 Okay, we've been having some issues with the sound. I've made an adjustment now. Is that all right? Yeah, hearing some confirmations that that's okay. All right. Well, I'll just go over that again. Basically, what we're looking at here in the U.S. 30 is that we're in a range-bound market and the typical scenario, the highest probability scenarios in a range-bound market are to be buying near the bottom of the range, selling near the top of the range. And obviously, we've got through various levels of resistance on this strong trend higher, confounding those who are calling for a sell-off all the way up. We've got through the 18,000 mark. We've run into this area of resistance here around the 18,200 mark. And the next one in question is obviously the record peak in around that 18,360 area. And to me, given how far we've come, I think actually there's a good chance we push into a new record, but I'm not convinced we can get much further beyond that. I think, you know, maybe it needs a fresh record to really have lots of people who were calling for a bear market to completely 180 their opinion, jump into the market bit full-heartedly. And if you are not just day trading for a few points, but if you're holding on for the longer term and you're buying up around these levels, any small correction in the market, you know, you're going to be the weaker hand, you're going to be selling out, and that's going to add to the downside. So I think that's going to happen in the not too distant future. But just because we've had this bearish and golfing candlestick on the daily chart from that highlighted resistance zone, that's the first sign of weakness. But we're getting a little bit of a rebound off the previous peak here. So we're not done and dusted yet. Really, this short-term uptrend is intact, in my opinion, while we're above this Monday 18th low, as I mentioned in the chart forum here. Other thing to remember is we do have some bearish divergence in the RSI. Obviously, it's not played out yet. We keep tracking higher in the price as this RSI keeps tracking lower. I think maybe if we try and make another swing, possibly pushing up above that previous high, but we can't do so again in the RSI, that would be a fourth time fail. That could be the one that we need. Now, obviously, a pretty clear-cut resistance in the U.S. markets, but similar in the U.K. and Europe, but just not as close to the records. So this is our proxy for the FTSE, obviously the U.K. 100. And you can see we've perfectly bounced off the 200-week moving average here with what is basically as far as best as Forex can pull off. Sorry, as best as futures markets can pull off is like a shooting star reversal where we push pretty high into the week and end up closing pretty close to where we opened. And we're starting to roll over this week. Now, you can see that the technicals have been playing their role. At that first jam higher, we pulled away from Moina. We closed in at this previous peak. We dropped back a bit. And then we moved up to the 200-week moving average again. And then we pulled down. So this seems to be having more of an impact, probably because there's a confluence of resistance around the 6-4-50 area of these previous peaks from back in October and November. And if we jump over to the Gemini 30, you can see that there's been this pretty prolonged pivot that's worked a few times in the 1,600 area where it's peak here, low here. We gapped down right into it here in January. And then as it gave way, that was the big sell-off. And now we're back there again. And it's just above the 200-day moving average, which is supportive. And I think, you know, dipping back beneath the 200, coming down to this resistance again and potential support at 10-120 does minimize how effective that is going to be as a support because that's almost a fail-break of the 200-day moving average if we drop down below it after just a few days above. So if we do end up closing today or tomorrow below the 200-day moving average, I think there's a good chance we see a steeper pullback towards this rising trend line again. But still, keep in mind the trend is higher. I mean, I just monitored above the 200-day moving average and higher lows and higher highs on the weekly chart. We're fitting both those criteria. So it's lower probability trades to be shorting in that environment. But nonetheless, you've got to be cognizant of this pivot level, which I think is going to perhaps cause a bit more damage, particularly if we get a close below that 200-day moving average. So I've covered major equities there. I'm going to switch over to FX just because, as I mentioned, the two big events this week are the Bank of Japan and the U.S. Federal Reserve. Fed first on Wednesday, Bank of Japan on Thursday. And the Fed more than likely going to hold Pat. You know, there is some of the Fed speakers that we've heard have tried to keep April on the table, but I think the comments that you really need to pay attention to come from Miss Yellen herself, the Fed chair, and she pretty much put a kibosh on April and given her sort of, you know, her desire to be cautious in the current environment, you know, I think there's a good chance that June's off the table and I think we're pricing about 20% in markets at the moment looking at Fed funds futures of a hike in June. So pretty unlikely anything's going to actually happen at this meeting. But there could be a shift in language. You know, it was fairly cautious last time and obviously, like I said, markets are pricing a 20% chance in June if the Fed actually do want to do, if they actually do want to hike in June, which they could do based on domestic data, the key domestic data looking at employment and inflation. They really could be justified in another hike. You know, then they're going to have to try to readjust market expectations and they're going to have to do that through the language. So a chance that the Fed go a little bit more neutral, a little bit more hawkish than the previously fairly dovish statement. I mean, in the day, part of why they didn't hike last time was worries in financial markets and concerned over global growth. Well, China's government has been stepping up the support, running a fiscal deficit, running fiscal stimulus programs, cutting the interest rates, not quite so recently, but still a series of cuts taking place in China. So China is veered towards supporting growth in the near-term so not such concerns on global growth. And as we just looked at that US-30 chart, we're pretty much close to record territory and stock markets. So neither of those two concerns really there and they're pretty close on the inflation target and they're already there on the unemployment target. So running out of reasons not to hike and that's probably not entirely being considered by markets at the moment. That said, how can you really play this in the euro? You know, I think maybe you start to factor in a bit more divergence in the policy of the ECB and the Fed again. Even though the ECB are on hold, they have just recently eased policy. That didn't affect the euro so much because it was believed the Fed were going to be so dovish. If they're not, then the euro has some room to come back down into this trading range. And we saw, we highlighted it at the time, this bearish and golfing candlestick at the top of the trading range and it followed through the next week. Obviously, it's pretty easy to engulf a doji candlestick but nonetheless it was there and it was at the prior resistance so when you put those two together, it's quite strong. It's followed through and if we take out last week's low, I think it's a good chance we basically push back into the middle from the 105 to 110 trading range. In the trading range, if you do get a successful bounce off the top, next target's the middle. If you get through the middle, you're on track to hit the bottom, the general guideline. The middle here is roughly 110 and you can see from these weekly peaks that actually 110 is pretty solid but just judging if you see more clearly based on a daily chart, you would say maybe the 11060, just based on these areas here and it's still pretty close to that flat 200-day moving average which you could also use to define the middle. Good chance we dropped down further here but there may be speculation going into the meeting or that big move could happen as a result of the meeting but technically it looks like we're turning lower within the range. Now obviously just switching away from central banks momentarily, well slightly, obviously the Brexit debate is dominating what's happening with Sterling and there's just been a number of key figures and institutions coming out on the side of the Remain campaign and while that was obviously going to happen all along, it's obviously the establishment wants us to remain in the EU that's fairly obvious and so the institutions are going to say that they want us to say as is America but Obama obviously a pretty high profile figure. One of the few people that you average member of the Joe public can recognize in terms of politicians going up against Boris Johnson, Obama's up there and the pound is breaking high I'm not saying just because of Obama but also the Treasury's reports, the various European officials coming out in favour obviously, it's just all of that put together just minimizes the chance of Brexit actually taking place. To my mind I said from the start that it just seems obvious to me that the bulk of the population is going to vote for the status quo. The economy's ticking along, we're doing okay, most people are going to take the opinion without doing too much research into the democratic pros and cons of being in Europe, they're just going to say well how comfortable do we feel right now, why risk that and we'll end up remaining. So this heavy sell off that we had in the pound as people really started getting us worried about Brexit is starting to come out the market and we've broken this declining trend line here which is quite well defined, it almost needs to be a thick trend line to work through this low as well but you can see we paused here, we broke through last week and we're pushing higher again this week but important to be aware of the overall situation is that bit like the Euro, we are still in a range and we've got that peak up there but you could maybe just draw a line through this previous peak which we're just coming up to around 145 number and people could just like down here where we had a false break lower, we could get a little false break above 145 but people get really excited about this trend line break and we just roll over because we're in the trading range still. So according to the downtrend line, we've got a break higher but we are still well below the 200 day moving average and it was a mixed picture in terms of highs and lows on the weekly chart. So then just looking at Dolly Yen, obviously we've got that bank of Japan, we saw a sharp move higher last week on Friday that took us way back above that 111 resistance and has taken us nicely into that 50 day moving average just short of the 112 level and just near this previous low here where we broke down it began that big sharp descent on the idea that the bank of Japan is going to offer negative rates for lending. So basically pay banks to lend which is obviously fairly extreme but the bank of Japan is not showing itself to be shy of extreme policies that have been figured out today how the bank of Japan actually are top 10 shareholders in most of the Nikkei 225 stocks. So obviously getting to a fairly ridiculous state of affairs where the central bank is a major shareholder in the Japanese stock market. So they're not afraid of extreme measures and so expectations are ramping up that they're going to do something to basically, if we scale out, address this situation. We've topped out here, we've put in that head and shoulders formation we're correcting and I was of the opinion that the bank of Japan are not going to really try and intervene until we get through 105 and maybe there's obviously the markets pushed higher already and we've come down a lot so there's room for correction but I think there's still a chance that maybe we come away from this disappointed that the bank of Japan don't do enough and obviously keep in mind that the last few attempts from central banks to cut rates further into the negative resulted in the said currency going higher looking specifically at the euro and the whole thing was kind of kicked off by the bank of Japan when they first turned negative the result was for dolly yen to drop so if they try and push on this further again maybe the result is that dolly yen drops and so that's actually the yen appreciating instead of depreciating as if dolly yen were to go higher. We can have a look at sterling yen for sure sterling yen is obviously an interesting one because you're kind of matching up the failure of the bank of Japan to hold up the yen and you're looking at Brexit but obviously those two ties have sort of turned a little bit recently similar looking chart to dolly yen still as far as I'm concerned just looking at the weekly chart we've made a lower low here they're only just and we're still making lower highs so trends still strictly sticking down but obviously the speed of it we've lost some momentum and you can see that pretty clear cut in the bullish divergence in the RSI but we're still below 50 so keep in mind we've had a good push higher but there are going to be people selling into that so we're getting close to a possible breakout here but remember with this overall trend direction lower there's risk that that breakout gets faded and I would suggest that probably the high probability trade when we do get breaks of so I guess what you're kind of looking at is this trend line which we've had a little break up now so first sign that things kind of looking good there so that's going to be attracting a few people along the market we get above 106.45 that's going to attract a few people more people in 106.164 going to attract a few more people in so how many people do we have to attract long sterling yen for the people that were buying down here they're smart money buying at the lows before they unload the sterling they've been buying and so if all those buying on the breakout that buying is useful for those who are who bought down here at a selling and like I said while the trend is against you I would just suggest that we can't probably get much before much above 164 without rolling over but that's not to say we come and make fresh lows that's just to say that we could get a push back below 160 before it was a safer opportunity to try and call a bottom when I say safer I just mean lower risk because if you are putting your stock beneath the low then obviously the lower you're buying it the less risk you're taking. I hope that helps and then switching gears to the metals markets I mentioned but it may have been when the sound wasn't working at the start that we've run into a few resistance areas on the equities which we've already looked at we've also been running into them on metals silver not one that I always cover but one of the most obvious last week was where we ran into that 1780 1778 really on our charts which was the peak from pretty much a year ago 11 months ago and we got a really big jump last week but then a pretty sharp reversal too which to some extent the reversal is understandable because we ran into that peak and it was just such a big move higher anyone who's long silver you can imagine a lot will be wow we've had a great week let's take our profits let's not push our luck because for a move of almost $2 in silver you normally expect to wait longer than a week so that said I think the situation is still pretty favourable we've still got this wedge breakout that we're dealing with but I think there's a chance that we pull back maybe to the 1635 area before we can even 16 before we can attract some people back in the market again to go long after this pretty sharp reversal last week well let's just have a look at gold similar to gold the question is being are we going to get a break above resistance, well fake out there or are we going to get a break through the support well no we've not managed to get down to it yet a very choppy looking head and shoulders pattern perhaps left shoulder, head, right shoulder but obviously we've got the false that was looking like it was going to get undone on Thursday but then we've got the false breakout and turned lower again on Friday so at the moment looking for possible downside break but gold has been pretty resilient it's just been in this choppy range while equities have been pushing higher if gold was just purely mirroring equities you would expect to have rolled over by now but actually it seems like even people are buying into this equity rally but also hedging it with safer assets like gold or the other opinion obviously is that a lot of the rally is just companies buying back their own stock and actually outflow there's just been ongoing outflows out of equity funds so actually investors pulling their money out in the market while corporates are buying their own stock pushing the market higher which can only last for so long and actually investors are buying things like gold and obviously importantly oil we were down about 2% of this morning and so now we're flat again that's pretty typical action these days swings around 4% in oil Brent I think one of the clearest cuts to look at we're running into this support turned resistance at 46 46 on our charts and so we've had a series of almost inside days here on Brent and so that's a good scenario for a breakout the last two times I suppose that that's happened we had kind of twoish low momentum days there resolved to the downside and then we had sort of about three low momentum days to the downside so three low momentum days just below this former support term resistance here at 42 that eventually turned to the downside so recent history suggests these low volatility days involve a drop but the difference being now that we are above a 200 day moving average which does kind of change the dynamic keeps people a bit more bullish on it just for any of those interested we've got a little question here about why crude price is different we offer different prices so here on my product list I've got crude cash so that's just we've normalised this price to make it like a current price for oil so we've basically kind of removed the discounting that you get in futures prices so that's the Brent cash price so the difference here is that you you can pay and roll over your contract just like you would in Forex whereas we do also have if I just type in Brent up here we've got our futures contracts here rolling out several months ahead but you know mostly we're not very far into the June contract now so here you can try the June contract and you can see that this price should more closely reflect what you see generally quoted because it's the front month futures price the other cash price is adjusted the reason I use the other one is I like to pay to trade and not have to think about when the expiry is, this expires in June and also if you're doing some longer term technical analysis the cash price chart extends further back that said you can always do your longer term technical analysis on the cash chart and then trade on the futures chart and just be savvy to the fact that it does expire and you know just check in the product overview panel there for when it does expire to have it know it in your diary hope that makes sense so we're pretty much we're at the end here I hope that was helpful to everyone it should be a fun week with the central banks so obviously still US earnings we've got apples of results out tomorrow so that should cause a few waves we've got a few UK bank earnings out this week as well so a fair bit going on so good luck with the trading with it and see you again next week thank you