 Hello traders at CMC Markets. This is Trevor Neal of RRG Research. I'm presenting to you this morning from London. It's the 12th of December in the morning ahead of a busy week of Central Bank announcements. Today, we're going to look at a short-term update for some stock indices and see how they're positioned in front of these announcements. Looking at the relative rotation graphs with a daily sampling, we can see that the furthest of the right is the DAX index and it's pointing in a very good north-easterly direction. That means easterly, improving in relative strength versus the MSCI world, which is here in the middle. It's got a long-ish tail and it's also northerly, which means with increasing momentum of relative performance, RS momentum. Next is the DAO. We've got the S&P close to the center correlating with the MSCI world, which is a big part and it's often very close there because it is a big constituent. Now what's a bit interesting is the NASDAQ has moved into the lagging quadrant. Not a very familiar place for that. It's still going up because don't forget this is on a relative basis. The MSCI world itself is going up. Stock markets are going up, but which is going up more, that's the DAX, which is lagging a bit, is the NASDAQ despite the fact that it is climbing and then the footsie here. So the footsie here moving in a good direction north-easterly, good sized tail as well, but right back here, furthest to the left, so on a relative basis, the lease good, but the direction is good and it could easily improve. But the interesting thing and is the DAX, which is this week, burst through to new all-time highs. Now looking at the S&P to start, it has broken through the resistance from July high at 4,600, and that's a significant breakout and now offering support. And then we've got the consolidation support where we lost a bit of momentum at 4,540. We're in a strong uptrend. It's quite extended here, but it's breaking up. The high, of course, is much higher at 4,800. It looks good, I must say, and now just zoom in a little bit on it. The early chart, but just showing the recent accent with powered ahead, we've broken through that July high, the MACD is positive. This, of course, acts now as support 4,600 and on the RSI, it's powering ahead too, making a new high. So we've got momentum here. It's a driver, the whole stock market, so looking good. This is looking good. Now to the early chart of the NASDAQ and here you can see that we've broken two tops round about to 16,120. Good breakout there. Again, this one is well below its actual highs, long-term highs, but it's breaking forward and moving up. But of all of them, it is one that is losing a bit of momentum. The MACD here, yes, it's positive, but the gap is narrowing. And then on the RSI, we begin to flatten out a little bit. This one looks not so attractive. It's being brought up because of the gust of wind of the MSCI world, but it is lagging behind the performance. We see where it was in the lagging quadrant, an unfamiliar place for this index, that it is behind the other ones. The other ones are stronger. Now moving to the Dow Jones industrial average. This is a daily chart at the moment because I want to show you how relatively close we are to the high made in January 2022, which is at 36,950. And we have burst through an important high from August, burst through, and then pause. So let's home in on that. Now remember the position of the Dow Jones industrial average on the ROG chart. We had DAX furthest to the right with a northeasterly direction. Also, we had the Dow on the right behind the DAX. Here it is moving up nicely. It is in a short-term uptrend, quite well-defined uptrend. A break of this low here would break the uptrend and potentially give us a reaction pullback. That's at 36,040, so 3590 would be the place. We are making new highs as I speak. The MACD, however, is negative here and a sign of loss of momentum on the upside. And the RSI has turned back positive again after this pause here, and it's come up through 65 as a positive message. So this is also looking good. It's stretching towards the high of 2022, but looking good and strong as we see in its position in the ROG chart. Remember the position of the footsie on the ROG graph there? Not a good position at all. And it's in a slight upward gradient, but lagging behind the other competitor indices. But you haven't got a lot going for it technically. The MACD has pulled back and it's crossing. The RSI is looking quite insipid. It looks unattractive in a marketplace or an asset class with so many opportunities. This one, as demonstrated and seen very clearly on the ROG chart, is the least attractive. Although even when the wind blows hard enough, the turkeys can fly. And this is a turkey being pushed up by the gusts of wind. And now finally the DAX. I might surprise you here. The DAX has had a big lovely trend this year and broke to new highs, new all-time highs recently and powered away from that very strongly. And this is what you can see here. We're in an uptrend, very clear uptrend as you can see. What's making me worried about it is we've got higher and higher lows. And the higher highs have been marked with higher highs in the MACD up to this one here. Then since then, since the seventh, it started deteriorating the momentum and it's turned down here. The RSI also making higher highs and then we've got a lower high in here, loss of momentum. It's due for pullback. It's very extended, it's had a great run. And then I think that the first support is at 16,600, but it's light and the really more solid support is down at 16,400. So I've got, there is potential for this to crack. You have to, it has to start to turn. It's still climbing at this moment, but it's losing power and it's very extended. And so there could be a sharp sell-off correction I think and it will probably stabilize and go on up. I thank you very much indeed. This has been Trevor Neal from ROG Research in London. I hope this is helpful to you and wish you a great day and may the trend be with you. Goodbye.