 Okay, very good morning. It is Tuesday the 11th of August. I hope you're doing well. Just a quick word here As you can see, I've got the Amphi training YouTube channel up at the moment So don't forget to subscribe to the channel and click that bell icon to put on the notifications for whenever we release New content you're getting an alert and a push on your phone or on your desktop Just explaining quickly. There's four main categories to our YouTube kind of page There's the morning daily briefings that I do which go out every morning and these go up Slightly delayed on our YouTube channel because they go out live privately to our traders first on Amplify live And then we've got the weekly trade setups from Sam much more technical based Then we've got markets explained with Eddie where he kind of does a deep dive into some of the key New stories in the headlines at that point in time and then we have Milan deep from our tech team Who has done a good series of our algorithmic trading and he's got some new content coming soon as well Live sessions and so on so plenty of content material. Hopefully that you'll find enjoyable So so do subscribe to the channel and hopefully you can make the most of that in your preparation for the day-to-day trading But let's push push on and talk about what's moving markets this morning and Going to start with the charts and really talk about the market in quite a technical way There's not too much in a way of distinct news flow I would say from the overnight session if anything we had a recovery on Wall Street It was so interesting yesterday I'm gonna have a look at the Nasdaq here. The Nasdaq came under quite heavy selling pressure immediately at the open yesterday I saw one guy One infamous person on Twitter tweeting about all the bubbles burst. This is it the Nasdaq You know it's the end of days now And I was thinking a little bit like this is he's just fallen into the classic trap Here the little bit of downside It's kind of like of the order would be keep calm and carry on look the market Narrative has not changed really here if anything as I'll discuss in this briefing It's supportive of equity longs still and any opportunity then the market corrects itself and moves down It's just an opportunity to reassert longs and that's certainly what we saw yesterday. So yeah, although it seems Quite spicy at the time when the markets coming down quite heavy particularly the under performance that we saw Obviously people are looking at the Nasdaq as the initiator perhaps of some kind of pop-in markets given how how it's out performed with those large cap mega Tech names, but yeah, as soon as we hit that low. It's just been returning ever since this morning look to the tick We've reversed that entire loss already in what less than a day, you know, so Yeah, at the moment then the Nasdaq I mean just looking at this one month will start on this chart here We're just coming up to actually it's quite an interesting technical level just from the near-term price activity You've got that initial print just before the collapse that was seen at the opening yesterday That also coinciding with the retested reopening of globe X trade at the beginning of the week on Sunday night And you can see here it was respected back on the fifth and also on the sixth Which act as a bit of a flaw for then to push up at the time to what was the retest on on the all-time highs So yeah, quite a key level here just coming up nearly European trade index futures off to a positive footing Asia overnight given the US recovery into the close on Wall Street Japanese Hong Kong equities were up more than 2% Shares in Australia and South Korea also positive So generally just picking up the baton and here in the the Eurozone in the UK On a slightly bigger time frame, this is obviously that longer Daily continuation chart we've been looking at you can see that traded quite heavy because we broke a key level here in The Nasdaq yesterday at the open and you can see we pushed all the way down But quite to a strategic point, which was those previous Highers now what is a support point area around 10 939? That's pretty much where the market respected yesterday on that brief decline But importantly we we closed the day above that more significant level of 11 1058 and since that point we've just continued to bounce ever since While we're on the US equities I guess we might as well talk about the SP as well and that just continues to claw away on its pursuit back up to All-time highs. So here we are. I've just broken out the market was finding a little bit of resistance just before I came on here It's just just 7 a.m. Now here in London So we're knocking on the door a couple of times late the Asia Pacific session It was holding but now Europe's in a bit more increased volume. We've just managed to break on the upside here on the technical levels Probably keep an eye on the bottom end of that late Asian range and then probably here as well Which would encapsulate some of the highs that was seen from yesterday's session These would be important support points and then you pull back But now as we continue to move higher if I go back on to a daily, you know, it's not not a lot now technically Given we're trading at 33 66 until we kind of claw it out now up to the 3400 and 33 97 and a half being that all-time high that was seen prior to the pandemic really kicking off in terms of The situation moving outside the borders of mainland China at that time. So All things looking fairly good at the moment for the S&P to eventually hit that target I know Sam for one has been in that that long trade for a for a number of weeks. So, you know, I would be Surprised if he was to take any here and that he would hold it for a little longer on the premise that we do eventually get up Closer to what that target. Otherwise elsewhere then the Dax obviously following suit The Dax index is up around 150 points this morning. You can see here in the shorter term We've broken out of an interesting short-term level Which is you've got this low print that was seen Really late Asia session bit early for Europe to come in but Europe's come in and as usual in the futures in the Dax It's just popped up higher Breaking out of that Asia-Pacific range But that downside level quite an interesting area of just support Which was kind of the range higher activity through last week and now we're just seeing a bit of an extension So you can see that period of consolidation really was a reflection of the break that came Overnight in the commencement of the Asian session So if I just put a box around it here and now of Europe's come in We just managed to break the top end of that which was also coinciding with the R1 just adding a bit of momentum So that also filtering through into the European indices Elsewhere oils a little bit firmer this morning that also technically We've just moving over and above the highs that were seen from yesterday from a longer time frame This is fairly interesting And around is 42 36 was an area of resistance back on the 21st 23rd of July That also then does open up the Potential look and retest up at the 5th of August 2nd of March low price point That was 43 32 which defined the high from last week A few headlines this morning if I just quickly jump over Talking about oil rising with the prospects for US stimulus boing demand outlook Obviously progress in talks between Democrats Republicans are still negotiating a broader additional virus relief package this this is still under debate at the moment, but Most people would be a belief that at some point in the near future that a compromise of some sort will be seen in In order to assist a further economic recovery of the US which is obviously going to help boost the Demand side of the equation Not only that a couple of other kind of alternate data I've been looking at in terms of the signs of recovering consumption The quantity of commercial flights around the world rose about 6% in the seven days to Sunday Last week according to flight radar 24 data and the average number of planes now is around 67,000 in the sky is still well below the hundred thousand pre covid figure However, in the last week as I said, we're up 6% So there's plenty of upside there for return of consumption with as as I'm going to discuss with covid If the situation does improve and some of the stringency on air travel starts to loosen and allow that traffic to We commence and things like tourism gradually to start reopening in some key areas Well, then that's going to also add to this idea like the Saudis were saying at the weekend The demand is going to recover To a fairly strong degree in the second half of the year all things remaining equal, of course So that also in the context of if that demand does return Don't forget that US active oil rigs at the moment at their lowest they've been since July of 2005 So also as well, there's kind of a lack of available supply in that sense in the North American focus if we're talking about the Permian basin, for example, so Yeah, quite a few things to remain and you know, kind of bullish about I guess from an intraday perspective Oil and equities are kind of playing to the same. They're dancing to the same song at the moment in respect to They're both moving in a uniform fashion because it's dependent and based upon this this outlook over the economic picture Going forward as such then just given some of the movements. T notes pretty quiet But we're down a tick if I quickly go back to the charts It does Consolidate then the downward trend that was materializing through yesterday afternoon if actually look at the US 10 year Just from a technical basis. You can see we had a double top This would have been last week Rejection around 140 13 and if you look at it on a daily that did come after we had seen a decent break higher Out of a long-standing area of resistance that really Shackled the price action on the upside through April May and also July We broke out of that at the end of July and we kind of petered out at 140 13 Towards The beginning of last week and since that point we've just grinded back down So I'll be looking for an area of support here if I just zoom it in a little bit You've got that that previous strong area, which would now turn support of 139 22 and I'm also just keeping eye then It's kind of coinciding with that is a trend line forming from mid-June It's had a retest on a couple of temps. So quite a nice area of support here for the 10 years So wouldn't be surprised it come down another couple of ticks if equities remain firm today If it does that I'd be looking for support at around those areas and then in the precious metal space Yeah, interesting morning for gold Let me just move this over a touch so you can see it more clearly These were the markups. Of course, I was talking about the weekend and and gold. There's nothing really specific that's come out from a headline the dollar is Flat at this point. So I'd say at the moment This is quite technical the way it's moving you can see I've got these two rectangles Which were defining what I was talking about as key areas that the market might respond to on any pullbacks And certainly that first area was important the market did bounce in The prior week, but it also bounced then on that initial retest as well And there's also was it was a longer trend line. I was keeping an eye on here Which having broken that and that support area? I think it's what's contributing to some of this downside pressure this morning in gold So, you know just as quick as it can go up It can also go down in that way when it breaches key significant levels. So on the downside now As we come down the next near-term target 2009 and a half you've got that previous Momentary high that we had on the second when we popped up to what was all-time highs at that point in time Just looking here that also coincides with the s2 on the daily pivot So it could be an interesting level there just to keep an eye on on this kind of momentum play I'd say on this deterioration in price we're seeing this morning the more important the key level though comes down in this Downside rectangle here if I just move the box up over my video So that being that that level of symbolic make Importance two thousand and was that key area of resistance now turn support. So kind of two key areas support looking here 2009 and a half and then 2000 if we remain heavy. Could we break 2000? I'm not so sure. I still think that Underlying fundamentals haven't really shifted or altered too much the covid stuff I'm going to talk about has Developed you could argue in a more positive way and that is some of the underlying Positivity is emanating from that fact, but I still think there's enough kind of risks on the table You've got medium-term risks, of course in the form of the US election volatility Given this whole million ballot is likely to delay results for the election. We're just going to create all kinds of Uncertainty, so I think there's definitely right reasons to still Have a goal position in terms of a portfolio mix for exposure So if we come down to 2000 I think people might look to kind of reload in some respect if we do get there today would be my my kind of base for you All right, let's let's quickly run through some currency news Let's let's talk about cable for a moment I was just looking at cable here Slightly more short-term I guess if I can just lift that up it can probably just about make that out I'm taking this trend line from from the 30th here. You can see how to close retest on the fourth retested it on the 7th and on the 10th, so There's an area there definitely on the downside I'd be keeping an arm and that does then coincide in sterling with that s1 with the trend line which would be in here So I'd be looking around that kind of area Then you've got the 130 and handle below which would be those lows and the respective heights it stopped screen here Would be quite key areas of support from a near-term price point of view Not entirely that keen on this this top trend line. It has been tested three times But the market certainly did react to it this morning in early trade as the dollars just resuming a touch of strength In the near term you've got the overnight Asia-Pacific low would come in at around the pivot level And that also would coincide with around the low point that we had from yesterday evening So quite an interesting area of support coming down At around that 64 to 67 type area any break below there then obviously there is a bit of Clean air between there and really down to those more key areas support I'd be eyeing kind of around the 130 29 30 type area So quite interested to see how it reacts around this key area here at 130 64 If you missed that short opportunity further up on that on that trend line and close proximity to the overnight low in cable It's a cable at the moment. I mean that's the more zoomed-in 30 minute picture if you're looking you're not that interested in getting too involved in some of the action Intra day then you know, we're still within that broader area of consolidation between 130 really 130 and 132 And so it might be that if the market doesn't yet come down and you'll be looking for something more interesting More towards around the low that we printed down on Friday post payrolls with some of that dollar strength that we had at the time Quit look elsewhere at the euro and And Yeah, just looking at the euro here Just a key area I think to keep an eye on on the upside which might act as a strong air of resistance already has done actually this morning So for any of the early birds might have got hold of a bit of that Price action just given some of this like pick up in the dollar We're seeing at the moment which is weighing on both cable and the euro dollar currency pairs That being then that low that we had again Similar mimicking the dollar reaction to the payroll move. So that was the Friday post payroll low And then the markets responded a couple times you can see reaction to around that price point at 117 6364s and the markets just drifted since that point. So it doesn't look particularly Too interesting where it is at the moment. I guess you can say it's having a little bit of a tested around The area of which it's trading really at the moment But this it comes back up to that level assessing all things at that point in time I think that's quite an interesting ceiling to the price for the time being and that would be the key level to watch Any further push to the downside? We just I'm sure if you can see that just above my my video camera But if you get back down to retest what was the overnight Asia Pacific low Then that does bring into play the low that we had back on the on the fourth as well in the short term So yeah, that would be be quite interesting areas to keep an eye on today in the currency market Talking of cable one thing we did have overnight just so you're aware in UK press The Bank of England will step up quantitative easing if the British economy slows and struggles again This was in the Times newspaper in the UK citing the deputy governor Dave Ramstein Ramstein is quite interesting. He actually on the hawked up spectrum and sits Kind of center hawkish I don't think anyone's really we could classify as being hawkish at this point It's just less dovish, but he does tend to sit leaning that side. So quite interesting here He's to me. This is basically saying we don't really want to do negative interest rates Because what he's effectively saying is look the nearest and clearest all that we could use here is even though We've expanded quantitative easing the asset purchase facility by a hundred billion pounds at two meetings ago We could quite appropriately increase that 745 billion further if needed. So for me, it just puts more steps in before they get to negative. So it is although Although as it on a surface level that might sound dovish actually I actually think it's more on the hawkish side if that makes sense of anything. So overall, I wouldn't over Interpret this it's not really going to be something this is more Repetition if you think about what the bank has said at their last meeting is it's not that much different to be honest The other thing from the UK perspective British consumers spent the most last month since the country went into coronavirus lockdown in March as pubs restaurants Barbers beauty salons all reopened according to data from Barkley card and a British retail consortium as well over the Over the overnight session we saw that day to come out. So again, I would eradicate these new stories I'm bringing them to your attention. So you're aware of them really is that Technical levels and the dollar movement that's really deriving the movement this morning Just a quick look then a couple I talked about COVID briefly and some of this risk gone Definitely is emanating from the fact that you know the key areas we've been monitoring of course throughout this whole pandemic Has been North America mainland Europe and really the far east and China China generally has been relatively stable If anything, they're their economic data Has reflected that albeit, you know, we continue to remain Kind of vigilant for developments going forward, of course In mainland Europe, there was a flutter of activity where people were getting a little bit nervous about three weeks ago Spain particularly focus in France, but that as well as kind of dissipated a little bit But then in North America, which was obviously the key defining one given. It's the world's largest and most important economy It has been quite interesting because if we were looking at a couple of these graphics So just looking at the general trend that we've been saying it's seeing this couple I'm going to cycle you through isn't looking at the number of positive COVID-19 cases per day And you can see if we look at the seven-day average It's decelerating at a fairly rapid pace at this moment in time the other one that quite a few people are looking at here is that Markets are taking some degree of comfort from the fact that New York, California, Texas are all reporting falling hospitalizations So if you remember there was a bit of a disconnect at the time when hospitalizations were soaring back about four or five weeks Again, we thought then the inevitability that death rates would pick up, but they never really quite Saw a rapid pick up They certainly did in terms of the number per day started to consistently in terms of deaths go over 1,000 However, now if that was then a kind of hospitalizations Was kind of a lagging indicator well then Now they're declining and they're declining at a fairly consistent pace from the peak That we saw during the first episode of the first wave in the kind of tri-state area in the northeastern America So this is another kind of positive sign as well that's emerging And then if we're looking at week over week percentage change of seven-day average deaths Then that in kind has also followed suit and although the number is still a positive 2.9 percent the idea here is then it has continued to decrease and now coming back down to Potentially moving into negative territory, which we wouldn't have been seeing ever since then Before we had the the outbreak in the in the Sun Belt region in those more southern south and west states in America the other thing then as this develops is to kind of consumer behavior because obviously Consumers getting out back out there and regaining confidence and going about their normal activities where the work Dining shopping and where it's permitted of course, but Google's search interest Has also started to decrease down to levels that haven't really been seen in a long time as you can see Worldwide search interest in Kobe 19 is at levels far below its previous peaks that we've had And I do think that that's an important component from the psyche point of view For the critical component of an economy to function and recover and more thoroughly which is that of the consumer So there definitely is a couple things here. I think that are that are still supportive of this idea That equities can continue this this kind of gradual rise I don't think that the the pop that I mentioned that someone on Twitter was mentioning yesterday I think it's a little premature to call that just yet so That doesn't mean we won't be without some some some bumps in the road where we see Situations like what we had at the open yesterday With the case of the NASDAQ but what I still think will happen is that people will buy into those those pullbacks So yeah, that's it. That's your your morning briefing. So hopefully that was useful a couple of charts there I'll share those in the the private Zoom chat channel we have for our traders. So you guys will have those to hand Cool. All right guys. Have a good day, and I will catch you tomorrow any questions. Just let me know