 Hello and welcome to the chair to the week video with me, Dave Madden. Today's date is Wednesday the 30th of May And the time has just gone 1150 for this summer time This week's chair of the week is going to be the Ibex 35 as we called here on our platform the Spain 35 The Spanish market has been in the news a lot this week Because of the potential political uncertainty in Spain on Friday Friday 1st of June Prime Minister Marino Rajoy is going to face a vote of no confidence and all of that Political uncertainty has put tremendous pressure on Spanish stocks and obviously if Mr. Rajoy were to lose The vote of no confidence we could be looking at a snap general election Which would also add to potential further political uncertainty in Spain So if you take a look at the chart and we take a look at all the last of the last year or so the last couple years Year and a half we can see that the Spanish market has been a pretty obvious downward trend Since May of last year so for the last year or so The Spanish 35 the Spain 35 has been a fairly obvious downward trend And if you zoom in here, we can see just just how aggressive the salaf has been in recent weeks in relation to the political Certainly that's going on in Spain While the market was driving lower here hitting multi-week lows We can see on the Mac the indicator and Mac the Instagram there's a steady increase in negative momentum So as the market was moving lower This is was being confirmed by the steady increase in negative momentum. So the momentum is clearly with sellers clearly with the bulls If you do manage to push lower from here, we could be looking at a tariff getting 9,327 which is the March lows and a little bit below that there really there really isn't much in In terms of Consolidation areas that we could be looking at targeting 9,200 or potentially 9,000 to figure itself Move to the upside may actually run into potentially run into resistance And if you look at the 9,800 mark, we can see a number of occasions In March and April that level did see actors both support and resistance on a few occasions So potentially mostly upside may run to resistance at the 9,800 mark And if you go beyond that we can look at running resistance at this yellow line here at the 100 day moving average Which comes into play at 9,947 Notice how the one or two moving average acts as support on a couple of occasions In recent weeks and I previously actually acted at resistance Last month and if you go beyond the one or two moving average Thanks big level to watch out for will of course be the dirty moving average there at this red line here Which comes to the play at just just just south of 10,100 and if you go beyond if you take out the dirty moving average That could suggest that the recent negative move has come to an end and if we go beyond that So as we look at towards the the the may high of 10,284 and then most beyond that we've looked at towards 10,500 and then look at retesting the 2018 high of 10,659 well that's all for me this week. Thank you very much