 Hi, good morning and welcome to today's products and focus and yesterday the markets kind of had a very interesting start Where we had that kind of initial rally falling on from that kind of positive momentum that we had on Monday Only for it to start to tick down later on in the session. Now most eyes were of course on gold prices Yesterday and of course crude prices of gold has been coming off quite a lot Having reached some quite impressive figures at the end of last week as US rates are quite distant And the markets were a little bit more volatile. It really really come off quite hard as the risk gone came back on equity markets wore back into life But it's also all about crude oil prices yesterday and the fact that there has now been a freeze in production agree between Saudi Russia and some of the other old pit members now the reality is Productions almost at an all-time ever high so that that freeze of production means almost nothing Secondly the Iranians weren't involved and they're going to be bringing other five six hundred thousand barrels to the table So what you've seen now is that crude oil has begun its slump right that down again because nothing has really changed So there are three other major considerations for a lot of traders out there in regards to the US stock market to consider Well, we also got the FOMC statement coming out soon But let's talk about three major pieces of information that said there one is an association of American fund managers have come out and basically said that the the fund managers have got their lowest allocation of stock than what they've had since 2012 which means a lot of these guys are sitting on cash. They're not rotating it all into equities So that's kind of adding a little bit to the bearish sentiment as well Which is the second the second factor for us to consider. There's been a lot of bearish sentiment up until now The question is are we going to get this big kind of turnaround? So one Fund managers have had the lowest allocation of stocks in 2012 to you've obviously had quite bearish sentiment in the markets For a long period of time But the question is is that going to turn around at some point soon and three when we have a chance to have a look at the US 30 have we reached a technical bottom because when we look at the support There's maybe kind of a double bottom that has presented itself So when we have a look at that in a second that will give you a bit of an idea Well, you can make up your own minds at home if you think that's the case or not But certainly we've had two really strong sell-offs followed by a big bounce We've had our most recent bans just now and undoubtedly there is this kind of support level Potential support level that is visible. So that kind of gives you the kind of common themes right now people are still looking at gold people are still looking at crude and A lot of traders are asking is this the bottom of the market in the short term anyway after all the sell-offs that we've had And also China's kind of coming back to life a little bit The Chinese government have just kind of doubled the number of large infrastructure projects in the country In order to try and get things kind of tickling on there more nicely So that's the that's the fundamentals. Let's have a look at some of those technical factors as well So as ever let's start off with US 30 There is that double bottom right here that we potentially talked about and you've obviously got that longer term potential support right here as well We're at about 15,000 314 but this looks like quite interesting point Looking at the candles and more of a short-term position. We are above that 21 period SMA We do have the three tips of these candles right here showing that there is selling interest above here We really want to start getting to 16,460 to get any proper momentum behind us Though some percent seems to marks clients are currently short. They obviously think that this could sell off that little bit more jumping then on to the UK 100 three advancing soldiers here really strong candles was great recovering commodity prices to an extent obviously could all came off a little bit yesterday Helping to spur that on kind of a dodgy formation there in the short term We are turning above the 21 period SMA potential cap of the 55. The other technicals are relatively neutral 65% of CMC Marcus clients are currently short. We still end a potential downtrend looking at Japan 225 I really love it when when products really conform to technical analysis nicely and you can see that Japan 225 Hit potential resistance at 16384 then retreated down very very strong graveyard doge information right here I guess you could say it's a shooting star, but We have followed through with a negative candle so far again today 53% of CMC Marcus clients are currently long. The other technicals are relatively neutral And we look where we are kind of longer term That gives you a bit of a flavor So it does look to be 16384 is a significant level that we should all be aware of there on Japan 25 Now dollar yen a reversal yesterday and move lower at the moment We're in between two two ranges 116 is potential resistance 111 spot 61 is potential support If we have a look at this kind of longer term It doesn't look that great when the sideways moving market is broken lower To be honest It's kind of hard to look to trade something like dollar yen right now when we're quite firm in the middle of two ranges So I think we just see what happens 57% of CMC Marcus clients are currently long Showing you that little bit of indecision So moving on to crude oil West Texas and look at this candle Failing to break and stay above that potential negative trend line Quite a bearish candle yesterday. It's gone negative again so far today Next potential support is it's still at 2672. We're trading below that 21 period SMA The other technicals are relatively neutral and 60% of CMC Marcus clients are currently long Moving on to gold you can just get an idea of that move and gold This is again There's another brilliant example of technical analysis and full flow where you've got potential broken resistance now acting as potential support at 1191 we're going to bounce off that level yesterday Obviously it sold off bounced off there. It's followed through a little bit higher today The question is where does it go from here now anybody who's interested in this the next potential resistance is always at 1307 it really depends on the FOMC Statement tonight and the likelihood of lower rates for longer And what the Fed members continue to say they have been quite dovish recently But we have seen in a little with an acceleration in the US dollar and I'll ask a couple of days So this level definitely strategically significant So moving on to euro dollar Again it conforming quite nicely to a potential support. We had this sell-off We got quite close to one spot 11 spot 05 had a bounce there yesterday bounce again today 66% of CMC markets clients are currently short. So there they must be thinking the support level won't hold And obviously very much depends on Mario Draghi He still keeps on talking talking up the idea that he might do QE But that seems unlikely at this stage, but they'll save that for when it's really really necessary You've got a bearish crossover on on the MACD. You've got a bearish cross on the slow stochastic So a lot of technical factors aren't in its favor, but these are only secondary indicators the primary Technical right here is the support level and it's still on the right side of that And if we just finish up with GBP USD Pearls, Sterling's you can't get a break even though recent CPI data was actually okay It's come off again negative day yesterday. What a shame 87% of CMC markets clients are currently short Anticipant when you look at the trend is not massively surprising the Sterling is not as strong as it used to be incidentally so One spot 42 28 its potential support then fall by one spot 41 29 And if we finish up with our market calendar as ever the market calendar Bring that on to the correct screen you got unemployment data today from the UK housing starts industrial production And then tomorrow CPI and PPI from China unemployment claims and petroleum data from Thursday And then Friday you got retail sales CPI and of course that consumer Confidence index from the Eurozone to finish up the week well guys That's it for me very good luck with your trading and join me again tomorrow to find out what happened next Thank you very much and goodbye