 Hello and welcome to the chart of the week video with me David Mann today's date is Thursday the 20th of June 2019 and the tide has just gone 1120 British summer time This week's chart of the week is the Nasdaq 100 and starting off at the wider-term view We can see that from late last December last year until May this year there was a massive rally in the Nasdaq 100 along with global stock markets The Nasdaq 100 achieved an all-time high in Early May, but then there was a fairly sizable correction and a move to the downside Which lasted for basically about a month and then since early June onwards the Nasdaq 100 has been rebounding and that's all pressed on higher and The the move in the last say 24 hours has really been has really been predicated On the update from the Fed of Reserve last night a number of the central bankers of the US central bank Said that the case to have introduced more accommodate of a monetary policy has strengthened That's really boosted the Nasdaq 100 along with other major US indices and also indices in Europe One of the components of Dow theory is that the indices or the averages must confirm each other and what's significant about this blue line here at the 50 moving average is that the The Nasdaq 100 spent a bit of time It act as bucket of some resistance and support recently and now appears to have acted kind of as a springboard for the next move higher And if you quickly take a look what's going on elsewhere on the S&P 500 for example We see a similar situation provide we saw a bit of consolidation around its 50-day moving average and the market is as a user as a springboard to push on higher again So that's the S&P 500 and if you take a look over in Germany take a look at the Situation in Germany very similar situation whereby the market was rebounding from the early for the early to the sell-off in early June It traded above the fifth-day moving average it held above it and those pushed on higher yet again So now that we've seen the Nasdaq 100 above its 50-day moving average S&P 500 above its 50-day moving average And now the DAX above its While they all hold above their respective 50-day moving average We can become more confident that this bullish move in stocks is going to continue And if the Nasdaq 100 continues to press on higher from here We could be looking at retesting the highs or the old-time highs that were achieved in early May And if it continued to press on higher from there We could be looking at heading up towards 7,900 or perhaps even up a high as the psychology important a thousand mark Now if you are gonna be trading the Nasdaq 100 just keep an eye for what's going on in relation to big tech And antitrust issues over the US is making some some concerns and some rumblings recently that some of the major industry major tech players alphabet Google's owner or Facebook or Amazon or Apple or these sort of companies have too much power I Within the business community and there has been growing rumblings out of Washington DC that maybe these companies She'd be looked to actually have to break up or I've been out again that situation Resurfaces, so if you are going to be trading the Nasdaq 100, please keep keep in mind of that If the market does manage to actually drift lower and we've talked about the upside But the market does manage to drift a bit lower. We might see some fresh buyers enter the fold Keep mind it's been it's been in a broadly upper trend for about six months now So buying on the day by and large in the last six months has been a popular strategy Obviously, there was a downward trend here But it would appear the fact that it's taken off the highs here What's the chip that the highs of June have taken up highs of mid mid may it was just we are going to press on higher from here But if you do have a move to the downside Support can be found from this blue line here at the 50 moving average which comes to play at 75 31 And even the sport can be if any of the front of the drift floor might find some support from this area here in around 7,400 And even down as well as the water the moving average which comes to play at 73 67 we could see that active as both support and resistance in the last few months Arithmetic is active as a sport and our resistance recently it makes it more likely it will do so in the future Obviously, there are no guarantees It's only really if you have a size will break below this red line here at the truth Moving average which comes to play at 71 34 could then we'd be worried about this upper This recent upper move in the last month, and then we can be looking at retesting the lows that were achieved in early June Before I go if you've any comments to make on this video or any of the other videos We've made here at CMC markets. Please feel free to leave review of these. Thank you very much