 So we've got a risk warning on the screen here. We'll cruise through that and get started. Apologies, by the way, for anyone who turned up to last week's disaster of a webinar. We'd switch webinar software to avoid sound problems, but somehow I managed to record a webinar with no sound. But you can hear me now, so we're all good. So a bit more stable in markets today. We've obviously not got the U.S. trading session because it's Martin Luther King Junior Holiday in the United States, and so the New York Stock Exchange is not open. So typically the pattern on these kinds of days when the U.S. isn't trading is that we get all our activity in Europe kind of early on and then start to slow down a bit from here on in. That certainly doesn't have to be the case because of the volatility of oil prices. Markets are literally tracking oil up and down, so at the moment oil is well off its lows, but that could obviously change as it has. But most of last week we saw days when it was right at the bottom, near the lows of the day, and then equities were well in the red, all bounced back, equities came back, and then we did back and forth several times within the day. So great trading environment, but in terms of being able to call where the market finishes at the beginning of the day, where it's going to finish, it's very difficult, very choppy. So for those who are not familiar, the general format here is that we'll just look through some of the major markets, some of the more popular markets, if you look here on our platform, then we've got our popular products list. The kind of things that are in there, that's what we're going to concentrate on, but more unusual that you were looking at, or just some other topic you wanted to discuss. This is an interactive webinar, so you can send a chat either to the group or just directly to me, and we can answer it that way. Obviously if you send it directly to me, then the rest of the group doesn't see you to ask a question. Now let's start within disease. As I mentioned, I think the main driver today is the drop to 2003 lows in Brent, but then the subsequent recovery, leaving us kind of flat as cash indices stand. Obviously the closing time of orange is slightly different, leaving our products in slightly the green here. Let's look at the UK. Now you can see that we flashed down below the August lows here, so we're right at the bottom of the trading range. So these ranges obviously never hold perfectly, so say this was the low back in July, just to take an example, we found a peak just above that, chopped down, made a peak just above it, but you can see that it's this general level of resistance that was holding the market down. Here we turned down a few pips below, a few points below, but nonetheless it was that same level holding it. So same thing here, this was the August low, we flashed below it a bit, we could push a bit lower, but as long as we can close above, generally in the sort of 6800 type of tendency, then we've got a good chance of a rebound here, because this really is the line in the sand. For those who have read the mid-morning note in the platform here, this is the line in the sand that a lot of people are looking at across indices, so we'll look at the US markets as well. Really, this is kind of the boundary between a rangebound market and a downtrending market for the moment. If we can hold above here, good scope for a rebound, but obviously it was a rough finish to last week where we've been chopping around above the 5900 level for a while, and then suddenly dive right back down to below these August lows. So not a difficult finish, but still getting a little bit of a rebound today so chance of some support coming in. So the general bias here, I think, is that below the moving averages we're seeing, as I mentioned here on the screen, we've got this long-term range support, which is what's preventing us from going all out bearish because we do have these downward sloping, lower high and lower low on the weekly chart as well. So rangebound conditions with a bearish bias suggesting we could eventually break to the downside. Now, what could determine whether we hold these lows fundamentally is the focus obviously have been oil prices. Difficult to call whether oil will be up or down each day, but if we see the new pressure on oil prices, that's certainly going to be a catalyst to push to the downside. And this evening, so sort of early hours tomorrow, we had the release of a number of Chinese pieces of data, GDP for China, China's industrial production, and Chinese retail sales. So that's whether those numbers can show some renewed signs that maybe there's a bit of a bottoming out in industrial production and maybe that the retail sales numbers can continue to improve, then that would be positive. If we saw, I see it worth an expected industrial production number particularly, I think, that really could be the renewed downside. If you remember the couple of weeks ago when we first kicked off trading for this year, it was firstly the manufacturing sector data on the Monday and then following the service sector data later in the week that was the catalyst for some sharp down days in the market. So we've got kind of more data on those sectors, the retail sales telling us more a little bit about internal demand in China and the retail sector obviously, which is essentially a big component of the services sector and industrial production which is obviously telling us what's coming out of the manufacturing sector. GDP, this is to some extent the case with a lot of countries where there's numbers a little bit fudged, China even more so than most I think, and so we can't necessarily put a lot of stock in where this number comes in slightly ahead or below of expectations because it is, I think most people agree to some extent politically influenced. So that's going to be a big catalyst, I think, going into the rest of the week but then from there on in, we're not hearing as much from China. So we've seen a bit of a pattern last week where Chinese markets have not been such an influence over, that is in the Chinese stock market, its end of day performance has not been really so much of a correlation to European markets, even US markets. If we put up the US 30 here, we've seen more that the European markets have been reflecting more what's been happening with the Chinese Yuan, the Chinese currency. So that's probably going to be a big catalyst for the rest of the week in terms of equities. I would say we've got this data, it's going to set the precedent overnight and then what happens with the Yuan going forward. Something that happened today was that the Chinese government have introduced restrictions on foreign banks holding Chinese Yuan, which is sort of, you know, they basically added a reserve ratio, a certain amount of money the banks have to hold with the central bank of China if they're doing some dealing in the Chinese Yuan. So that's sort of just with the idea of restricting Yuan speculation and that could act to hold up the Chinese Yuan depreciation for a little bit and that would be supportive of markets, so that would be a positive catalyst if we see the Yuan turned down again despite these efforts by the government. That could be the catalyst for us to break those August lows to the FTSE and break through these September lows for the Dow Jones and as obviously as we trade at US 30. I think a first area of support should we push lower, we'll just be where we rebounded to when we had that large sell-off day that kind of called the bottom in August. Where we closed, that will be a consideration because that was even after a massive rebound and we closed back in that same vicinity. Basically in the sort of 15, 750 area, I think could be a next area of support. Below there, then I think we're just looking for an outright challenge of the August low. To the top side, the last real high that we formed on the daily chart was up here at 16.625. So should the market manage a decent rebound up to there, we could find some more selling interest in that kind of area for another go at 16,000 and below. But again, just like the UK markets, we're in the technical indicators if you like, appointing us towards a downward bias because we're below that 200 DMA. We're well below even the 20 day-moving average and we've got these low highs and lower lows being formed on the weekly chart giving us a general downward bias. But we've got to be aware of the support that's coming in which is pretty strong support from that September low. So going long, around the 16,000 mark in the US 30, a bit of a risky proposition because you're going against these downward trends, nonetheless it is strong support. So perhaps with a little bit of a confirmation, perhaps from a big reversal on the daily chart or indeed if we can manage the week with a higher close, that would go some way to say that we're managing to push back into the range. So back above this 16.25, which was this peak reached in January, not for the month of January, but a lower high reached in January. Then I think then we're pushing back into that 17,000 round number and the lows that we broke down quite spectacularly at the start of the year, around the 17,100 mark. Another thing that will be dictating US markets this month is the number of earnings that are coming out. This week is kind of gearing up a bit. We've got a few more big banks releasing earnings. A few Dow Jones companies next week when it really kicks into gear. Big focus obviously will be Apple because that's actually been underperforming quite significantly recently. Apple has been a laggard in this downturn rather than the leader. So it's showing sort of some relative weakness to the Dow Jones. Investors will be, because so many large funds hold Apple shares, if Apple starts performing badly, they're going to have to liquidate those shares and then they're going to look around and think where else they would want to put them and maybe they're not going to feel too encouraged and maybe that money doesn't go back to work in the stock market until lower levels. So I've got a similar sort of pattern going on here where this is actually something akin to a choppy head and shoulders reversal here in Apple. We haven't got a full dip down to the neckline here, but it could be something like that is the head, that is the right shoulder. So that again is this August low again for Apple. Below there, if Apple rolls over with the general market, then we could be finding ourselves below that 200-week SMA, which has been supporting the price for a long time. We could find ourselves right the way back down to these lows formed in July, which would be a big drop, because we reached as high as 135-ish, that would be taking us back down to 50. That would be Apple wiping out more than 50% of its value. So that would be difficult for the overall market in my opinion is to perform well if Apple was to do so badly. Jumping over to currencies, one of the worst performing currencies of late has been the British Pound. Let's have a look at cable here. Here were the lows from April of last year. We just crushed straight through there with barely any signs of support. Should we get a bounce back up to that? I think that could be support turn resistance, although it didn't really act too much as a support the next time around. That could be an area of selling interest. More in the short term, though, we've got this previous level around the 143.50 area that held the market up for a few days before a big sell-off on Friday. So a little rebound up to there could find some selling interest back through there and back through the Friday high. I think that could be when we start when we push all the way back up to this 146. 145.70, rather. 155 is obviously a big round number possibility as well. But if we scale out to this weekly chart, we can see solid downtrend in cable here. And then if we pull right up to the monthly chart, this is when it gets interesting. I'd certainly recommend if you are a cable trader to check out Michael Houston's report on a possible long-term support in cable. It's downright at this 143-type mark where we are at the moment. That's the lows from 2010. So you can see that that's basically where the market is right now. So you just look at this range. Every time it hits the top of the range and the 170 mark rolls over, every time it gets down to the 140 mark, it bounces or thereabouts. But this is the kind of sideways range we've been in for a long time. And for those more of a conspiracy-type mindset, that's the way central banks like it. They try to talk the currency up and down, change policy accordingly to keep currencies within a stable range. Central banks don't like a massively accelerating currency. They don't like a really fast depreciating currency. Sometimes they view currencies as overvalued and they want to see a steady depreciation but nothing too dramatic. And likewise, we could get to the point where the bank thinks it gets a bit uncomfortable that whole fast pound is losing ground against the US dollar and starts to change their wording appropriately to kind of unsettle a few short sellers. And that's when we can see the beginnings of the bottom around this 140 mark. So certainly bear this short-term trading. You've got to say the trend is very much to the downside as we saw in that daily chart. Lower lows, lower highs in the weekly, well below the 200-day moving average, RSI well into oversold territory, which does risk a bounce, but we've been oversold for a while now. We've been oversold since the price was at $148. We're back down at $143 now. So 500 pips of the market being oversold is not necessarily a catalyst to buy, but you've just got to be aware of the risk. Data-wise, we do have a bit out this week for the UK. Tomorrow, we've got CPI. And then on Friday, we've got retail sales. And of course on Wednesday, we've got the unemployment data, including average earnings. So one of the things the Bank of England have been quite down on is the fact that after getting that spike in average earnings growth, it's kind of tapered off a bit since then. And so we were looking at earnings over 3% a year. Now they're down at just over the expectation this time around on Wednesday, as it has dropped down to 2.1%. So if that comes to fruition, we've all, you know, earnings drop even lower down to two or even less than two. You know, that would be a massive down drop for cable, probably. That earnings number is going to be a big one. But nonetheless, I mean, inflation is very weak, but it's hard to really see the CPI number on Tuesday changing the dial too much on the expectation for inflation. It's just, even if it's .2, you know, obviously it's going to be a bit supportive of the pound. If it ends at big .1, you know, it's slightly negative of a pound. But overall, we know inflation is going to be low for the time being, especially with all prices making decade lows. Switch over to the euro. Now, tricky one in the euro at the moment. It does, you know, and since that massive move on December 3rd during the LaMaria Draghi press conference shot all the way up to above 110, but 110 has basically been capped in a price action since. It dropped down to just above .7. That was about a 61.8 retracement of that big move from the low to the high on December 15th. And we've pushed back into this 110, but just not really got past it. It was almost so 108. 109.87 is kind of the resistance that we have really been specifically rebounding off on the last one, two, three, four, five attempts. So it does to me look like we, to me this looks like a bounce off the lows, a consolidation before another rebound. But we've got significant overhead resistance from the 200 day and this 110 level. So the market's struggling to get through it and the trend is officially lower as I define it while below that 200 day moving average and while we're making a lower low and lower high on the weekly chart. So it's a bit like, you know, the trend is turning you to sell but you've got this strong suspicion that this trend is going to reverse. So to my mind in that situation, inaction generally best until we get some confirmation one way or the other. So we're in that 108 to 110 range. Now you can obviously buy and sell at the bottom of the range and the top of the range with tight stop losses. But in terms of something more directional, you really want a, probably at this stage, a weekly close above or below one of those levels. Golly Yen's been very active recently because just because we've been seeing a bit of a sell-off as we previously spoke about in equities. And so the Yen is a safe haven and Dolly Yen is something that correlates very well with U.S. bond yields and indeed U.S. stocks has been selling off. And so that's been a big, people piling to the Yen as a safe haven and it's taken quite down below 117, but we're finding a bit of support in that area. You know, the big kind of line in the sand here is where we saw that massive rebound just above 116 in August. And obviously we're talking about an August low here and Dolly Yen, just the same as we're talking about an August low in equities. It's a similar deal really. We did have this triangle pattern which we seem to have concluded to the downside, but it still could end up being, if you extend the chart out this way and you draw this line in here, what you can kind of see is that actually it could be a sort of either just a kind of rectangle pattern or just a kind of downward sloping triangle with a flat bottom. And so then it's in this kind of 116 area that we're looking to break to the downside. And that's been holding since November 2014. So that's a big area of support right there. You know, I think what can push us down through that? You know, just continued risk aversion that send equities lower, break through the August lows in equities, and we're pretty much heading down in similar fashion with Dolly Yen, I'd say, just because it doesn't look like the Bank of Japan given the relative lack of success in the current quantitative easing program has brought the Japanese economy probably just aren't too keen to add to stimulus. And I would actually say something that's not been talked about too much. An outside possibility for this year in terms of a sort of shock to markets would be the Bank of Japan just abandoning their QE program just because it hasn't worked. That would be quite a shock and Dolly Yen would drop, but I'm not going to use it. Some other big FX movers, but I've not had any specific requests from you guys on that, so I'm going to switch over to commodities. Obviously, the bridge one is Miss Crudall. We saw the lowest since, I think, it was November 2003. Our price is slightly different, but yeah, it looks like, you know, this price down here, that's where we've got to. So, you know, we've obviously taken out the 2008 lows, we're basically coming down to test these really low levels from back in 2001. Got to believe we're close to a bottom in Brent, but, you know, given that markets can still swing around by a few dollars in a day, each one of those dollars is a high percentage of your opposition. And so, if you are going long crude, you know, you'd certainly need the capital in your account to withstand large drawdowns while the market finds its bottom, because, you know, it's almost certainly going to push past your entry point at some point. Very difficult to catch a bottom in the market. You know, if you're trying to pull up, if you're trying to bet on a bet on a 27, you've got to be aware that the market could drop to 20, in which case that's 25% of your account. So, obviously, especially when using leverage, you know, that could be lethal. So you need to have that math calculated if you are going long-term on oil. Probably a slightly more conservative approach is to look on the short-term charts and look for a bit more of a clear sign that actually a bottom is being put in. No sign of that really at the moment, other than the fact that we're off the lows today, but that's a very temporary phenomenon. I mentioned in the chart forum post here that there's a few layers of potential resistance. Excuse me. I'm already designed to come off the first one that I liked this morning, which is around the sort of 28, 78, kind of basically just that low, formed on the 14th. You know, that sort of general pattern of a lower low, lower high, come up. Where do you find the lower high again the next time in the vicinity of the previous lower low? So, Mark, it's good to roll straight off from here. If we do manage to push high, we've got this defining trend line which has three successful touches. We can get that just around the 30 round number. So, a confluence of potential resistance here from this low, this defining trend line, and the round number could find a few sellers in that vicinity. If we get through there, then I think that would probably, because it is a confluence and potentially significant resistance area, we could carry us all the way up to 3120. And then I think if we get through 32.05, basically the 32 round number, I think that would be, you know, because the market is so heavily short, I think probably a lot of covering positions in that kind of area and that could carry us all the way back up to 3580, which are these lows from December. Obviously the main catalyst to the draw down in all at the moment is the talk about around sanctions being lifted over the weekend. So basically around pretty much good to go now on exporting oil. So that means a lot more oil flooding and already oversupplied market. We'll have to see other landscape changes over the coming months because already some talk of Russia perhaps producing less oil this coming year. So if Russia can work alongside OPEC, even if it's not really passively but just sort of both doing the same thing at the same time, a number of OPEC nations already expressed their desire to cut production. So if Russia get involved, that could be enough to convince Saudi Arabia to do the same. And then we're in a very different environment where actually we've got enough producers cutting production to influence supply and then we could push back up to that 60 mark again in fairly quick time. Given how quickly we've dropped down, you know, a quick drop in the market typically corresponds to a quick rebound. So last one here before we finish, look at gold. If you'd been checking the chart forums, you'd see that I had mentioned this, the low from July 2015 as a potential confluence of potential support because it was on this big move higher from the low was also the 61.8% retracement pretty much and a confluence of this broken down trendline and this upward sloping potential trendline here, all pretty much in that same area and we did get a nice tidy bounce from there. It carried us about $25 just in the space of a day. So that did act as nice support but we've done the first easy move. The next bit is actually taking us back up to the 110 area. That could be a top year affair. For those who haven't got involved yet, could be some potential for the market to drop down to the 1080 again. But obviously that's been quite a strong rebound already. So it may even not get down to 1080 again. Still obviously below the 200 day moving average and really an unconfirmed trend. So the fact that we've formed a higher high on the weekly chart helps you a little bit in going long because it's not such an outright downward market but nonetheless formed a lower low and below the 200 day moving average. So risks of trying to bet on a recovery back to 110 and above but it does sort of look like that way at the moment to me. I've mentioned up here that this looks like a failed break of 1073 that July low. So we tried to push down, chopped around, but didn't really make any headway below it and now because we haven't managed to do it, we're heading up again. Okay. That's it for this week's webinar. Thank you very much for attending. Good luck with the trading this week. Just a little turning out.