 Hello and welcome to the CMC markets chart of the week video with myself div madam market analyst here at CMC markets Today's date is Wednesday the 18th of April 2018 and the time has just gone midday here in London or 1204 British summertime to be precise and this week's chart of the week is the Nasdaq 100 the cash market Or as we call it here on our CMC markets trading platform the US and the aq 100 And as I said, it's a cash market that we are being a look at So taking a look at this chart here We can see the Nasdaq 100 had a strong finish to 2017 and a very good start to 2018 But like global equity markets endured a very big sell-off in February of this year It quickly managed to bounce back though and I should create its own all-time high Which is quite impressive for for a global index to create a fresh all-time high in March of this year but giving them some Some uncertainty in relation to text in relation to tech stocks the Nasdaq 100 was adversely affected In March of this year as you can see here a large large sell-off But the market has been bouncing back over the last couple of weeks These lines which you can see here on this on the screen these fight lines are the Fibonacci retracement levels For those of you who want to find out where you can get the Fibonacci retracement from it's under the draw tools on our training platform And it is this one here where it has Fibonacci's beside the note notab ABC the Fibonacci retracement is a Effectively a theory that states after a after a move in the financial markets That move will actually be retraced if you search significant retracing percentage points I wish that move could be retraced and applying the Fibonacci retracement level a theory to the The Nasdaq 100 from the highs of March to the lows up to the highs of March to the lows of April What we can see here is the market has Regained or retraced 61.8% of that downward move And of course 61.8% is one of the few key key areas on the Fibonacci retracement theory So I also it blends into the theory that the more a market retraces the more The more a lot market retraces the more likely it is to retrace all of the original move So we can see here that yes that today's high coincide with the 61.8% Retracement level which obviously is significant in itself. So it shows you that we've regained We've regained over half the the downward move from March to April So we could possibility look to actually retest that we had that the all-time high which was achieved in March of this year Also taking a look at the chart the price action in the last few weeks We can see what the market was pushing higher here from the big from the beginning of April onwards Looking at the MACD indicator the MACD histogram We can see there's a steady increase in positive of momentum So the market's moving higher and that's been confirmed by the steady increase in positive momentum So for the time being momentum is with the bulls out with the buyers If we do continue to push on higher from here We go north of the 61.8 percent retracing level which comes to the play 6,839 should we go beyond that keep an eye for a 6,931 which was the late March high if you go north of that the next big level keep an eye for will be the psychologically important 7,000 handle and if you go north of 7,000 will have read then we retrace both of the downward move and It's traders could then be looking towards the all-time high of 7,185 If you do manage to see some moves to the downside We may actually see some fresh buyers enter the fold Signals we've already retraced well over half of the downward move so I've moved to the downside make may find some support in at the 6,636 level which is the 30 38 point to retracing Mark notice how this area here did manage to act as both support and resistance on like a couple of occasions So because it's been significant in the past it could actually be significant again in the future I move south of there could bring us back down towards the 6,400 level and if you go south of 6,400 then let's keep an eye out for the eternity moving average Which comes at the play in at this is the red line here, which comes into play at 6,342 Notice how the 30 moving average did manage to act as support In earlier April so once again as it has significance recently it could have Significance again in the future should we then take out the eternity moving average that would suggest we prefer the losses I would give me looking heading back down to the February low or the 2018 low of 6,163 and of course if you go south of that We'd be looking to be creating fresh new lows for 2018 and we carry coming look at heading back down towards 6,100 figure. Well, that's all for me this week. Thank you very much