 Hello and welcome to the chart of the week video with me David Madden. Today's date is Thursday the 3rd of January 2019 and the time we've just gone 1105 GMT. This week's chart of the week is the NASDAQ 100. Starting off I will take a look at a very long view of the tech-focused US index. If you go back all the way to February 2016 so nearly three years ago, not quite three years ago, nearly three years ago We can see the market was sub 4000 and then they had an enormous rally over the last number of years and in this in in in in late 2018 in October 2018 the market reached an all-time high. It caught up around the 7700 region so that's quite a bit of ground to cover between February 2016 when it was below 4,000 and it got to the kind of 7,700 region in October 2018 But since October 2018 The market has been a classic example of a downward trend in my series of lower lows and lower highs And if this negative trend does continue to continue We could be looking at retesting the psychology important 6,000 mark And if you go below 6,000 we could be like looking at taking out the December lows And I should we take out the December lows we could be looking at heading back down towards this area here at 5,000 apologies 5,750 this year here levels not that's seen since August 2017 in around that region The move that we've got the move hard that we've seen recently Could be a bounce back could be a short-term blip before the market moves lower But also could be the beginning of the market turning around so if the market does manage to Continue on from here and push higher from the lows of December We could be looking at targeting this year here the 6425 region it was a low from from late April and also notice how when the market did manage to bounce back in late December it didn't actually quite get a high that level We could be looking at any heading up towards there move beyond that might bring 6,500 into the mark And should we see and be on that we could be looking heading up towards this blue line here the fifth Moving average which comes into play at 6,685 notice on a couple of occasions recently In early December that market that blue line did mark did manage to act as resistance And if you turn back Back to October and also September we can see that it managed to act as support on a couple occasions And if a metric is acted as support and or resistance in recent recently It makes it all the more likely that it will do so again in the near term Now if you are going to be trading then that's like 100 keep an eye out for Apple late last night Apple They issued a statement saying that they've actually lowered their guidance for first quarter revenue due to slower sales in China and that and that Put a lot of pressure on US indices and also global equity global indices on top of that So keep an eye out for Apple this also comes at a time when There's a lot of talk about a slowdown in China and even a slowdown in the global economy So please be mindful of that Tomorrow is non-farm payrolls. So the US US Job data is up and now as a bit of volatility. So if you are trading the NASDAQ 100 already of the US indices Please keep prior for that. In fact, I'm actually hosting a non-farm payrolls webinar tomorrow Which you can sign up for for free if you go to our website cfcmarkets.com Under the learn section under webinars and events you will see it here non-farm payrolls live coverage tomorrow at 1315 GMT so feel free to sign up for that and just one last thing before I go If you have any comments to make on this video or any of the other videos we've made here at CMC markets Please feel free to leave review and click reviews and that's all for me this week. Thank you very much