tackle today Matt and Mark justice justice brothers from tackle trading bring you all the charts the news the analysis so you can be informed in a concise manner each and every day uh 50 basis point cuts on the table we'll talk about that in a second uh rally is continuing a strong rally over the last few days interday price action has been very strong for the Bulls for three consecutive days Matt we're seeing a little bit outperformance as we get more odds of a 50 basis point Cuts in some uh interest rate sensitive areas of the market not a surprise small caps outperforming uh but break down the charts on the major indices for indices for I I think when you're looking at the indexes here this week it it's really as simple as support health I I mean that's really as simple as I can put a 540 we were anchoring against as a support level not on the daily chart but on the weekly chart that 20 period uh weekly moving average was a very very important support level and and you know that because the last time it reached it you had a very quick Journey down and the previous time you tested it you had a clean bounce and another leg in the market and so we were anchoring on that 540 support level and I just think when you're looking at the market this week yeah there's a lot of PPI report CPI reports Central Bank conversation are we going to get 0.25 are we going to get 0.50 but at the end of the day I really do believe that it was simply because support held momentum shifted and then the AL go once momentum shifts has has a tendency to push it back up into resistance and so I do think we're just talking about a a market that held support this week uh coming off that bullish retracement now when you're talking about what happens next now you're kind of app up against a majorly important uh area of resistance you're absolutely going to want to see a little bit of pattern development at that point and when you're looking at your indicators you got MCD hooking and crossing here today RSI is kind of hovering right around that 50 barrier those are both really good looks from an indicator perspective going into this potential breakout and so you are not overextended and what occurs here when you do have that retracement coming into that multiple time frame breakout it resets those indicators so you're not over extended going into it and I'm going to spend quite a bit of time talking specifically what we need to see next what what we're doing from a bias perspective in the tackle trading newsletter for our Pro members here today so if you're not a pro member and you want to get that detailed technical read against the market indexes the sectors understanding entirely what's happening in the market check out that uh amazing Taco trading newsletter we put out to our Pro member Community every single Friday yeah listen uh we're going to break it all down will you show me small caps real quick because this is one of the interesting things as we head into the economic uh really strong price action if I have an interest rate sensitive area of the market on my watch list right now it's overperforming today I just wanted to comment on this as we head into the economic news because it's what we're seeing in the price action it's not just a broad Mark it's just not a S&P right now it is a uh lots of areas of the market because uh there was a little bit of economic data out today that nobody will remember uh well they already forgot it in the University of Michigan University of Michigan does a lot of consumer surveys that the market uses uh consumer sentiment small beat today inflation expectations uh down from last month those are both positive data points uh from a bullish economy perspective but the real news today is the huge jump that we are seeing in 50 basis point cut next week now the FED meets next Wednesday pal press after fomc statement is going to have a lot of in probably the most interesting release of a statement uh because most of the time on the FED you're you're waiting for pal you're waiting for pal genuine anticipation uh building on whether we get a 50 base point or a 25 basis point next Wednesday a lot of this is being fueled not a lot of it it's entirely being fueled uh by comments out of William Dudley and more importantly fed whisper nick timos uh saying that hey 50 basis points still on the table Matt why would he say that put that out there unless it was literally on the table I think the market is uh reacting the same listen I I could care less what former fed chairman uh former fed Reserve President William Dudley has to say he's Dove do Dove do Dove Dove Dove uh but Nick timos is the Wall Street Whisperer he's the he's the FED Whisperer he's the uh he's he's the pal Whisperer out there and and and you definitely have to take what he has to say seriously um I'm a little surprised quite frankly after the last couple weeks of uh economic data from uh the labor market as well as the inflationary prints here uh this week with the slight concern on the coar side of the inflationary uh situation now it's just one data point and that one data point was a slight bump up it wasn't too concerning but one data point certainly can lead into two can lead into three and so on and so forth so with the with the strength of the economy with with where the GDP is right now with where the labor market is right now in comparison to a a slight concern and I do mean that just a slight concern on the inflationary side I I I would think 0.25 is is the conversation um are they are are is the central bank and maybe Nick ose dangling a 0.50 out there of course they are but at the end of the day I I still believe a 0.25 is Justified here yeah no it is genuine anticipation we're going to write a lot about we're going to discuss this tackle trading newsletter released later today Matt what stocks do you got for us in the news yeah I just got a couple stocks here couple in the earning side of the equation and then obviously Boeing has been in the news for uh for what's happening on the SpaceX side of the equation with a couple astronauts stuck in space and Elon Musk and SpaceX happened to go up and save the day a little bit but they had some unfortunate news outside of that as well let's get into Adobe very quickly Adobe came out with a slight beat against EPS slight beat on the revenue side of the equation but they did have a slight bump down in in in guidance it was it was not a big drop in guidance but it was enough to uh to Spook the investors a little bit we had some self- first uh behavior in ad do on the flip side of the equation in earnings today had restoration which came out with a good uh good beat against DS slight beat on the revenue side they did also have a little bit concerning on the guidance side of the equation however the CEO came out in an interview and said well we expect uh not expect we absolutely are seeing acceleration of growth coming into Q3 and we fully expect that continuation of growth going into 2025 m my question is why was that not in the guidance then if you are seeing that it should be built into your forward projection so a little bit of hey you know let's cheerlead this on a little bit in our age here today but again a gap up and uh breaking out of some resistance as our age and then obviously we talked about Boeing but Boeing also had Factory workers go on strike here today and that's going to impact production out of Boeing and so when it when it rains it pores then it's certainly doing that on Boeing here when you're looking at these companies from a technical perspective you had a little bit of a gap down in Adobe as it is fighting that 525 support level this is a tough situation to be in from a technical perspective and you would certainly need to see quite a bit of development on the RH side of the equation you are breaking out of some overhead resistance at 300 you broke through all retail stocks Matt have just shown something changed after something changed recently it it it's not recently it's Academy Sports that is what changed we the the week before Academy well the the the few weeks before Academy retail was very mixed on their earnings analysis Academy came out had a guidance uh guidance issue that I was not too keen on and yet it held really really well against what I thought should occur and now you're seeing Academy Sports go all the way back up into its overhead resistance so I which I would love a little bit of a breakout situation on Academy Sports but it was Academy Sports that released uh earlier this week where it was like something's changing here so the the way the market is treating these retail stocks on an earning situation is changing and you saw that with RH here today not a great report coming out of Rh but a little bit of the future type of talk was good enough to send this company up 23% that's uh that's something happening happening underneath the surface and now you're talking about a mid-tier opportunity in a reversal you still have overhead around 355 on our age I guarantee there is no way I don't care the bar set up I am not shorting a retail company no not after not after this week's earnings earnings reports that probably should not have gotten the bid that they did uh but Matt you you learn to trust the market you're like all right might not make sense to me it's true it's true you might not understand it but you trust the technical read and then on Boeing they just got a lot of problems here it's a little bit surprising they're not actually down a little bit more fighting a really really really important support break they broke last week but they haven't found anything to pick back up it's going to be interesting to see what does occur here on bowling over the next few days there uh Chucky yeah absolutely absolutely listen gold is continuing its breakout that's maybe one of the stories of the market uh just the last couple days amongst a lot of other interesting price action uh but here breakout we held didn't give an inch yesterday on the breakout like not an inch uh we're seeing that continuation today yeah you're absolutely right and we talked about this in the Traders Lounge yesterday in in in detail talking about the covered call side of the equation with all of our community what to do on the management side of those covered calls if you were looking at anything in the gold market uh gold itself not great on the covered calls side it is it is good but it's not great but GDX and the miners are and and when you get that type of move to the top side you're and and you're doing a lot of covered call type situations you're going to have some management conversations to have and we had some very detailed management conversations when when when those strike prices got in the money and it's that type of support you get at tackle trading so if you're on the fence and you're thinking about becoming a pro member every single day we talk to our community about what they're doing we help them out in navigating the financial world as well and when you're talking about these opportunities in gold right now we broke down the breakout in Gold you know in terms of exactly how to treat that now we're talking about two days up on that gold analysis it's it's fantastic but two days after a breakout you start thinking you maybe it already left the station for you personally on anything on the short-term side of the equation but longterm still looks really really really really good but one quick point on GDX that I want to talk about very quickly here is that 40 handle 40 is extremely important for GDX it's one of the most important resistance uh areas in the market and that's right where the price action is right now on GDX any degree of development here would go a tremendously long way I'd keep an eye on GDX on any breakout above that $40 handle uh when you're looking at Silver here and and the other commodity space bases very quickly you break you broke through on Silver against that uh against the neckline now you're coming up into that secondary trend line that looks absolutely gorgeous I love that 28 handle as a support level we talked about that all week long in the Traders Lounge now we're seeing a little bit of liftoff that's a good look on the on the silver side of the equation and copper slowly but certainly is starting to develop as well now you're right back up at that 50 period moving average which was the zone that blasted it last time you're fighting through some moving averages uh moving averages right now could be a tough test could be a tough situation to break out of but good development here not momentum development but good development here would go a long way in my opinion yeah listen uh we're going to release the tackle trading newsletter later today it is a fantastic read full of information you can get it free go sign up for 15-day free trial check check it out uh we' do great work with it and come be part of this amazing Community have a great weekend everyone