 Hello and welcome to the Church of the Week video with me, David Mackam. Today's date is Thursday, the 13th of June, 2019, and the time has just gone 9.15 British summer time. And this week's Church of the Week is the Russell 2000, or as we call it on our platform, the US Small Cap 2000. Starting off with a wider view, the Russell 2000 has had a very decent bounce back, like most of all major global indices, since late December. We've had a steady push higher in the last few months. But like many global indices, we have seen a move to the downside in the last few weeks. And the Russell 2000 remains below this red line here, this metric, the two-day moving average, which comes to the play at 15.37. And it seems to me that the Russell 2000 is underperforming when you compare it with some of the other major US indices. And also, if you look at the performance of the European indices, it seems to be underperforming. And I'm wondering, could we see, should we see a further sell-off in global stocks? Could the Russell 2000 actually fair worse than some of its counterparts? And why I picked the Russell 2000 is because the bounce back that we saw between late December and May, late April and May, was quite impressive. But notice how the highs that were achieved in May were nowhere near the all-time highs that were achieved back in September last year. So that's the first point. Second point is if you take a look at the S&P 500, the wider view is that the S&P 500 had all-time highs in about October 2018, they're about, but the rally that we saw in the S&P 500 from late December until May managed to actually produce fresh all-time highs. If you look here at the price action, well over half of the ground that was lost between May and early June, and the S&P 500, well over half of that has been regained. So we're firmly above the S&P 500's turn-of-the-movie average. Whereas if you take a look back at the Russell 2000, we're still actually still below its turn-of-the-movie average. So it's clear that the Russell 2000 is underperforming. And should we see a continuation of the trade uncertainty between the US and China, we might see further pressure on global stocks. And in turn, seeing as the Russell 2000 has been underperforming major indices so far, it could continue to do so in the near term. So if we continue a bit to hold but below the thread line, the turn-of-the-movie average, which we can see acts as both resistance and support in the last few months, if we can hold, if you continue to hold below that, it's likely we could see further losses. And should the market turn over on itself again on the S&P and the Russell 2000, we could see the market heading back down towards the psychology point 1,500 area. Should we go below that? We could be heading back down towards 1,470. And a move below that could bring in the early June low of in around 1454 into play. Any moves below that would then be setting fresh multi-month lows, and we could see further losses from there. We're also at if we're close to a fairly interesting area for the Russell 2000. So we have a number of the moving averages converging in on this area. So this red line here is the turn-of-the-movie average. This yellow line is the water-of-the-movie average, which we can clearly see acts as support on a few occasions recently. This blue line is a fifth-day moving average, which comes to play at 1549, and we can see that acts as both resistance and support in recent weeks. So we're quite close to what could potentially be an important area. Now, this zone here could have the potential to either be a potential resistant point whereby the market pushes higher, runs into resistance and then turns lower, or it could be the point where the market moves higher, gains thought-holding up around this area here, holds above the fifth-day moving average, and then looks to press on higher. So if you can manage to retake the fifth-day moving average and press on higher beyond that, we could be looking at retesting the mid, the high of 1568, and if you go beyond that, we could be looking towards this this area here at 1590, and we can see on a few occasions it did act like a solidation in recent weeks, and if you go beyond that, we could then be looking at retesting the early May highs. If you are going to be trading the rest of 2000 or any of the US indices, it's worth noting tomorrow on Friday the 14th of June, we have US retail sales, back a little bit of volatility to the markets, and finally, if you have any comments to make on this video or any of the other videos we've made here at CMC Markets, please feel free to leave a review on the reviews. Thank you very much.