 Okay, very good morning to you. Hope you are well. It is Wednesday the 27th of May. Just before I begin, just a reminder that our next advanced trading program starts on Monday, the 1st of June. So do give us, we'll get in contact, give us a message or check out the link I think I've got at the bottom on the red bar of this video and you can get more information. This is our intensive one week program where we use our own proprietary software with Zoom video technology and we work with a small group of individuals to really help advance their trading knowledge and expertise alongside the team. So I won't say any more than that, just check out the website if you're interested in more information. But let's just have a look at the charts this morning and a few things that are going on. And we had a little bit of a seesaw session at the end of Wall Street yesterday. And this came after we were generally moving higher, remembering the briefing I was talking about, a number of different things, namely about central banks continuing to offer further assistance, whether it's the ECB, the PBOC, the BOJ. You then had coronavirus for the moment still relatively controlled at this point and that's leading to further plans for economies worldwide to reopen predominantly in the lights of mainland Europe, the UK and in the US. And then hopes of a vaccine, I feel slightly misplaced in terms of how quickly the belief is that they'll come to market, but that's still also in the mix. And that's somewhat overshadowing a lot of the trade war tensions that are being brewing. Some of the comments we saw yesterday, of course, where it looked a little bit more passive in terms of any immediate retaliation from China, but I'm going to update you on that shortly. So that led to a generally positive session yesterday. I saw a really strong move in terms of weakening in the dollar. Subsequently, then we saw equities move higher and tea notes lower, oil generally firmer on the session. But we had a little bit of a wobble going into the final half an hour or so of trade on Wall Street. You can see that here with the dip that occurred. This is really the final half an hour of trade in the US before then we've ramped back up and even higher during the Asia Pacific session. So any of that nervousness that had come about and as I'll go into some news about US weighing further sanctions on China and their officials has been wiped out already. But on a daily continuation, you can see these were the levels we were kind of looking at in yesterday's briefing. We've got that area which we'd identified from the summer of 19 highs that also retested in the September period and support in late October, early November for the eventual push up to all time highs. And that area there acting as a point of resistance to this meaningful rally that we've had and we closed above 3,000 yesterday. This was the 200 DMA I've got marked up on the S&P future here on the daily chart and actually just below that point was the close. We're above there at the moment. So I know there's a few people just keeping an eye on that for the time being. So same rules apply I guess from a key levels of significance on the upside. That 30-26 we're trading about 12 points away from there at the moment. Any move above that and that was that other level we were looking at at 69.5. But we've obviously come a pretty decent way. So to see a period of consolidation between really perhaps the 26 and the 29-65 might well be on the cards until we see a kind of fresh catalyst to see a break of either direction. And with that then, why did we dip overnight? Let's get into some of the headlines. So US is considering a range of sanctions to punish China for its crackdown on Hong Kong according to people familiar with the matter. Treasury Department could impose controls on transactions and freeze assets on Chinese officials and businesses for implementing a new national security law that would curtail the rights and freedoms of citizens within Hong Kong. Other measures also being considered at the moment include visa restrictions for Chinese Communist Party officials according to two people familiar with these discussions behind closed doors at the moment. So yeah, still tensions are brewing as I said before and it definitely warrants monitoring. But at this point it seems to be a lot of threats. A lot of this is kind of weighing these decisions. They've obviously got to go through a degree of congressional approval before they get implemented. So nothing is of an immediate nature as yet. And one of the key points here is that China is not immediately and forcefully retaliating in kind as yet. And that was one of the things that really epitomized that period of 2018-19 was that it got to a point where wherever the US went, China quickly came back and matched it. But China have been less reluctant verbally from the official channels to come out and kind of counteract what the US is saying. That doesn't mean though that they're not kind of going through the back channels which is that Global Times editor is a huge in the chap who tweets that very much is the voice piece on the western platform of Twitter that we hear and he has been critical of the US and their tactics. So definitely continue to monitor the situation. Trump basically as a timeline has said by the end of the week he's going to unveil more information. So definitely to be watched until that point because I'm sure he'll be drip feeding in little hints about what he's going to be doing before we get to that point in time. However as I said markets have recovered and despite that slight move or correction we actually gave up about half of the days gains in US equities in that final half an hour of trade on the back of those headlines. However it has recovered and some of the things that have happened overnight are this is one basically Japan has come out and they've said that they're going to compile a new 1.1 trillion dollar which would be equate to around 900 billion pounds stimulus package includes significant direct spending and this of course in order to counteract the how deep the recession or the large economic recession that they're likely to see in some time. So again more ammunition being thrown at the pandemic situation which has been received somewhat positively by markets and that continues to take place. The other things of a similar nature are a lot of question marks of course had come about when the German Constitutional Court ruled about the legitimacy of the ECB's bond buying program but quite interestingly the FT had an exclusive and you know it's not a coincidence that a lot of these comments from ECB officials are starting to ramp up because next week I think it's the 4th of June we've got the ECB interest rate announcement and so this is very normal you start to get them then offering a little bit of guidance going into this to get markets positioned in the right kind of way and I guess one of these is counteracting the notion that the ECB are going to be unable to continue their bond buying program and as we've heard from officials over the weekend and yesterday and this one more notably because it's a German ECB executive she acts as the I believe chief economist Isabelle Schnabel and she only started at the ECB at the beginning of the year but she's basically shrugged off that court ruling and she says the row does not directly affect the central bank and she basically says the Bundesbank she does not think will be forced to stop participating in the program so again just link to put to bed any of those potential concerns that may have read their head going into a decision where it looks like whether now or at some point in the future the ECB is going to expand upon its quantitative easing program and these are important mechanisms to help support general market confidence because that's what it's built on at this point particularly given how strong the recovery has been thus far in markets after that initial volatility we had in March the other thing what we're looking out for today as well and again you can see this is a kind of blend of monetary stimulus but also fiscal and on the fiscal side we're looking out for some more information in regard to the European Commission president to unveil the commission's recovery fund proposal there is no set time as yet although it is expected today and it will require unanimous backing in order for it to pass now this is what the headlines are saying in the Italian press Le Publica this morning Italy could be designated could be designated a country hard as hit by the coronavirus outbreak and ensuing recession and thus that they could then get some 20% of the funds envisaged in the EU's recovery plan that number obviously is particularly large that's actually more than what the plan originally in the Franco-German proposal was for this 500 billion euros fund and so definitely I'll be keeping an eye on things like euro, BTPs or Italian bonds it would be worth watching and consequently the spread over German bonds today because again if it is more tilted than all the more favourable it is for Italy if that is that report in Italian press does come to fruition so yeah no set time but signing to keep an eye on otherwise that is pretty much it I mean there's not a great deal else for me to comment on oil markets if I just go quickly over to the WTI crew chart we've kind of stabilised if anything this area here more recently in the overnight session which is just around Pivot as I said 337780 up to the overnight highs around 3432 which is also the high seen lately in the US session we're kind of just stuck around that price point at the moment couple things just knocking price just off the highs from yesterday that people were looking at was some comments out of Russia saying they're planning to start easing supply cuts from July obviously needs must in order to get prices as they were off the floor Russia key component of that OPEC plus and kind of G20 energy producing nations cutting supply dramatically and quickly however now prices have somewhat stabilised and we recover back up to north of the $30 handle they obviously would prefer not to be cutting supply so drastically given the impact that that has on the ability to generate revenue off that product so yeah the first tentative signs then potentially that Russia easing off and we've also had of course when we're thinking of simply demand and supply with oil then the trade war tensions escalating could have a negative connotation for the demand part of that equation as well so I don't really over interpret those things at the moment I mean oils come such a long way in such a short period of time it hasn't really moved too much but perhaps a couple of things here to cap the upside which if anything means then that these kind of levels here now which were 3466 in the July contract so it was the high we printed back yesterday and that was the high we had back on 21st in the prior week and so perhaps that's going to act as a pretty decent level of resistance now on the upside just giving some of the fundamental developments there from a calendar point of view what have we got today well we've already had the industrial profits out of China from overnight and in fact also helping a little bit with that overnight recovery Asia-Pacific session in terms of sentiment wise that data came in in Chinese industrial profits for April showed a decline of 4.3% now that obviously doesn't sound great it's a negative number but the prior month was negative 34.9% so definitely has improved considerably from where we were in March which is taken as a little bit of a relief in that sense otherwise as we go through this session it is particularly quiet on the calendar full today nothing major coming out of the UK and Europe this morning and really nothing major coming out of the US session either you've got Feds Beige book that's that kind of reserve bank levels if you like so a more closer examination of these more localised type economies in Philadelphia and Chicago, San Francisco, New York and so on but can be quite interesting in the context of the fact that we're we're trying to ascertain then what is the depth of the current pandemic situation in terms of its economic impact and just generally get a bit more of a granular look at different things like inflation and employment and so on otherwise you've got the API infantry numbers coming out aftermarket as per usual and then this EU commission presenting the recovery fund proposal time to be confirmed as yet will be something that could be meaningful as well to account for the candidate here does know that the commission president is going to be speaking from just after midday London time onwards so could well be that's when we'll hear the details on that proposal in the early afternoon UK time speak wise Christine Lagarde does speak is at a European youth event and so maybe unlikely to comment on anything more explicit on monetary policy or the economy afford guidance but nonetheless worth keeping an eye on remember if there is any surprises to come out of the ECB when they have their meeting next week then generally what you tend to see is as we get closer toward that event all the more that these officials need to kind of put out these various hints to get the market fully prepared and priced then for the eventual outcome if in fact they are going to make any types of changes so once these officials tend to go into their kind of more formal blackout periods when they're not allowed to speak that's where you've got to be keeping an ear out an eye on the press and the news wires for any potential sources and leaks and things like that typically source reports about these types of things tend to come close to the actual event in itself otherwise to Gwendoz speaking later as well this morning and then you've got Angela Merkel holding a news conference on COVID-19 could be quite interesting at 2.15 and then Feds Bullard non-voter these days but quite a vocal member of the Federal Reserve speaking at 5.30 in the evening and then from the supply side you've got skill auctions coming out in the UK and then you've got a five year note coming out of the US this evening at 6pm so that is it I'm not going to go any further than that I'll leave the charts for you guys to look at obviously Sam is available on Twitter if you just look for Sam Norris if you have any questions on the technical side I'm sure he'll be more than happy to help but otherwise any questions just feel free to leave a comment don't forget to subscribe to the channel and I look forward to catching you guys tomorrow alright thanks very much take care