 Hello and welcome to the CMC markets chart of the week video with myself market analyst David Madden Today's date is Wednesday the 15th of November and the time is coming up to 12 15 p.m UK time and the chart of the week this week is going to be the Ibex 35 or as we call it here at CMC markets the Spain 35 Look at the chart here. We can see that the Spain 35 was in a fairly clear and and obvious downward trend Since May it was in a quite obvious downward channel for several months over the summer period and even on the back of the Catalonium independence referendum on the 1st of October the market then pushed down here to a seven month low at 9,866 When a bit of stability was Restored to Spanish and Catholic in politics We did see the market push higher and managed to actually briefly snap out of the downward channel that I has been that It was in in in late October but then the but the gains were short-lived and the market began to turn over on itself and Then the global sell-off and equities that originated in Japan last Thursday as I'll brought the Spanish market under pressure Yet again and as you can see here now Spanish market is currently trading at 9,940 so it's not too far away has been eyeing up the October low of 9,866 Now turning our attention down here to the MacD histogram the MacD indicator We can see what this when the ibex 35 was coming off and it started to turn over on itself We saw a pretty distinct decline in positive momentum. So the bulls were running out of steam and Marcus started to move lower Now we actually see On the histogram the indicator actually swung to the to the negative side It's actually been steadily increasing since so the increase in negative momentum confirms the downward move in the actual underlying market itself So what this tells us is that the setters are now Are in control of momentum and the rate of setting pressure is actually increasing and because of that we cannot We're seeing no signs of this sell-off Letting up. So therefore we could see further the clients on the ibex 35 We are eyeing up the October low of 9,866 and should he move south of that the next potential level of support may come into play at the February high This level here, which comes into play at 9,637 and then if south of that the next big potential level of support may come into play at the February low of 9,235 Now that we've discussed moves potential moves to the downside Let's look at the potential moves to the upside should the market bounce back from these levels We could potentially encounter with some resistance in around this region here at 10,100 Notice how a 10,100 access support in early October and just north of 10,100 access support as support But the market was was firming up Should we move north and see a break of 10,100 the next potential level for resistance may come into play at the 30 at the 50-day moving average of 10 of 10,200 and 55 Notice how the market has has a previous experience of both acting as Support and resistance at a 50-day moving average and active support in early November When the market was coming off and actually quite a bit on a few occasions as resistance for the market was trying to push Higher in September and also October Another level metric another level to keep a line off or is going to be 10,375 this meant this price is actually in a round for both the one-day moving average and the Tuesday moving average coming to play the one-day moving average also has a bit of experience recently of acting as support And when the market was pushing higher and resistance when the market was moving to the downside Same here in October some these are potential levels to keep an eye out for to the upside should the Spanish market push higher But we are going to trade the Spain 35 or the Ivex 35. Please bear in mind tomorrow We have Eurozone CPI numbers out and I could potentially add some volatility to the market That's all all for me this week. Thank you. Thank you for listening and please tune in next week