The Weekly Trend
The Weekly Trend
Episode 250: Green Shoots
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In this week's episode, David and Ian discuss the possibility for a Zweig breadth thrust, the important levels on the S&P 500 coming up, the areas of the market that are showing strength, the tariff narrative and market movement, and the need for follow-through on recent price movement.
Welcome back to the Weekly Trend Podcast. Today is Thursday, April 24th, 2025 s and P 500, currently sitting at 54 59. I'm David Darling. I'm here with Ian McMillan on episode two 50. Of the weekly trend. Pretty wild.
ian_1_04-24-2025_121731It is a quarter of weeks talking about squiggly lines.
david_1_04-24-2025_111732Yeah. 250 weeks of price action. Don't know if we thought when we started the podcast that it would carry this much traction, but here we are and. By some metrics, what, you know, looking at over 3.5 million podcasts we're in the top 2%. Never thought that was possible, but you're not in the top 2% of listen two podcasts without listeners. So really it's the listeners. We want to thank for tuning in and taking in our episodes on a almost weekly basis. So thank you for doing these with me, Ian. Of course. You know, we've had Kevin on here several times, does a great job when he is on. Also does a great job behind the scenes, making sure we get these out. Pretty humbling to experience. Nice round number, but we move forward. Anything you wanna start with regarding the price action this week? And I realize we're recording this on a Thursday in order to accommodate. Some of our work schedules for tomorrow, Friday, April 25th, don't have weekly closing price action yet. But where would you like to start on things that you're looking at and seeing?
ian_1_04-24-2025_121731Yeah. S and p 54 80. 54 90, exactly where we were two Thursdays ago. So very little movement over the last two weeks, updates down days. But the intermediate term trend remains unchanged as far as I'm concerned.
david_1_04-24-2025_111732Yeah, no, I think, I think it's fair. You know, I think when we look at the fact that the past nine days has been action inside the price action on April 9th, that big. Nine to 10% upside day percentage wise, the fact that we're still with inside of that and today would be 10 if we close below 54, 91 on futures and 54 56 on s and p.
ian_1_04-24-2025_121731That's crazy and now it makes sense, right? I mean, what were we up that day? Eight, nine, 10% or something like that.
david_1_04-24-2025_111732Right.
ian_1_04-24-2025_121731So yeah, two weeks. Basically 10 trading days, two weeks.
david_1_04-24-2025_111732two weeks within the price range of one day, we've seen the VIX Volatility Index. Cool off
ian_1_04-24-2025_121731And I wouldn't say it's like the tightest consolidation inside these, inside that candle.
david_1_04-24-2025_111732Right.
ian_1_04-24-2025_121731Like if we were, if we had had that candle. And it was tighter, tighter price action. Maybe staying in like the upper half or the upper third of that range.
david_1_04-24-2025_111732Mm-hmm.
ian_1_04-24-2025_121731that beggars can be choosers on how markets bottom if this even is a bottom or the bottom.
david_1_04-24-2025_111732Wait, you don't know that it's bottom
ian_1_04-24-2025_121731There's a lot of strong opinions on there. Hard for me. Hard for me when you're below 200 day, which I guess all bottoms probably happen below 200 day.
david_1_04-24-2025_111732right.
ian_1_04-24-2025_121731So yeah, I don't, there I, you know, building evidence I guess, but
david_1_04-24-2025_111732I
ian_1_04-24-2025_121731yeah.
david_1_04-24-2025_111732there's some things, I mean, there's some places of relative strength out there. We
ian_1_04-24-2025_121731There are,
david_1_04-24-2025_111732that we have a potential of a wig breath thrust today or tomorrow, and,
ian_1_04-24-2025_121731I have read that. I've read that many a times in my feed.
david_1_04-24-2025_111732Yep. And the last time that happened was October, November 23. And it's as a reminder, wig, breath thrust is called that not'cause wig is, I mean, that's a fun word, but it's developed by Martin's wig and it's really looking at market momentum and it's looking at. Breath from the following formula. Basically looking at advancing issues plus declining issues on a 10 day moving average metric. And when that, over a 10 day period, which we can look back to, you know, April 11th, approximately over a 10 day period, that indicator going from below 40 to above 61.5. So really what that breath indicator signifies is going from overwhelming negative breath to overwhelming positive breath, and it does have some strong characteristics. When it does signal, I mean it's going back to 1950, you have six month and one year returns positive 100% of the time averaging 16% and 23%.
ian_1_04-24-2025_121731So a hundred percent of the time, one year later.
david_1_04-24-2025_111732Six months and one year later.
ian_1_04-24-2025_121731Wow.
david_1_04-24-2025_111732So it could, could be something worth paying attention to. And you know, when we, when we look at the data currently for that,
ian_1_04-24-2025_121731But can you get like a, do you have a list of those dates?
david_1_04-24-2025_111732Yes,
ian_1_04-24-2025_121731Is one of them? October, 2008.
david_1_04-24-2025_111732no
ian_1_04-24-2025_121731Okay.
david_1_04-24-2025_111732one of you know the one of'em is March 18th, 2009, and we know the market actually bottomed on March 9th.
ian_1_04-24-2025_121731March 9th. Yeah.
david_1_04-24-2025_111732It's got a pretty strong track record and you have to be open to possibilities. It, it's just, it's also okay to say, wow, that's interesting if we recorded that breath thrust without the close on April 9th. So all this price action not closing above the April 9th. Now again, we're recording this before close on April 24th, a Thursday. We still have tomorrow.
ian_1_04-24-2025_121731So maybe some good accumulation.
david_1_04-24-2025_111732Yeah. Some good accumulation. I know you, you, you mentioned on our pre, pre recording notes that there are some individual charts out there that are showing some, positive.
ian_1_04-24-2025_121731Yeah, there's, I mean, there's some strong stuff. I guess as far as big names, you'd probably have to give it to Netflix right now. Making new all time highs. Again, we didn't get there yesterday, but we are today. Definitely a leader. Never went below a 200 day exposure to Netflix. Not a terrible thing. Trading at, I don't know. Almost$1,100 a share, so probably won't be purchasing that in the ETF, but definitely a, it's a pretty strong, sharp,
david_1_04-24-2025_111732But if you were you, if you were to see a bottom develop this would, a weak breath thrust would be a pretty good first step.
ian_1_04-24-2025_121731it seems to be based on the data.
david_1_04-24-2025_111732Yeah, it, it would be a really good first step to go from overwhelming breath to overwhelming positive breath. With nothing but negative sentiment happening around this. We are above the volume weighted average price of tariff announcements and but definitely not outta the woods yet because overhead, right? We call that overhead resistance. We still have the gap. Down that took place from the tariff announcement, we still have the July 20, 24 level, near 56 40 56 50. still have the polarity in the s and p that sits around 5,700. We have the 200 day moving average, which is currently at 57 54. So this area, and we covered this, you, you, you were in town for our education event for our clients, which was, I really appreciate you making the trip and it
ian_1_04-24-2025_121731Yeah, that was great.
david_1_04-24-2025_111732We do a breakfast and we also do a, a cocktail hour, and we go through markets, we go through our process. It's something we like to provide to our, our clients and be transparent. And in that. There's quite simply a game plan. This 5,600 to 5,800 level on the s and p is a really big level to have to clear. So step one, great, get his WG breath thrust. Then you have to see follow through that we clear through that 5,600 to 5,800 level because you have all those different whether it's the volume weighted average price from the all time highs, which on futures is currently sitting at. 56, 18, you have the area of polarity. You've got a 200 day moving average. So time will tell you have, you've got step one, possibly could record that today or tomorrow. And then you have to clear through 5600, 50, 800. It's really that simple math. And I get it. There can be, you know, our clients are familiar that we're de-risked, right? We're holding high levels of T-bills treasury bills, and cash. If we clear that area back above a 200 day, we will be more than happy to participate.
ian_1_04-24-2025_121731Yep. That is correct.
david_1_04-24-2025_111732yeah, but, but definitely not outta the woods. I mean, we can use oil as an example. Looking at oil futures, we still can't get above 65 bucks, which was an important level going back
ian_1_04-24-2025_121731Yeah. Yeah, that really looks like a pretty clean. Retest from the underside. Again, anything can turn into a failed breakdown, but I mean, that's a clear, very well defined area there at 65 bucks. So likely, likely continued. Prices at the pump.
david_1_04-24-2025_111732right? And trade weight. A dollar, same thing. Below a hundred dollars on
ian_1_04-24-2025_121731Yes.
david_1_04-24-2025_111732When you look at that, that's an area of polarity. If we can't get below, below or above, back above that, and I think we can talk about what we've talked about in the past, which is just. Dollar in stock correlation. I don't know that we get to say that's a hundred percent of the time because Right. The dollar's 10% off its highs and stocks are also down, still down 10, 12%. So, and when I say stocks, I'm saying s and p 500. We have seen strength out of international and that is absolutely true. But we don't get to sit here and say, oh, the dollar's down, that just means everything's gonna be good for stocks. That's just not the case.
ian_1_04-24-2025_121731Correct.
david_1_04-24-2025_111732And that needs to reclaim a hundred on that. You have the relationships like technology XLK versus s and p versus s and p have very clear horizontal levels that they're still below. And if those turn into false breakdowns, that would be further confirmation of this weak breath thrust, right? You get a breath thrust. And if we're
ian_1_04-24-2025_121731Yeah.
david_1_04-24-2025_111732able to reclaim those neck lines, that would be part of step two.
ian_1_04-24-2025_121731Good point.
david_1_04-24-2025_111732Financials also a, sensitive sector trying to put in a false breakdown.
ian_1_04-24-2025_121731JP Morgan trying to get that relative chart to do something
david_1_04-24-2025_111732Right,
ian_1_04-24-2025_121731close to, I mean, really multi-decade relative highs there.
david_1_04-24-2025_111732right.
ian_1_04-24-2025_12173187, that'd be 37 years.
david_1_04-24-2025_11173237 years.
ian_1_04-24-2025_121731because I was born in 87.
david_1_04-24-2025_111732Yeah. After the October crash, right?
ian_1_04-24-2025_121731Yes.
david_1_04-24-2025_111732I think XLF reclaiming$47 is huge. have that so far. Reclaiming its rising 200 day moving average. Important. So if technology versus s and p can reclaim its horizontal level that it broke below. SMH or semiconductors versus s and p does the same thing. Financials confirm with a false, breakdown. We do have the opportunity to surprise to the upside. It's there. The opportunity is there.
ian_1_04-24-2025_121731We do.
david_1_04-24-2025_111732And, and this is the part of the process where you know people when you are in protective mode at this time. People can get a serious sense of fomo or the fear of missing out, but you really have to have in your process and not just chase moves because there's some really big overhead levels coming up here that it's
ian_1_04-24-2025_121731are.
david_1_04-24-2025_111732that it's okay to wait for confirmation. We will happily jump back on the highway and put the cruise control on and be involved in this market if we can be back above a 200 day moving average back above 5,800, back above these really important behavioral levels where si sellers and buyers have in interacted heavily in the past. We have to clear those first. It's great to get as a, a wig breath thrust if we get it. We have to see confirmation of price following through in that regard, and that just takes patience,
ian_1_04-24-2025_121731Yeah, I agree. And if you look at where A DPV in particular. Went to cash March 17th. I mean that is right, right, right, right. On those July 20, 24 highs,
david_1_04-24-2025_111732right?
ian_1_04-24-2025_121731like 56 80, still below that level on the index, it's self 200 day starting to roll over. So we'll see. But that the aircraft carrier is turning.
david_1_04-24-2025_111732Mm-hmm.
ian_1_04-24-2025_121731Not to say we can't rip right through that, but
david_1_04-24-2025_111732It's
ian_1_04-24-2025_121731just saying that the headwinds getting a little stronger.
david_1_04-24-2025_111732Mm-hmm. And, and I would say that, you know, the news of the day, the narrative day is tariff, tariff, tariff, tariffs. I think we'd all agree on that.
ian_1_04-24-2025_121731Yep.
david_1_04-24-2025_111732But I thought you did a good job highlighting for clients that many broad markets were down 8% even before. Tariff announcements were made and then we, then we sold off hard, hard, and we'll, we're still below the tariff announcement level
ian_1_04-24-2025_121731Yeah.
david_1_04-24-2025_111732on something like the s and p 500. So that's important that to keep in context that yes, it's very easy to marry the tariff narrative to the price action, and the pause of tariffs to the price action. Also being open to the fact that markets know more than any of us, if we can't reclaim levels, we just talked about the volume weighted average price from the high all time high, the 200 day moving average, the gap from the the tariff announcement maybe just, maybe there's something else, there's another narrative that we don't know yet. If we were to roll back over. Now we
ian_1_04-24-2025_121731agree.
david_1_04-24-2025_111732We could be here six months from now, point back to episode two 50 and say, Hey, remember when we were talking, there was step one, getting that zig breath thrust, and then step two, getting above this 5,600 to 5,800 area and we will happily participate, participate again. And that's, that's called being adaptive. And you brought up a DPV, and I should highlight that supporter of this podcast, the Adaptive Select ETF, listed on the New York Stock Exchange under ticker A DPV, which helps investors access to the most prevalent factors in markets, momentum and relative strength using proprietary identification methods. The adaptive Select ETF attempts to own the strongest 25 large cap stocks when the market is in an uptrend. And since not all market environments are the same. Adaptive Select seeks to prevent extended declines by moving to short-term treasury bills cash during long-term market. Downtrends investors can find out more including how to invest in A DPV by visiting a d PV etf.com or calling 1-833-880-FIVE 200. Investing involves risk, including possible loss of principle AD distributed by Quasar Distributors LLC. So we have, we have this setup here. We've got a potential wig, breath thrust. I feel like I've said that 20 times now. We have the potential of these false, of these breakdowns becoming false breakdowns and I, a couple other environmental market, environmental things that are noteworthy, at least in my opinion. That would be in the bullish camp would be just the momentum factor holding up. Well, whether you're looking at something like SPMO versus s and p, which is s and p momentum mid cap momentum versus mid caps or small cap momentum versus small caps. Those have held up really well. Those relative relationships are on the verge of going out at new highs.
ian_1_04-24-2025_121731Yeah.
david_1_04-24-2025_111732And then on the flip side. What's interesting, and I'm cherry-picking a little bit here, but I think our listeners know and people who follow our work know that it's not the earnings themselves that matter, it's the price reaction to earnings.
ian_1_04-24-2025_121731Mm-hmm.
david_1_04-24-2025_111732And today's a 75% update at this point, at about, you know, 1130 central time on Thursday the 24th. So you have a green tape. So lots of stocks, green. Those that reported earnings either last night or today. Things like IBM, Pfizer, Proctor and Gamble, Pepsi Union Pacific, are all getting sold pretty hard in this green tape. So that, yeah, that, that is something that kind of makes one sit up and take notice. Wait, we, we've got this breath expansion, but we're selling. Earnings on
ian_1_04-24-2025_121731Four year lettuce for Pepsi.
david_1_04-24-2025_111732So I don't know. I mean, time, time will tell.
ian_1_04-24-2025_121731What do you what are you thinking about Bitcoin?
david_1_04-24-2025_111732I think, I think you said it well, this week, that you have to, you have to give credit to, to Bitcoin's relative strength here.
ian_1_04-24-2025_121731I saw a good explanation, and again, I have no idea. I've never thought about it this way. Maybe people with way bigger brains than me, but I do kind of agree with it. I saw this on Twitter that like Bitcoin. Finds itself between like gold and the NASDAQ 100,
david_1_04-24-2025_111732Yeah, I think that's.
ian_1_04-24-2025_121731like as far as volatility. You know, there, I think there's always been this debate on whether it's like the new age gold, the digital gold, whatever. Cool sticker you wanna slap on it, but. Really impressed that it held, obviously it didn't remain in an uptrend like gold. And maybe this is more of a, a shorter term narrative because in the past we've definitely seen Bitcoin get hit when stocks get hit.
david_1_04-24-2025_111732Right.
ian_1_04-24-2025_121731Now was gold ripping in those instances? No. Like a 20, 22. Gold was down with stocks. Gold got hit in Covid. So definitely recently those haven't, those two periods haven't seen a rush to gold. Gold clearly, and a strong up trained. Over the last year, really impressive move from gold. But yeah, I thought that was an equal or an interesting view on bitcoin.
david_1_04-24-2025_111732I think that's a great take. I mean, I think, you know. Understanding the nuance that it has some risk on risk off characteristics to it. Some beta some like to think of it as a store of value, like gold, you know, it's digital gold. And speaking of gold, it's had quite the run. I mean, to the point we, we haven't seen price. Gold price this far from a 200 day moving average to the upside in quite some time. And when we get to this type of level, you know, we're about 20% away from a 200 day moving average. Typically, you see a pause in here, you know, whether we're talking about 2006, 2008. Even more recently, 2020, you typically get into these, you're, you're now in the, in the top quintile of distribution data on distance away from a 200 day, I guess the way to say it would be, don't know if this is really a great spot to take on a new position. Gold.
ian_1_04-24-2025_121731No, definitely not. You know, of course I can say visually and visually it looks stretched, but I could find a thousand examples throughout history where things like this keep going. Yeah. But from a risk reward standpoint, I get it on a relative basis maybe. Absolute basis. Really tough. Very stretched when you look at some of that data out there.
david_1_04-24-2025_111732So we talked crypto, some oil talked gold. What are we seeing? How about international equities, right? Because they, they,
ian_1_04-24-2025_121731Still look good.
david_1_04-24-2025_111732the year.
ian_1_04-24-2025_121731Spain, Greece, Poland and these, and when I say these, I'm referencing the ETFs, the US based ETFs that track those countries. But even if you're looking at, there's, I mean, they're domestic. It like the Dax had a great recovery. You wanna talk about Vbo? We didn't, not this, the Dax looks like a potential vbo.
david_1_04-24-2025_111732Right.
ian_1_04-24-2025_121731Now there's a neckline up here around 22,000, 22,300 that maybe has to go get touched or something, but. That was the quick, I mean the quickest recover, right? And you could look at European, like European financials back to all time highs,
david_1_04-24-2025_111732Yeah.
ian_1_04-24-2025_121731massive vbo. Are we creating a range? Is this like, are we just cruising through this? I have no idea. But they were the relative winners going into. This correction and they look to be emerging as the relative winners as well.
david_1_04-24-2025_111732Right. And that would still be something if all this tariff narrative. And here you see international do well.
ian_1_04-24-2025_121731Wouldn't that be something?
david_1_04-24-2025_111732Yeah. Wouldn't, wouldn't ne necessarily fit the narrative, would it?
ian_1_04-24-2025_121731But yeah, lots and lots. I mean, when we go through, the workbooks. Now you've got, obviously Argentina's still very strong. Pretty much every, even Brazil has found its way back above a relative 200 day. Mexico looks good. Chile looks good. A lot of European s small, I mean, and there's some decent our clients be familiar with the. The loaf of bread analogy and some pretty good ways to slice and dice foreign equities out there. And gotta be honest, they all look pretty solid on a relative basis. Italy,
david_1_04-24-2025_111732Right.
ian_1_04-24-2025_121731I mean, Italy's out to like five year relative highs, so.
david_1_04-24-2025_111732And that's the stuff you want to pay attention to when you have, you know, market weakness. What are the things that are holding up well and could you see an environment where clients have a larger exposure to international equities Here? they have in the past nine years. Absolutely. And
ian_1_04-24-2025_121731Yeah.
david_1_04-24-2025_111732confirmation. You know, you, you brought up European financials. They, they really need to hold this breakout to all time highs and so
ian_1_04-24-2025_121731Agree.
david_1_04-24-2025_111732so good. And I think the other thing, the, the market as a whole going forward is when you look at like XLG versus the s and p, so the top. 50 stocks in the s and p still holding up. Okay. Trying to build a range on top of the relative to highs from 2008. But if that fails, it's gonna be really hard if the top 50 stocks aren't, aren't performing well. Like
ian_1_04-24-2025_121731Yep.
david_1_04-24-2025_111732if
ian_1_04-24-2025_121731Just math, right?
david_1_04-24-2025_111732yeah. It's just gonna be really hard. cause it
ian_1_04-24-2025_121731What do you think? Like an apple? I mean, let's take a look at an apple. You're gonna need Apple to participate in this. I'm not, again, like we like to say, it doesn't have to lead. I. It's definitely gonna help if it leads. It's still the largest waiting. Yeah, I don't like, I look at that chart and if you wanted my, I think, right, and I think most technicians, if you've done this for an extended period of time, probably giving an opinion on something within, I don't know, 10 seconds. And when I look at Apple. And you, and you made me buy 10 things today. It wouldn't be on the list.
david_1_04-24-2025_111732Right. Still a lot of work to do and work to do, and you look at like mags,
ian_1_04-24-2025_121731Yes.
david_1_04-24-2025_111732you
ian_1_04-24-2025_121731I was looking at Max this morning.
david_1_04-24-2025_111732the Magnificent seven, definitely not out of the woods.
ian_1_04-24-2025_121731No, I.
david_1_04-24-2025_111732if we're gonna see the magnificent seven, not, not really participate and not carry a bucket, and XLG versus s and p breaks down. You're gonna see a really muted response from a cap weighted index, like the s and p 500, and you could see things like value and financials and international'cause. All right, it, it comes up to composition of these indices.
ian_1_04-24-2025_121731Mm-hmm.
david_1_04-24-2025_111732and P's. You know, 30 some percent growth technology. Internationally it's more 30% financials value.
ian_1_04-24-2025_121731And yeah, if you think tech's gonna underperform for the next, you know, few months to few years, then yeah, you're probably hopping out of the s and p.
david_1_04-24-2025_111732You, you're, you're definitely tilting more towards international and that might be hard for some people to, you know, hop on that train because, I mean, basically since 2008. Internationals underperformed US growth. That's just been a fact and that doesn't have to be the case for the next 10 years. What about bonds?
ian_1_04-24-2025_121731Bonds always a big question, always a big topic. Bonds. So look at, let's look at long term most price, most sensitive to interest rates holding their own. I mean, we're at the low end here,
david_1_04-24-2025_111732right.
ian_1_04-24-2025_121731Which means rates are at the high end of where they've been over the last. 18 months. So yeah, like a 30 year treasury basically sitting up. We're four spot seven, eight now. But at the higher end of this range, so we'll see. Definitely not a downtrend one could make an argument for an uptrend. But sideways. Eventually we'll get a direction. It'll probably be pretty swift, but I have no idea which direction that is. I guess higher continuation of the current trend,
david_1_04-24-2025_111732Right.
ian_1_04-24-2025_121731but we'll see.
david_1_04-24-2025_111732We will. Patience is the key here. Not chasing. It's very obvious that, you know, long duration bonds, treasuries, even the broader bond complex aren't a buoy to the 60 40 portfolio. I mean, even just looking at the price action of something like TLT, still lower from where tariff announcements were made. You know, you're not, you're not seeing it buoy stocks, you know, they moved in this in the same direction, and let's not forget that. I mean, TLT is still 48% drawdown from August of 2020.
ian_1_04-24-2025_121731Mm-hmm. Yeah.
david_1_04-24-2025_111732So not, not really representing that, that risk parity trade, that offsetting portion of the portfolio. Our clients are aware that we don't hold a lot of long duration treasuries, because of that, because of that trend. And so you're right, like really treasuries, long-term, long duration treasuries are guilty until proven innocent. And it's fair to say us market wise, those stocks are, are guilty until proven as innocent as well. You know, until we clear
ian_1_04-24-2025_121731Yeah.
david_1_04-24-2025_111732to 5,800, that's really where if you're following a, a following at home, the chart you should be looking at. And it's awesome that we have a zzi breath thrust on our hands. That is step one. Step two would have to be clearing this 5,600 to 5,800. And then looking for areas that are holding up relatively well, you know, financials, communication services, some of these international areas that you highlighted. Those are the things we want to be paying attention to for sure.
ian_1_04-24-2025_121731Agree, agreed.
david_1_04-24-2025_111732And you know, I think with the. The breath thrust confirmation. If we get it. I think we have some caveats if price is still within the April 9th price level, and I think David settle a charter market technician that we highly respect. We, last time we recorded one in October and November 23. We were above important moving averages and the s and p is still below. 30 day moving average below a point of control on a one year volume profile. And so it, some of these things sometimes have to be taken with a grain of salt, it would be a really good step one if we recorded a breath thrust and then cleared some of these important areas. So we're definitely not outta the woods, but maybe there's some, can I say green shoots? Is that an over your used
ian_1_04-24-2025_121731Oh my gosh. I was about to, I think that's what they say, right? Green shoots.
david_1_04-24-2025_111732Yeah.
ian_1_04-24-2025_121731But yeah, we gotta have the horizontal price confirmation, horizontal level price confirmation. That's the only way, I mean, that's just really the, that's the final piece of all this. You got, you actually gotta move higher.
david_1_04-24-2025_111732all, all technical analysis is, is the study of supply and demand. And the DY dynamics thereof using charts, and it's very obvious when looking at price charts that sellers control of this market below 50, 50, 800, 5600. It would make sense to prove there's enough buying capacity, enough demand chew through those sellers and move higher. That's really what we, what we're waiting for is of that area, which includes the tariff cap. The all time high volume weighted average price, the 200 day moving average, the polarity of 57 50. we can clear that now, it turns into a market that's innocent until proven guilty,
ian_1_04-24-2025_121731Yes.
david_1_04-24-2025_111732We have to wait. Anything else, Ian, that we should cover for our listeners before we shut this one down?
ian_1_04-24-2025_121731I don't have anything.
david_1_04-24-2025_111732Okay. Well, I appreciate you doing this. You know, for the past 250 episodes and thank special, thank you to Kevin too for all his work helping get these out the door. there's a fair amount of work that goes into these and we know our listeners appreciate it based on, on where we rank. But we hope that you guys that are listening, continue to share this with others, continues to give us high rankings on your platform of choice. That means a lot to us. with that, we'll wait for the market to confirm. Whether we can get above 56 to 5,800, whether that's in the next few weeks or next few months, we don't know, we appreciate you guys listening.
ian_1_04-24-2025_121731Have a great weekend everyone.