 Hello and welcome to CMC Markets on Tuesday the 3rd of February and the weekly market update. I'm going to cover three things this week. I'm going to have a look ahead to this week's non-farm payrolls report which appear, you know, which to all intents and purposes I suppose has taken a little bit of a backseat to what's going on in Greece and the stand off there between the new Greek government and EU politicians. And also have a look at US stock markets because I think there's some evidence that we could be starting to form a little bit of a head and shoulders in the S&P. It's a chart that I've shown you before but once again we've held at that very key support level that I outlined a couple of weeks ago. I'm going to have a look at Euro-dollar in the context of some of the weaker economic data and also last week's FOMC minutes because I think, you know, the expectation is that at some point we will potentially get a Fed rate hike sometime this summer. Now some of the data that we've seen coming out of the US seems to suggest or would seem to suggest that's optimistic. So I'm going to have a look at Euro-dollar in that context and the potential for a little bit of a short squeeze. I'm also going to have a look at Brent crude prices because it looks like we could actually have seen a base in the short term and we could now actually be building up for a little bit of range trading pretty much between $45 and maybe $65 a barrel. So let's start with the S&P 500, the US SPX 500. It's a daily candlestick chart and a lot of these lines will be fairly familiar to you. You can see the support line that I've drawn in through the lows from December currently comes in round about the 1975 area. Also coincides with the 200 day moving average. Now we've seen another bounce off that level and we saw a bounce off that level during yesterday's trading. Now we could potentially go back to the 50 day moving average and we could actually even go back as far as the top of the right shoulder around about 2067. But overall we're still continuing to trade sideways and have been since the beginning of December and at some point we're going to get a potential breakout. We need to be prepared for that breakout. At the moment I think the likelihood remains that we could actually tip lower but at the moment I think the any reasons you have in terms of a move higher remain fairly thin on the ground at the moment given the number of misses that we've seen on Q4 earnings in US earnings season thus far. We've only really seen two standouts and they've been Boeing and Apple. So certainly keep an eye on those two levels on the S&P. I think we're pretty much trading in a range for the time being 1975 on the base and around about 2070 on the top. Right so let's have a quick look at euro dollar and there's two competing themes here. There's obviously the events that are going on with respect to Greece, the potential for a Grexit. I think it unlikely in the short to medium term we're going to get a speedy conclusion now. Greece's bailout ends at the end of this month but I think it highly unlikely that the EU or the ECB will cut off emergency assistance to Greek banks while negotiations are ongoing. Now the Greek Finance Minister, the new Greek Finance Minister, Very Farkis has put forward a proposal for some form of debt swap. Now that's probably going to take three or four months to play out. While it plays out I think it's highly unlikely that the ECB will cut off support to the Greek banking system which means once we get past the end of February we could well see this saga continue on until maybe May or June. That should be fairly positive for euro dollar but what we need to do is get above this key resistance level that I've drawn on this daily candle chart at 1.1460. We've managed to hold above the 1.1205 level on a closing basis on a monthly close and that was 61.8 Fibonacci retracement of the entire up move from the lows at 80 to 30 to the highs at 1.6030. So we've held above there and while we hold above there I think there's definite potential for a move through 1.15 towards 1.16 or 1.17. Another reason for that thinking is some potential dollar weakness. Now we've got non-farm payrolls on Friday and we will be hosting our normal monthly webinar. You can sign up along the bottom here where Colin and I will be basically taking you through the numbers and from what I've seen so far from some of the most recent economic data there are signs that the US recovery does appear to be showing signs of not plateauing but actually starting to edge off a little bit and I think in a deflationary environment it's very unlikely that the US irrespective of what they said last week will raise rates this summer. Now to Friday's payrolls could be very, very key in that. Certainly inflation remains benign, wage inflation remains benign. So I think we are overdue a little bit of dollar weakness over the course of the next few trading sessions and Friday's payrolls numbers could give us that. So let's finish up with Brent Crue prices. Now we've come off the back of seven successive monthly declines in prices from the highs that we saw around about 115 in the middle of the summer to the lows of $45 early at this month. Now we have now started to see a little bit of a stabilization in Brent prices and that does appear to be well overdue. We are starting to see some evidence that oil companies and oil field services providers are cutting rigs and cutting jobs. So further down the line that's probably going to manifest itself into a tightening of supply and now we're starting to see some evidence of that. We're getting a short squeeze and on this chart that I've got in front of me the weekly chart we've got a bearish engulfing week. We've seen a very positive week so far this week we're only two days in. We could well move back towards that $58 a barrel mark and if we look at the daily chart which I'm going to put up right now we can actually see the 50-day moving average as well as those previous lows in December could well act as a key resistance level on the way up. So see how we react around that key resistance level which is around about $58 a barrel. If we break through there then we could go back to around about 65 and I think we could well see a stabilization in crude prices between $45 and $65 a barrel. Okay so that pretty much concludes this week's weekly market update. As always if you have any questions just contact me on Twitter. Alternatively turn up to the webinar on Friday starts at 1.15 with me and Colin and we'll try and answer all of your questions with respect to the markets and specifically the non-farm payrolls numbers.