 Hello, and welcome to the Monday Market Update with me, David Madden. Today's date is Monday, the 23rd of July, 2018, and the time has just gone 11.10 British summer time. Essentially, the European equity markets are in the red this morning. It's been the same old story, heightened trade tensions around the world have put a bit of pressure on European stocks. We had a mixed session in Asia overnight, and that's translated into a bit of a downward move in equities in both London, Frankfurt, and Paris. That's been a major sell-off, but essentially the story for the last couple of weeks has been the same as ever. The trade rhetoric between the United States and China on one hand, and the European Union on the other hand, and also Canada and Mexico on the other hand has left traders a bit fearful that we're edging closer and closer towards a fall on trade war, and seeing as the rhetoric hasn't been dialed down or no one's really back down yet, they're just a bit on edge. Granted, the moves we've seen haven't been too big, so it's almost like the markets are getting used to this constant state of fear of a potential trade war, but nonetheless, while the rhetoric remains tough and no one actually has rolled back or dialed back in the rhetoric as of yet, it's likely we could see pressure remaining on equity markets. Turning our attention now to the week ahead. The week ahead article can be found under the news and analysis section of our website. And scrolling down, we take a look at the highlight of the key events for the week ahead. So tomorrow on Tuesday, we have German and French flash PMI reports. This gives an update of the state of the two largest economies in the Eurozone, such as keep an eye out for this to engage how well France and Germany, their economies are performing. And also keep in mind, the European Central Bank are talking about raising interest rates up to the least back in the 2019. So any economic indicators from the Eurozone, we're trying to potentially give us a clue. I was taking a potential future movements from the European Central Bank as we're essentially in early season above the US and the UK. This week is very much corporate focus in terms of the items to watch offer during the week. On Thursday, we have first figures from ITV. On Wednesday, we have second quarter figures from Facebook. On Thursday, we have full year figures from Sky. Also on Wednesday, rather, we have the meeting between President Juncker and President Trump. The meeting head of the EU Commission, President Juncker, is going to be meeting Donald Trump. This is going to be closely watched, given that they're going to stand up between the United States and the European Union in terms of the trade war. So in relation to that, traders are going to be watching out for, are we going to have a... As I decided to go back down, essentially, keeping in mind, the German car manufacturing sector is probably the barometer of the European Union economy. So any kind of tough talk from Trump could actually see additional pressure on the German market, particularly the German car market. On Thursday, we have the European Central Bank meeting. We're not expecting any kind of major changes there, any kind of changes in terms of policy. Keep in mind, for the statements and press conference, like I said, the European Central Bank are looking to raise rates to at least the back end of 2019. So any kind of changes to their language could give a bit of a nudge to the Europe one direction or the other. On Thursday, we have second quarter figures from Amazon. And on Friday, we have second quarter GDP figures from the United States. Turning our attention now to the FTSE 100. Take a look at some of the major markets. So the FTSE has been in a fairly narrow range over the last couple of weeks. Obviously, we had a major rally between March and May. And ever since then, it's been broadly moving lower. And in the last few weeks, it's been sort of aging higher. But that still fits in with the kind of energy, the downward trend since May and a downward trend is defined as a series of lower lows and lower highs. I've taken this high here with a lower low, with a lower high, a lower low. And still, even though we've been pushing higher in recent sessions over the recent weeks, we haven't really actually managed to take off the high of May June yet. So we do appear to be creeping higher. But the volatility appears to be very, remain quite low. That being said, given the fact that we're not too far away from the high in May, I suspect that we could see this positive move over the last couple of weeks continue. And if you do manage to continue, we could be looking heading at the mid-May high, so mid-June high, rather, of 7,779. And beyond that, we'll be looking up towards the 7,900 region. Any interest to the downside may find some support in around this area here, in around the 7,565 area, in around here. And if you drift below that, we'll keep looking any back down toward this area here, 7,482. Take a look now at the cheer market, the DAX. So as you can see here, the DAX hasn't been in a decent shape as the 4,800. Essentially, the fear that the US could impose tariffs on US cars is still hanging over the market. As I said, there's a meeting between Junker and Trump this week. I'm keeping a close eye on that because, as I said, one of the biggest potential impacts would be the levies on European Union cars, which, obviously, the German economy is very heavy-dependent on manufacturing. Take a look here at the German market. We're currently trading at 12,541 on the German market, the DAX, or a couple of points below the eternity moving average. Essentially, while we remain south of the eternity moving average, it's likely that the outlook is going to remain negative for the German market. We can see here, if the German market does manage to continue to drift lower, you might find some support coming to play in on the 12,500 area in around here. South of that could take us back down towards this area here, the late June low of 12,123, and a move below that could then bring the psychological number of 12,000 into play. But if you do manage to actually take out this red line here, the eternity moving average, which comes into play at 12,776, the next figure to watch out for beyond that will be the psychological number of 13,000, and if we go north of that, we could be heading up towards the 13,200 area. Turning our attention now to what's going on over in the United States, take a look at the S&P 500. So the S&P 500, as given of some of the ground, but as given of some of its gains, but keep in mind, we have just reached a multi-month high only last week. So markets are looking quite positive. Last week, the S&P 500 hit a level not seen since late January. So we are talking about, you know, kind of six-month high, so which tells you everything you need to know about how the market's performing. We're not too far away from six-month high, so this positive outlook could look to continue on from here. If you do see any kind of move to the downside, we may find support for coming to play at the low of last week at 2,788, or perhaps even as low down as 2,763 this area in here, but even if you drift lower, we could see support coming to play at the 50-day moving average, this blue line here at 2,752, or perhaps even the yellow line, the 100-day moving average, which comes to play at 2,716. Move to the upside. If you do manage to continue on this policy trend, which has essentially been intact since here, since the very beginning of April. So for a few months now, the market's been in a solid upward trend, higher highs and higher lows, so it's likely that the prevailing trend will continue. If you do manage to continue on higher from here, keep an eye out for last week's high, just shy of 2,817 this area here, and if we go beyond that, the next big year to keep an eye out for with this area here, 2,838, and if we go north of that, the all-time highs at 2,877 would then be coming into play. It's only if you break below this level here, which is 2,690, a break below that could signal further losses, I could suggest that the upward trend that's been in play for a few months could be coming to an end. I take a look at the Dow Jones as well, it's a similar situation whereby we're not too far away from multi-month highs. So as you can see here, the rally last week's high and the Dow Jones didn't quite get as high as the high that we saw in early June, but on the left, it's still, while it remains north of this trend line here, it's still very much an upward trend, and it's comfortably above the 20-moving average which comes to play at 24,546. So if you do manage to drift a bit lower, given that there's negative sentiment out there in the equity markets, we could see the market find some support from the blue line here, 50-moving average at 24,744, or perhaps even the 20-moving average, which essentially comes, which essentially is in the same area as the 20-moving average, this red line here at 24,560. Move to the upside. If you take off this area here, 24,403, which is the mid-June high, the next area to keep an eye for beyond that will be 25,507, and if you go beyond that, we could be looking up towards 25,821. Take a look now at the gold market, which has been in a fairly solid downward trend since April. As I said, gold has been losing ground since April. We can see a classic example of a downward trend, a lower low, a lower high, lower low, lower high, lower low, lower high, lower low. So it's been a classic example of a downward trend. Levels that last week, that were hitting gold, or levels that's seen as well. Actually, it's essentially a one-year low for the gold market. If you do manage to continue to drive lower from here, we could be lucky heading back down towards 1204. Any valleys in gold may run into resistance in around the 1236 area, or perhaps even 1250. It's only if you take off this area here, say 1266, because then we actually look to actually think maybe the recent downward trend has come to an end. Sticking with the Kamali's team, let's take a look now at the crude oil market. So starting off, taking a look at Brent crude oil. It really hasn't recovered, from the major sell-off in early July. So we have seen the oil market a bit higher. To be fair, if Brent crude oil stays above this area here, $71 per barrel, it's likely that we could see the market remain the upward trend. But we need to take out, we need to kind of claw back some more from before we become more confident of the upward trend resuming. If you manage to push higher from here on the Brent crude oil market, resistance may come into play at this blue line here, the 50 moving average at 76, spot 32. If we go beyond that, we could be heading up towards near the $80 barrel region. And if you go beyond that, if you'd be looking up towards 80 by 89, or up as high as 81, spot 53. It's only if you have a size for the Brent below, it's gonna be at a 71 area. Because then we'd be looking head back down towards, potentially down towards this area here at $69 per barrel. Take a look now at WTI. WTI, WTI has been in a better position recently. As you can see here, WTI has actually managed to actually move above and hold above the, it's 50 moving average, this blue line here. So while it remains north of 69, spot 31, the 50 moving average, the outlook could remain positive for WTI and a push on higher from here could look at heading back up towards the 71 spot 69 area, this price area here. And if you go beyond that, if you were looking at heading back up towards the 72 spot 79 area and anything beyond that could then point up towards the $75 per barrel area. If you do manage to actually drift lower, support may be found in that the one of the moving average, this yellow line here, which comes into play at 67 spot 52. And it's only if you take out this area here, these lows here at 67 spot 06. So just anything in order to get it 67 there, if you break below that, that could take us back down towards 65 or perhaps even as low as 63 spot 58. To finish it up now, a couple of currency pairs like the Euro dollar, first of all. So of the last couple of, that's the number of weeks that appears at this area here, one spot 1510 is actually at the third decent support area for the Euro versus the US dollar. That's really made much headway, but at least it seems to be at the size of a bottom forming in this area here. We have managed a few occasions to manage to push above the 50 moving average and drift back below. And so at the moment we're just above it. So if you manage to hold north of the 50 moving average, which comes into play in around the one spot 1680 area, we could see further ground would be made on the Euro versus the US dollar. If you manage to keep on high, we keep on heading back up towards one spot 1750, on the area, it need to be keeping up for in this area here, one spot 1851, this region here. If we clear that area, that could be a sign that we're in for future further gains on the Euro versus the US dollar. And conversely, if you manage to break below this area here on one spot 1510, it could take us back down towards one 14. I'll finish things up now by looking at the pound versus the US dollar. The pound has been in a classic downward trend since April versus the US dollar. In fact, only last week, only a few sessions ago on Thursday, did the pound fall back to level not seen since this area here, since September 2017. So given an indication of how much it's fallen. So it's in a classic level of a downward trend. If you take, if you drop back below one spot, the recent load of one spot, 2957, we could look heading back down towards 129 or 128. Move to the upside, they're running in resistance at this blue line here. Notice I'm actually at resistance here. So I'm back at resistance as again. So keep on line up for one spot 3278. And if we go beyond that, then keep on line up for this area here, the early June high of one spot 3472. Well, that's all for this week. Thank you very much.