 Welcome, traders, to this week's live market and trade analysis session with me, Patrick Munnerley. I'm going to get going here in just 30 seconds. Okay. So, before we jump into the charts that I want to review this week, as always, it must adhere to a risk disclaimer. Most important to the presentation today is the views and opinions expressed by me are solely mine. They are not indicative or representative of those held by Tickmill UK or Tickmill Europe Limited. Right. Let's jump into the charts that I'm watching and the potential setups that I see developing for the coming sessions. We're going to start here with the S&P 500. I use the E-mini futures contract, the E-mini S&P continuous frontment futures contract. I'm looking for further upside extension against the 4410 to 4407 level, currently running a long position. I'm looking for a price now to extend up through the 4475 area through daily projected range resistance at the 4480, and then I'm targeting a move up to test weekly projected range resistance, 4530s. Also coincides with the 3.618 extension of my potential wave two structure here. And it also coincides with on the weekly timeframe, the 4529, which is the 78.6% retracement of this 2022 decline that we saw. So that's going to be a key test there because from my perspective, if we can take that out on a closing basis, a weekly closing basis, then that is going to open upside objectives to new all-time highs, obviously plenty of wood to chop before we achieve that. But the technical target for me then would become initially a test of 5160 on the upside. But for now, the focus for me in these coming sessions is going to be how we respond at this 4410, 4405 level. If we take that out to the downside, then I'll be looking for short positions initially targeting 4380, and then back into this 4360 ascending trend line support. So those are going to be the key levels that I'm watching today, and like I say, currently running a long position from 4415. Going to the NASDAQ, similar idea here in terms of the NASDAQ, couple of paths to the upside that I'm tracking here. So looking for us to take out the yesterday's high at the 15,330 area, if we do so without taking out yesterday's lows, then we have upside objectives into the 15,700. We have weekly projected range resistance, and monthly projected range resistance coming in 15,800. So that's going to be a key zone. Certainly if we maintain momentum divergence, I'll be watching for bearish reversal patterns there to engage on the short side. The first downside objective will be a retest of these price cycle highs here, 15,469. Again, we are testing and we're sitting right at 78.6% retracement of the NASDAQ decline. If we take that out on a closing basis, then technically we have upside objectives into the 18,426 level, being the 127 extension of that leg to the downside. Moving to Europe, let's take a look at the DAX here. So with respect to the DAX, what I'm looking at here is this daily wedge pattern. Let me blow up the daily chart here and you can see the broader wedge scenario that I'm tracking. So any pullbacks now into the support here on the daily timeframe coming in, weekly projected range support is sitting just above 16,000. Again we can certainly make new highs here, but you can start to see how momentum divergence is developing and we have a couple of targets here on the upside. Firstly, I'll be watching any test of weekly projected range resistance, 16,650 again, as long as we maintain momentum divergence, i.e. we make a new high in price, but we don't make a new high here in terms of the momentum study, then that's going to add weight to the idea that any bearish reversal patterns there watch for pullbacks initially targeting again the ascending trend line support, 16,160 and then that weekly projected range support just below there at just above 16,000 level. Like I say, certainly paying close attention to these wedges that are developing here in terms of the DAX. Let's move to the UK and the FTSE, FTSE we have a triangle scenario in play at the moment. What I've been looking for now is here on the daily timeframe, whilst we hold support into 74.97, I'm looking for another leg to the upside to test the triangle resistance 78.14. At this stage, it would take a loss on a closing basis of this triangle support to suggest further downside and in terms of the downside, what I'd be looking for there would be an equality objective to the downside. So if we hold this resistance and take out the trend channel support, then that's actually going to put us back in to test these lows that we saw in March back down into 71.97 will be the downside target if we take that out on a daily closing basis. Let's take a look at the bonds here in terms of TLT. Not much to do at this stage. I have two areas of interest in terms of TLT, which is the iShares ETF. So I use it as the bond proxy. Certainly I'm interested in accumulating or buying towards the 98.50s as long as obviously we're seeing bullish reversal patterns on the daily timeframe or the four hour timeframe. And I'm looking then also at any breakthrough 109, 109, 1010, that gives me a target up to 115.80 being the equality objective versus the swing structure here. So we have this swing structure in play. And once we hold that 98.50, that gives us that 115.80 upside objective in terms of TLT. Levels there are going to be any test of 98 or a breakthrough that 109.50, 110 level to the upside. Moving to the forex. Starting with the dollar index, being short the dollar got taken out of remaining positions yesterday at a good run in the dollar. And what I'm watching for now is versus the swing low we have in place here, any move into 102.50 to 102.60, which is the 38.2% of our potential way three structure here. I will be looking for bearish reversal patterns to engage, reengage on the short side, looking for a minimum five equals one objective, take us down to 101.30s. Equally what I'll be watching for is if we take out the internal trend channel support here, we're seeing a bit of weakness as we come into New York session. Obviously, we've got Fed Chair Powell on deck today, testimony to Congress and then the Senate tomorrow, so we'll see how that plays out. Oftentimes he'll walk back, he'll reveal it'll be a bit of a flip-flop performance. So he'll give something to the hawks on one session and something to doves on the next session. So expect a bit of two-way action in terms of dollar index and risk sentiment in general during this testimony, but certainly I'll be looking to reengage on the short side and then you move back through that pivot there at 101.90, but for now, ideally what I'd like to do is be looking to reengage into the 102.50s, 102.60s for another leg to the downside to complete a five-way, initial five-way sequence to the downside for the dollar index. Moving to the euro, obviously pretty much trading the inverse structure to the dollar index. At the moment, any pullbacks at this stage into 108.80s, watch for bullish reversal patterns there to engage on the long side and what I'd be actually looking for now will be a five equals one. We'd use this as our wave four structure. So in terms of five equals one, what I'm talking about here is an equality move at a minimum for our fifth wave objective and so this gives this scenario here. So any pullbacks into that trend line support, 108.80s, I've been engaging on the long side, then I'd be targeting a move up to 110.10.20s as the upside objective to complete this initial bullish sequence in the euro dollar and I see certainly potential for further upside given that obviously the dollar thesis that I'm running here in terms of the bear thesis continues to work out. Sterling, obviously he had the CPI out of Sterling out of the UK today, came in hotter than expected and obviously the Bank of England are going to have to make a move tomorrow, potential there for 50 basis points and the concern now moves away from the idea of higher rates being positive with the currency. The concern now actually becomes growth in the UK and the hindrance that comes from higher rates, talking about a terminal rate in excess of 6% in the UK now. The setup for me at this stage, I remain constructive as long as we hold 126.60s and again, similar to the euro and the dollar index, we have that five equals one structure. If the correction holds into that 126.60s, watch for bullish reversal patterns, gauge on the long side. Our next upside objective is going to be 129, minimum five equals one. Weekly projected range resistance comes in 129.33, moving to the dollar yen. We had the triangle scenario broke to the upside. I was looking for a sharper reversal to the downside. My cutoff point really for this idea to the downside is going to be this daily projected range resistance, this 161 extension. So 142.40s to 142.80s. I'm watching for bearish reversal patterns there. You see momentum is starting to roll over here on the four hour timeframe. If we get that set up, then I'm going to be looking to engage on the short side and targeting and move them down. Initial target is going to be the apex of the triangle. And we've got this high volume node here, 139.50s. But ultimately, I'm expecting the dollar yen to trade lower in unison with the dollar index, which I expect to also trade lower. You can see we have this initial decline, a three-way corrective move. So I'm looking for a further downside advanced in terms of an equality objective, something into the 120s potentially. Obviously, that's not going to happen in a straight line. Nothing does, but that's going to be my technical target. And I'll be looking to trade around that idea. Aussie correcting against that new high. My target for the Aussie here is if we can hold daily and weekly projected range sports. So the 67 to 67.20 area watch for bullish reversal patterns there want to engage on the long side. I'm targeting move up into the 127 extension of this last leg to the downside in terms of the four hour timeframe. That gives me a technical target there of 69.17. Ultimately, though, on the weekly timeframe, whilst we hold the swing low here at the 64.30s, I've got a technical equality objective target up to the 74 handle for the Aussie dollar. So keep that in mind for longer term objectives with respect to the Aussie. Moving to the commodity complex looking at gold. Gold, we are in a range here at the moment, 1930s, 2000 level. We've got a couple of competing ideas against the swing low here that we have in place at 18.11. Technical upside objective is 21.59. However, we are struggling to maintain trend channel support here certainly on the weekly timeframe now it's looking particularly precarious. So if we take out on a closing basis back through that 1930 level, that's going to open a downside target on the daily timeframe, which would actually see us trade into monthly projected range of sport and the equality objective at 18.52 in terms of crude. So this battle between 1930 and 2000 is going to be key for deciding the next phase with respect to gold, obviously being bearish the dollar. I would anticipate that we do break to the upside in terms of gold, but we are struggling with traction at the moment. Crude oil going sideways at this stage. So there isn't really a set up for me as such here. If we can take out this trend line resistance on the daily timeframe, I'd look for 75, 30s and then into monthly projected range resistance just below the $80 handle, but no clear signal for me in terms of crude at the moment. Bitcoin is another trade I'm in at the moment. I'm long Bitcoin and I'm looking for us to extend higher, looking for a test of 30,000 in the interim. So pullbacks now should find support back into the 28,400 to 28,000 or just above the 28,000 daily projected range sport, 28,200, which are bullish reversal patterns there to target a move into 30,000 level. That should complete this initial impulse leg. And then I'll update the view there as we look for a corrective structure then to buy into again for another leg to the upside in terms of Bitcoin. But that 30,000 test is going to be key. Let's take a look at some of the equities I'm tracking here. Apple, I am looking for us to test into weekly and monthly projected range resistance, 192, just below 192 and the 190 handle. As long as we don't make new highs in terms of momentum, I'm going to be looking to fade that move initially and looking for a pullback into the value area higher in terms of this structure at 176 for Apple. We have broken two new all-time highs, so I'm certainly not bearish in terms of suggesting that we have seen a top here in terms of Apple. We can extend further, but we're certainly looking a little bit stretched in the interim. And so I'm going to be looking to fade moves 190 to 192. I'm going to round things out here with Tesla. Tesla, I am looking for a test of this weekly projected trend channel resistance of the 290 handle. Paying close attention to how we trade there. We have traded through the equality objective, so I was looking for this test 267, see how we traded there. We haven't got any momentum divergence at the moment, so we can continue to chug higher for now. But what I'm looking for is that 290 level. See if sellers do step in there. I'd be looking for a daily rejection to engage on the short side there. At the moment, we are still seeing upside in Tesla, but pay close attention to that 290 trend channel resistance. And that concludes this week's whistle-stop tour of the markets that I'm tracking, the opportunities I see. Pay close attention to risk sentiment now as we go into the Fed, sorry, Powell's testimony today and tomorrow. Like I say, be mindful of the fact we can see a bit of a flip-flop. He'll give something to the Hawks and the Doves more likely than not, but be extra cautious if he does come across hawkish in both testimonies because we could put in some interim highs here in terms of risk sentiments. As always, trade us, plan the trade, trade the plan, and most importantly, manage your risk. Until next week, thanks very much.