 Hello and welcome to CMC Markets on Tuesday the 27th of January and the weekly market update. And it's certainly been an interesting last few days. As expected, we got the announcement of the long-awaited European Central Bank Bond Buying Programme. The amount's concern came to round about a trillion euros over the course of the next 12 to 18 months. And the programme is expected to start at the beginning of March this year. So 60 billion euros a month over the course of the next 12 to 18. So I think the reason Mr Draghi delayed the start of the programme, it's not hard to see why we had the small matter of the Greek collections last weekend. And the outcome wasn't really too much of a surprise. The only concern was whether or not Mr Sipras would actually get an overall majority. He didn't get an overall majority. He's had to form a coalition with the independent Greeks. But their one goal, and I think it's their major goal, does tally up quite nicely. And that is essentially for an end to austerity and a renegotiation of Greece's debts. Now that does put them on a collision course with the ECB, the EU and the IMF. And to some extent he's painted himself into a little bit of a corner here. So that will be interesting to see how that plays out over the course of the next few weeks. Greece's bailout has been extended until the 28th of February. So we've still got a few more weeks before we start to get a little bit nervous about a potential Greece exit from the Euro area. Hopefully common sense will prevail. But ultimately I think the problem that that is Greece is something that we will continue to talk about over the course of 2015. For now we're going to have a look at the performance of the German DAX in the context of last week's decision. And also look at Euro dollar as well because we've seen fresh lows around about 110 98 lowest levels since 2003. And I'm also going to be looking at the S&P 500 as well as Apple's share price performance in the context of this week's economic data that we've got coming out from the US GDP, the recent US durable goods numbers, as well as the FOMC meeting which is due to announce its latest interest rate decision on Wednesday evening. So let's start with the German DAX or the Germany 30. And we can see from this daily candle chart that we've got in front of us here. We've seen a significant move higher. We've broken the previous highs at 10100 and we've broken out fairly aggressively to the top side. But we do appear to be running out of a little bit of steam around about the 10800 level. So we've gone really, really quickly in the space of the last few weeks from around about 9000 to nearly 11000, which to my mind is pretty impressive, but it's also pretty stretched. And that does seem to suggest that we could be vulnerable to a pullback. Why would we be vulnerable to a pullback? Well, simply speaking, despite the fact that the German economy is starting to show some signs of improvement, overall, the global economy doesn't look particularly healthy. There's concerns about China. There's concerns about the rest of Europe and the growth there. And there's also concerns as well about a slowing of the US economy. So I think if we do get a pullback and we certainly are due a pullback, we could get a pullback towards the previous breakout level, which currently sits at 10100. So we're looking a little bit stretched. The oscillator is starting to roll over a little bit. And depending on where today's candle closes relative to the previous day, we could get the potential for a little bit of a reversal in the German DAX. What we've also seen moving on to Eurodollar is massive declines over the course of the last two months. We've come pretty much from the middle of December from 125 down to loads of 110.98. Now by any stretch of the imagination, that is a big move. And we haven't really had any sort of rebound in that time. So we do remain extremely susceptible to a bounce back. And there are early indications that we could well get one. So what are the key levels that I'm looking at on this daily candle chart that could support such a hypothesis? Well, for a start, we posted a brand new low yesterday. And we have now posted or looked to be posting another positive candle today. But that even of itself is probably not enough to really reinforce an expectation of a bounce. So we're getting a bit of an improvement in some of the German economic data. But more importantly, we're starting to get a little bit of a deterioration in some of the US economic data. And that could be the catalyst that causes Euro to squeeze higher. But I think the key element to watch out for this week is going to be the FOMC meeting. There has been an expectation that we could get a US rate hike this year. Today's durable goods orders for December were very poor. The revisions for previous months were also very poor. And the likelihood is if the Fed comes across as more dovish than expected, we could see about a US dollar selling and a rebound in the Euro dollar. The key level that I'm looking for is 1.1470, which was those previous lows that we saw earlier this month. And the downtrend line that comes in from the December highs, both of which I've drawn in on this chart. We've also got significant negative divergence on the on the oscillator as well. And that does seem to suggest that we could be vulnerable to a rebound. So if we break above 1.1470, 1.15, we could get a significant rebound. In that context of US stocks, let's have a quick look at the S&P 500. Because despite the fact that European markets and the DAX in particular has been outperforming, US markets have been trading broadly sideways for most of January. They found very good support around about 1.1975, but they can't get above that 2070 level. And those highs, the January highs that we've seen just above the 50 day moving average in blue. So certainly keep an eye on those two peaks in January, around about 2070, 2065. And also keep an eye on the support around about 1.1975. Looks like we're in a range at the moment. And the likelihood is we'll probably remain within that range with a slight bias towards the downside. So let's finish up with Apple earnings because Apple's always a popular choice of chart to look at. And we can see from the daily candle chart that I've got in front of me is that we've got significant resistance through 1.15. And I think the key question that most people will be looking for is first and foremost over the Christmas period, how many, how many iPhone 6s got sold? How many iPhone 6s got sold? How many iPads got sold? And what, if anything, are Apple going to be replacing the new iPad Air with? Will they announce new plans for an iPad Pro? So key resistance at the moment is around about $115. Key support around about $103, $104. So Apple's earnings should give us a little bit of volatility in and around those price ranges there. Okay, so that's pretty much it for this week. Once again, thanks very much for listening. This is Michael Huston talking to you from CMC Markets.