 Hi, good morning, and welcome to today's products and focus and what a difference a day makes Volatility is very much Part of the game right now and we've seen the markets absolutely sell off only to then rally up very strongly Then sell off then to rally up quite strongly and that's pretty much where we are today So yesterday pretty much brought an 8% rally in the crude oil markets that came pretty much out of nowhere Just on some vague chatter from a low-peck member about potential production cuts the usual Kind of rumors that go across the internet The crude oil price then slightly began to decrease but not before it brought equity markets up Kicking and screaming with it with most global equity markets actually up around about 2% to end the session Now what could all actually end up coming down that little bit? Global equities managed to hold on to those gains and that's pretty much where we are this morning Maybe just ever so slightly teetering on the edge there now I wouldn't expect it to be too much volatility today because tonight we've got the FOMC and that's at 7 p.m UK time now We're not really expecting the Fed to come out with any surprise rate increases but it's all about the the Fed statement that comes along with it and Many commentators really believe that is going to be a lot more dovish than usual as then towards the late 2015 You know they raise rates and all we're going to do you know Maybe three or four or maybe five rate hikes in 2016 the way the world markets are right now That seems to be a little bit precarious. I'm very very unlikely, but you never know what might happen US dollars are already that little bit stronger than they would potentially like it looking at cable You know cable is trading down at one spot 42 Your dollars has put up a bit more of a fight But the dollar generally is one of the best performing currency pairs out there I don't think it's in the US interest to have the dollar too strong against those basket of currencies for obvious competitive globalization reasons now Where we are with the markets today is FOMC obviously Bank of Japan on Friday We're probably not going to see huge amount of volatility and equities and FX until FOMC is out of the way But let's look at things from a technical perspective Because I think a lot of these markets are very very close to To some interesting support levels and for everything else you're pretty much just going to have to wait later on today Okay, so without further ado, but let's go ahead and have a look at the US 30 to kickstart things off So as discussed, this is where we are with the US 30 real decent bounce yesterday You can see how much lower we actually were and how volatile these markets are But we've had pretty much a failure to break up that little bit higher It did push on higher only to settle pretty much the same level as it did there on Friday So where we are today dodgy formation seventy four percent of seems to be markets clients are currently short bullish crossover on the MACD you've got a bi-signal and slow to castig but no fall through in the price action Then looking at the UK 100 and where we are with the UK 100 just now is we're making a series of lower highs right here So you've got a high a lower high a lower high decent turnaround in the candle yesterday still trading below those moving averages And if you have a look at the client sentiment 63% of seems to market clients currently long hoping for for rebound You've got 50 a 80 is a potential support level crossover on the MACD other technicals are relatively neutral Japan 225 77% of seems to market clients are short and we're at potential major resistance level 17161 failure to break and close above that so far we're trading below both moving averages the other technicals They didn't give a bi-signal, but that was a number of sessions ago. They're relatively neutral at the moment Then having a quick look at dollar yen 55% of seems to markets clients are currently long by position value. So very interesting candle yesterday So lots of fear returns so the yen was well bid Then I got pushed back up. I think I'm not sure if traders are really thinking the Bank of Japan is going to do anything on Friday or not We talked about this a lot in these sessions, but a lot of central banks They don't really want to do with content of easing if they can help it They really want to save that for when they're really in dire straits And the fact that they the end was making some decent gains even though it is a safe haven currency That leads me to believe that it seems to be more likely than likely But we are hugging that 21 pureed SMA right now 118 spot 25 as a as a major Support level and that's been in play for quite quite some time I knew it was a broken support acting as a resistance that it keeps it keeps flip-flopping around that area So 118 25 is strategically important So then have a good look at West Texas crude And that is some serious volatility right there. Look at this crude price But all the way up to 30 157 and that level of 30 157 obviously is of significance Also quite important to that 21 period SMA got pushed all the way back down It's really ugly from a candle perspective actually doji formation 58 percent of CMT clients are currently short. I saw they're anticipating a move back down to 26 73 Again, I would be very surprised if we actually saw any Major aggressive moves on any of the major products until after the FOMC So moving on to gold gold's been having a fantastic run recently as those extra rate hikes laid out by the Fed members at the end of November seem less and less likely in this current market environment And people are taking a view that there's going to be less than the four that are laid out If we get two rate hikes in 2016, that's probably a bit more realistic than four We'll see how the macro data comes out of the US now. You can see where we are just now This is the highest level that we've been in 2016 proper technical breakout yesterday No follow-through this morning the tips of these candles have got a high and a lower high So make of that as you will but one 1113 spot 40 that is the broken resistance that potentially acting as support So finishing up with the euro dollar and GBP USD euro dollar is very boring at the moment still trading within this potential Descending triangle formation. We're just waiting for a decent breakout one end or the other I'm finishing up with GBP USD Decent rally yesterday off the lows failure to break above these tips of these candles here. No follow-through today 88 percent of CMC markets clients are currently short one spot 42 30 is still the level to keep your eye on So market calendar time, right? What do we have here? Well, we've already had UK house data Nothing special. Uh, then we've got our new home sales. You've got your crude oil inventory data That's that's going to be pretty important if you're trading crude today gasoline stocks are much higher than expected again yesterday that helped to cause that extra sell-off and Crude yesterday if that comes out much higher than expected again today that could cause a little bit of a sell-off Um, but then you've got the FOMC. Don't forget that. It's very very important Thursday UK GDP German CPI Durable goods and employment claims from the US And to finish up things on friday, you got CPI you at your zone CPI US GDP and the University of Michigan sentiment index. Well guys, thank you very much for listening Very good luck with your trading and join me again tomorrow to find out what happened next. Thank you very much and goodbye