 Hello and welcome to CMC Markets on Tuesday, the 15th of December and the last weekly market update of 2015. What a year it's been. You know, we've seen massive declines in commodity prices. We've also seen a very weak performance from not only the FTSE 100, the UK 100, but also the US S&P 500 and I think a large part of that is obviously down to the decline in commodity prices and we're approaching a very key support on Brent Crude. We're going to have a look at that. We're also approaching a very key support on the S&P 500 and we're going to have a look at that. And also going to be looking at Eurodollar ahead of tomorrow's really historic Fed meeting where the likelihood is that the Federal Reserve could well raise interest rates for the first time in nine years. I have to cast your mind back to 2008 when the Federal Reserve cut rates from 1% to 0.25% December 2008. Here we are seven years later potentially on the cusp of a US rate rise and we're going to have a look at the potential effects that we'll have on Eurodollar, but also to a lesser extent on the S&P and Brent Crude. So let's make a start with the S&P 500. I'm going to look at a daily chart over here on around about a nine month basis and can be seen from this chart. We're in a pretty much a sideways consolidation from the peaks that we saw in the middle of this year and the lows that we saw in late August. The price action appears to be compressing, but we are finding a significant area of support around about the 1995-1996 area. It coincides a little bit with those peaks that we saw in September. We weren't able to close above that 1995-2000 area in September and as such thus far we haven't actually been able to close below that 1995-2000 area throughout November and December. So that is I think going to be a very, very key support level going forward as we head in to year end, but I think certainly as we head into year end there's going to be fairly limited buying and selling opportunities. Markets have been very difficult this year. The oscillator is starting to look a little bit oversold, but that doesn't necessarily mean that we can't go any lower. I think much will depend on what happens in the Fed meeting on Wednesday. So we've talked about the S&P 500 being above a significant support level. The same is true of Brent Crude. We look at this daily chart here on my right hand side. We can see that since the peaks that we saw in May we've been trending lower. It certainly doesn't take a genius to work out that we're in a significant downtrend. I've drawn a trend line from the October highs. I've also drawn a horizontal support and resistance line through the August lows, but I think it's very, very important to note that we haven't has yet broken the lows that we saw in 2008 at $36 a barrel. We've rebounded off that, and I think it's important to bear that in mind when you listen to the hyperbole around lower oil prices and targets of $25 a barrel or $20 a barrel. When everyone starts talking the same way, that's the time to be very, very cautious. And until that support level breaks, we will remain susceptible to short squeezes, to rebounds. Look at the oscillator. It's very oversold. So we do remain vulnerable to rebounds until such times as we make a significant thrust below that support and close below that support. So we could well rebound all the way back to around about $38 a barrel and even $40 a barrel in the short to medium term. And I think that is something that your average trader really does need to be aware of, particularly in the context of oil prices, which can move 3% or 4% in a single day. I talked about this next chart quite a lot over the course of the last few weeks. It's our old favorite. It's Euro Dollar. And I talked about the potential for a bullish weekly candlestick reversal. We're certainly seeing the Euro Dollar gain support at higher levels in the aftermath of that surprise ECB decision to not introduce as much stimulus as the markets had anticipated. We've got the FOMC on Wednesday. We could see a pullback to around about $108.20 on this chart because we are finding it very difficult to crack above the 100-day moving average and the 200-day moving average. And those two moving averages coincide around about $110.50. But and I think this is very, very important. I think there is. I think there's been a slight sea change in terms of sentiment. And there is a risk certainly in the context of the bullish reversals we've seen on the daily and the weekly candlestick charts that we could see Euro Dollar start to ratchet higher as we head into year end. So a close above $110.50. Could we'll see us move on to $111.20 and $112. So that's it for this year, 2015. This is the last weekly market update of 2015. It's been a pleasure to go through the charts with you. As always, if you have any questions about any of the charts, please feel free to contact me. We do have an FOMC preview webinar tomorrow at 3pm. You can log on to the details just up above my left ear. All the details there. Log on to that at 3pm with me and Colin Sosinski. Otherwise, all that's left for me to say is I wish you all a Merry Christmas and a Happy New Year. And hopefully we'll see a profitable 2016.