 Hello, my name is Trevor Neal. I'm Research Director at RRG Research BV. This is our second weekly look at the market viewed from the RRG perspective. This is recorded at 6.30 in the morning on the 25th of March 2022. Today I take a weekly look at global indices, but this time using relative rotation graphs from Refinitiv Icon. The graph you can see here now, we see the rotation of some of the major global indices versus the MSCI World Index, which is here in the center. The image gives a good view of how the markets around the world are moving versus each other and relative to the benchmark itself in this case, of course, the MSCI. The sampling is weekly, so the footsie here now, last week, the week before, the week before, the week before. The green tails on the right hand side are in relative uptrends, while the red tails on the left are in relative downtrends. Now, first the two outliers that we've got here. ISE 100, the Istanbul Stock Exchange 100 on the right, and the RTS, the Russian Stock Index on the left. Due to their currency situations, neither of these are actually attractive. The RTS particularly so, because it's weak with also a weak currency, which is not helping it at all. So we will ignore those two for the moment. We want to look at two tails in this session today. The first one is Australia's ASX 200 index, AXJO on the graph here. This one is inside the leading quadrant. Rotations where the tails are on one side of the RIG really normally indicate that a strong trend is at work. This tail moved across into the leading quadrant and is currently climbing on both scales in the RIG, which indicates continuing pickup in relative strength, which is backed by positive momentum. The second tail I'd like to look at is the one of Germany's DAX. This tail has moved into a lagging quadrant and is currently falling both scales of RIG, which indicates continuing loss of relative strength, which is backed by a lack of positive momentum. The final check should always be to drill down and look at the actual price chart of the security, not on a relative basis, but in absolute basis. We're looking here now at a weekly chart of the ASX 200. Now what you can see here is a chart that is where the ASX 200 has moved up quite strongly recently, along with other stock indices, but punched hard into resistance, which is from here current price is right up to a higher to 7,630, but it's punching hard into it and the resistance itself from here on up should become a little bit easier. The longest term indicator is the 50 in the 200-day moving average, which you can see has just crossed up. This is one of the few major stock indices where we've got a golden moment with the 50 above the 200-day moving average. The MACD at the bottom here has also crossed up as well, giving a bullish signal too, and the RSI momentum is shooting up here as telling us that this move has got high positive momentum in it. For stock index bulls, the ASX 200 may be your index of choice. The DAX index looks very different. This is now the daily chart of the DAX, and the reason I've chosen daily is I want to really show you the amount of resistance there is above it from 15,000 on upward to 16,000. This is very substantial resistance. This has been established over months, and it's going to be very, very difficult for the market to punch into that and get through that resistance. Think of how many people who are languishing with old longs in that range, which was established from last year till now. Anybody who bought in that period up till February paid a price in there, and if they're still holding on to it, they'll probably be very glad to see the market move up to 15,000 and give them a chance to liquidate that position and get rid of that languishing open loss that they've been nursing all these months. So lots of resistance above here, and as all stock markets are moving up generally at this moment, this one seems to be not doing so with much enthusiasm. The 50 in the 200-day moving average is still negative. It's moved closer, but they're still negative, so it's still got a bearish message from there. The MACD is bullish, having crossed in two weeks ago with the general jump and bounce from the markets, but the RSI is indicating that we may be coming to an end in this advance. We're losing momentum on the upside. The RSI did push up, but now it's sagging rather heavily downwards, and this looks extremely heavy and reluctant. For the stock market bears, this may be your index of choice for a bearish strategy. Consider the bullishness of the ASX200 and the bearishness of the other, the GDAX, and maybe this could be a pair's opportunity to neutralise yourself against the general market direction. I wish you the best. Thank you very much for listening. Thank you from ROG Research BV. May the trend be with you. Bye-bye.