 Good afternoon. Welcome to CMC Markets on Friday the 6th of August, 2021, and this month's non-farm payrolls webinar with me, Michael Houston, and I'll be taking you through the numbers today, obviously giving you a quick overview of what markets are expecting, looking at some of the key levels with respect to currencies, commodities, and the major indexes, and hopefully try and make sense of the direction of travel when it comes to where markets are likely to go. You've also got to be cognizant of the fact that we're coming into a weekend, so we've seen a fairly decent week for equity markets this week. We've seen record highs for the stock 600, the 5250, the NASDAQ, and it looks like at the moment we could well open at a record high or for the S&P 500 when that opens just over an hour from now at 230 UK time. But I think today's payrolls number is, well, obviously it's an important number in the overall scheme of things, but I think what it tells us is that no one really has any idea what today's payroll number is likely to be. The guesstimates, and I use the word advisedly, the guesstimates are between 350,000 to 1.3, 1.4 million jobs to be added in July. Now, there are only a number of reasons as to why today's July number should be a good number. We saw some fairly decent employment components in the ISM surveys out this week. Manufacturing and services were both very, very positive numbers, and the employment components jumped above 50 to 52.3 and 52.8 here or there as makes no difference. However, the weekly jobless claims over the course of the past month or so have here to have found a little bit of a base around 400,000. We haven't really seen a significant improvement in claims, and ADP data, the ADP payrolls report was particularly disappointing. You could argue that expectations for today's payrolls report, I think anything in the region of around about 950 is probably priced in. Anything less, probably not. Anything less than 700, probably not. Anything over a million, probably not. If you look at the way the dollar has behaved this week, the dollar is high. You're looking at Euro dollar at the moment. It's dropped below 118.50. Those of you who basically follow my daily notes will know that I've been calling for Euro dollar to go to 117.5. Over the course of the past few sessions, definitely very much a sell the rally type of trade Euro dollar. I can't bring myself to be in any way positive about it. Simply on the basis of the fact that Federal Reserve and the ECB are likely to be going in completely different directions over the course of the next two years. I want to say different directions. I mean, the ECB is not going to be tightening policy, tapering, asset purchases, or doing anything along those lines over the next two years where the likelihood is the Federal Reserve will. So it's really about, I think, what today's payrolls report is about. It's about a direction of travel rather than the actual headline number itself. And I think, you know, in amongst all the noise and the narrative, I think that's probably the most important takeaway that I could say. So say, for example, we look at the payrolls numbers over the course of the past few months. So, you know, this is the number from March. So costume on back to the payrolls report, the March payrolls report in April, when we're expecting a jobs number of around about 1 million. Sorry, it was the, it was the April report in May, we're expecting a million and we got 278, 266,000. That was subsequently revised higher than the 1 million number, the nearly 1 million number was subsequently revised lower. What we're seeing here is a slow move higher. Okay, we saw a little bit of a dip back in the April numbers, but 166, 468, 770, 278, 583. I think we could well see something in the region of perhaps 700, 750. And if we come in and around that number, the overall trend is in place. The only real question is all of these people who weren't in the labour force, who aren't in the labour force now, but were pre-pandemic, where have they gone? And I think that's the key question that an awful lot of people are wrestling with. And if you've read my morning note from this morning, and listened to my payrolls webinar a month ago, you'll know that an awful lot of fed officials are paying very close attention to the labour participation rate, because the labour participation rate will give a decent indication as to how many people are still not feeling particularly incentivised to return to the labour market. And there are only a number of reasons as to why that might be happening. You know, I think it's important to consider that, because how many of these six or seven million people that are no longer in the labour force and not reflected in the current participation rate will come back? How many have retired early? How many have set up their own businesses? Quite simply, it's too early to know, these unemployment benefits ran out in September. So, while we're still expecting a fairly decent payrolls report, and despite the comments of Vice-Chair Richard Clarider earlier this week, they can talk about a taper as much as they like. The big question is, when will it happen? Will it happen towards the end of this year? I think that it will, but the moment the reluctance to discuss it to me is neither here nor there. It will happen. The big question really is about timing. Will it happen Q4? Will it happen Q1? And unless there's a significant setback in the global economy, and we'll talk about China later because of the rise in infection rates across not only China, but in Asia as well, there is a possibility that we could see a little bit of divergence when it comes to the economic recovery in Asia and the economic recovery in Europe and the United States, because the higher vaccination rates here in Europe and the UK and the United States. Nonetheless, I think fairly decent payrolls report with the participation rate edging higher. The unemployment rate, it went up last month while the under-employment rate went down. That gives you an indication of how confused things are. Unemployment goes up, but under-employment goes down. Suggests that more people potentially are going back early, going back part-time. So when the schools go back in September, when the unemployment benefits roll over, roll off, that will be the asset test when the September payrolls report comes out in October. So that will give us a better indication of where we are in terms of the labor market once we come to the end, potentially start to come to the end of Q3 and begin Q4. So still likely that we'll see a tapering of asset purchases at some point. And to be quite honest, whether it's $120 billion, $100 billion, $80 billion, what does it matter? Really, it's about the timing or otherwise of when the Fed is likely to start raising rates, whether it's going to be the end of 2022 or the beginning of 2023. And I think that more than anything is what's, I think, got an awful lot of people a little bit uncertain. The Fed's gone from not raising rates before 2024 to potentially coming in at the end of 2022 or the beginning of 2023. So that's how the debates moved, even though bond yields haven't reflected that. You know, we can see that quite clearly in the way that the US 10-year yield has behaved over the course of the past few weeks. This is since March. And really, I think this is just being reflected by concerns about slightly weaker growth trajectory for not only the global economy, but the US economy. I think expectations were too high here. They started to become an awful lot more realistic down here. The big question is now, will the US 10-year yield a break below this double area of support around about 1,260? Or will we break higher and head back towards 1,40 over the course of the next few days and weeks? Decent payrolls report could well give an upward nudge to yields, but we also have to be cognizant of the fact that we've been higher three days in a row. So again, a decent payrolls report could well be already priced into a certain extent by this rally in long term treasury yields. Or it could just be a consequence of a little bit of profit taking as we head into the weekend after the declines that we've seen all the way from here. So the big question is, I think, first and foremost, what's already priced in? And how is the market likely to react in the event of a number that comes in anywhere below 700,000 anywhere above 950? So million will be significant because obviously it'll be a digit change in terms of the number of zeros after the number. So psychologically, that will be positive. On the other hand, if we come in anywhere near 700,000, that's going to be okay, fine, it's higher, but it's still not, it's in the right direction, but it's perhaps not as good as perhaps we thought it would be. And I think that for me, I think that for me is the main thing to be concerned about. So I'm guessing you can, I'm getting some people saying that they can't hear me. Because you just confirm that you can and I'm actually not talking to myself. So I'll just stop for a minute before someone says anything. Yeah, great. Excellent. Super stuff. So everyone can hear me loud and clear. Okay, so yeah, we can, I'm guessing the problem is to do with speakers, perhaps or a technical problem your side. So all good. All right, so, so let's let's look at the overall numbers. We've also got the Canada jobs report. So that's obviously going to have a significant impact on the dollar CAD exchange rate. So I think let's cover that off first. For those of you who follow dollar CAD, because if we look at the dollar CAD chart, there's a really nice little trend playing out at the moment, which has been in place pretty much since the beginning of June. So a decent Canada jobs report, and a slightly weaker US jobs report could actually see dollar CAD drift down towards here. But overall, we're starting to see very much a case of a move to the upside in dollar CAD. So in terms of the Canada numbers, any dips back to around about 124 could could see a little bit of a rebound, could see the rebound continue as long as we hold above this key support line from the lows that I've drawn in here. Trend is very much your friend here. We've got the 50 day moving average, the momentum turning positive. We've got these double lows here on the on this on this candle on the 14th of July. And this candle here on the 30th of July, and that low comes in around about 124 20. So there's fairly solid support dollar CAD at 124 20. And if we get a drift back down to that sort of area 124 40, then the uptrend that's been in place since June is likely to continue on that basis. Obviously, if it drops below 124, then the uptrend is over and we could we'll see a correction back towards the 123 area, but certainly looking for a slight slow down from the numbers that we saw back last month, 177 and a half full time, and most of which are expected to be part time jobs. So that's not particularly great, but nonetheless, the unemployment rate is expected to drop to 7.4%. But my my main focus is very much on the headline for non farm payrolls. So that's the consensus forecast. Bloomberg have got 858. We've got the unemployment rate which is expected to fall from 5.9 to 5.7. And according to Bloomberg, the participation rate is expected to improve from 61.6% to 61.8. So just close that window down. Let's have a look at some of the major chart points. Well here currently the FTSE, FTSE, FTSE, what am I talking about? The S&P 500. It's trading at an all time high. 44.30. Obviously, the cash markets aren't yet open. They won't open until 2.30. But the likelihood is assuming that we've got a fairly decent payrolls report that US markets will open or the S&P 500 rather will open at a new record high. We've found over the course of the past couple of weeks decent support anywhere near 43.70. So what I'm going to do with this is basically draw a horizontal line straight across there. So you can see that line and then I'm going to drill it down into a 30 minute chart so that you can see it right there. There we go. I mean, it's no more complicated than that for the past two weeks or so. The S&P 500 has been trading in a sideways range. The bottom of that range is 43.70. The top of that range is roughly where we are now. So if I was looking to get in now and it may surprise you to hear me say this, I wouldn't be looking to get in at the moment. If anything, if I was already long, I'd be looking to take a little bit of profit. We're coming into the weekend. I don't really want to run anything into the weekend given the fact that there's an infrastructure bill going through the US Congress at the moment. So we could be susceptible to weekend event risk and I think that's something that we really don't want to be thinking too much about when it comes to running positions over the weekend. They can be problematic when I was trading currencies. I used to run positions over the weekend all the time. As I've got older, I've become more risk averse or just wise. I think it really depends on your point of view. The problem with running positions over a weekend, particularly now, is that sometimes they can gap against you on Sunday night and generally they end up costing you money than they do making you money, particularly if you're the wrong, obviously if you're the wrong side of them. So that's just a personal preference. It really depends on your risk profile but certainly in terms of novice traders it's not something that I would actively encourage. So the S&P looks, it's trading towards the top end of its recent range and it's probably a similar sort of story when it comes to, say for example, the DAX. Just give me one second, ladies and gentlemen. Quickly replying to a message. Again, it's a similar sort of story. We've got the record highs here, 13th of July, 15,816. We're not far off that. Well, I'd say we're quite a bit off that but again if the S&P rolls over towards the open then that's likely to act as a little bit of a break on the DAX. Having said that, even though the stock S&P 600 has made new record highs, I think it's notable by the fact that the DAX and the CAC Caron have not. That doesn't mean that they won't but I think it's more likely that if we are going to see those record highs on the DAX and the CAC Caron we'll probably see them next week and not this week. Again, it depends on the payrolls report and again it depends on your risk profile. Do you want to run anything into the weekend? FTSE 100, it's a serial party blue, purple, annual, under performer this week. The good thing is we're now back above my 50-day moving average which I generally tend to use as an arbiter of momentum for the FTSE 100. The only concern I do have is again, even though it's higher on the week, it's looking a little bit stretched and it still doesn't want to go through 70-150. I don't know what problem it has with 71-50. It just finds the air a little bit thin anywhere near these series of highs through here. So again, it's about trading what you see and for me at the moment the FTSE 100 looking a little bit toppy at current levels. That's not to say that I don't like it, I do. I still think that it's got potential to go an awful lot higher by year end. The only concern that I have, the only frustrating thing that I have is everything else is going up except the FTSE 100 but that's not to say that it won't continue to go higher. When you've got Goldman Sachs, companies like Goldman Sachs raising their targets for the S&P then the likelihood is that the direction of travel is likely to continue to push higher. Simply on the basis that where else do you put your excess capital, your liquidity and what have you. The trend is everything in terms of this. So we've got fairly decent support at around about 7100 on this hourly chart. We can see it there. There's a low there, there's a low there, there's a series of peaks there. So I think any drops back to around about 7100 should see fairly decent interest on the FTSE 100. Right so let's talk about, let's talk quickly, talk about Brent Crude for Leanne as she asked me and I said that I would show her. So here we go, decent uptrend, three down days, one, two, three, an awful lot of this decline that we've seen over the course of the past few days and there's a consequence of concern about Asian economies. We've got China trade numbers over the weekend which could drive the oil price particularly if they're disappointing, imports and export data. We're expecting to see another slowdown there over concern about the Chinese economy. So pay particular attention I think to the $70 a barrel level. I think that's a very key chart point on the downside but it looks like the oil prices are likely to finish the week lower for the first time in a couple of weeks and gold will be very much driven by what U.S. yields are doing so if yields pop higher then gold is likely to drift back towards this trend line support here which comes in round about 1780, 1785 there or thereabouts. So again a decent jobs number, a positive employment report is already starting to get priced in a little bit so we could see a test of 1785 if U.S. 10 year yields spike higher from where they are now and they're currently around about 125 at the moment. I'll just move this interview. Let's just do this again. GP we got 125 so there we go 125 83 and year to date there. So if we if we head back towards this 200 day moving average around 128 that's likely to knock gold lower. EUR a dollar very very quickly. Let's do the analysis on this. Again those of you who've been following my daily updates will know that I've been calling for this to retest this series of lows through here. So again a positive number if it's a bad number then we could well see a pull back to around about 118.5, 118.60 but I'm still very much of the opinion that EUR a dollar is set on the rally momentum should take us back down to 117.60. That was a course of the next few sessions. Cable I'm slightly more bullish on largely on the basis of that shift this week by the Bank of England. Decent support at 138.70 so if there is about a dollar strength it'll probably not cable down to 138.70 potentially could go as low as 138 but overall I'm still of the opinion that we need to get through 140.20 to head quite a bit higher. So that's essentially what I'm looking for when it comes to the cable and I'm basing that on weakness in euro sterling. So any dollar strength should be mitigated by the weakness in euro sterling which is now seeing euro sterling head back towards these lows here and potentially back to these lows here. So very much a case of sell euro sterling on rallies ahead of the payrolls numbers. Looking at Dolly Yen again fairly decent rally in Dolly Yen over the course of the past few days we could well head back to 110.20 in the event of a decent payrolls number. So we're coming up to 13.29 and 30 seconds so before I wind up completely just a quick reminder 858 on the headline number unemployment to come down to 5.7% from 5.9 and the participation rate to improve slightly to 61.8 so I'll just wait now and we can digest the numbers as they break. Seven point in the gap unemployment rates dropped to 5.4% non-farm payrolls 943 fairly decent number that we like that but it's pretty much back where it was in terms of consensus a week ago so let's have a look 943 5.4 participation rate ages up 61.7 so all in all that's a fairly decent number for and you can see that all now by the fact that dollars going up not so much because of the headline number but because of the fact the unemployment rate has dropped back quite sharply and the participation rate has actually gone up so very much a positive number for non-farms and also a positive revision to the june number that's been revised up as well from 850,938 so a very very positive number again two positive numbers in fact and we should get a retest of 117.5 on the headline on the headline payrolls number let's have a look at Dolly Ennessy if we get that test of 110.20 and there we go there it is quickly looking at US 10 year yield and that's higher as well up to 126.84 so all in all fairly decent set of numbers all pointing to the US economy that's recovering very nicely all pointing to the fact that despite the fact that weekly jobless claims have been plateauing around 400,000 the labor market is still recovering and it's recovering quite nicely which means that once again the prospect of a taper is very much back on the table for some time in October there was some doubt about that I think it's quite likely now that we will probably hear the noise about that start to increase and as a consequence the dollar is likely to potentially go higher the big question now is really what does this do to equity markets personally I think it's I think it's pretty much positive all around it's a Goldilocks report we've got higher equity markets we've got a headline number that's positive an upward revision that's positive a unemployment rate that's down from 5.9 to 5.4 and average earnings average early earnings have ticked up to 0.4 so there is an element there also of a little bit of inflation starting to creep in as well now that might make some people a little bit nervous but given how many people have dropped out of the workforce since the beginning of last year I'm not overly concerned about that you know average early earnings on an annual basis is 4% yeah fine on a monthly basis it's up to 0.4% you could argue that slightly inflationary but how much of that is as a consequence of people returning to the workforce and how much of it is as a consequence of employers having to pay slightly more for to get headcount and fill job vacancies there certainly will be an element of that and I certainly think that's a good thing though it may it may impact on companies bottom line and profit margins maybe further down the line and then really it's just a question of whether or not that then feeds into price increases or goods and services going forward what does it mean for gold well it means weaker gold essentially we're going to see a test of this trend line Phil I think we're going to see a test of this trend line here really is a question of now whether or not this trend line holds or whether or not we see a rebound in the short to medium term got to say that I don't think gold is going to rally today I don't think it's going to rally into the end of the week but I think if we can hold above this trend line today then we could see a little bit of a rebound next week if on the other hand we break below it we'll probably retest the lows back in June of around about 1760 but that is not a good report if you're longer gold it's a bad report if you're longer gold because it's very much dollar positive and it's very much positive for the yields as well so I think the key test for me is how it reacts when it gets to this trend line here so in short gold prices to trend lower towards trend line down here any other questions sterling yen that's my old favorite I used to trade dolly yen so that's a good one all right we've got sterling yen let's get rid of some of these lines on here until I haven't looked at this in a while right running into a bit of resistance at the moment on sterling yen but you've got to say that when we look at when I look at this here we're heading into a bit of a resistance zone on sterling yen up and around 153.5 on 54 why because we've got trend line from the highs here but we've also got cloud resistance as well normally what happens is cloud ecimoku is something that I use an awful lot on yen in yen crosses simply because I found that it actually works quite well in terms of support and resistance but I only use the kumo cloud resistance lines I remove all the others when we what happens is they tend to act as support or resistance and when they break below the support the the market tends to trade away from it then access resistance goes into the cloud access resistance comes back down breaks below it turns away now we look as if we're heading back into it so I think there's potential for us to head back into this resistance level here on the kumo cloud a bit of resistance if we can hold below that then we should start to trend lower but because we're starting to trade into a bit of a range at the moment volatility is starting to compress and as a result these signals may not be as significant if they do break through having said that if we break above this cloud here then we could well see a significant move higher but at the moment we look as if we've got a little bit of strong resistance coming in around about 153 and a half 154 so hopefully that makes some sense to you if it doesn't what I'll try and do if you want we'll try and record a video on how I use kumo cloud lines on yen and yen crosses I don't use them on anything else generally they were designed with the Japanese yen in mind a bit like Japanese candlesticks only Japanese candlesticks generally tend to transfer quite well kumo cloud lines not so much they're sterling in looking a little bit toppy in the short term anything else ladies and gents anything else that I haven't covered that you'd like me to cover I'll quickly have a quick look back at dollar CAD see what effect that's had those those prospective payrolls report where on the CAD not much really let's have a look at a five minute chart a little bit of volatility but nothing spectacular as from as we can we see from the five minute chart I think somebody asked me if I use five minute charts a lot um not so much is the answer to your question um what I used to when I was actually trading a book but if you're trading five minutes chart five minute charts you really need to have quite a bit of time on your hands I'm really focused on it to the exclusion of everything else I generally don't tend to use them that much because obviously I have to do a whole host of other stuff do I believe in the transitory inflation view not really no um I'll look at um there's that 100 and big tech in the dowel in a second I mean transitory to a point but I don't think that all of the inflation that central bankers are talking about will be transitory I think an awful lot of it will be persistent let's take shipping rates container shipping rates they're not likely to be transitory which means there will be some stickiness to inflation and I think it's inevitable that we will see um slightly higher price pressures you've only got to look um at the petrol pumps to see how transitory or otherwise inflation is likely to be now the t-word is a good excuse for central bankers to do nothing you know it's there it's there it's their fallback position you know it's their raison d'etre oh yeah we think inflation will be transitory well believe you me some of it probably will be so use car prices will probably fall back down new car prices will go back up so that part of it I think is transitory but certainly I don't think all of it is so and I think that is the debate that's currently being currently currently being taken place unfortunately we won't know until it's too late um you know and I think that that's that's the big question how much will companies be able to absorb before they start to push prices higher um longer term positive view for gold but yeah absolutely um I think that's absolutely the case but not now um you know the way things are at the moment gold has generally tended to um be uh moving in the opposite direction to to yields which is slightly counter-intuitive if anything gold has been a deflation rehege not an inflation rehege so things of you've got a certain amount of dislocation in financial markets in terms of the Dow again you know it's positive for markets absolutely it's absolutely positive for markets and we should see equity markets go higher it comes back to what I was saying earlier do you you know say for example you bought the Dow now you bought the US 30 now and it suddenly dipped back would you be happy to run it over the weekend or would you try and get in and get out before the end of the day you know at the end of the day that's an arbitrary decision that you have to make on on that basis I still think you know that the Dow can go higher most definitely but the big question is will it go higher um from here and continue to go higher next week you know you're asking you're asking me where it's going to go in the next half hour hour or two hours I can tell you where I think it's going to go over the next week yeah I think it's going to go higher but you know as with everything timing is key um and sometimes the markets can have a habit being very unforgiving if your timing is ever so slightly off as I found out on quite a number of occasions um as a result of that and the fact that the S&P is is actually off its highs I think it's really dependent on what US traders do when they come in in in around about 45 minutes time I think the initial reaction could well be to try and take it higher the big question is whether there's the momentum there to continue to do that or whether we get end of week profit taking um as we head into next week we also have to remember August trading is very you know it can be very very um can be very very thin on occasion NASDAQ 100 or no price for guessing there the NASDAQ is actually down so um you've got a little bit of a drag on the tech which may limit the upside on the Dow and this is something that I've really been struggling to get my head around because if you look at what the US small cap the Russell 2000 has been doing you would think if the US economy is going as well as the data would suggest then small caps should do should be doing very very well indeed but the US small cap has been lagging behind pretty much everything else you know that's a bit of a red flag for me it's a bit of a warning sign for me let's look at it I mean that's a good payroll report and and the small cap reflects that but why hasn't that been reflected since we put in those highs back in March and in June while the S&P the Dow and the NASDAQ have all continued to make record highs small cap hasn't um and that's a bit of a head scratch for me but hopefully those two decent jobs reports with the with the revision and everything else should see the Russell start to push higher now if that happens and we get flow of funds back into the Russell we could see money start to flow out of the NASDAQ because of the valuation element because of the elevated valuations in the NASDAQ and we did see some element of that earlier this earlier this year where the NASDAQ came under pressure a little bit valued and the market went into growth so recovery stocks and that's something that we do need to be aware of when we talk about the NASDAQ and by definition big tech so you asked me about big tech let's look at share baskets and I'm guessing that's what you mean by big tech um so let's have a look at big tech well all right that's a little bit of a comparison that I was doing there let's just bring up a new chart for big tech there we go font slightly bigger so everyone can see what I'm doing there we go well there's no surprise there's no prize for guessing the direction of travel there but again it's so far out over its skis that for me it is susceptible to a little bit of a correction so let's go and draw that and there we have big tech but it still remains very much by the dip you know these share baskets are quite useful in terms of looking at the overall direction of travel of particular sectors uh and what have you yeah I saw that as well um the arc innovation etf has a record yeah I mean it definitely does I mean if we want to look at the arc innovation etf we can have a look at it in here because we've got it lock you know here we go there it is that's the fintech innovation and that's the innovation there so just get rid of the fintech one let's just redraw that line for the innovation etf and we've got this series of peaks on the arc innovation so that's an interesting that's an interesting line there on the innovation etf it's worth keeping an eye on if you're interested in that all right what else have we got have I missed any other questions silver I missed silver just scrolling back sorry about that gents so if you're looking for a particular asset class use the product library it's really useful um and if you can't find it it's because we don't have it again silver it's going to do what gold's done strong dollar retest these lows through here let me just zoom the chart up for you so you can actually see what I'm talking about though keep an eye on that low there oops oops so is that as with anything with this it's all about it's all about trend and at the moment the trend does look fairly decent for silver but it's likely to come under pressure if we break below break below 24 and a half dollars in the same way that gold is coming under pressure as a result of today's positive payrolls report okay let me just scroll down see if there are any other questions okay so um okay so anything else ladies and gentlemen's before ladies and gentlemen before I wrap this up um can you just show me how to turn on that snap pointer on your charts yeah absolutely I can um so basically you have a chart okay so what we've got here is the draw the draw facilities so bring them up that should be here somewhere oh my goodness gracious me what have I done well that's interesting they've obviously moved it they used to be a feature and I think they probably moved it here we go there's an option on settings where it says snap type and the snap type Richard is high and low it used to be on the used to be on the um used to be on the trend line feature itself but they've since removed it and decided not to tell me even though I asked them to do it but they've obviously run an upgrade and it's there so settings snap type high low and make sure that's selected okay thanks Thomas Thomas telling me how to use my own platform oh that's funny um so that's that's how you do it it's a fairly nifty piece of a functionality um but also means that you're an awful lot more accurate as well in terms of uh getting the right support and resistance levels on your trend line any other questions on RSI how do I get 80 and 20 levels they they come on by default I thought they were on by default I've always put them on by default so basically what you do with them is have you not got them on let me just put one on for you so you want 80 20 oh I see what you mean you want to change them fine okay I see what I follow you I follow you okay I'm not sure that you can but what I'll do is I'll inquire for you to I'll inquire for you to see whether or not you can and come back to you how does that sound I know so I'll come back to you on that one okay I'll just leave that on there so I remember to follow it up okay I'm getting off is crude oil is crude oil what okay you're not finishing the question so it looks like you'll have to follow that one up a little bit later otherwise I'm just gonna I'm just gonna wind this up now ladies and gentlemen thank you very much for tuning in um hope you all have a great weekend and I'll see you all same time same place next month thanks very much for listening and hope you all have a great weekend I'll speak to you all see you all again thanks a lot