 Hello and welcome to the chair of the week video with me Dave Madden. Today's date is Thursday the 7th of June 2018 and the time has just gone 12 10 British summertime. This week's chart of the week is the Dow Jones as we call on a platform the US 30 After many months of broadly pushing higher after the major sell-off and start of the year We're finally seeing signs that Dow Jones could be looking to actually break higher It's set to it's set to open at a three-month high today And also if you take a look at the price action over the last number of months We have seen a series of higher lows this red line here is the Trinity moving average and on a number of occasions the Dow traded south of the Trinity moving average over the last few weeks It's been firmly above the Trinity moving average Which is a positive sign if you draw a line between the lows of February and the lows of May we can see We can see that that trend line support is coming to play and of course the Dow Jones is well above that trend line So also positive It is worth noting that the S&P 500 is also set to open at a three-month high and only yesterday We've seen record highs above the Nasdaq and also the Russell 2000 So it confirms with the ties in nicely with the broader set positive sentiment in US equities And also if you look at take a look at the price action in recent sessions as been moving higher here And take a look at the MACD indicator We can see it swung from negative momentum to positive momentum and the positive momentum is actually expanding now So the move higher in recent sessions has been confirmed by the increase in positive momentum So the momentum is clearly with the buyers If it could do continue to push on higher from here the next level to watch out for to the upside could be the mid March high of 25,507 and if we go beyond that we could be looking at the mid February high of 25,821 Beyond that 26,000 is it's a big psychological number to watch out for and then beyond that We could be looking at it's district region here of 26,250 where there's not a consolidation And if you go beyond that we can then be looking at retesting the all-time highs of January of 26,706 What if you do move to the downside that could potentially be an opportunity for fresh buyers to enter the fold So if we do drift lower from here support may come into play at this this yellow line here at the one or two moving average Which comes to play at just south of 24,824,796 Notice how recently this particular line acted as both support and resistant in recent sessions And if I acted as both support and resistant in recent sessions, it makes it more likely that it will do in the future a Drop below there could take us back down to this to this blue line here the 50 moving average Which comes to play at 24,470 and once again notice how a few occasions the market drifted below the 50 moving average But it still managed to retake it again. So these are areas we could see Potential support coming to play should we turn lower If you move south of the 50 moving average the next Very to watch out for whether this will be this red line here the eternity moving average which comes to play at 24,000 24,146 there has been a couple of occasions where the Market drop below the eternity moving average in recent months But as I thought Spanish should regain it. It's only if you break this trend line here Which which comes into play in around 23,750 Could could then that should be a sign that the market is actually gonna head retest the Favorites of the 2018 lows of 23,138. Well, that's all for me this week. Thank you very much