ with the rallies being sold. I think NVIDIA is likely peaked in June. I think NASDAQ likely peaked July 10th, as I've said. I think the S&P and the Dow are forming tops right now. Now the Dow broke its four-day winning streak. We had nine counts show up. I talked about that on the Dow. We've had the negative diversions. It cannot be done yet, but we'll be watching. The Dow was down. It was down 293 points. It was down almost 400 points at the lows of the session. Down 1% and down 7 tenths of a percent. S&P was down 0.19% down just over 10.5 points. NASDAQ was actually up pretty much. Russell was down 1.19%. And if I bring the VIX in here, you can see the VIX was up 0.13% today. Five-minute chart. Let me just refresh this here. And I just want to show you what happened today. We rallied. The Dow peaked in the first couple of seconds and then a big wave of selling. And we're seeing this. It's a five-minute chart. We dropped below the 50. We dropped below the 200. So again, we'll see if we attempt recovery. We'll see if this high now holds. Still may not be done yet, but I do think it's going to be a big wave of selling. I do think the Dow is in a topping process. Talking to you about the Dow on the weekly chart at this trend line and it's starting to turn there. So again, could be completing a top here. We're about to. Showing you the diversions on the Dow as we got that nine count earlier in the week. I was hitting 50 period right now. So we'll be watching to see completing a top or finish the top or whatnot. But again, I do think we're going to see a turn. Dow could peak before the NASDAQ rallies back up to fill the gap. 20,400. That's possible. I've been talking to you about these diversions on the RSI and the MECD forming and other indicators. We had that Fed day. This is now our fifth session after the Fed pivot. We turned down here. We're still above a 10. Looking for a topping process to complete. But I wanted to show you the Dow major long-term trend line I've been talking about. Monthly time frame. The S&P dropped below the 200 period here in the five-minute time frame. Trying to get back up. Pretty much did what the Dow did. Turned off of it. And here we are. So again, we'll see if we attempt a recovery or hold below it. Started off with a rally with the session and then sold off. We're starting to see distribution into these rallies. We're seeing distribution into these rallies and peak and still go higher. But again, watching this area closely. The high today was 5741. The long-term monthly channel. We're in that area where you exclude the shadow. You get above it. You can go higher. But I think there's a good shot that we see a peak on the S&P over the next three weeks here. Maybe sooner rather than later. Maybe, you know, we can see it sooner rather than later. This week we closed to a new high. Could see it this week and then we could turn or we could drag out a few weeks. But diversions are going to play out in the weekly and the monthly time frame that I've been talking about on the S&P 500 charts. We've got price action here for the five-minute chart today. S&P 500. Now, today's rally, 5741, did give us another diversions on the 60-minute chart that we'll be watching. Again, it may not be done. Maybe we see S&P or I'm sorry, the NASDAQ end up reaching 20,400 before we see the S&P top. But we've had this breakout over here above this high. We bag tested right here. And again, we'll be watching to see. The Dow is testing the 50-period moving average. The Dow breaks that winning streak. We did a bigger sell-off on the Dow than the S&P. The Dow is at the 50. The S&P is not here on the 60-minute chart. Got momentum up here at extremes. Could still see a diversions develop. We'll be watching that upper Bollinger Band very closely. We're still under it. And we got the perfected sell signal yesterday on the S&P 500. Told you that may play out immediately where it starts reversing. May go a little bit higher. Showing price exhaustion. And it's something worth paying attention to. It's a daily chart. And again, support is still holding with the breakout there. And again, a breakout and bag test. We're still above the 10-period. Momentum signals still remain bullish. But I do expect, again, over the next three weeks that we will see a top and a reversal begin to happen, give or take. The ballpark burst with the market peaking after the first rate cuts. 2001, 19 days. Gave us a counter trend lower high. 2007, 17 days. Intercessions. Something to pay attention to. On the S&P, again, I continue to believe that we're getting something very, very similar to what we had over here in 2022 with the RSI over here. Very similar over here. But still room for higher levels. We're seeing everything turn back to bullish. Tomorrow, we're going to get a lot of Fed speakers. We have Powell tomorrow. We got all these. These Fed speakers tomorrow. The second revision for the GDP tomorrow. Got all these Fed speakers. Powell's expected to speak just before the market opens, 920 a.m. Eastern time. Currently, it's not expected to last more than five minutes. We have another speaker right there right after. Giving opening remarks. We'll see if the market reacts to the Fed officials or Powell. We got the PCE inflation data before the market opens tomorrow. It's on Friday. In the week from this Friday, we have the jobs report. I expect the market. A negative reaction with that report come next Friday. But we're watching to see if the market tries to top ahead of that. The divergence in 2022 on the daily. Here it is again on the weekly. This is what I think is going on here. Still could go higher up into the upper channel line here. Here I've excluded the shadow. We can even include it. This is just the area that I'm looking at. But I think a divergence is developing here. And again, we've had a very similar pattern here where we've had, again, a sell-off, a rebound off a 20, a peak, a sell-off, a lower high, and then a new high. Again, sell-off, rally, a sell-off, a lower high, and then a pullback, and then now higher highs. And again, very similar. We've had the peak two weeks later. Two weeks later here. There's a week and a half because that week was a reversal bar. Watching to see if we get something similar to that. When we moved to new highs in 2007, which right now is very similar to 2007, the top, the Fed pivot. We peaked with two bars making new highs and then reversal. The Fed pivot bar didn't make a new high until later, the three and a half week period. So again, watching to see. The peak could come as soon as this week or over the next few days. But I think it will come here. We'll see this divergence begin to play out. And again, you've got the same thing going on with the Dow and eventually make your way down towards this trend line and this horizontal support and ultimately take out our 20-week moving average. Again, NASDAQ momentum is up here at extremes. So again, we're watching. I'm watching to see if we clear, if we continue to climb, I should say, towards the upper Bollinger Band, towards our gap fill here at the 20,400 area. Again, EO of Nvidia is done selling for now, at least for now. It's been selling since June, by the way. And again, we continue to see distribution. But that's why we had the big rally here in the week, that 4% rally. Nvidia can climb now that he's done selling for at least now. And NASDAQ may get this parabolic type of a move that takes us on up here, that we hit this gap fill sooner rather than later. I've marked it going into April. We may hit it early October here. But we may hit it, again, late September into early October. We may hit it sooner rather than later. NASDAQ's forming a double top, as I've said. And I think that, again, we could see reversal once we fill that gap. Now, maybe the Dow and the S&P reverse ahead of that. I talked about the possibility of NASDAQ filling the gap and that marking a peak for the S&P 500 as well. We'll see how it unfolds. But we're coming up here. If we stay at extremes, again, it may be we end up forming divergences. It may be that we stay at extremes for an extended period of time, reach this level. But I do think we will reach this level. Again, it's around 2% higher. NASDAQ 100 up 0.14% today at 27 points. We've got a divergence now going on here. Again, whether we pull back and reach this level or just go parabolic and reach it, we'll see. I think we're going to end up reaching it. Again, I do believe the market will top out. I think we'll get a lower high on the NASDAQ. And the Dow and the S&P will peak out. We'll start a reversal as the market will begin to price in recession.