 Good morning and welcome to the chart of the week video with me, David Madden. Today's date is Tuesday, the 2nd of June, 2020, and the time has just gone 11.40 British summer time. Now, I haven't done one of these videos in a while. That was down to issues surrounding technology, but I am hoping to do it on a more regular basis. I hope all our viewers and listeners are staying safe in this current environment. This week's video, this week's chart of the week is the Germany 30, the DAX. The market, as you can see here, has been a very nice rebound since the lows that we saw in mid to late March, along with other global indices, particularly those been pressing higher the last few weeks, a nice series of higher highs and higher lows. The DAX is currently north of 12,000, today it hit its highest level since the fifth of March. So you get an indication of how bullish the sentiment is, and this video covers the potential levels we could see a target in the near term. So if the wider upward trend continues on the last few months, and the recovery does continue, we could be looking at targeting this area here in around 12,188, this area probably is 12,218, this zone in around here, and should we look to go beyond that, we could be looking heading towards 12,300, 12,400, so on and so forth. As you said, we've seen a nice series of higher highs and higher lows very recently, so if we do see any kind of pullbacks, it could be an opportunity for some traders to sort of buy into the market. So if you do look to move lower from here, we could see support coming to play from this data line here, the 100 day moving average, and that comes into play at 11,522, we can see here that very recently, that metric acted nicely as support, so if the metric is acted as support in the past, it makes it likely that it would be of importance in the future, although there are no guarantees, but even if you do have a fairly decent break below that, we could find some support coming from this zone here down around 11,000, big psychological number, and keep in mind, the market has made considerable ground since the lows that we saw in mid to late March, so the wider upper trend is still very much in play. Now let's take a look at what's going on at some other equity markets. The reason why we're doing that is to kind of focus on one of the tenets of Dow Theory. One of those tenets is that the averages must confirm each other, which basically says if one market is moving in a certain direction, similar markets should also, you also expect those markets to be moving in a similar direction, so we can see here on the FTSE 100, like with the DAX, the market began to rebound in mid to late March, and since then it's been pushing higher. To be fair to the FTSE 100, highs in June haven't taken up highs that we've seen in May, but the wider upper trend of the last few months is still very much in play. So with that, you can be more confident of the DAX's positive move. I'm now taking a look at the S&P 500 to get a flavor of what's going on in terms of sentiment over in the US, and it's a more similar picture to the DAX, whereby the market itself has also, with the cash trading has begun today, but the futures indicate that the S&P 500 is going to open at a level last seen also on the fifth of March in early March, so the wider bullish trend is in place on the S&P 500. It's in place on the FTSE 100, and it's also in place on the January 30 on the DAX, so therefore we can be more confident that the wider bullish trend in the DAX is going to continue, obviously there are no guarantees. Now, if you are trading, if you are going to be trading the DAX or any of the major indices, it is worth noting that the final reading of European service PMI contracts are due out tomorrow. On Thursday, we have the European Centre Bank meeting. That's going to add some volatility, particularly to the likes of the DAX. The European Centre Bank, the Gondola, very aggressive stimulus package route and it's already talked that the Pandemic Emergency Purchase Programme is going to be, is going to be, is going to be, is going to see extension to that. On Friday, we have the all important non-farm payroll support. In fact, if you're actually free on Friday, my colleague, Michael Huston, is holding a live webinar event on covering the payrolls. You can sign up for it here, cmcmarkets.com, under Insights, you will see the section here on webinars and events. Feel free to sign up for that. So I'd like to add some volatility to the markets. I hope you have a good trading week and have a good trading week and good luck.