 Hello and welcome to the Monday market update with me David Madden. Today's date is Monday the 24th of September and the time It's just gone 1128 for the summertime Well, basically we've had a negative start to the European session here essentially the trade tensions between the US and China continue and Today is the date where the latest round of tariffs are announced by Washington DC and Beijing recently have actually kicked in so The trade relationship continues to be strained between the US and China And that the Beijing administration about and stated that they will not Continue that they will not Restart trade talks with what's in DC while the threat of additional tariffs hangs over the relationship So seeing as we're not gonna have a trade This thing as it appears we're not going to have a resolution to this trade stand out at any time soon sentiment is a bit sour in Europe this morning Also playing into the mix is higher oil prices OPEC and non-OPEC members met over the weekend and back in the last week. There were calls for president Trump to Encourage major oil producers to increase supply in order to actually bring the price of oil down to make up for the future loss of supply from Iran once Iranian sanctions kick in in November President Trump was hoping to effectively Convince Hopefully tried to push other all-producing countries to actually run a production to ease price of all because the lower oil price Is good for business particularly in America But seeing as the OPEC members and non-OPEC members over the weekend didn't announce any any increases to output Oil prices of course tired. In fact, we've seen Brent crude oil Had a level of not seeing since the back end of 2014 They're talking, you know multi-year highs for Brent crude oil and actually multi-month highs for WTI So they're the big macro stories Which are going on this morning taking a look at some of the major major markets starting off with the footsie 100 As you can see here the first 100 only a few weeks ago was actually at a multi-month low But we have been pushing higher in the last over the last couple of weeks The market here has run into resistance have run into that this red line here The two-day moving average as you can see here the training moving average Didn't act as support before here and I thought support and others and resistance on this occasion here, so It has traded north of the two-day moving average back on Friday But we actually are a bit below at the moment and this could potentially be a big a big level for the Fuzzy 100 and the the level and talk about is the journey moving average which comes into play in her just in around 7,485 80 to 85 why would we remain self of it? It's likely that that the outlook is going to make negative, but if you do much to push on higher beyond it I could look at running it for this potential into resistance at this this a yellow line here They weren't a moving average which comes to play at 76 on 9. We have seen a bit of consolidation Trading in around that metric only in August So therefore it may act as an important metric in the near future If the market those matters you turn over on itself yet yet yet yet again I followed into kind of the wider trend that that's been in play for the last couple of that say six weeks six to eight weeks I could be like heading back down towards this region here In around the 7,220 region or perhaps even low as down at this area here at seven thousand one hundred and eighty eight Take a look now at the Jack the German market the tax So the tax has been broadly speaking in a fairly obvious fairly obvious downward trend over the last number of months As you can see here the market has as in as a Friday and also today Running to the fifthly moving average this this blue line here And once again, we can see that we have seen occasions where the market has traded a bit above the 50 moving average But it's always failed to actually make me fail to make a decent stride above it So what we remain south of the 50 moving average this blue line here which comes to the play In around the 12,420 region why would you remain south of it? It's like the outlook could remain negative in the near term for the tax And if you do manage to drift lower from there We could be looking any back down towards this area here in around the 12,120 area and if you go south of there We could be looking any back down towards 12,000 It's a big psychological number if you manage to have a size of a move north of the 50 moving average this blue line here We could be looking at our getting this region here the the late October high in around the 12,600 region and if you go north of that we could be looking heading back and towards this area here in around the 12,000 750 area and if you go north of that we could be looking towards the July high of 12,887 The US markets are very good shape even though we are expecting to down the S&P to open a touch lower at the They've been they've up racked up records at the back end of last week. So it gives an indication I just saw positive sentiment is so Back in the last week on Friday. We saw we saw records for the Dow Jones I was clearly in a strong upper trend taking a look at the MACD indicator MacD histogram We can see how the markets are pushing higher in the last few sessions and it's been a steady increase in positive momentum So the momentum is clearly with the buyers so you can be more confident that the wider upper trend is going to continue Even though we are expecting a bit of a lower open today if you do manage to drift lower We could find support coming to play in this area here in around the 26,330 area sort of an area consolidation back in January and even if you drift Drifts below that we could you know, we could see support coming to play in around the 26,000 area But if the wider upper trend continues, we could be looking at adding up towards 27,000 and beyond Take a look now at the S&P 500 fairly similar scenario of our students are looking for trend for months. We've seen records recently So the sentiment is still very much positive at the upside even though we are expecting a bit of a lower open today If you do manage to continue to push on higher from here We could be looking at having backtesting the at the recent highs of 2,941 and I think will be on that 2,950 60 someone support Move to the downside may find some some support in around the 2,900 area or perhaps even as low as the kind of early September low of 2800 and 64 65 Take a look at what's going on in the oil market like I was saying we have seen what multi-year highs With multi-month highs for WTI and multi-year highs for brands are starting off with WTI The markets been moving hard the last few sessions We've seen a steady increase and the market indicator back to histogram So momentum is very much positive momentum is increasing So be more confident that this upward move is going to continue if you get into push on higher from here But keep it looking at our getting in around the kind of 72 79 or $73 a barrel mark and if you go beyond that we could be heading up back towards the $75 region Move to the downside by fancy support in around the $70 for markets The big psychological number and also we have seen that bit of consolidation in that area in recent weeks and months taking our attention turning our attention now to Brent crude like I was saying we've We're basically back at levels The level that we've seen today is essentially on power if I slightly higher than the may high So we are talking back either at or near multi-year highs for for Brent crude We can see that the last few sessions the markets being clearly can be given up Pushing higher we can even see the turnaround in positive and then to make actually all of a sudden a jump higher in positive momentum If the market does continue to move on higher from here We could be looking at our getting 81 spot 53 a level that seems the back end of 2014 Move to the downside may find some support in one the killer 77 spot 50 area This this region here actor as a very active local actor support and resistance in recent weeks It's very consolidation that he moves and moves to the downside from that We may find some support from this yellow line here the 50 moving average Sorry apologies a 100 day moving average this yellow line here, which comes to play at 75 spot 92 Take a look now. What's going on in the gold market? Gold continues to be fairly on interesting to be perfectly honest It's still very much locked in the downward trend that's been in place since April classic example of lower lows and lower highs all the way down We did see a fairly decent bounce back In August when the market device to push higher it got both the 1200 and really started this to largely trade in around the 1200 mark We haven't really moved say more to say eight or nine dollars north or south of 1200 last number weeks Of momentum continues to be fair, but volatility get is to be fairly Very fairly low for the gold market But notice how on a few occasions it has managed to trade up to or slightly beyond this blue line here at the fifth day moving average Which comes into play at 1205? But I would we're back below it and why we remain south of the 50 moving average at 1205 It's likely the outlook is won't remain negative if you do continue to drive lower from continue to remain if you do continue to remain below it and If you do get you do see a further move to the downside Sport may come into play at the recent low of 1188 1137 and we go south of that We could look at back down towards 1175 and then below that it back down towards 1160 It's only about a size of a break above 11 of 12 or 5 Because every look at that then we see potentially further gains or potentially towards the 1225 region here or perhaps indeed to the 1236 area this Well, I did that 1236 area 1237 535 It was a region of both the support and consolidation back in in July and also early and late July Take a look now You know dollar see your dollars actually had a fairly decent Pochaya recently largely because of the weak US dollar. I'll use the move in the camera In relation to the euro versus the US dollar and we can see here is that Of the last couple of other I'll say five or six weeks You have seen a fairly decent bounce back in the euro versus the the US dollar Particularly the spec is pretty impressive that market has managed to trade north of and hold hold above 11 spot 11 Sorry apologies one Spot 1750 we see it was a lot of a it was a lot of consolidation It's a very decent resistance support 11 one spot 1750 Both in in in July and now we've actually managed to actually hold trade above it Actually hold above it and why would we remain north of one spot 1750? We could see further gains being made on the university US dollar and a move north of that could take us up towards 181 spot 1850 51 that's for the region This area here and then if you go beyond that we could be looking any up towards the 120 mark Most of the downside in the euro versus US dollar may find some support from this yellow line here at the water Do we average which comes into play in around one spot 16 58? Notice how on a few occasions it managed to access both resistance and also support in the last few sessions And if a metric has acted as both support and over this recently it makes it more likely it will do so again in the Year term and even if it does drop below the working moving average as long as it holds above this area here in around the one spot 15 10 region. It's the outlook could remain positive finishing up now on the pound versus the US dollar So the pound dollar similar to the year dollar was in a downward trend since April We have seen a fairly decent bounce back in the last over weeks So we have seen the succession of higher highs and also higher lows Granted we did see a fairly big sell-off Poverty of the US dollar and back of Theresa May's speech On Friday just gone, but ultimately why we remain we remain north of this This of the kind of 130 level or the this the 50 moving average which comes into play at one spot 29 81 So got a 130 one spot 30 one spot 2981. What's your review remain north of that that area? Yeah, it's likely that the outlook is going to be positive for the pound versus the US dollar I think if it does look if it does look to continue to see this upward move Continue to push out higher here. We could be looking at targeting The early June high of one spot of one spot 33 61 And if you go beyond that we could be looking at targeting the early June high of one spot 34 72 It's only if you have say a break below these areas here is these areas here of one spot 28 28 95 or but below one spot 27 85 because I would see potentially further moves to the downside If you have any comments you want to make on this video and the other videos you've made here at CMC markets Feel free to leave us a review on Google reviews, and that's all for me this week. Thank you very much