 Hi, good morning and welcome to today's products and focus and what roller coaster we had yesterday most global equity markets or massively on the back foot as crude oil sold off very aggressively and Actually briefly went below $27 which was an incredible move almost about a six percent slump on the day and that had big Grammifications on most European US and Asian markets as well The Japan 225 was down way over 5% the UK 100 was done about 4% at one point Just as the US markets took a massive tumble one point the Dow was actually down 500 points before staging LA in the day recovery with an Aztec Actually almost finishing and positive territory almost flirted with positive territory towards the end of the close so today has actually brought with it a Kind of a resumption of that slide so we had our initial move back to the to the to the upside And I think there's a beginning slowly drift that down again as you'll see by the charts when we look at the technical analysis part of this video Now crude oil I think is almost below $27 again first thing this morning Which isn't so good and most other markets while they are away from their lows that they plumbed Yes, the morning and they're not that far away from there And in fact some quite ugly candlestick formations already Japan 225 down almost a thousand points from its intraday high so far today So that in itself is is about a five or six percent move already So it's it's been a very interesting start to the day There is a lot of fear and negative sentiment out there And I guess the question that everybody's asking is is the bull market rally Completely over now and a number of markets have entered firmly into that official correction period You've got Japan you've got the hand saying and you had the UK 100 yesterday Now it didn't close below that 20% drop from its from its recent high But most markets are entering into a correction phase apart from the US 12% down from its high still resilient Questions obviously still remain because growth growth is there So the sell-off in the markets does seem to be slightly overdone Everybody's looking at crude oil and basically Holding their hands up going what we don't know where this is going to stop and the impact It's going to have as some big energy companies begin to feel that pinch You never done and see sell-offs liquidations, etc And that's the thing people are thinking about not today What's what's going to be like tomorrow and that's a major thing for the for traders to get through their heads so far today So there is a lot of fear, but there is still growth at the US There still is growth in Europe and as we discussed yesterday There's lots of things that China could still do that they haven't done yet Perhaps there is an element that this is slightly overdone at the moment, but nobody wants to catch a falling knife So let's go ahead and have a look at things from a technical perspective and see for some of those support levels could potentially be So as ever, let's start off with the US 30 So you can see the extent of the move that we actually had there yesterday Way off the session lows now the US 30 had rallied already in the session as we push back down We are off today's session those 72% of seems to markets clients are currently short the technicals are obviously oversold so 15,900 is a potential support. We are a good bit away from 15,300 and 15 Though you could be looking at the tip of this candle as the next potential support Jumping on to the UK 100 and you just see how it beautifully bounced off that 55,600 level before reversing back up as commodities had a late late in the rally You can see exactly where we are again support levels working very very well on the UK 100 5769 is potential resistance 5600 is potential support and 90% of seems to market clients are long obviously hoping for a rebound Jumping on to Japan 225 really ugly. I'm going to talk about a thousand point move That's from here down to here and that is a it's a significant move What's really interesting is we actually went lower than we were yesterday at one point before reversing back up very very volatile Japan 225. It's a it's a tough one to trade at the moment 70% of seems to markets clients are currently long on Japan They're obviously hoping for a turnaround. You can see we're a long way away from the next potential support level So as long as 16 440 as we're below this That's the resistance level so that negative pressure will continue And of course you got a double whammy because everybody's buying the Japanese yen as a St. Haven now again We're far away from 116 again a beautiful bounce off that level You know if we go all the way back to here You can see where that level was bounced off it Yes, they'd be for moving back up 58% of seems to markets clients are currently long And we are pretty much at the cusp of 116 70 as a potential short-term support level But if the negativity markets continues the yen will be well bid West Texas crude per West Texas again bouncing off around about 27 dollars before it matters a very slight bounce this morning It was in green been pushed back into red $27 is we're pretty much at that right now. So that gives you an idea of what to expect 62% of seems to markets clients are short if 27 is broken 25 next if 25s broken 23 and a half is what you'll have to look forward to Looking a potential forward to looking at gold Gold's actually been quite an interesting one had a decent rally yesterday Sell off towards the end stopping shy of 1100 we're just taking our head above there right now You'd be looking at the tips of these candles as the next short-term potential resistance 68% of seems to market clients are currently along So your dollar you have Mario Draghi's press conference today And so the ECB is not re-raising rates incidentally. They might be talking about cutting rates perhaps more likely To the rate decision is a 1245 UK time followed by a statement by Mario Draghi at 140 a 130 130 you can see the tip to these candles that it's failing to break through This is we're still in this descending triangle formation until we get a break and a close through that sloping trendline 67% of seems to marks clients are currently along And we'll have to wait to see what Mario Draghi has to say but it's The fundamental factor would definitely have an impact on this and let's finish up with GBP USD poor old cable Just isn't getting much love. We're below one spot 42 The pound has not been getting a lot of a lot of love because interest rates is a bit of a distant memory at the moment in the UK Some of the figures economic growth figures are okay There's certainly nothing to write home about one spot 35 10 is the next potential support level and If we get a close below one spot 42, that will be one of the lowest closes in my decades on cable It's not very good time to be going in a holiday to the US. It's nearly 88% of seems to marks clients are short And they must be loving this sell-off all the way down. So I can make data-wise. I have a quick look at market pulse You can see there. I don't have my European equity my euro zone Products turned on where is the euro zone? There we go. And then done And you you can see that that interest rate decision there as at 1245 Mario Draghi's come Prestiglet 130 UK time. You got unemployment claims CPI weekly petroleum sales and then Friday You've got German and European PMI figures to look forward to and total Existing home sales to finish up the session. So guys that gives you an idea of what's happening the markets right now And from a technical perspective Join me again tomorrow to find out what happened next and best of luck with your trading. Thank you very much and goodbye