 Hi, good morning, and welcome to today's products in focus looking at the US 30 there. We had a very negative day This is a three Black crow formation there on the candlestick formations. You can see it's a slight smaller one than my larger one than a massive big one there today Hitting the potential support at 17 5 46 We've had a slight bounce this morning, but it doesn't look like it's got that much conviction Most other European markets and Asia are down in tandem as well if we break below 17 5 48 We're looking at a 17 361. There's a next potential support and the technicals of turn furiously bearish Looking at the UK 100 again very similar picture, but more aggressive We're nowhere near any major support lines. I've got the next support level on the UK 100 Unfortunately, we're in about 60 73, which is a good 300 points lower than where we are right now and 400 points lower We might be able to draw another potential This was a broken resistance, which might now act as a potential support or in about 64 12 But it's a little bit shaky at best trading below both moving averages MacDee's crossing the zero line and MacDee is slow to cast it. They are both in neutral territory Indicating that even though we are in positive territory this morning if things do continue to turn south There's still extra room for maneuver So looking at Japan 225 and WN still in the toilet after its End of its rally really dropping over about 300 points since the since it's top there But we'll come back to that in a second Again trading below potential support 17 17496 next potential support 16 392, which also coincides with that 55 period SMA Technicals are fiercely over bought cross the crossing. There's 70% and 80% levels there and dick of the signals there to sell We've already had volatile sessions in Japan where we've been closer to 17,000. We're currently at 17232 And today is Thursday. So we do have unemployment claims And retail sales in the US today, which could add some extra color To those non-farm payroll numbers that we had there on Friday Which came out much better than expected. So a lot of traders were looking for Additional confirmation of the strength the US economy and the US dollar certainly taking a massive breather having still come off more yesterday And it's still on the wrong side of the line again today to be completely honest So we've seen a lot of yen buying resurgence in the euro, which is surprising considering what's going on in Greece There's nap elections But nevertheless, that's they that's the way the chips have fallen After the top of the rally there on Friday So that's where we stand with Japan 2 to 5 Moving on to dollar yen as you can see there we bounced off potential support at 17 spot 36 That's a decent move more like a massive unwinding of long positions After extended rallies right across the markets What some trader trying to get a gauge off right now is that is it simply as people unwinding a long longer term Builess positions is just a near-term correction or are people very concerned by this big drop-off from crude oil prices Not looking at the drop-off of crude oil as actually being net positive for the world economy But looking at the drop of crude oil as a complete lack of demand heading into 2015 And that could be sending some signals of a zone to be completely honest So if crude oil at these low prices are so great why are we seeing such a spike in safe haven yen and gold buying? So people are getting a little bit antsy now in the back of this this retreat that we've seen about dollar yen Hating 117 spot 36 this morning. We breaks that one 14 spots 72. So moving on to West Texas crude Felt another 5% yesterday. In fact as more news came out from the Saudis about not supporting prices wanting to gain market share They expect OPEC came out with a statement saying they expect 2015 to have the lowest demand in years 59 50 seems like almost a formality right now So we're actually looking to a stage now when we're looking at the next potential support level And I have drawn them one on there at $35, but that is substantially further away. So let's go back in time To be honest, there's made a very clear reason why we've selected 35 is that next potential support So you could be looking at 55 you could go down to 46 But certainly 59 50 is a major level and if we breach that Getting close to 55 dollars probably seems like a realistic next potential support level to identify there. So gold This drifting ever so slightly after almost hitting potential resistance at 1242 Long-legged candles here begin to go a little bit ugly for gold incidentally that they've tried four times three times Sorry to break up higher only to get pushed back down and yesterday push into negative territory and today exactly the same So 1218 could be I could be retracement for people looking to enter new long positions for gold Anticipating that there's going to be more uncertainty and heading into Christmas as things begin to kind of quieten up the markets Which could then target 1242 filling that break of 1218 could target 1186 So finishing up with your dollar and cable so your dollar spiking higher trading above the 21 period SMA next potential resistance one spot 25 79 Which would also coincide with 55 period SMA all the technicals are completely neutral and ticket with it We are in the middle of two ranges right now incidentally And you know the I think longer term the dollar fundamentals are still quite strong But certainly the very near term the dollar has gone into hiding So a lot of the other major FX pairs are trying to make up a little bit of lost ground Looking at GBP USD to finish things up. We've hit resistance one spot 57 43 We attempted to break through it but looks like we had a false breakout Which also coincides with this downwards trend line that we've had in line since June the July this year again technicals are quite neutral. This would be a doji formation if this remains information As we get close to the end of the session obviously we've just started but very interesting that it coincides that trend line quite beautifully So if that does tend to sell off again one spot 55 one spot 56 would be the next potential support level on that Economic data wise we already covered employment data and retail sales fast-forward on to Friday and you do have US PPI and you've got the University of Michigan sentiment index to be honest the only one that I'd really put a lot of Cut a lot of on the song would be this one the PPI figure final demand month-to-month They're not expecting a great figure incidentally with 0% But that's gonna be more important Michigan University of Michigan sentiment index keep you on the chart for make ends. That's partly I going forward and join me again tomorrow to find out What happened next