 Good morning to this sunny day here in Frankfurt. Welcome to your daily news update. The fact of the matter is when it comes to speaking about the markets that it's not also sunny right now. Wall Street had a correction yesterday. The DAX dropped by almost 2% yesterday. It is somehow all about the upcoming US election. The volatility was very low. Yesterday in the video I said that on the US options markets, if you look at the Chicago Board of Options exchange, there have been seven times higher call positions on the volatility index for the S&P 500 index. Then there were put options. So a lot of traders actually expected that volatility would go higher from a very, very low level. Yesterday we had that spike. Now when it comes to technical analysis, if you look at the S&P 500 at around 2,107 points, we dropped below that for some minutes yesterday. If we were to close below that, there is the 200 moving average. Which is at 2,107 points. Should we drop below that, this would activate a falling wedge formation, which could bring us down another 5% to around 2,000 points. So if you look at the empirical data, then you find that this is unusual. Because cyclically we normally have rising equity markets going into the election. Should that happen, the actually incumbent candidates or party would win, that would serve Hillary Clinton in the election. But now should we have a correction on Wall Street, that would actually help Donald Trump. Nevertheless, if you look at the typical cyclical development and cyclical trend that we have in an election year in the Dow Jones, then you find that it is rising until the end of the year and only then it makes a high for the year. If that high in the Dow Jones had already been in June this year, which it was, or September, June somewhere in summer, which it seems to be, then we would have a translation of that cycle and that would be a bearish translation. Because if the market, if the cyclicals actually drive markets higher or give the trend to go up and markets make a high before that, there is weakness. And if you look at the S&P 500, all the price action this year has been negatively impacted by a divergence in the MACD. So just open next-gen, just open a chart of the S&P 500 of the past one year and then put a MACD indicator into it. And then you find that with the rise in springtime this year, there has been a MACD high and then markets rose and rose and broke out to new all-time highs, but the MACD dropped made lower lows. So there is a divergence between the MACD and price action in the S&P 500. And should we drop below the 200-day moving average, which could happen today with the Federal Reserve this evening, which could happen on Friday with the NFP numbers, should we drop below that, all the breakout action, price action that we had this year could be a little smell, I could say, smell like a bull trap. So there could be some correction coming, which even goes below 2,000 points. Just bear that in mind, there is a buyer that has always bought at 2,100, 2,107, 2,117. 2,117 he couldn't hold yesterday, the S&P dropped below that. So should the 200-day moving average also break, that would be a technical bearish signal.