 Hello, welcome to this week's CMC markets index snapshot this week We're going to be looking at the u.s. Endac 100 that's based on the u.s. NASDAQ 100 and there's an interesting chart breakout pattern that's taken place and that comes in Alongside some record earnings that we've seen from its biggest component Apple Along with some general positive momentum in the technology sector of which the NASDAQ is is largely based around now Technology stocks have been outperforming in u.s. markets for the last couple of years now in 2013 and 2014 There were calls that the sector eventually would have to have a downturn and a couple of periods throughout the year There was a big sell-off on the back of over stretched valuations but as of yet is still one of the best performing sectors and for now this breakout in this the NASDAQ 100 which does have a large concentration of technology shares which suggests that the trend has not ended yet and Part of the reason for this breakout is its biggest component Apple has reported the biggest corporate quarterly sales ever recorded by a u.s. Company and Appears to be going from strength to strength there was even reports this last week that the company may be going into Producing automobiles that comes on the back of it soon to be released Apple watch. There's also Apple pays There's a number of products coming out from Apple which are really encouraging investors Legendary investor Carl icon has suggested that it's worth triple what it's worth right now So there's a lot of upward force behind Apple and that's helped this NASDAQ break break higher NASDAQ has actually been a lager in terms of u.s. Indices We've seen multiple new highs made in the Dow Jones industrial average and the S&P 500 But not so much in the NASDAQ 100 that has not yet overtaken its peak that it's made in the year 2000 at the height of the dot-com bubble So should this breakout continue there is a possibility that will move on and try and catch up with some of the other indices So let's have a look at the chart now and see what was he what's progressing So this is the daily candlestick chart and as you can see we've got this declining channel which we broke higher from last week and Some of the level just keep in mind here is that if you take the full height of this channel and project it from The breakout area we'd reach a level that's about 4525 so that's a hundred percent extension of the the channel height a level coming in before there is 4,430 that's the 61.8% Extension which can sometimes offer a bit of a barrier to the move higher But but ultimately Should we in fact treat this pattern not so much as just a channel but actually a bull flag So taking into account this massive move that started From the lows down at 3700 then we could be looking at extending that whole first pole of that big long move higher beyond the breakout and that could take As higher towards the 4816 that you can see just at the very edge of a monthly chart if you pull that up on the the new the US And at 100 which was formed as I said back in in the year 2000 We do have a quick look at the client sentiment quite an interesting result here actually because in terms of the number of clients Bearing in mind this does change on a fairly frequent basis. There seems to be a tendency to go long. So of all the clients put together a Bias to going along the end act 100 but taking position value Actually more of a bias to the short side suggesting that some of the larger positions being taken are short the market So interesting to see how that will play out whether in fact It's the number of clients or the position value of our clients who actually went out on this Whether we see a deeper correction and a top being put in or this extension in this in this breakout going higher So that's it for this week CMC markets index snapshot. We're of course looking at the US and that 100 Got to keep an eye on the overall technology sector here So there are some big names involved there the likes of Microsoft Google and the like and so forth But a big one is Apple and so we have the next quarterly earnings for Q1 Will be big to see whether the massive momentum that they built up over the holiday period With record breaking corporate sales can be sustained