 Hello and welcome to the weekly market update with me Dave Madden. Today's date is Tuesday the 23rd of April So happy St. George's day and the time has just gone 1215 British summer time It has been a fairly quiet start to the European session The FTSE 100 is slightly higher We've seen a push higher in the underlying all market and metals are doing well So the FTSE is at the 4 billion Europe where the cake the cake and the tax are a bit are a bit lower on the session But it is we're pointing out that the the cake cracked up and left month high last Back in the last week and the tax manager rack up a six-month high at the back end of last week So we're seeing the FTSE 100 play catch up with its continental counterparts It was a fairly subdued session in Asia overnight There's a report stating that the Chinese government are gonna more head towards the structure reform rather than just you know Straight up fiscal stimulus, which has been they can have their go-to move anytime the economy show sign of weakness This is on the back of the fact that the Chinese economy the latest GDP figures came in a bit better than expected To be honest it is a fairly quiet day in terms of economic indicators that are That are expected out later on today And overall the overall the week ahead is going to be much more focused on corporate earnings rather than economic indicators I'll start off now by having a look at what's going on on the major indices starting off with the FTSE 100 So it's been if you watch these videos Right release a fairly common theme here We see the FTSE 100 continue on in this solid upward trend that has been in since it late 2018 As I mentioned, we've reached recently hit multi-month high some of the European markets And the FTSE is still continue to be kept producing Multi-month high so if you continue to push on higher from here on FTSE 100 We could be looking at heading up toward this level here And that's seen since late September and I think that level is in a 7,560. They're thereabouts in that rough region And if you move beyond that we could be looking up towards the psychology board and 7600 if you move to the downside support copy could be found from this area in around here Just shy in around the seven thousand four hundred and forty mark or perhaps even as low as 7400 itself down around here I shouldn't try to be dropped below that this region here might I support it act as both resistance and support not too long ago And that is at seven thousand three hundred and seventy Buying on the dip has been a very popular strategy with with you know, European and US markets in recent months So if we do see any pullbacks, we might see fresh buyers enter the fold I'll take a look now over at the exit your market That's a fairly similar situation there as I mentioned we had a fresh six month high on Friday in Germany It's been in a solid upward trend for the last number of months for the time being We've no kind of sign indication that at the downwards a Recent upward trend is coming to an end So if you press on higher from here, we could be looking at targeting the psychology board and twelve thousand four hundred Or if you go beyond that They could be looking up to that to the highs in mid to late September, which are which were in around 12,000 four hundred and sixty and if you press on higher from there We could be looking at this area here, which comes to play in around the twelve thousand six hundred mark But the man if the market does manage to drift lower support could be found from this region in around here in at 12,100 or perhaps even from the kind of psychology board 12,000 mark It's only really if you have a size of break below the utility moving average Which comes in the play just south of 11,700. It's only if you have a fairly size of break below that Could then we could then be be concerned at the upward trend since late December has actually come to an end US markets are in fairly healthy shape as well Starting off with the S&P 500 granted volatility in the US markets has been fairly low recently But nonetheless we have seen you know fresh multi-month highs being eaked out on the S&P 500 not too long ago So you can see here like when it's European counterparts in a solid upward trend since they just since they December Volatility has cooled off But we're still very much in the upward trend and if you can press on higher from here to be honest We're at levels not really seen since this is October last year and keep in mind You know the all-time high was reached in a late September early October So if you can press on higher from here on the S&P 500 the next year to keep an eye for will be There they're about at the all-time high of in around 2,940 if you do manage to drift a bit lower as our support could be found from this area here in around 2,880 and a drop below that can bring this region into play 2,860 we can see that act as both Resistance and support not that long ago and if a metric has been Has been important in the near past and it makes it more likely that will be so again in the future Taking a look now at the Dow Jones Similar situation whereby the Dow Jones recently levels not seen since October last year And if you continue to press on higher from here, we could be looking at retesting the all-time high Which is in around the kind of broadly speaking 26,950 region there there about so if you can press on higher from here We could be looking at retesting that metric and if you go up down that traders We're looking towards the psychology born 27,000 mark As with the S&P 500 and the Dax in the footsie finally that it has been a fairly popular strategy With major European and US markets in recent months So if you do see a drift to the downside in the air and the Dow Jones We may find some fresh buyers enter the fold So if you do drift lower from here support could be found from this area here in around 26,278 and if you drop below that This region here in around 26,000 There's a fair bit of consolidation in around 26,000 and if you can note this blue line here The fifth day moving average We can see on a few occasions In late March the fifth day moving average active nicely as support for a couple of occasions And if a market access or active support recently It makes it more likely more likely that it will do so in the future And the fifth day moving average comes to play at 25,955 So we've talked about markets that are doing quite well on the flip side of the coin now Gold as we go under a bit of pressure recently. So the wider picture has been Gold as a pretty deep a pretty decent bounce back from August last year and really since about mid November last year Mid November through mid February that are very solid for a trend But since then we've seen it. We've seen a few higher highs and higher lows Also, we've had that US dollar at levels not seen for nearly two years There's often been an inverse relationship between the greenback and the gold market So while we're seeing the US dollar I kind of With multi multi, you know Double-digit multi month highs. It's not surprising to see a better pressure on gold So since mid-February we've seen it kind of a lower low and lower high and lower low lower high and another lower low So the lows here of April have taken off the most taken off the most recent lows in January So we're not back at levels not seen since late December On the on the gold market. So if the wild if the most recent negative trend continues We could be looking at any back down towards here at the 1260 area here was also consolidation in late December And if you go below that we could be looking at it towards here at the 1250 region 1250 acted as a resistance on a few occasions in December and it also kind of coincide overlaps with the two are team moving average So Moves to the downside could be looking to take it back down towards 1250 gold But if you do manage to see about hired In gold, we could see that we could see the kind of psychological important 1300 mark coming to play and if you go beyond that we could really get looked retesting the Mid-April high have been around 1310 and if you go beyond that we could really get looking at targeting this area here in a 1324 so the oil market I mentioned at the top of the video of the oil market is done well essentially The strong administration has put sanctions on Iran. So it's actually penalizing penalizing for a penalize Iran But they're putting sanctions on the country kind of squeezing its own exports, but a number of months ago the strong administration allowed Eight countries to kind of waive those sanctions so countries that were continuing that to trade with Iran in the form of oil exports Okay, now that that's come to an end our president Trump is actually looking to kind of squeeze around actually ideally drive Iranian oil exports down to zero. So we saw all that levels Not seen. Well, it well in some cases then which contract you look at if you're looking at Brent levels I've seen since November if you look at WTI levels I've seen since late October So multi-month highs have been racked up on the oil market The oil market has been bouncing back nicely since late December and if the wider kind of Polish Trends continues here on Brent crude. We could look you're targeting up around here We did 75 spot 95 And if you go beyond that the big psychological number of 80 bucks per hour like to play If you do better to drift lower in Brent roots support could be found from this area here in around 72 We can see that that area probably acted as existence a few occasions And even if it even if drops below that sport can be found in this red line here Which is a dirty moving average and we can see that access support on a few occasions In early April and that comes to play in a 69 spot 18 Take a look now at WTI and it's a fairly similar situation of WTI Like I said WTI recently a level not seen since late October last year So multi-month highs it's been a nice bullish trend series of higher highs and higher lows Try 2019 if it kind of pressed on higher from here We could be looking at targeting a level not seen since late late October Which is in at this area here in around 67 spot 80 And if you go beyond that they can psychological important 70 bucks per barrel like we think of it to play But if you do manage to drift lower support can be found from this area here in around 63 dollars per barrel And even if you drop below that The trinity moving average is red line here access support on a few occasions in April and I'd like to support again And the current and the trinity moving average is currently sitting at 60 just to shy of set it Sorry, just shy of 61 dollars per barrel Take a look now on the currency markets euro sterling. Sorry your dollar rather start with it So your dollar has been broadly been pushing lower Since January this year. Obviously the highs in March managed to got highs in February But broadly speaking we've seen Very obvious move to the downside More recently, we can see that has failed to get a break above the fifth at this blue line here The fifth of the moving average which comes into play in around one spot 1290 95 So if you continue to press on lower from here, we could be looking at retesting 112 I'll move below 112 could take us back down towards The early March level in around one spot 1176 and then I move below that might bring a one spot 1110 into play Should we kind of press on higher from here? We could be looking at retesting one for one spot 114 Dean or the March highs in around one spot 1448 or 50 and Lastly take a look a pound versus the US dollar so Broadly speaking power dollars as you're pushing higher since mid this is mid December Granted, we have seen a nice kind of a series of lower highs Basically from mid March onwards, so I said so for over a month I was seeing my series of lower highs But this two or three moving average this red line here which comes into play in around once by 2970 region That is actually as fairly decent support and while we hold above that metric It's likely that we could see the wider upward train that's been in play since since mid December continue If you're looking to kind of press on higher from here, we could really get trying to get a 132 area So a lot of consolidation in around 132 And we could be looking at targeting in around the kind of one spot 33 85 region I think if you continue if you manage to take out 132 But if you do have a fairly big break below the utility moving average You could really take us back down toward this area here not see this is mid February in around the one spot 20s One spot 2775 area. I take a look now at the week ahead The weekend article is on our website if you go to your seamsomearkets.com and under news and analysis You'll find that you'll find this brick article and many of the other articles myself and my analysts colleagues produced here as well Looking to tomorrow Wednesday, we have internet internet registration from Bank of Canada We have full year figures from boohoo. You're listed here in London on Wednesday We have first our figures from associated British foods on Wednesday We've Q1 figures first quarter figures from Boeing over the US We first quarter figures from Tesla in the US on Thursday We have the back of Japan into straight decision on Thursday. We have first quarter figures from Amazon Thursday and Friday. We have updates from Barclays and Royal Bank of Scotland and on Friday We have US first quarter GDP figures and also and also on Friday. We have first quarter figures from Deutsche Bank And just also worth pointing out if you go under the market pause tab on our trading platform The second option down is insights throughout throughout the day myself and other analysts We post to the section term in terms of economic indicators news and analysis updates Recording on this video will be found on insights I also want to draw your attention to chart forum and chart forum is the third option down on the market pause tab Myself and my colleagues update chart forum a number of times throughout the week And anybody with a CMC Markets account is free to update that all we do to get a screenshot of a particular chart I want a few of the words of what we think the price action is doing 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 review on the reviews. That's all for this week. Thank you very much