 Hi, good morning guys and welcome to today's products and focus and last night We actually had Alcoa earnings come out at seven cents on the share Versus two cents as expected so they managed to smash expectations But as you'll be able to see from a technical perspective, it's not had massive ramifications on the US market We also had some news last night coming from the fact that Obama and Yellen had an uncharacteristic meeting yesterday You don't usually get chance to catch up to talk about economic risks and policy apparently Obama says he's very very happy With the with the product that processes that Yellen is putting into place Which it does to be honest in the market usually raise a few eyebrows when they come out with a statement like that But obviously not everything is exactly going according to plan The other aspects that have been discussed just now is a strength of the US dollar and its impact on US earnings Which many commentators still feel is going to come in a little bit worse than that expected even last quarter There's a lot of revisions down for forward guidance and people are expecting similar processes today not today, but as the US earnings season continues and As we get more earnings of some firms do then give a little bit more insight as to where they think things will go Next quarter and a number of commentators thinks this will continue to get revised down Now weaker US dollar is good for US earnings and the basis that it could have inflates the earnings when you're repatriating funds back to Back to the US from other global markets But when you have Japan really struggling with a stronger yen and Europe really struggling with a stronger euro It does have a bit of a knock-on effect when you're dealing with the global economy because obviously if the eurozone in Japan Are really struggling because of currency aspects then they're kind of spending slightly less money anyway Activity isn't as strong which in itself leads on to a little bit of an impact in the US So it does become a little bit of a zero-sum game Nobody really wants to have to aggressive currency wars out there because really there isn't any true winners and Any kind of move in the FX markets tends to be quite fleeting anyway as the market just ends up picking a direction So we'll see how that pans out. So that's pretty much what most Kind of fundamentals are coming across the market right now. Let's go ahead and have a look at things from a technical perspective So as ever guys, we're starting off with the US there is he and you'll be able to see by these candles here that we We had an attempt to actually try and break up a little bit higher only then for it to get pushed back down right back into negative territory again, not a very Bullish candle that we have here now it has stopped pretty much bang on a 21 pure SMA and we do have a little bit of a green candle this morning 68% of CMC markets clients currently short as you can see the slow stochastic there has broken below that 80% Level so that's adding a little bit of negative pressure If we get a move on the close below the 21 pure at SMA, that's the point things maybe get a little bit more Pressured for the US 30 you could be looking at the tips of these candles here around about 17 for 15 and change And if we get a protracted sell-off you might be looking if we just go back here Just ever so slightly you might be looking around about 17,000 and 38 is the next potential support Moving on to the UK 100 and you can see the UK 100 still trading within this really kind of narrow range I had a failure to break through and close beyond 6220 back in the negative territory again support about 21 pure SMA and you just see the green candle there Just pop in his head haven't trying to have another rechallenges 6220 if we get a break and close above that You could be looking at 6327 as that next potential support Though to be honest, it's not that strong. It was a support back in 2015 and In summertime, but we've had quite a few number of headpokes beyond that to be fair You probably would look to Engage the tip of that candle which isn't really that far away if I'm completely honest as the next as the next potential support level and next potential resistance level to challenge and then you would certainly be looking at the tips of these candles So I'm actually gonna go ahead and draw that in right now And I think we will actually take there if we didn't get a close above there And we do have a long way to go. In fact, would you even take this? No, I think we'll just stick with this for now That's probably a slightly easier level to get to grips with so we're quite a good way from there just now There are multiple levels of resistance to to look at I'm actually just gonna go ahead and get rid of those at the moment because they're just adding a little bit too much noise same with this as well and We'll keep an eye at this this channel formation and we look to draw the other support resistance levels if we look to Re-challenge 60 70 51% of CMC marks clients currently long showing a kind of a lack of direction right now But there has been a lot a lot of touches of this potential resistance level and we'll see if that consolidation will be rewarded with a break out So moving on to Japan 2 to 5 Japan 2 to 5 in the middle of two ranges not massively exciting To many traders right now because there aren't very many clear Kind of entry points if you're not already trading the Japan 2 to 5 You could look at the tip of this candle here has been a potential support But it has already broken through there a couple of times The tips of these candles are indicative of selling pressure to be honest Japan 2 to 5 You can really trading dollar yen, so that might actually be a slightly better market to look at if you're looking for more efficient entry and exit positions You could look at the tip of this candle here is providing another level of support But I'm gonna go ahead and draw that in at the moment to see how it looks and Arguably you could say that this level run bit 15 796 Was a potential support slash resistance level and it's on the right side of that right now So that's the case you could be looking at acceleration towards 16 384 you are seeing a Kind of a downtrend on the slow stochastic The demos momentum on the MACD is slowing down And we do have a death cross and moving averages which normally would be a negative signal And we do have currently 84% of CMC market clients are currently long moving on to to dollar yeah, and you can just see that it's still not in a great position Now we are in green territory so far today positive territory so far 64% of CMC Marks clients are currently long We were in about 108 105 spot 42 is a longer term potential Support level as you can see yet to go quite far back before you can before you can get to see that that's back in 2014 That kind of gives you a bit of an idea how the yen is strengthening against the US dollar at the moment And it has fairly come off to be honest So in the middle of two ranges right now if you're not already trading dollar yen It's kind of hard to get yourself a decent entry point You could look at the tips these candles here has been potential support and it breaks below that you could try and trade the momentum Breakout towards 105, but that's a lot of this so moving on to crude oil West, Texas You can see we've had so volatile as it goes up sells off goes up for a spot 79 will be the potential resistance level And as you can see we're just gonna slowly grind up towards towards here Then traders pretty much have a decision to make well They think this resistance will hold and then trade it short all the way back down to 37 spot 56 or will you trade the breakout? Where you're maybe not going to get a huge amount of potential upside before you come to potential resistance You could be looking at 42 and change We'll maybe have a look at that next couple of days There does look to be that there was potential support just below $43 Historically, you can just see it across here. I'm just gonna add the end at the moment We can come back and check that out at a later date, but that certainly was An area where there was buying interest historically And that would give you a couple of extra bucks that you could potentially pull out of of crude oil with Texas should Should Crude have the fundamentals to back it up as well moving on to go to finish things up Still had this potential head and shoulders formation though. We're not getting any break of the neckline At all we're quite a far away from there In fact, the tips of these candles are indicative of selling interest as we get that little bit higher above 1260 74% of seems to marks clients are currently long What's a bit of a tough one to get an idea to get an idea on you could have a kind of a Desending triangle formation and that isn't trying to formation at some point, but there's not enough data points up here It's it's too raggedy to be able to draw a potential resistance level along the top as of yet So training but both moving out averages you do have a bullish crossover in the MACD But it's a bit of a tough one to trade right now moving on to your dollar and GBP USD So your dollar slowly grinding a little bit higher towards one spot 1489 84% of seems to marks clients are currently short We're the slow stochastic is going back in the positive territory above 80% Sorry, we didn't get a negative crossover on the MACD and as you can just see here It is just slowly grinding higher So the euro is getting a little bit of strength continuing to gain a little bit of strength against the US dollar But it's not going great guns. Obviously closer. We get to one spot 1489 That's when we might get some more action I'm finishing up a GBP USD 59% of seems to mark clients are currently short We could have a descending triangle formation beginning to form right here Fans will take the tip of this candle right here instead So we might have a potential support level here a sloping resistance level here We are getting a big kind of weight formation within this area And then you'll either get a break out here or a break out down here We could be looking at that The other technicals are actually completely neutral Sterling had a decent day yesterday It's got a little bit of further momentum this morning, but nothing too special potentially cap it was moving averages And we finish up with the market calendar And as you'll be able to see we've only got a CPI in the UK still to come German CPI came in as expected We've got trade balance from China at nighttime retail sales petroleum data sales on Wednesday Thursday But CPI interest rates announcement from the UK. That's not really gonna be that exciting CPI and employment claims and then finishing up Friday more Chinese data So actually a fair amount of Chinese data this week and then industrial production And then we finish up the week with the consumer sentiment survey University of Michigan data as well Well guys, that's it from me just now Very good luck with your trading and join me again tomorrow to find out what happened next. Thank you very much and goodbye