 Hello and welcome to CMC Markets on Tuesday, the 22nd of March and the weekly market update. Last week I talked about the S&P 500 and the possibility that the break above the 200 day moving average that we saw was potentially a little bit of a fake out. Now that belief proved to be mistaken and I think that highlights the importance of having stop losses in your trading. Now the reasons why I suspected that we might be at risk of a fake out was simply because European markets hadn't followed suit, particularly the DAX as well as the Nikkei and the FTSE 100. And those markets continue to lag behind. US markets have continued to march higher. Now what does that mean going forward with respect to the potential for further upside in US markets? At the moment we do appear to be trying to pick the top. That is a little bit of a dangerous process. That being said, last week's dovish Fed meeting was a little bit of a surprise, did prompt a little bit of a weakening of the dollar and did bring the Fed into line with respect to what markets were pricing in for potential rate rises further into this year. Now this week we've seen a couple of Fed policy makers indicate that an April rate rise remains on the table. Let's be clear right from the very, very start. Given last week's FOMC meeting, given how dovish that meeting was, it would be a radical about turn if they were then to raise rates in April. So I don't expect that to happen. I also think that we've potentially peaked out in the dollar. That's something that I've highlighted on a number of occasions over the course of the past few weeks with respect to the dollar. I think we've topped out. And I think there's certainly potential that we're going to continue to trade within the range that we've been in, particularly against currencies for the past few weeks. As regards to equity markets, we are approaching some very key resistance levels and we're also approaching some key resistance levels in crude oil. And for the purposes of this video, we're going to be looking at the US-30, potential resistance level there, crude oil, as well as the pound against the dollar and the German DAX. So we're going to make a start with the US-30, the Dale Jones industrial average and a daily chart. Now last week we broke above the 200-day moving average, but we are approaching a very key resistance level and that resistance level can be borne out from the trend line that I've drawn through the highs last year. Currently comes in just below the 17,700 level. Now the S&P chart is still some way short of its trend line resistance from those similar highs. But the divergence or the convergence of these trend lines and the similarity of the two charts would appear to suggest that we could well be starting to push into a little bit of selling interest on these markets, simply because of essentially what's going on at the moment with respect to the approach of Easter. And also the uncertainty generated by the terrorist attacks in Brussels is going to make it much less likely that investors are going to drip feed new money into these markets. Going to move to the DAX here. Now it's very similar to the chart I showed you last week, again that 10,120 level horizontal support and resistance line. We do have an up trend line and potentially here we could well have the makings of an inverse head and shoulders. But that won't be complete until we break above that 10,120 level as shown on this daily chart. And I think that's very, very important in the context of where we go to next because we've got decent trend line support coming in from the February lows and we've got the 50-day moving average starting to turn higher. But the oscillator is very overbawr, which could suggest that it's unlikely that we're going to get a break higher in the short term. Potentially we could get that happen as we head into Q2 given the fact that we're coming to the end of Q1. Moving swiftly on to crude oil, two or three weeks ago I highlighted the potential for this particular chart to show a distinct breakout higher towards $41, $42. That move has unfolded as we expected it would, but it does appear to be now running into significant resistance on this chart. This is the WTI chart. We broke out from the double bottom that we saw at the beginning of this year. We've more or less reached our minimum price objective of around about $41 a barrel and we are now approaching the 200-day moving average. So that combined with the 200-day moving average would appear to suggest that we could see a little bit of a pullback in the short to medium term. If you look at the Brent chart, there does appear to be some evidence that we could push a little bit higher, but overall there is a similar sort of story. We are approaching key resistance level or trend line resistance as well as the 200-day moving average. So at some point there is a chance that we could actually see a little bit of a pullback. We're going to finish up with cable. It's again a similar chart to the one that I showed you last week and we've moved on a little bit. We've peaked just above $145 last week. We are in an uptrend despite the declines that we've seen over the past couple of days as concerns once again rear their head with respect to Brexit and the risk or otherwise of that happening in June. We have trend line support coming in from the lows that we saw earlier this year. That currently comes in at $141.30, so we could see a dip down to around about $141.30. If we break below that we could see further losses, but overall for the time being the pound still looks to be very cautious by on dips unless that key support level is broken. So once again that's it for this week. Thanks very much for listening. This is Michael Houston talking to you from CMC Markets.