 Hello and welcome to the chart of week video with me Dave Madden today's date is Wednesday the 31st of October and the time has just gone 850 GMT this week's chart of the week is the Dow Jones as we call it on our platform the US 30 cash and Essentially, we can see that the market has been receiving some trend line support if you draw a line between the lows of a February 20 of February this year of February March April and May We can see a certain trend line and we can see that actually on Monday the market actually traded below the trend line But it managed to close above it and Yesterday the market opened pretty much up just above the trend line and we know we're now firmly above the trend line So while we were in north of the trend line, it's likely we could see a further push higher in the Dow Jones if you take a look at the Makdi indicator the Makdi histogram we can see that as the markets been pushing higher We've seen a fairly steady decline in negative momentum So the positive move in the market is being confirmed by the decline in negative momentum So once again, we could be more confident at the upper trend is the upward move is going to continue If you do push on higher from here from these levels I were currently trading just about 25,000 if you can continue to push on higher from here We could be looking at heading up toward this this yellow line here the water day moving average Which comes into play at 25,475 and a move beyond that could bring the mid-october high into play this area here at 25,862 Any move to the downside if market does turn over on itself again May find some support from this trend line here, which would come in which could come into play in around the 24,450 470 mark and if you do break below the trend line we could be like any back down towards 24,000 big psychological number and a break below 24,000 might bring the the main low of 23,539 into play Now if you are going to be trading the S&P 500 if you are going to trade the Dow Jones It's worth your while keeping an eye on the S&P 500 because the S&P 500 is also near near a fairly important trend line if you draw a trend line between the lows of February 2016 and the lows of November 2016 on the S&P 500 We get this trend line here And we can see that the market is is is holding above this trend line and as we know from Bell theory the more The averages must confirm each other and if both markets are above the respective trend line supports We can be more confident that the upper move is going to continue if only one of the two is It's about third the front line support We can be but we're a bit less confident and if both break below the respective trend line supports We could be more confident that the kind of medium term negative Move it is going to continue Now if you are going to trade any of the US indices keep my out keep my up for ADP employment Which is coming out later today and on Friday the 2nd of November We have the non-farm payrolls We are actually holding a non-farm payrolls webinar which can be found on our only under the web the learn and Webinar section over our news site If you any comments about this video or any other videos we make here at CMC markets Please feel free to leave review on good reviews and that's all for me this week. Thank you very much