 Hello, traders at CMC Markets. Welcome to a new update from RRG Research for Monday, the 25th of April. My name is Julius de Campanar and I'm presenting to you from Amsterdam in the Netherlands. I am the creator of Relative Rotation Graphs and together with my partner Trevor Neal, I run RRG Research. I'm recording this on Thursday, the 21st, after the close in Europe. So, you know a little bit that there is a bit of a gap between I'm recording this and when you see it. I want to talk you through two universes on RRGs that I think are quite interesting to watch at the moment. The first one is the one that we always try to catch here for you guys, is the one that shows the rotations for a group of international stock market indexes. And as you see, it's plotted here, it's a weekly RRG, a weekly Relative Rotation Graph. You see that Australia, this is the ASX200, is travelling nicely into the leading quadrant. The UK is still very strong, but it's rolling over. The Japanese Nikkei index is moving in the right direction. The American indexes, the S&P and the Diageo's industrials are very stable. They have very short tails. When you see short tails on an RRG, that means that it is a stable trend. In this case, it's a relative uptrend versus the MSCI world. Don't be mistaken, that doesn't mean that they go up in price per se. They are just doing better than the MSCI world at the moment. But the one that I really want to focus on is the one with the longest tail. And that is the Hang Seng index in Hong Kong, the HSI. And it's got a tail that is running all the way here through. So it started inside the improving quadrant, is now moving strongly into the lagging quadrant. It's actually the lowest reading on the RRG scale, which makes it the weakest of this whole group. And if we would make that a rotational pattern, then you can see that it's actually rotating, completing a rotation completely on the left-hand side. And we know that that is a weak sign for these rotations. If we zoom in on the daily RRG, then we see that this is obviously much more granular. And you see that the Hang Seng went through a little hiccup, a little strong move. Let me get that here back to you. So from improving, we moved into the leading quadrant and then started to roll over very rapidly. And we're now rapidly heading towards that lagging quadrant again. And that means that both tails on the daily and the weekly RRG are now getting back in sync and pushing the market in the same direction. And in this case, that's down. It's down in relative strength. So let's finally have a look at the price chart for the HSI. And what we see here is this is leading to the rotations that we see on the RRG. But what I want to focus on is the shorter term pattern. This is a daily RRG and you can see that that downtrend is in play. And we had that big cap down, break below support and a big cap down at the start of March, first two weeks of March. And then we bounced. We had a very rapid bounce. And that started to, it never reached back to the breakout level. So that's the first sign of weakness. Now we started to move in this sort of sideways range. And then three days ago, we broke out of that range below that 21,200, 21,200 level. And you can see that it's now starting to pick up downward momentum. I wouldn't be surprised if this goes back for a test of the levels of that previous low around 18,400. So that makes the Hong Kong index, the Hang Seng index, one of the weaker tails on that RRG. Now if we move on to a group that we don't talk about a lot, but it's a group that is widely followed by the investment community. And this is a group of the New York Fang stocks. It's a pretty big group. It's not only the Fang, but there's a few more. But when I look at this RRG, what I see is predominantly negative tails. They're pretty much red. There's a roll inside the lagging quadrant. They're moving at a negative RRG heading. So not a lot of goods to see on this RRG. There's two exceptions. That's Twitter, TWTR, which is inside the improving quadrant and nicely moving towards leading. And it's Tesla. That's the other blue tail that you see here. It's still inside the lagging quadrant, but it's traveling at a nice RRG heading and potentially reaching towards leading again. It's only two out of this whole group of stocks. But when I look at their individual price charts, I'm not very enthusiastic. I don't think that they show very strong price charts. They're both bouncing. And that makes me a little bit worried about their future performance. There's also on this chart, there's one RRG. There's one tail that I really want to focus on. And that's the tail of Google. And I'm going to tick all these boxes off because Google is buried here inside this group of tails. So what I'm going to do is I'm going to tick them all off and highlight Google. Make that, blow that up for you and show you the longer term history. And what you see here is pretty much what I just described with the Hang Seng Index, where we had a complete rotation on the left-hand side. And we know that that's usually not a very good sign. Google seems to be doing the same. We had this long period of weakness. We picked up a little bit, but not much. And then two weeks ago, we hooked back down and we're now starting rapidly to pick up momentum. We're crossing over from improving into lagging again. Now what does that mean on the price chart? And that's the final chart I want to show you. Here's the price chart of Google Alphabet on a daily scale. And you see that after it reached its high, around 3,000, and that happened in November last year, mid-November last year. Google started to form a range. And over the last few weeks, we have touched, tested a support level around 2,500. Once, twice, three, four. And now for the fifth time, we're getting down to that support level. That 2,500 area is a big, strong floor. But we know that when such a floor breaks, that the ensuing move can be pretty rapid and can accelerate lower in this case. When we break this, this 2,500 level, there's a good chance that the price will accelerate lower. And because we have a range and we know what the height of that range is, technical theory tells us that we can project the height of that range down from the breakout level, which would give us a technical target around 2,000 for Google in the next couple of weeks. I think that that's a couple of very interesting observations, both on the country side and the individual stock side in the US with Google. Ladies and gentlemen, thank you for watching. And I hope to see you again at a new episode here at CMC Markets anytime soon.