 Good morning and welcome to the chart of the week video with me David Madden. Today's date is Thursday at the 12th of September 2019 and the time has just gone 1115 for this summertime and this week's chart of the week video is the Dow Jones We can see here the Dow Jones has broadly been an upward trend throughout 2019 I've had a few occasions the market hit a fresh all-time highs and And even though we have some ups and downs at large driven by trade tensions between the US and China with certainty in Hong Kong Concerns about a possible recession in Germany Brexford certainty and various other Concerns about the global economy. We have seen some some fairly sharp sell-off It's from time to time and most notably most recently Was the one from a from late July into early August But as you can see here by the by the price action the market has recovered nearly all Of the losses that were occurred taking a look here at the MACD indicator of the MACD histogram as the mark It's a steady increase in positive momentum. You can see here. It's rising which confirms the upward move That's in the underlight. That's in the market itself So the move to the upside in the market is being confirmed by the steady increase in positive momentum So for the time being the momentum is clearly with the bulls and the buyers If it does manage to press on higher from here or currently spec in the Dow Jones in the cash market to open around 27,000 200 if it does continue to press on higher from here We could be looking at retesting the all-time high in around this area here in around In around 27,400 there thereabouts somewhere in that region and if you press and if you go beyond that We could they be looking up towards levels such as twenty six twenty seven thousand five hundred six hundred seven hundred and gonna in income in new territory as a work If we do see any pullbacks in the Dow Jones, we might find some support from this area here Does it seem to be a bit of consolidation in around twenty six thousand eight hundred zone? I'm possibly even down on this blue line here the 50 moving average and that comes in play at twenty six thousand five hundred seventy two We can see it act as kind of both Support and resistance not long ago on these occasions here And if a metric is acted as both our support and or resistance In the recent past it makes it more likely it will do so in the near future But obviously there are no guarantees and even if you drop below the 50 moving average support could be found from this yellow line Here the water in moving average at twenty six thousand three hundred and fourteen similar reasons We saw some it did it did act as both resistance and support not too long ago So it might be an important metric to keeping up your eye on in the near term And you know I was talking about potential areas of support because if you take a look at the wider trend throughout the year buying on the dip has been a fairly popular strategy overall seeing as markets Continue to press on higher from here Just one point to talk about the upward move in the Dow Jones is that Dow theory tells us that the averages must confirm each other So if you are trading the Dow Jones, it is worth your while keeping line What's going on with the S&P 500 and other major indices around the world similar position similar picture here in the S&P 500 after the major sell-off in July July 30 August S&P 500 has recovered most of its Most of its losses and the S&P 500 is tipped open north of three thousand So you could be looking at retesting its all-time highs in the near future Taking a look at what's going on over in in Germany and the Dax and then also have a look at the I think at the Nikkei 225 now the German market is in no one near the stronger position as it's You at this US counterparts, but nonetheless we can see it's been in a solid upward trend the last few weeks and In the past 24 hours it hit levels last seen in in late July So even though it's no one near its all-time highs it's still in a pot in an upward fairly fairly clear and bullish upward trend I'll also take a quick look at what's going on on the the Nikkei 225 over in Japan because Dow theory tells us that the averages must confirm each other So if you're gonna be if you're taking the view that the Dow Jones is going to continue its upward trend If you see other major indices also in an upward trend the S&P 500 It's fairly close to its all-time high that the Dax was that was very essentially at multi-week high And we can see here the at the Nikkei 225 once again not too far away from Levels last seen in July some of the S so that the Nikkei 225 the Dax are in Multi-week highs whereas the whereas the S&P 500 is fairly close to its all-time high For this reason you can become more confident that the kind of wider positive move in the Dow Jones is going to continue Now today's video has been recorded at about 1115 British summer time today at 1245 British summer time We have the European Center Bank industry decision. There's a lot of speculation that the the naked the The negative deposit rate could be cut even further is currently at negative zero spot for percent It could be to cut down to zero pot spot five percent or possibly zero point six percent At what a 1330 British summer time the European Center Bank will announce its Well, I will give further details about a sub date at the press conference That's going to be closely watched and keep in mind We have had a slight improvement between the US and China trade situation Overnight President Trump stated that 250 billion dollars worth of tariffs that we're going to be slapped on Chinese imports as of the as of early October have not been deferred for two weeks So they're not going to be they will come into place in mid October So it's only a small move, but nonetheless it is a step in the right direction for US-China trade relations Before I go if you have any comment to make on this video or any of the other videos We've made here at CMC markets. 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