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hey everyone bob kendall here just want to thank you all for watching my videos if you do want to support the channel go to www.kindlereport.com wavetech sign up for our software you get market grid on 165 individual stocks and indices you also will get 16 500 buy and sell signals on our entire database i thank you so much for supporting the channel those of you who already signed up thank you so much welcome everyone to the kindle report where i share my 41 years of experience to help you manage your portfolios and protect your wealth remember to subscribe like and share these videos well folks as we come into tuesday it is official janet yellen is now the secretary of the treasury the fairy godmother as i've coined her is all ready to spend the money it's interesting to me that she gets confirmed two days before the fed makes an announcement so we'll have to see just how this team is going to work together if you recall and you've watched this channel for a while you'll know that i've talked about the two-pronged approach to the crisis going back to march and april of last year i talked about you have to have the monetary side or the creation of money and the fiscal side working together or the spending of money and we had a lot of resistance against some of that as we went forward much of it happened but now the gates are open and we're all ready for mmt or modern monetary theory i still believe this is going to be the primary factor that's going to drive us forward and that they're going to print as much money as they need to print to make things happen that doesn't mean by the way that there's a straight line up because of that there will be a line up but not necessarily straight i've talked a lot about our database starting to get mature on a short term basis but on intermediate term basis there's a long way to go i won't be able to cover the database tonight because of i'm doing this video a little earlier than normal the database has not completely updated as of the moment so i will not be talking a lot about the rotation but it is getting long in the tooth which suggests that we're likely to see some churning up at these levels now if we look at yesterday's action we saw the s p and the nasdaq continue to move higher led by apple apple has earnings coming out on wednesday we know that's going to be a big event everybody's watching have the analysts overprice this thing or are the expectations just too high well we'll find out on wednesday almost but there's a lot to follow this week as i mentioned in last night's video that we're still seeing the earnings coming out there's going to be a plethora of those coming out and a lot of big companies reporting this week this is a huge week from earnings but we also have gdp we have claims and the continuing claims coming out on thursday there's just plenty to look at not to mention that the fed is going to have their meeting and a conference call on wednesday so i'm really looking forward to seeing how this thing is positioned and i have a question for you do you still think the fed is independent i'm not sure the fed has ever really been independent but it's most likely now that they're going to be the team that i've been talking about for nearly a year as we've been going through this crisis there's going to be some really interesting things coming out of the markets over the next several weeks let's dig into the charts and see how tuesday is setting up well folks i didn't think i was going to get a chance to cover the database and it finished by the time i got done editing the front end of the video a major surprise here and we had nearly 1900 sell signals only 300 buy signals so this is a huge surprise i really wish i could have seen this before i started the video i'm trying to get everything done on a very timely basis and regardless of that we are seeing a substantial move with the database dropping all the way down to 63.79 now number that i haven't talked about for a couple weeks is a 62 bullish level if we drop below that that's going to suggest further liquidation i think this is very interesting this is one of the key elements that i was talking about now as i mentioned in the opening comments we're really not seeing on an intermediate basis any selling but it is getting somewhat long in the tooth i discussed that in last night's video this is a big surprise and somewhat of a shock to the short-term database in spite of the s p being up slightly yesterday and the nasdaq being up we saw this kind of selling and this is usually a big warning sign as i also mentioned in the opening comments as i expected to see us grind up here this could develop into something bigger if we take out this 62 percent level we're coming into the anniversary of the decline last year as i mentioned this week last year we're starting to see selling on the intermediate database we did not see any real selling coming into the intermediate database but we did see some additional buying and we pushed up into the 81 level which i mentioned in last night's video is somewhat alarming from a bullish percent basis so we'll have to see how this thing unfolds over the next couple of days and alert that we are seeing some liquidation here which is material as i begin with the s p futures we are seeing the market down about a quarter of a percent down a little bit over 10 handles at 38.38 and this is not anything really to be concerned with yet but we are seeing the ppms continue to falter here staying below their first and second derivative on ppm1 ppm 2 is still above them but turning down which is a suggestion that we're going to see a move down to print toward the 10 period moving average as we look at the grid we'll see that the 10 period moving average right now is at 38.15 we're still about 20 to 24 handles off of this level which suggests we could test this as early as tomorrow depending on what type of configuration we get now with the fed and all the earnings reports that i talked about in the opening comments coming out we could see this thing just waffle here but any sideways movement is going to set up for more risk so maybe the configuration will start to set up or we'll take out the 10 period moving average at 38.15 and the possibilities of printing down into the 21 period moving average at 37.77 taking a look at the spx yesterday as i mentioned we did see a nice reversal on that chart we traded down to 37.97 the high was 38.59 and we saw a pretty substantial reversal but the ppms really didn't react much now ppm one is at a point zero eight ppm two at point two one so we're right at trend level but it's not very robust which suggests that the 3817 or the 10 period moving average is in play as we look at the market grid for tomorrow you'll see that the possibilities are now for an s2 38 38 and an r1 so look for r1 s2 if we take out the 3838 level then we'll definitely will see a move down toward 3829 to 3821 and this would just be more or less a retracement of what happened in yesterday's volatility range that we saw now if the market is able to close higher today then that would be significant suggesting that there would be some follow-through but there's a lot of questions that are coming into the market at this time the next market i'll cover is the nasdaq futures they are down 42 handles right now at 0.3 or down 0.232 percent we're seeing the ppm 1 turn up so this is somewhat of a positive this continues to suggest that we're likely to see the market remain above the 10 period moving average 13 151 that is going to be the key number and i've talked about this average for nearly the last two and a half weeks as being the primary demand line and this is still the case at a 0.41 that value at 13151 has only a 20 percent probability to be penetrated i don't expect that we'll even get anywhere close to that but today's action will be significant as i mentioned in covering the database i'm i'm interested to see if there's follow through on the selling from the database and to see if we take out that 62 percent level if it does this could indicate that we'd see more see more of the rotation primarily in the nasdaq just because of the nature that there's a lot of small cap stocks that lie in this nasdaq index going to the weekly chart on the nasdaq futures as i mentioned in last night's video r1 is at 13494 yesterday's high was 13 554 and we closed at 13 434 so we closed right around r1 there's still potential for an r2 print at 13643 but most likely we'll start the head at least down toward the s2 number yesterday's low was 13189 s1 13 thousand two twenty eight so we were able to print down to an s one r one so far but look for this to expand on the downside slightly down toward the thirteen thousand o seventy nine i think there will likely be some prediction taken before we see the release of earnings after the close on wednesday for apple the next market i'm going to cover is bitcoin and the reason why i'm bringing up bitcoin is one of the very first statements that janet yellen made was that bitcoin needs to be regulated it needs to be made legitimized and immediately we saw a sell-off in bitcoin yesterday now the configuration i've talked a lot about this is a dragon head which usually resumes itself to the upside so we have at least two or three more days of consolidation i should be able to cover this on the live stream on wednesday and hopefully we'll have some resolution of this pattern that's unfolding but this is a substantial pattern and when we look at the weekly chart on bitcoin where we're seeing this giant formation set up which most likely is going to be giant dragon formation this is something from the market grid and this suggests that we're going to be locked in this very large very volatile range and you're going to want to look toward that 29 700 level as a support level and on the upside somewhere around 37 664 could print up as 40 000 but i think you're going to see somewhere between an s2 r1 as far as the prints go that's going to be your trading range to watch for the final market that i'll cover tonight is gold i'm continuing to watch the formation in the weekly gold charts and we are seeing a slight bid overnight 1858 the other thing that janet yellen said yesterday that there was no plan to cause the dollar to decline which concerns me the fact that she even felt that she needed to mention that so that's going to be an interesting thing to watch to see if the dollar actually does decline we're seeing some weakness overnight in the futures i'm not going to cover the dollar but there is some things going on there the bid that we're seeing in gold is relative to that very brief weakness in the dollar so i continue to expect to see gold move up towards some of the ranges i've talked about in yesterday's video around the 1898 level with the possibility of getting up to 1921 i still see the 1836 level as a substantial support level so expect to see that range set up possibly if we can't get much below the 1850 level that we could see a bounce back toward that 1885 1898 level will be the resistance level with the extreme upside right now of 1921. this will complete the video thanks for watching we'll talk to you tomorrow night