 Hello and welcome to the CFC Markets shirt of the week video with myself Dave Madden Today's date is Wednesday the 16th of May 2018 and the time has just gone 12 40 for this summer time This week's chart of the week is the footsie 100 and as you can see over the past seven or eight weeks It's not a terrific run and this week. We've actually hit levels not seen since January of this year So we're not too far away of the all-time high on the footsie 100 And if this bullish run continues the next big level to watch out for to the upside will be a seven thousand eight hundred So the price action here a classic example of higher highs and higher lows a solid upward trend is clearly bullish But if you look at the MacD histograms back the indicator We can see the positive momentum has been a decline now This could be an early suggestion at the market is coming for a bit of a short-term correction or perhaps a pullback The MacD indicator measure if the rate of which Market is moving in a certain direction and momentum is clearly in decline So when the the bulls are running our esteem that could suggest we may see a pullback now It is worth noting price is the most important indicator prices king This story takes story takes preference over the back the indicator But this decline in the positive momentum could suggest we may see a bit of a pullback But if you do see a pullback it could actually up could allow for some potential buying opportunities, and if you do see a pullback We could see we could see the market pullback at the recent low of seven thousand six hundred and eighty five or perhaps even down to Seven thousand six hundred and thirty or maybe even down as low as seven thousand six hundred itself It's only if you drop below that the early may lows of seven thousand four hundred eighty one could then we Be get a bit concerned the market may drift lower and that could take us back down towards the tourney moving average Which comes into play just north of seven thousand four hundred and we go south of the tourney moving average That would actually be a sizable shaped in sentiment and that could point you for the losses down towards potentially Seven thousand three hundred. Well, that's that's all for me this week. Thank you very much