 Hello and welcome to CMC Markets on Tuesday the 16th of June and the weekly market update. Now what I'm going to do this week is I'm going to try and split this up into two specific sections. On the first section I'm going to focus on the indices and the declines that we're seeing pretty much across the board on the FTSE 100, the DAX, the Euro Stocks 50 and I think it's largely over concerns about the prospect of a Greek default and the way things are at the moment I think a default is more or less inevitable. It's really just a matter of when and not if. Certainly the divisions between the two counterparts, i.e. the creditors and the Greek government, if the rhetoric is anything to go by, it's pretty much unbridgeable and the likelihood is we could well see Greece fail to repay the IMF at the end of this month. Now I'm going to start off with looking at the DAX daily chart. It's been in this same downtrend pretty much since the middle of April and we pretty much respected it since then and we are now approaching the 200-day moving average. Now you may recall a few weeks ago I talked about the DAX and the Euro Stocks 50 needing to confirm each other and we did get a breakout higher on the DAX but we didn't get one on the Euro Stocks 50. Well, since redrawing these two charts, these two daily charts, we can see in fairly equal measure that the downtrend that we've been in since the end of April has pretty much more or less respected the confines of the trading channel that we're currently in. So a breakout of either side would appear to suggest that we could well get either further downside below the 200-day moving average. I don't expect to see that so as we approach the 200-day moving average I would expect to see some level of support there and any rebounds are likely to be constrained by the downtrend line from the April highs. One other thing I would like to mention is obviously the support level in the FTSE 100. We've broken below the 200-day moving average in that particular index and that support level comes in around about the 6,000 to 650 level so keep a particular eye on that. I'll just quickly finish up with a quick look at one of the new instruments that we've got here at CMC. It's the Hong Kong China H shares index. Now let's have a quick look at that. We look as if we could well have completed a double top in that particular market and if so we could well see at least another thousand point move to the downside. So I'm going to wrap up this video with respect to the indices that I have just covered. I'm going to move on in a minute to a second video where I'll go into a little bit more detail about tomorrow's FOMC meeting and Euro dollar, dollar index and the US 10-year note. The link is here. In the meantime, thanks very much for listening and flip over to my next video in a minute.