 Hello and welcome to the CMT markets chart of the week video with myself market analyst David Madden today's date is Wednesday The 4th of October and the time has just gone 12 15 p.m The chart that we're going to look at this week is the Spain 35 or the ibex 35 The Spanish market has been in the news for all the wrong reasons this week We've seen a lot of intense setting pressure in reaction to the Catalonian independence referendum held over the weekend But look at the daily chart here if you will notice that the Spanish market has been in decline since May It's certainly underperforming its Eurozone counterparts such as the Dachs in Germany and the CAC 40 in France And if you look here in the last few trading sessions You notice how the intense setting pressure actually pushed the market below the tuner day moving average And it's currently trading just north of ten thousand. It's currently trading at ten thousand and twenty We've now days today's lows has now brought us back to lows not seen since March of this year It's also worth pointing out as the market was pushing lower We did notice how the previously positive momentum has now swung to negative momentum So that tells us that the momentum is clearly with the sellers should it move south of ten thousand again The next level to potentially watch out for first work for support to the downside could be in at 9,882 and then below that at nine thousand six hundred and thirty seven But should we see a bounce back in the market? We could run into resistance at the tuner day moving average which comes into play at ten thousand two hundred and forty nine And then looking beyond that a potential stumbling block for any pretty moves higher Could be coming to play at the 50 day moving average at ten thousand three hundred and sixty six Notice how at the end of last month on a few occasions the market tried to break north of the 50 day moving average But it failed to do so so that could be an important metric on the way up Should we ever see a should we see a bounce back in the Spanish market? If you do happen to take out the 50 day moving average There are a couple of highs from July which then may come into play as a potential potential area of resistance in 10,445 Ten thousand five hundred and seventy six and then at ten thousand seven hundred and fifty eight If you are going to trade at the Spanish market It's obviously keep it's obviously worth it while keeping an eye on the political situation in relation to Catalonia But also it is worth noting that Mario Draghi the president of the European Central Bank is speaking at 615 p.m. Today, Mr. Draghi's comments may impact the euro and therefore in turn potentially impact the Spain 35 Thank you for watching this video and please tune in for a video next week. Thank you very much