 Good afternoon ladies and gentlemen, welcome to CMC Markets non-farm payrolls webinar on Friday the 4th of December with me Michael Houston, where I'll be taking you through today's numbers. Hopefully we'll get an idea of how well the US economy is continuing to recover the 21 million jobs that it lost in the wake of the March and April lockdowns. Thus far we've recovered about half of that number but jobs growth does appear to be starting too slow and obviously that's a concern I think more broadly for US politicians on Capitol Hill over the course of the past few days and weeks there has been some evidence that weekly jobless claims numbers have been starting to increase again. We saw that with a big increase the week before last to 778,000 and though we did yesterday see a drop back to 712,000 jobs that that particular figure could have been skewed by the fact that there was a Thanksgiving holiday in the interim but nonetheless I think there is some anxiety amongst policymakers on Capitol Hill that maybe the US economy is starting to slow quite significantly certainly this week's ADP report was a little bit disappointing coming in with only around about 365,000 jobs. Now that was significantly below what I don't know for a lot of people were expecting. Now if we look at the market calendar we can see that not only do we have a US payrolls report we also have the Canadian jobs report as well. So as far as what we're looking for I think the likelihood is this month's payrolls report will not have the same impact as previous months and why do I say that? Well I say that because I think most of the focus thus far or over the course of the past two or three days has been on these renewed stimulus talks and I know a lot of you are probably going to roll your eyes I certainly did when I heard that Nancy Pelosi was talking to Steve Mnuchin the US Treasury Secretary the outgoing US Treasury Secretary about the prospects of a new stimulus plan but I think this time really is different because at the end of this month the end of this year the current CARES Act unemployment benefits expire. Now unless there is a replacement stimulus package put in place 12 million Americans will lose their unemployment benefits with all the blowback that could have on the US economy going into 2021 and that's going to be very significant if you know if you have concerns about the economic outlook and the concerns of well-founded your own Powell head of the Federal Reserve has outlined his concerns that in the absence of a fiscal response an additional fiscal response from US policymakers we will see the US economy economic output drop quite sharply in January and February because ultimately 12 million Americans who have been in receipt of unemployment benefits under the CARES Act will lose them so there is a deadline next week for some form of stimulus plan to start to form and this stimulus plan is bipartisan it's 908 billion dollars well below the two billion dollars two trillion dollars rather two trillion dollars the Democrats are pushing for before the election but such is such is the way things are at the moment I think that it's quite important that we understand that there are significant consequences to they're not actually agreeing a plan before the end of this month so let me just get rid of that because that should not have come up that's a technology for you so let's look at what we're expecting in terms of the numbers you can find the economic calendar from the news and analysis dropdown window here takes you to the market calendar and then you can then see what the forecasts are so 481,000 is the consensus for non-farms for today and that's down from the 638,000 that we saw in October a week ago this consensus was an awful lot higher so it has come down quite a bit the unemployment rate is also expected to come down from 6.9 to 6.8 that's obviously very positive from where it was in April when it was around about 14.7 so that's a big decline but let's not forget that the unemployment rate was down around about three and a half percent in February this year so it's still almost double what it was in February and I think what's also important to remember is the participation rate the US participation rate was at 63.4 percent in February and it's now at 61 61.7 percent so that means that over two percent of that two percent decline as a result of US workers dropping out of the workforce in other words they are not looking for work because they're not optimistic about finding it so I think going forward the actual numbers are probably less important than what US policymakers are looking for with respect to a potential stimulus deal in terms of the Canadian jobs report we're expecting a rise of 20,000 new jobs in November that's down from 83.6 in October so I'm just going to drop that down and then we're going to have a quick look at the dollar index this is the CMC dollar index and those of you who are regular viewers of my weekly videos will know that I was suggesting that the dollar could well rebound as long as it held this particular support level here now that we've broken below it the downside momentum in the dollar is likely to continue and I think this is why this particular payrolls report is less important than say previous ones because on a technical basis we've seen a significant break lower in the direction of the US dollar not only on our own dollar index but also on the broadly more weighted dollar index that is the these the CRB dollar index also if you look at the Bloomberg dollar index we've also seen a move to the downside there so what does that mean going forward well essentially if you're looking at Euro dollar in terms of an inverse correlation with the CRB dollar index we have seen a significant breakout here so even if we get a fairly decent payrolls payrolls number which could cause the dollar to rally slightly we probably won't see Euro dollar fall back much below 121.20 that's where I'm identifying a key support level on Euro dollar so if we get a good payrolls report we could see the dollar rally a little bit but overall now that we've broken towards the upside on Euro dollar I'm looking for a move to 125 over the course of the next three to four weeks so I think you know I think it's important not to underestimate how important this 120.70 area is if I look at this as a weekly chart here we can see that on this particular high here it was also resistance 120 was also a decent resistance there it was also a decent low through that particular weekly candle there so it's important not to underestimate the importance of this break higher and on the basis of technical analysis here if you if you take this as a triangular consolidation with a horizontal line through there a sloping trend line there and you project this particular move higher it gives you a minimum price objective of 122.30 so now that we've broken through 121.10.20 which is this particular level here then we could well see further gains towards 122.30 is a minimum with a view to going towards 125 over the course of the next few weeks as I say these are technical breakouts so essentially all I'm doing here is I'm applying a set of rules based on what the markets are telling me so I've got a question here Covid deaths so today at an all-time high stimulus is still doubtful in my opinion and Black Friday sales are down do you see a flight to safety and dollar strength in compared to Canada no I don't no I really really don't because I think when push comes to shove I think the the odds of doing nothing now are much higher in terms of a US stimulus deal than they were say for example three or four weeks ago you've also got the vaccine news you've got a whole host of positive catalysts driving sentiment here equity markets are higher you've got weak weakness in commodity prices investors I think market investors are much more comfortable buying stocks now than they were say for example three or four weeks ago and why is that essentially it's because of the vaccine the fact that the vaccine is going to get rolled out people can see light at the end of the tunnel and the light at the end of the tunnel excuse me and the light at the end of the tunnel is not a train coming the other way now you want me to make the chart a little bit bigger on the screen I'll certainly try my best for you sir is that is that any better I'm hoping that's better okay so hopefully you can you can see that a little bit better so as I say we've broken higher through 120 70 and the prospect of a move towards I think 120 230 is very much on the cards as long as long as we stay above these key levels here so essentially the breakout level here and the 120 and the 120 and the 120 110 20 level here as I say it's all it's all about levels in terms of when you're trading currencies or any other market for that matter and what we've seen at the moment is well over the course of the past few days there's a significant breakdown in the dollar the dollar usually acts as a safe haven it's not acting as a safe haven right now and until such times as I see signs of a reversal in sentiment and at the moment I'm not seeing that then really you've got to trade with the move the trend the trend is higher so in terms of that I think the line of least resistance at the moment at the moment is for further dollar weakness and further euro strength for the sterling strength now you want me to have a quick look at the Russell and the Russell again it's it's looking fairly positive you know you can argue that US markets are looking very strong and and they most definitely are but the you're getting higher lows and higher highs and I think irrespective of the payrolls number even if it's a good one we will see further upside the stock markets going forward it's the same thing for the S&P 500 it's the same thing for the Dow as well and and the Dax and the FTSE if we look at this chart here again it's a similar sort of story when you actually look at the way the market is trading it's in it's very much very much by the dips and you know I think in that context this is this is the way you've really got to look at it I think if if you're looking for decent payrolls number you could get a modest dollar rebound but overall I don't think it will change the overall narrative of a lower dollar going forward now obviously if stimulus talks do break down and that's not we're not going to know that for certain until the 10th of December next week because that is the deadline for a stimulus plan to get passed so we've still got another four or five days where the prospect of a stimulus plan is being dangled in front of the market as a carrot so until such times as that option is completely removed from the table markets are going to react on the possibility that we're going to get one and that's what it's about it's about what the market expects until such times it's no longer possible so the market expects a Brexit deal the market expects some form of stimulus package and as a result that suggests that we could well see further dollar weakness and further equity market gains so and that for me I think is it the important thing more than anything else it's about expectations and deliverables and at the moment it's still possible to deliver a stimulus plan and it's still possible to deliver a new UK trade deal and the vaccine the vaccine is happening whether it be Pfizer we're probably going to get an AstraZeneca and an Oxford vaccine as well and that is that is what's fueling this momentum and at the moment the momentum is on risk side so until such times as we get some evidence that it is that it is not then ultimately it's really a case of by the dips in terms of equity markets in general you know and I think that for me is the most important catalyst more than anything else now I'm quickly being asked about gold I'll quickly look at that because this is important we're back at a very key resistance level here for gold we've rallied quite nicely but the key level for me is this 1848 1850 area this this candlestick reversal pattern here is Morning Star we've rebounded off 1763 that's held quite nicely I'm still very much a case of by the dips in gold prices just basically on the back of dollar weakness more than anything else but we could struggle to get through this 1845 1850 level in the short to medium term and I think that's going to be very very important I'm still a gold bull on the longer term but we are in a downtrend at the moment and this is going to be a significant barrier going forward so gold prices at the moment very much a case of by the dips momentum is turning positive on my slow stochastic but I think it's too soon but now the see a move higher through 1850 for gold prices particularly ahead of the weekend you've also got to bear in mind that ahead of the weekend we could there is significant headline risk I call it headline risk has a habit of undermining any short or long position so for me I'm still very much a by the dipping gold prices but at the moment if I'm long on a particular move here I'd be very cautious about where we are at the moment because I think there's potential for a little bit of a pullback in the short to medium term to around about 1820 1825 right we're just coming up to the the the numbers now the non-farm payrolls some reason they haven't appeared on my calendar and I have absolutely no idea why but as I say we're looking for 481 an unemployment rate of 6.8 percent and here we go 6.7 so that's good 245 that's a really disappointing number been in a perverse way that's actually good because it's a disappointing number it's going to concentrate mines on Capitol Hill it's going to make them much more incentivized to arrive at a stimulus deal so 245 is disappointing revision of the previous number six is revised down to 610 from 638 so that's pretty much a dollar negative pretty much across the board on the basis of the fact that it's going to really incentivize the potential for a stimulus deal concentrate mines will get fiscal stimulus the Federal Reserve is also meeting in two weeks time so headline numbers disappointing the unemployment rate is lower so again it's a little bit of a mixed bag I'm going to check the participation rate for you on my Bloomberg to see whether or not we've seen a significant fall in that to reflect the fall on the in the unemployment rate so bear with me a second while I dig that out and 61.5 so yeah I mean basically the participation rates drop back so even though that unemployment rate is lower this is a result of more people dropping out of the workforce so ultimately it's not a particularly great employment report so it's it's a dollar negative you're going to see euro dollar continue to push higher the dollar to sink lower big level on the cable for anyone who's interested is 135.05 it's the highs from December last year the post the post-election peaks that we saw in the wake of the conservative party landslide win that's likely to be a bit of a barrier in for this week I would be surprised if we see a move above 135.10 in cable in the short to medium term and in turn I think that's likely to limit the upside in euro dollar perhaps to around about 122 in the short to medium term but overall pretty poor set of numbers in terms of the non farm payrolls numbers now what does that mean for dollar CAD because it was looking at the dollar CAD number and that's a fairly positive number so again positive for the Canadian dollar negative for the US dollar that should push dollar CAD lower let's have a quick look at dollar CAD while I'm here and yeah I mean pretty much that is half of the course if we look at the way the dollar CAD has traded over the course of the past two years it's not hard to see what the direction of travel is there so certainly looking for further further declines in dollar CAD towards 128 and potentially even even lower over the course of the next few days and weeks certainly the next level that I've got the support for dollar CAD is the September 2018 lows at 127.80 okay so anyone have any other questions I've seen your question on copper I will come to that in a moment um UK 100 right yes I got asked about that on Sky News this morning um FTSE 100 I'm still fairly bullish on it and I'll tell you why um if we look at the way the FTSE has behaved over the course of the past few days we can see that we've seen a very strong move higher now if I scroll back on this and I select year to date on my shortcuts we are still 15 down on the year if you compare that to the DAX the DAX is pretty much flat I don't think a stronger pound is going to impact the FTSE to the same extent as it has in the past simple reason being is the reason the FTSE is under performed so much is because of the high correlation high proportion of banks commodity and retail stocks and aviation stocks hospitality and leisure stocks that it currently has in it you've got the likes of Rolls Royce IAG who own British Airways you've got IHG international hotels group who own the Holiday Inn chain you've got Whitbread who own Premier Inn you've obviously got the four major banks um you've also got BPM Royal Dutch Shell all of those stocks have been hit the hardest in terms of a vaccine bounce back you've seen a significant rebound in the more bombed out areas of the FTSE 100 the UK stock market so you then should see a significantly robust rebound now if we can hold above six and a half thousand then I think over the course of the next few months we should see a move back to seven thousand let's not forget we're all the way back at seven thousand three hundred at the beginning of this year and we're at six and a half thousand now so there's plenty of potential even with cable at current levels Richard for us to go an awful lot higher okay so hopefully that makes sense the cable may act as a little bit of a drag but I don't think it'll act as a significant drag and I think that's the I think that is the biggest concern going forward um so for me I'm very much of the opinion the FTSE 100 has got potentially a significant amount of more upside because it has to play catch up with say for example the CAC which is only eight percent down year to the year to date and the DAX which is pretty much recovered all its post pandemic losses so hopefully that answers your question so that's the FTSE 100 I'm fairly I'm fairly constructive on that talking about cable sterling dollar as I said previously 135 is a big level 135 10 in the short term I don't see it much above that even though even though I can still see cable going to 140 over the course of the next three to six months I'm fairly constructive on the pound on the back of a weaker dollar obviously the brexit UK EU trade talks are going to play apart in where cable goes but overall I think they'll come to some form of fudge that will get us over the end of the 31st of December deadline is there no deal brexit disastrous all around for UK and EU stocks no because I think they will they will somehow avoid that outcome there'll be some form of deal it's not going to be ideal it will be it will be fudge 101 but ultimately there will be some form of accommodation because the the economic situations warranted if you look at the the French economy you look at the Italian economy you look at the Spanish economy the shutdowns the restrictions the hospitalizations the economic the the services PMI numbers that we've seen over the course of the past two or three months it will be utterly irresponsible for policy makers on both sides of the channel in Brussels in France and here in the UK to have a no-deal Brexit at the end of this month utterly irresponsible now that's not to say that they couldn't have won by mistake but I think once it becomes a parent that on the 1st of January that the situation is unsustainable there would be measures put in place to mitigate the worst effects of a no-deal Brexit and I say no-deal Brexit in inverted commas because I think there will be some form of deal put in place to make sure that the worst effects are mitigated by and large and if it's bad for the if it's bad for France it'll be even worse for Ireland so you know it's not a zero-sum game here it's not a no-deal Brexit it's just bad for the UK and it's you know and it can be absorbed by everything else we've got an ECB rate meeting next week and that is likely to see the ECB extend their PEP program for another six to 12 months at the moment it expires June 2021 I think you'll find they'll extend that to the end of 2021 to the middle of 2022 so I think policymakers will do whatever they can to keep markets moving higher and at the moment I think the bigger problem that Europe have at the moment is not a no-deal Brexit it's this recovery plan that's currently being vetoed by Hungary and Poland they need to find a way around and they need to find a way around Hungary and Poland they need to find a way around that rather than worry too much about you know new trade terms between the UK and the European Union there is a deal there to be had you know and are they really going to throw away everything that they've discussed right now on the altar of fishing and a level playing field I don't think that they will so I think for me it's still all to play for okay so I'm being asked about yeah let me ask you let me ask you answer your question about copper sir well I mean I think it's fairly clear from that the line of lease resistance for copper let's go to a weekly chart here because that tells us all we need to know the next key resistance for copper is 360 I still think we've we've still got potential to go quite a bit higher the biggest the biggest the biggest driver for copper demand generally tends to be out of China China's doing well at the moment and and I think Chinese economic activity has proved to be fairly resilient we've got China trade numbers coming out on Monday so keep an eye out for them import and export data if we see fairly decent import and export data that's likely to give copper an additional lift going forward but I think we may find a little bit of a barrier as we approach 360 in the short to medium term so keep an eye on the China trade data which comes out um Monday in Asia goal prices I talked about earlier I think there is a bit of a barrier um anywhere near 1845 1850 I think we could see a little bit of a drop back down to 1820 25 but overall I am fairly constructive on goal prices despite the fact that we've seen a little bit of a sell-off in the past two or three months overall I still expect gold to go back to 1900 dollars an ounce over the course of the next couple of months um looking looking at um being asked about bitcoin and ethereum yes not I mean basically with bitcoin the biggest problem you've got with that at the moment is you've got a bit of a barrier at 20 000 so it's going to be very very difficult to move above the previous highs as seen from here if you look here and you look here you've got a very significant barrier at 20 000 which means that you're going to have to be very very cautious about being long of bitcoin anywhere below that um on a technical basis is a very very big ask to get above 20 000 in the short to medium term so I think there's certainly potential in bitcoin to come all the way back um to around about 15 and 12 000 um so I'd be very very cautious about being long of crypto I'm not a big fan of crypto I have to say I'm going forward and as a result that may and because it's such a it's because it's such an illiquid market it makes it very very difficult to trade with any degree of certainty and we all well up on the year we've we've made significant gains this year and while I still think that we could well go higher I think in the short term we could see some significant moves towards the downside natural gas natural gas I'm being asked about here we go natural gas this is a nice little chart that I've drawn here very much by the dips mode for natural gas we have seen a bit of a drop in the past day or so but since June we've been in a fairly nice uptrend on the daily charts if we can hold above this trend line here then there's no reason why we can't continue to move higher so looking at this trend line in the natural gas contract suggests that while we're above this trend line from the June lows then we could well see further gains going forward so any stop loss would really need to be below this trend line that I've drawn in from those lows there um Tesla well Tesla indeed Teslas is always a good one let's have a quick look at a car manufacturers my car manufacturers watch list here we go well there's no prizes for guessing that's very much by the dip mode at the moment $600 is a bit of a barrier at the moment um but um given the way Tesla trades I wouldn't rule it out but I think buying at these sorts of levels is a highly risky endeavor I think there's certainly scope for it to drift back down towards around about $500 this this this set of previous highs here certainly not an area I would be comfortable buying Tesla shares at near the all-time highs I still you know it's very I'm very much I'm of the opinion that you trade the market when it's close to support levels you buy into a market when it's near support you sell it when it's near resistance and for me I think if I was going to be buying Tesla I'd be looking to buy on a dip back towards this blue line that I've drawn in here or the line through these series of lows through here it's all about seizing the opportunity when it becomes available so wait for the market to come to you rather than you try to jump on the back of a trend that may start that may be starting to fizzle out silver being asked about silver quite happy to talk about silver similar sort of story here with relative to gold where we're looking to approach trend line resistance from the highs here we've seen a decent rebound from these lows here if I draw in a horizontal line through these lows here decent support in and around 21 and a half dollars an ounce but there's resistance starting to approach resistance from the peaks in August so does appear to have found a little bit of a base in the short term to push higher we need to push through these this trend line support here to retest $26 in the short to medium term but overall I think if you're if you're bullish if you're fairly bullish on gold you you can also be potentially bullish on silver as well but again it's about timing the air entry and at the moment given where we are now relative to where we were on Monday I'd probably wait for a dip in silver before contemplating getting back into that particular market okay I'm trying to see whether or not I've got there are any other questions one thing I would make you all aware of ladies and gents is we got the ECB next week I'm gonna quickly talk you through euro sterling because I think euro sterling could be quite interesting as a barometer of where we go to next and at the moment even though we've broken above this trend line resistance which I talked about in great length in my previous videos we haven't been able to take out these series of highs at 90 70 the next key level for me on the downside is 90 0.900 if we push back below 90 level then we could well head back towards these very very big big level at 8860 so 8860 is the next key support if if we break below the 90 level which is acted as resistance here here here and here and support yesterday so that 90 level is a big big level for euro sterling we can hold above it we should go back to 90 70 if we break below 8990 8980 then we've got a good chance of retesting the lows all the way back in November at 8860 again it's about levels so how it behaves between 888990 and 90 will determine the next underlying move in euro sterling in terms of the dollar index I'm a seller of the dollar index on rallies in the same way that I'm a seller of the CMC dollar index on rallies as well if you look at the dollar index you're essentially looking at euro dollar upside down because euro dollar makes up 57 percent of the dollar index so the fact that euro dollar has broken higher means that the dollar index should break lower okay so at the moment euro dollars tried to go higher he's tried to go through 120 180 it's losing a little bit of momentum going forward and as such we could see a retest of 120 115 120 120 okay so I'm still very much a seller of the dollar on rallies but we could see euro dollar start to drift back down towards 120 120 given the gains we've already seen this week and we have an ECB rate meeting next week so you could see some of these euro longs that we've seen this week start to get tapered off as we head into next week I'm still very much of the opinion that in a straight fight between the Fed and the ECB the Fed is going to win in terms of where it wants to go in terms of monetary policy so it doesn't change my view that euro dollar won't go towards 125 but given where we were a week ago where we are now we could see a pullback in the interim and we could head back towards this this red line here on a break below 120 120 okay so see we don't do the Nigerian nearer so an answer to your question best market in 2021 has been renewables if we look at best I got asked about baskets a few minutes ago if we look at if we look at baskets ladies and gentlemen they're here go to share baskets and we've got a whole host of share baskets big tech china tech cannabis if you're that way inclined driverless cars EU most automobiles banks european banks UK banks US banks we look at renewable energy and compare that to driverless cars and big techs look how renewable energy is performed relative to remote lifestyle driverless cars and big tech now obviously renewable energy are much smaller cap stocks and as a result there's more froth in them but if you want to know how we construct our baskets go to the CMC markets website and then look at share baskets which are right there and then that basically gives you the breakdown of how we construct our various baskets so if we go for example to say for example renewable energy we can then display that there and you can see that how that's that's performed relative to the other markets we scroll all the way down here go to renewable energy it then shows you the weightings and the makeup of each stock and each individual basket so you can see the renewable energy one has 17 renewable energy stocks within it including plug power for solar and what have you and we have that for all the major markets so you've got big tech we'll go to that there and you can see that you've got alphabet apple got 20 stocks in there facebook microsoft so on and so forth okay so you can you can you can you can sort of see that straight away from there and you can do that you can do that for a pretty much much much all the baskets um for weed weed stocks if you like so you know we've got we've got a whole host of um products that you can trade in terms of cannabis so you get a cannabis basket there you've got that particular and it's got canopy energy in it can it's not canopy energy canopy canopy in there canopy growth um and other and a whole host of other cannabis stocks but again they're very very how shall we say volatile so you've got to be very very carefully if you're trading those particular those particular markets um c m c c n h index okay so let's let's have a look for that forex indices here we go there it is load that i mean if you look at the c n h index or if you look at the dollar c n h which i've got down here it gives you it sort of gives you a fairly similar idea of where we are if i'm just i'm just going to push that um push come back to that in a minute um ryan and then we can look at c n h i did some analysis a few weeks ago on the rem nimby and i think there's potential for us to move back to 649 on the offshore one the reason being we've we've traded out of this sideways consolidation here if you project that move lower the minimum price objective is for 649 so if we're projecting a one at 649 you're going to be projecting a broadly lower dollar anyway which suggests to me that there's further dollar downside over the course of the next few weeks so i'm very much of the opinion that while we remain below 660 on the offshore one then we're likely to see 649 in due course of course that will then mean that the c n h index should go higher so hopefully ryan that answers your question let me just zoom that up so you can actually see the levels that i'm talking about hopefully that helps no worries at all i'm looking at the rand it's going to be a fairly similar story here that we do appear to be finding a little bit a little bit of a base but ultimately the direction of travel here is fairly clear the rand still looks fairly strong it's certainly the dollar is weakened quite substantively broken below those very key support level there and i would suggest that the rand has the potential to strengthen further if we break below this low of a few days ago at the end of november of around about 15 15 oh 15 10 there or thereabouts if we break below 15 10 we could well see further further rand strength going forward the dollar looks broadly weak across the board and i think while equity markets remain fairly well supported then the dollar is likely to suffer pretty much across the board okay so um with respect to renewables utility stock i can't really advise you one way or the other there um you know i can't give you advice on what you should or shouldn't do i think it's best you you talk to a uh you know a financial advisor on that regard um you know it's a tough one um does anyone have any other questions ladies and gents before i wrap this up um as i say i mean excuse me i do have a week ahead video um if you want to find and out about any market analysis or what have you go to the news and analysis the insights section on the website we've got a whole host we've got air b and b next week ladies and gentlemen the air b and b ipo um i think there's a you know that that should that should generate some fairly decent interest when it starts pricing on the 10th of december you can read all about that here i've written a quick praisey and on the news and analysis section of the website so that's under insights that's where you can read all the commentary about the markets and what have you um so air b and b that that that goes out of the door on the 10th of december being asked to look at the DAX more than happy to do that still a big barrier in the DAX around about 13460 we can see that here let me just zoom that in for you i think that's going to continue to underperform i think um there's a big barrier around about 13460 um there's certainly potential for more upside on the foot season there is the DAX at the moment but if we do break this high here then we've certainly got potential to go back to the highs that we saw in february but at the moment year to date the DAX is just below where it was when it started and now i've got a little button called year to date up here which basically snaps it straight back to the first of january that can be found in this column here and just select the star year to date and it will then appear in the column this menu bar up here so any options where you will have a star you enable it it will then appear as an option in the toolbar and it will save you having to access the drop down menu so hopefully that helps you i'll just notice someone asked me about dolly n let me have a quick look at that for you for me i still think we're going to see a retest of these lows that we saw back in november of 10315 10320 at the moment there's decent resistance around about 10470 10480 um and as such as long as we stay below this series of highs through here you can see this dolly n trend is very much for a lower dollar and a higher yen as long as we're back below here i think we can retest these lows back here around about 10315 10320 okay so ladies and gentlemen i'm hoping that um you found all of that um useful um like to all wish you all a very nice weekend and um a restful one and hopefully um hopefully you will have a successful successful week next week trading the the various headlines that i outlined um just now um so just quickly recapping that we've got an ecb rate meeting on the 10th we've got an eu summit on the 10th as well which should outline um hopefully outline rubber stamp and eu uk trade deal we've got china trade on monday we've got bank of canada rate meeting on the 9th of december and we've also got the air bnb ipo on the 10th as well um okay which question was that was that ethereum because i think i covered that earlier um ethereum yeah i mean with ethereum at the moment it looks very overbought to me it's very near the highs with bitcoin with bitcoin looking a little bit soft i would be reluctant to be going long of ethereum at these sorts of levels um given given what bitcoin is doing at the moment and given the fact that bitcoin has a very big top at 20 000 so you know we're looking at the 200 day moving average quite a long way away from it you know if you're looking to get into ethereum i probably wouldn't be looking to do it quite yet um hopefully that answers your question on ethereum going back um as i say thanks very much for listening ladies and gentlemen it's been a pleasure talking to you i hope you've found today's webinar useful if you have please please send some positive feedback in about 24 hours time you'll be getting a follow-up email from me um for feedback please be nice um and if there's anything that you'd like me to cover that i haven't covered in this video or future on this this webinar for future webinars please let me know because ultimately these webinars are all about you and a guide an educational guide for you so thanks again for listening um hope you will have a great weekend and um see you all next year because this will be the last non-farm payrolls webinar um for this year thanks a lot and cheers and before i go yes you can you can access the recording of the webinar it will go on youtube in the next couple of hours and i will tweet the link out so um it goes it does go out the recording does go out on youtube.com forward slash cmc markets plc and if i don't speak to you any of you before have a great christmas have a great new year and see you all next year thanks a lot walk-through style webinars absolutely we can talk about that we can do them separately um but we will we will certainly we will certainly definitely look at that as well thank you paul cheers