 Hello traders at CMC Markets. Welcome to a new update from RG Research for Monday 2nd of May. My name is Trevor Neal and I'm presenting to you from London. Together with my partner Julius de Campanar, who is the creator of Rotation Graphs, we run our RG Research. I'm recording this on Friday 29th of April 2022. There is therefore a gap between my recording and when you will be viewing it. We will start as always by looking at the RG of a group of international stock indices and then today we will look at the UK 100 in detail and also the follow-up on Julius' presentation last week when he looked at the Hang Seng Index. This relative rotation graph shows the rotation of a group of major world market indices versus the NSCI World Index here in the middle. Further to the right, but falling away sharply, is the UK X and we will come back later to this one on furthest on the left, the HSI and Seng Index. So the UK index is moving downwards from the leading quadrant and adjusts this week pass through to the weakening quadrant. This is a relatively strong performer, the strongest of the group, but it is losing relative momentum. When we zoom into the daily time frame, we find the UK X, the UK 100, inside the leading quadrant. It is almost furthest to the right with the SX200, the Australian index, only it further to the right. So it has a high JDK-RS ratio and a high JDK-RS momentum. Daily rotations are much more sensitive and detailed than the weeklies we were just looking at and the current southerly direction indicates a slight hesitation in this relatively well-performing index. The weekly and the daily RRGs show a relatively strong position for the UK X that is only stalling and not yet threatening. For context, let's first look at the monthly chart of the UK X. We can see how it has moved up impressively since its 2020 low and pushed through into this significant area of resistance, which extended between 2017 and 2019 in a range between 60-800 and up at the top here, 70-800. So that's a big, big consolidation here that we've really punched through surprisingly well. Jumping down to the daily time frame, we see the struggle at the February high for the UK 100 at 76-83. Twice we have bounce from 6,900. It's now done so very, very impressively indeed inside the context of a very long-term strong advance. Looking at the RSI here, we dip down hard on this pullback and we have recovered strongly from it. A dip in the RSI in a strong uptrend is often a very encouraging signal and we're pushing our head away strongly. The positive price-trend momentum has returned for the UK 100. In conclusion then, the UK 100 has a strong uptrend behind it. It has pushed to the top of a long-term range resistance, considerable resistance. It has hesitated at the break-up point and seems to have another shot and be preparing to make another attempt to make this final break into new highs. Returning to the Hong Kong Index, the HSI, which my colleague Julius covered last week, we saw in the relative rotation graph at the beginning showing all these stock indices versus the MSCI world the direction of it over in the lagging quadrant and pointing in the wrong direction in the lagging quadrant. Here we're looking at a chart of it and it's a weekly timeframe that we're looking at here. We've got this dominant downtrend line here with lower highs in place. We've broken through very significant support just below 23,000, which Julius talked about last time. We broke down with a gap, powered back up close to the break-down point, I don't think we would say that it touched it, then was rejected, had a little consolidation, was rejected and then broke down and then this week we seemed to have a return move. The rotation has been rapid in the ROG into the lagging quadrant and such moves signal a strong relative, in this case downtrend. We see a new leg down really occurring and it is already in a declining trend. There has been a bounce this week to the broken support level. Here is the bounce to the broken support level. This resistance level, which was a support level, made enough to rebut this counter-trend move. It is very well possible that the Hang-Seng Index to go for another test of the March low down at around 18,200 here. This March low, 18248. I think we've covered a couple of interesting subjects today. The UK Index and its position close to a significant resistance point potential breakout and the continuing weak position of the Hang-Seng Index. Thank you for watching. This is Trevor Neal of RRG Research for CMC Markets. May the trend be with you.