 Good morning and welcome to the weekly market update with me today's day, today's day, today is the 1st day of the year, on November 20, 2020, time to time to just go 10, 10, 13 GMT and it's going to take quite a week for the training sessions so far. Keep in mind last week and the first half of the week was quite exciting. We had some more progress on the possibility of a COVID-19 vaccine. This time round it came from AstraZeneca and the University of Oxford that helped Eurozone. Here's some European stock markets rally to multi-month highs. Over in the US we saw the Russell 2000, the small cap and next go up to an all-time high. We first moved by and large for US stocks as well. So the sentiment was quite positive across the board. We also saw a decent move to the upside in the oil market and we had to sell off in gold so things were fairly risk on last week. And given that last Thursday it was Thanksgiving, the US market was closed. It was very quiet in Europe on Friday. The American stock market was open for only a half day so things are pretty quiet. So the last couple of days, the last two days of last week was pretty quiet. Given that we had no major news over the last week and really things seem to be a bit quiet today in the European trading front. And it seems to me that we could be in for a period of low volatility provided there isn't another big move in either direction in relation to the health crisis. Because a lot of progress has been made. There's a general fitting in the markets that the kind of a quarter has been turned in regards to tackling the health crisis. But at the same time anytime we do get positive news, the move to the upside is getting kind of getting smaller and smaller in that there seems to be kind of no pun intended or something immune to the good news. Unless we have absolute confirmation that a drug is heading for authorization and there have been widespread rollout and distribution. Unless we get out of that or else actually in our derailment of the likelihood of getting a vaccination we're probably not going to see colossal moves in our direction. Also in the mix has been US politics. It's seeming more likely that President Trump is kind of resigned with the fact that he lost the election. He hasn't officially conceded but he has said if the Electoral College is holding their meeting in the middle of next month they recognize Biden's win. He will accept the result. With that it seems that we're having some sort of political stability in the US. That's also adding to sentiment. Now as I'm doing with all the weekly market update videos I'll start off with the week ahead article which can be found on our website. www.cmcmarkas.com under insights, latest news and analysis. So as of this morning we had some consumer credit numbers out from the UK. Third quarter of Zoom numbers are coming out tonight after the close. This is very much going to be in focus given the kind of phenomenal rise that Zoom have experienced in the last few months on the back of the pandemic. So their kind of guidance is going to be very much important because like I said they're one of the companies which benefited greatly from the lockdowns but also they came off quite aggressively because they're kind of signs that the days of working from home could be covered to an end. Tomorrow we have the US ISM. We also have European manufacturing updates. Tuesday also we have Salesforce, third quarter numbers, keep an eye out for the cloud component of their business. Snowflake and similar vein again in relation to data storage. They have third quarter numbers coming out on Tuesday. On Wednesday we have the service PUR reports from the major countries around the world. On Thursday we have a first quarter update from go ahead of the travel crowd. On Friday we have the all important US non-farm payroll support and unemployment figures. So that's going to be by far the biggest update of the week. Going on to now, starting off with the major indices. I'll take a look at the FTSE 100. So we can see here that we saw the FTSE last week hitting in a multi-month high in last week. It was the highest level I believe since June. So we're talking about five month highs but we reached an aggressive upward move throughout the month of November because we had a number of drug companies coming out saying they'd progress in relation to a COVID-19 vaccine. So the upward trend is not very much in play. If we continue to progress on higher from here, we could be looking at targeting the highs of early June in a 6,513. And if we go beyond that, we could be looking up heading towards 6,600. And then if we go beyond that, we could then be, you know, the next kind of really big number up further on the line will be 7,000. And he moved to the downside, could find some support from in around this zone here in around 6,258. Moving below that, saw a bit of consolidation in around the 6,200 mark itself. And that's only really if you have a fairly seismic pullback. So we looked ahead potentially back down for this red line here, the 200 moving average. And that comes into play at 6,048. Notice how that metric acted nicely as support back in early November. So it acted as support in the past and made the importance in the future. And this sort of pattern here is fairly common across the big indices, whichever you're looking at, whereby there's a dual tire between November and then it would not have achieved multi-month highs or multi-year highs with the U.S. markets. And it's trading in a relatively small range. Keeps it though, you will notice a similarity in price pattern across the major indices. That was the FTSE 100, turning our attention on what's going on over and dropping the tax. Similar scenario here, some late October, being a strong upward trend. Multi-month highs were set. We're very recently back to levels last seen in August. So we're not too far away from, and the levels that were achieved in August were the highest levels achieved since February. So we're not too far away from, you know, if you, we're not too far away from being back up towards levels last seen in February. So if you press on higher from here, we could be looking at retesting the highs of September. Let's knock this off. We could be retesting the highs of September in around this area here. Let's come into the highs of September in a 13,462. And if we go beyond that, we could then be looking back up towards 13,800. We could then be looking at the levels last seen in late February in around 13,800. There they're about to keep in mind the highs that we saw in February were actually all-time highs. So the taxes that are basically at a record high just before the pandemic kicked in. Similar scenario here. If you do drift on lower from here, just south, just north of 13,200 could act as support. And if you have a decent break below that, it could take us back down toward this area here at 13,033. So this general area could act as support. And even if you go below that, you could then be heading back down toward this blue line here at the fifth of the moving average. You know, we can see in a few occasions that it acted nicely as support and also resistance in recent months. So keep an eye out for that. And that comes into play at, we'll be setting it back on again. That fifth of the moving average comes to play at 12,758. Take a look at what's going on over in the US. So the DAX, the DAO rather, set an all-time high last week. We had records posted last week in the US on the back of Optimus in relation to the COVID-19 crisis. So we're sort of very much in the upward trend. What is a bit concerning though? Because let's be clear about this. Price is by far the most important indicator. But, you know, so we're solidly in upward trend. We're not too far away from the record highs that were set. But if you look down here, the MACD histogram, the MACD indicator, we can see it tapering off in positive momentum. So the price is still in quite decent shape. But the tapering off of the positive momentum could be a sign that there are kind of bulls running out of steam. So we might see a bit of a pullback in the near term. And let's face it, if you take a look at the price actually in the last few weeks and months, buying on the dip has been a popular strategy. So if the price continues to press on higher from here, a retaking of 30,000 could put us back on track to retest the recent all-time highs. And then, of course, the further we go beyond that, the further we set up new all-time highs, more likely we are to continue to be setting all-time highs. But if you do see it move to the downside, we could be looking at finding support come into place in this zone here. It's a few occasions at the beginning of the first week or two of November with this general zone here in around 28,868, there they're about acted as support. And even if you go above that, we could see support coming into place in this blue line here, the fifth of the movie average in a 28,352. And we can see here on a few occasions that metric acted nice here as support in the past. So therefore it could be acted as a support again in the future. Take a look at that. Let's go over on the S&P 500 Simra scenario. Now, we prefer the S&P 500 didn't be kind of hidden another all-time high last week because it set one at the beginning of the month, but hasn't gotten back up to there yet again, but we're still not too far away from it. Simra scenario, like we saw on the Flood Simra 100, like we saw on the DAX, like we saw on the Dow Jones. Very aggressive upward move from late October early November throughout the month. If you continue to press on higher from here, you could be looking at retesting the all-time high that was achieved at the beginning of the month at 3,674. And if you go beyond that, the next big level to keep on at 4 will be 3,700. If you do have a bit of a drift to the downside, support could come to play from around 3,600. And if you have a fairly sizeable pullback support could come into play from this area here in around 3,511. And then if you go below that, you know, we could be looking at it once again. The fifth-degree moving average, which on a few occasions acted with both the support, but also it's kind of a kind of a consolidation zone to this blue line here. On a few occasions I see a support, so keeping it off of that level there, and at 3,454. So could I support again, should we see a fairly decent move to the downside? But even if you do have a move that far along, given how much ground it travels from late October onwards, the upward train will still be intact. So it's only really kind of a size of a break below the 100-movie average. And then you begin to think, okay, maybe we could be looking at a question because of the broader upward trend. Turning our attention now to what's going on on the currency markets, starting off with Eurodollar. Zero dollar isn't too far away. The highs of today's session haven't been that far away from the highs that were achieved in September, which was the highest level since August, sorry, since April 2018. We're not too far away from multi-year highs being set. As you can see here, the price action in a kind of strong upward trend in the last few weeks. Not too far away from basically setting fresh new multi-year highs. If you press on higher from here and we take up to 120 area, we could then be looking at heading back up towards this zone here. This area here in around one spot, 2140, a level last seen, well, in late April 2018. So this is the metrics we need to keep an eye on for. Sorry, a moment ago I said the recent highs that were set on Eurodollar were the highest levels seen since April 2018. I was actually mistaken. That was incorrect. The highs that were seen recently were the highest levels seen since May 2018. But if you take off the 120 mark, we could then be looking at retesting one spot, 2140. And those are levels last seen in April 2018. Keeping and turning our attention back now to the kind of downside prices. We've been in a strong upward trend the last few weeks. So if we do move on, have a better callback, we could see support coming into play from this zone here in around kind of 118, which is also not too far away from this blue line, the fifth-day moving average. And that comes into play in at one spot, 1784. And once again, in a similar scenario, on a few occasions, that metric has acted nicely as support on a number of occasions. So keeping an eye on that area should be able to move to the downside. Coming on now to Pound versus the US Dollar. Once again, the UK has already left the European Union, but trade talks between the UK and the EU to decide the future relationship between the two come January 2021 are still ongoing. Over the weekend, Dominic Raab of the UK government stated that he believes progress will be made on fishing, which is one of the kind of big sticking points. His basis comes from the fact that progress has been made in other areas of the negotiations. So it seems that progress is slowly but surely being made. But even if you kind of ignore the headlines, the price actually in sterling shows you that people, traders are reasonably confident that some sort of deal would be achieved, or else they believe that a deal would be achieved at some point. If you take a look at the price action, it wouldn't suggest that traders are particularly nervous about the prospect of a no-deal scenario come early 2021. So if you take a look at the price action here, it's been a nice upward trend basically since late September. The highs that we saw very recently were the highs seen since early September. So we're talking multi-month highs have been set. If it were currently in at one spot 33, 24, if you continue to press a higher fron here, we have a break above one spot 34, it could take up towards the highs of September. And even if you go beyond that, we could be looking at heading up towards one spot 35, 15. A level that was last seen in December 2019 on the kind of immediate reaction to the Conservatives here in the UK winning a massive majority at the general election. If you do drift lower on a $10 fron here, support could come into play in around one spot 32. And even if you go below that, we could be heading down towards this zone here in at one spot 3106. And if you go below that, 130 itself would kind of be a big cycle as you remember for the currency pair. Lastly, coming out to commodities, start off at the gold market. Gold has had a fairly poor run recently. Part of the reason when gold is at a poor run is essentially the risk on attitude of traders. It's no coincidence that gold, which is traditionally done well in stocks, are underperforming. Obviously multi-month highs in Eurozone stock markets are all-time highs in some US stocks. We're seeing gold take a tumble. On Friday, it closed below its touristic moving average for the first time since March of this year, so that's very significant. And if we're currently trading in at 17, 73 in gold, if we continue to kind of press on lower fron here on gold, we could be looking back down towards this zone here, down around 1747. And then if you go below that, we could then be looking at that heading down towards 1700 itself. Now, if you do see a bit of rebound in gold, we could be looking back up towards the recent highs in 1818. And if you go beyond that, excuse me, apologies, if you go a bit beyond 1818, we could then be looking at heading up towards this zone here in around 1848, 1850. I keep in mind that was kind of the big, kind of key, previous area of fairly important support. And then once that was broken, that would really kind of set the kind of sell-off in motion. So that area which was previously acted as very decent support could act as resistance, should we see a rally from here. And lastly, I come on to Brent Crude Oil. Brent Crude Oil, the cash contract. Ours had a very positive run recently. Combination of optimism in relation to vaccines. Also, there's been an increased chatter at OPEC Plus who are making their output decision today. There's been increased chatter and talk that instead of increasing supply come January as they originally planned to do, there's been a lot of speculation that they're going to maintain their existing fairly steep production cuts, keep those in place as a way of keeping the price up. There was the division, UAE and Kazakhstan yesterday and expressed their desire to go ahead with the increased supply. There was Russian and a number of others are keen to maintain the current output regime. So that decision is going to be in focus. That meeting is going to be made, the decision will be made today. But if you take a look at the price action, what I've argued is a bit of profit taking going on. There's some people thinking we've had a great run between early November until late November when the market has hit its highest level since March. We can see a bit of a drift lower, but there isn't that much fear that we're going to have an aggressive sell-off in the oil market. So the upward trend is still very much in place. We're currently trading in around 47 dollars and 20 cents. If you continue to press on higher from here, 50 bucks a barrel is going to next big on a psychological level to keep an eye on for. Should we drift lower from here, support could come into play in around the 46th area. Notice how we saw a big consolidation of 46 there on a few occasions that actually resistance in late August. So keep an eye on the 46th. And even if you go below that, we have a pretty decent move to the downside. Support could come into play from this year live here, one of the moving average. Notice how nice the support in the middle of November. So keep an eye out for 42 spot 19. That's all from this video. Thank you for listening. Have a good training week and good luck.