 Hello, traders at CMC Markets. Welcome to a new update from RRG Research for Monday 9th of May. My name is Trevor Neal and I am presenting to you from our offices in London. Together with my partner, Julius de Campana, the creator of Relative Rotation Graphs, we run RRG Research BV. I'm recording this on Friday the 6th of May 2022 at 9.27 in the morning. This week we will be following up on the UK100, the ASX200 in Australia, and the Hong Kong HSI Index. We covered last week and look at messages from the NICI, but also today we will look at assets with commodities still dominating, and for the first time we will look at the G7 currencies versus the US dollar using RRG. Let us start with a global roundup. The Relative Rotation Graphs you can see here shows the rotation for a major group of world stock market indices versus the MSCI world index in the middle here. We have some clear messages from the current weekly RRG chart. The heavyweight stock index, the S&P, is weak overall but is moving closely with the RRG benchmark, which is of course the MSCI world. We see how even the drifting NICI 225 is moving in a northeasterly trajectory. It is gaining both JDK-RS ratio and JDK-RS momentum. With its long tail that we see here, this means that the force of the move is strong. The Hang Seng is still deep in the lagging quadrant and further is to the left here. Global indices are weak overall. In this context, the UK index might be the most interesting thing if it can make its breakout, which we will look at in a moment. The ASX200 is also in a relatively good position and heading in the right direction northeasterly, gaining both in RS ratio and RS momentum, and with a long tail there is doing so with great speed. As we've already said, the HSI is suffering badly on a relative and absolute basis. Now, when we zoom into the daily time frame, we find the UK index is inside and further to the right in the leading quadrant and pointing in, well, just about pointing in the northeasterly direction. The ASX, the Australian index, is also far to the right and slightly pointing in a southerly direction but nothing to worry about here in the leading quadrant. So, together, the weekly and the daily RRGs show a relatively strong position for the UKX, which was stalling but is not yet threatening. In the daily and the weekly RRGs, the NICI is confirming its stronger long term move in this shorter time frame. The HEMSING is having a bounce inside the longer term weakness. Now, we're going to look at the UKX in more detail now but let's start for context by looking at the monthly charts, each bar here is a month. We can see how it moves very impressively from its 2020 low powered up into this heavy area of resistance and pushed through very, very hard towards the top of it. The MACD shows there's great power still in this move. This is a decisive advance through this range and really a very impressive one too. Through the resistance, of course, there is blue sky above so it's testing very impressively in this time frame a very significant resistance point which could be just the prelude for a breakout but let's go to a lower time frame first. Zooming to the daily time frame we see a struggle with the higher February at 76.83. This last week it powered up and then has edged back from this little bit of a resistance at 76.00 here. The RSI you can see has had some declining highs so as it struggles with this resistance level. Well, it has got the strong uptrend behind it. It's knocking on the door of the top of a significant long term resistance. Now let's take a look at assets. There's a very stark message from the asset class performance. Here we have a histogram of the major asset classes and to the right are our performance and the biggest of course is Brent Crude oil you can see there and then CRB commodities index which we're going to look at in more detail in a moment also and the dollar index but everything else is on the left. So stock indices, soft commodities, bonds, all forms of bonds, emerging market bonds and corporate bonds and gold as well on the left underperforming up to 20% underperformance so far this year. The gray is the performance last year. We see really a big switch around here although commodities remain in focus. Now let's look at this message in the RRG chart and we can see here this is the CRB index of all the largest US commodity futures markets and here are the individual markets. Here you can see that the leading quadrant is dominated by energy and so in this commodities we've got not only the Crude oil but in fact particularly the products, the energy products rather than the Brent and the WKI crude itself are leading this charge and in the bottom left crowded in the bottom left lagging quadrant are the soft commodities, coffee and sugar in there and cotton and other commodities as well. Only wheat is of the grains is in this leading quadrant here so we've got a very clear strong message in the commodities, strong energy in particular but also the US dollar, very strong indeed. Now look at this here now, this is the US dollar in the middle here now there's nothing at all on in the leading or the weakening quadrant nothing above 100 here on the JDK RS ratio everything's on the left in fact everything except the yen is in the lagging quadrant. So this dominant message of the situation seems stagnant the dollar is king it looks like remaining king and everything else looks weak but it will end of course and you'll see it first in the RRG chart. I hope you found today's session interesting we've broadened it out a little bit today thank you for watching this is Trevor Neal of RRG Research for CMC Markets made a trend to be with you.