 Good afternoon and welcome to the Chart of the Week video with me, David Madden. Today's date is Tuesday 23rd of June 2020 and the time has just gone 12.06 British summer time. And this week's Chart of the Week is the US Small Cap 2000 as we call it here at CMC on our platform or the Russell 2000 as you might know it. Before we get into the final details let's look at the wider trend of the last few months which has clearly been to the upside. Since late March through the last few months it's been a solid upward trend. In fact in June it hit a three month high. We've managed to pull back lower from that level. It does appear to be moving higher again. We could be looking at retesting the tourney moving average and we could potentially look to retest the highs of early June. So if you take a look here at the kind of precise price action we can see here at the market's been a nice upward trend for the last few months. If we were currently trading around 14.52, 14.50 or 15.51 rather, if you look to press on higher from here we could look at retesting this red line here which is a tourney moving average. Notice how it previously acted as both support and resistance and they're not too distant past. So therefore the metric is likely to be of importance in the future but there are no guarantees. If you press on higher from here we could be looking at retesting the tourney moving average which comes into play at 14.78. If you go beyond that we could be looking at retesting the highest seen here in early June in around 15.40. If on the flip side we do have a move to the downside and we push on lower we could look at heading back toward this blue line here, the 15.00 moving average and that comes into play at 13.42. We can see here that acted nicely as support in the middle of June so it's likely that metric would act as support again but obviously there are no guarantees and if you do trade below 13.42 we can look at heading back down towards the mid-June low of 13.13 and if you do have a decent break below 13.13 that could take us back down to the next kind of big number which would be 13.00. Now if you are going to be trading the Russell 2000 I would keep an eye on what's going on on the S&P 500 just as to tie in with Dow Theory because one of the tenets of Dow Theory is that the averages must confirm each other and what that essentially means is that markets that are similar or that have recently correlated tend to move in the same direction around the same time so as we saw previously the Russell 2000 has been an upward trend since late March as has the S&P 500. The S&P 500 is slightly in a stronger position though because it's actually above its respective 50 day apologies it's back above its 200 day moving average so the S&P 500 isn't quite decent shape it appears to be set to retest the June highs so if the S&P 500 retest its June highs there's an increased likelihood that the Russell 2000 will increase without the luck to retest its June highs. Now if you are going to trade the Russell 2000 or any of the US indices or any even of the US currency pairs it is worth noting today that later on at 2.45 British summer time we have the flash manufacturer reports we have the flash PMI reports covering US services and US manufacturing it is worth noting that the French, German and UK flash services and manufacturing PMI reports this morning were all well received they all came in, they all were well received they all showed decent, very big improvements in June in comparison with the month of May. Well thank you for listening to this video, please keep tuning in stay safe, have a good trading week and good luck