 Hello and welcome to the CMC Marcus chart of the week video with myself David Madden Market analysts here at CMC Marcus and today's date is Thursday the 5th of April 2018 And the time has just gone midday here in London. That's 12 p.m. British summer time BST This week's chart of the week is going to be the Nasdaq 100 I'm taking a look at the price action over the past few months We can see that the Nasdaq had a terrific end to 2017 and quite a good start to 2018 But like the global likely many global indices the nasdaq did have a quite a sizable sell-off That that began in January of this year at the market continued to push on higher I would say for instance the nasdaq from other indices particular US indices was at the move higher and in February and in March I actually took out the Japanese January high and we're not to create fresh 2018 highs Which we can see here, but given the uncertainty surrounding the potential trade war between the United States And China and also President Trump's attacking of several US take-off companies such as Amazon. We did see a particularly large sell-off In the nasdaq 100 as you can see here. That's like what 100 was driving lower here And it ran into the two-day moving average at this price here and it's managed to bounce higher Now taking a look at the MACD indicator the MACD histogram as the market was driving lower here We can see a distinct increase in negative momentum all the way down But now that that market is actually pushing higher we can actually see a decline in negative momentum So the selling pressure is in decline this which confirms the upward move that we've been seeing in the past few sessions Now I think we're actually we could be looking at a quite a significant level here And the level referred to is 6,643 the market traded up to that level today, but didn't actually quite get beyond it if we can see here that in In in both the early part of March and also the late part of March it acted as both support and resistance So this this could potentially be an area of Fort significance if you've managed to break north of 6,643 The next area to keep an eye on for this will be this line here the 50 moving average Which comes to play at six thousand seven hundred and seventy eight notice how last month It acted as both support and resistance So if a certain indicator in this case the 50 moving average has his history recent history of acting as support and our resistance His chances are traders are going to be keeping a line off keeping a line off for it again And it could act as a resistant and or support in the near term We should be take out that level the next area to keep an eye off for would be the late March high of 6,931 and if you go beyond that you know then have corrected Then have clawed back most of the ground last between the middle of March and the beginning of April if you go north of that The chances are it would be quite likely that we could be looking at retesting 7,200 but if you don't cash you managed to clear this level of 6,643 and the market does manage to turn over on itself and it transpires at the recent move in the last few days has Only been a relief rally. We may find some support in around the 6,400 area and if you go south of that the key level to watch out for will be the tourney moving average Which comes to the plate just south of six thousand three hundred notice how it didn't manage to act as support Only a few days ago, and that is a level that turns it gonna be keep on there for that only is the tourney moving average Often seen as a good barometer for the market strength or weakness But also it's significant in this case because it acts previously as support only few days ago and a break below that Could then bring the February low of six thousand one hundred and sixty-three at the play I should be go south of that without obviously creating, you know new lows yet again for for 2018 We could with for for 2018 and we could be looking at heading back down towards six thousand one hundred well That's all for me this week. Thank you very much