 Sell off yesterday on the back of crude oil plunging 5% as a cut in production by OPEC becomes a bit of a distant memory and it's as volatile times ahead as ever. So on the back of that 5% drop you actually had crude oil drop below $30 it's still below $30 right now that's West Texas crude and global equity markets kind of sank with it. Now the US 30 dropped about 200 points to close the session obviously weighed down by a lot of the major oil stocks after all S&P downgrades Chevron joined that group as of yesterday as well with the Germany 30 and UK 100 from a technical perspective looking pretty ugly and we'll have a look at those charts in a second the Germany 30 actually is trading near its recent well 2016 lows but also the lows from 2015 as well so the things they're not looking quite as tasty. Obviously the UK 100 getting particularly hard hit because of its strategic influence with commodities on that market because of all the miners and energy stocks as well so those markets getting hit pretty hard right now. Now there is some economic data due out today you do of course have your crude oil inventories due later on towards the end of the session we've got ADP private payrolls and we've got some more PMI from the US and from the Eurozone as well and that's falling on from PMI data that came out on Monday which was nothing special to be honest so kind of big concerns over a global economic slowdown we are hearing that the latest US banking stress tests that are going to be conducted for 2016 and specifically for the US they're going to be looking at negative rates specifically and that's negative rates as a stress test in America and obviously that would only happen if there was a severe economic downturn so when we're looking at what the analysts are thinking in regard to interest rates in the US for 2016 the highest percentage is actually coming through for December in 2016 so I think there's about a 54% chance that the next rate hike will be there and yet you see a sliding scale all the way from March where there's about 13% and going across every quarter till December and as the Fed funds features rates are pointing towards the most likely scenario as being and there's not obviously not a guarantee but I give you a bit of an idea about the concern over a potential global economic slowdown and the fact that these US banking stress tests are also potentially looking at negative rates in the US that's obviously an extreme example but that just gives you an idea about what the policy makers are thinking and in regards to the future so let's go ahead and have a look at the major projects specifically from a technical perspective now we've covered a lot of common themes that were impacting the market so far today so as ever want to start here with the US 30 we've had a failure to break above 16.460 a couple of sessions ago we're trading below both moving averages and you can get an idea about where we are with this candle right now 69% of CMC Marks clients are currently short the other technicals are relatively neutral we tried to have a bit of a short term bounce this morning but longer term potential support all the way down at 15.314 moving on to the UK 100 53% of CMC Marks clients are currently short very bearish in golf and pattern yesterday below both moving averages we've tried to break higher potentially capped by this moving average longer term potential support 57.68 potentially a sloping dermal trend in action there as well looking at the Japan 225 62% of CMC Marks clients are currently short we had a failure to obviously break higher off the session lows people are buying the end as a hedge as a safe haven the hedge against further market uncertainty 16.896 is an exponential support but right now we are above that 21 pureed SMA other technicals relatively neutral moving on to US dollar Japanese yen 94% of clients are currently long so they're hoping for a big bounce actually there's already been a bit of an interesting hammer formation developing right here though obviously it's just at the start of the session negative day yesterday's people are buying the end at the expense of the US dollar as rate hikes looked a little bit more of a distant memory 118 spot 59 is an exponential support with 120 spot 34 being a potential short term resistance level which might coincide that 55 pureed SMA should the market consolidate close to that level moving on to West Texas crude you can get an idea as to the severity of those moves we are looking at 26 spot 72 is an exponential support we're trading below the 21 and 55 pureed SMAs potentially in a sloping downward trend line obviously longer term the trend is very obvious to see but at this level here at 26 72 you have to go back on to the monthly charts to see that that as a 12 year low 60% of seems to marks clients are currently long moving on to gold golds consolidating below 1131 that's also the 200 period moving average we're above the 21 and 55 pure moving average by a big degree we are overbought on this low stochastic getting there on the well that's actually the ultimate oscillator but we should be looking at the RSI right there in fact if I just go to my technicals and get the RSI up so we can have a good look the RSI perhaps unsurprisingly slight is getting quite close to being overbought as well let's get rid of the ultimate oscillator for now so not yet overbought here is in the slow stochastic but there's not yet a signal to sell I think gold will be waiting for non farm perils on Friday to get out of the way to see if it comes out slightly lower than expected and that rate hike trajectory looking potentially at December might be more realistic and that in that case you might see gold get a little bit more of a shunt up higher finishing up with Euro dollar and GBP USD with Euro dollar we are pretty much looking at some key levels this is us in a daily perspective I think we want to draw our potential trend lines in here matter of fact I'm going to go a little bit more short term look at this area right here and then take this area for here because we are potentially looking at the symmetrical triangle formation let me just zoom in a little bit more we're kind of really waiting for a proper technical breakout here and this is currently where we are just within the symmetrical triangle formation you could probably arguably draw it from here but I'm just going to take this point for now either way we're still trading within this triangle and then I would be taking this level right here as a potential level so one spot 08 19 it's still worth having a look at 87 percent of CMC markers clients are currently short on this product so they're hoping for a breakout slightly lower let's finish up with GBP USD have a look at the analysis there again get my draw tools draw tools out we would add a short level here at the very bottom the very tips of these candles again it's been a real interesting market to a real interesting product to go ahead and trade let me go into a slightly longer time frame just so we can see exactly where we are you have to go all the way back to here oh we're so far away that gives you a bit of an idea how far it has fallen and how far it could still fall in the future if it sells off that's pretty much where we are let's go back onto the daily piece we could probably look at this level one spot 43 52 being a potential support level we were quite far off the session lows yesterday so we had a bit of sell-off following on from Monday's fantastic bullish and golfing pattern sold off yesterday pushback up it's a little bit on the bottom end of the range so far today 82 percent of CMC markers clients are currently short but we are maybe bouncing off that 21 period SMA as well so in regards taking my data don't forget that you do have a crude oil inventory so far today you do have those ADP private payrolls and Eurozone and US PMI and that gives you a flavor of what to expect on Friday obviously brings with it non-farm payrolls as well so make sure you guys don't forget about that at home well that's it from me very good luck with your trading guys and join me again tomorrow to find out what happened next thank you very much and goodbye