Transcription
[music] Okay. Hi everybody and welcome to the latest market roundup podcast. And uh, as uh discussed on the previous podcast, what I'm going to do is go through a smaller selection of the charts in a little bit more detail uh and looking at time frames um other than the monthly. So we're going to look at some of the uh the weekly, daily, and even sub-daily time frames to see what's going on.
Um, we're going to look at the monthly uh the full monthly charts and the full list of um instruments in the market roundup podcast once a month after the monthly close because on those monthly time frames there are no signals given, no actionable buy or sell signals until you get the monthly close. So looking at them every week is perhaps um a little bit of overkill and uh I think it makes more sense to take the opportunity during the month before those monthly closes to track the instruments that are doing something more interesting. You know, obviously some of them are a long way from giving some kind of a monthly signal and we don't need to pay too much attention to them at the moment and others are at or close to some important decision points. Um, so we're going to take a look at some of those charts as I said in more detail.
I'm going to start with gold and um, of course, we're in a correction with the precious metals at the moment. Gold, silver, platinum, palladium, the miners, all that kind of stuff. Um, and this is the monthly chart, the one that we uh usually look at. And um, we've we've got a um a potential Fibonacci retracement somewhere around the 3,700 area. um, when you put the exact um pivot points in for the Fibonacci tool there. I've just drawn it by by eye on this chart, but when you put the exact numbers in for those three pivot points, it comes out somewhere around $3,700 or so. So, that's acting as a little bit of a magnet for the price. But that's just one particular technique. Um, there are other technical analysis techniques that um suggest that perhaps 4,000 might be um a potential uh low point. If you just simply draw the the trend line there, then you could argue that we've just about touched it as we got down to 4,23. So that could be the final support level and we could do a V-shaped recovery and start going up at this point. So we need to start looking for some detail within the correction. So hence why we're looking at it in more detail right now.
And on Trading View, when you type in XAUSD, you get a whole load of different platforms on which to draw your chart, a whole load of different data streams, I should say. So, you've got Aandandy, you've got TVC, Forex, CO, FXCM, Pepperstone, and so on. And what that means is that you can do a set of drawings on one of them and then move on to the next one and do a completely different set of drawings. So, when you go back to them in the future, it'll have saved those drawings for you. So, I do that quite a lot. Of course, you can also use different uh templates up here as well. Um, there's a whole bunch of different templates that you can use. I've named mine, given them a whole load of different names, and then you can save your charts on those as well. So, there's multiple ways of saving charts, not losing them.
Anyway, [clears throat] again, this is another monthly view for gold. And there's a I've highlighted a potential pullback to the three-year moving average on this one. If I put the three-year moving average, I've kind of projected it forwards and you could see perhaps that area around about 3,700 acting as a support based on the three-year moving average as well. Uh, now going through the drawings [clears throat] that I've done and this one is on the daily time frame. So I'll switch to daily and we'll just zoom in a little bit and what you can see is a falling wedge which is quite clear on the daily chart. We don't need the moving average there. It's a simple falling wedge and uh we've pretty much touched the lower support on that falling wedge. Say we probably have touched it. So now on that falling wedge would be looking for a breakout through this resistance zone and any kind of move above about 4,000 well, you can see on the numbers on the right hand side there. It depends when we break through if we break through but anywhere around about let's say 4,500 would be a a fairly clear breakout. So if that happens, then that defined downtrend is over and you could take that as a potential entry point. But as we've said a number of times, breaking through declining resistance lines is not as important as breaking out through horizontal resistance lines. And the main horizontal resistance wall, main horizontal wall of resistance here is around about the 4,900 area. So, we could very well see the price break out, go up to 4,900, then come back down again and form some kind of a basing pattern over a period of time. That's a certainly a possibility. So, it depends on your attitude to um risk. It depends on your time frame, your time horizon, all that kind of thing. But um, the first, the very first sign of something more interesting would be a breakout through that resistance zone.
Take a look at the next uh drawing that I've got here and it shows the same um resistance zone. It also shows a support line that we've broken below this rising red trend line which wasn't shown on the previous chart. It just adds a bit more detail. And what this means is that what it implies is that yes, if we break out through that resistance line, that orange line there, we've still got in fact this black horizontal resistance uh zone to break through. And then we've got the red uh horizontal red rising resistance line to break through as well. So it's basically just reminding us of where some of the resistance levels are and that just breaking out through that orange line isn't uh job done. And we've also got this support zone which is now a resistance zone. So it gives us a bit more context. to give us a bit more detail and the ability to turn more turn bullish on in a more sort of nuanced way rather than just saying, "Oh, right. We're above the orange line. That's it. We're going to the moon." We're it means that we're aware of where [clears throat] these other resistance levels are likely to be found.
Okay. Um, is there anything else on any of these other charts? Uh, well, this is another one that I've shown you again in the past and it highlights the same horizontal um what is now a resistance zone and in fact it shows you this these blue lines on this chart which again weren't on the previous one and that's another potential resistance. So, it's it just continually reminds us that we shouldn't be turning crazy bullish at the moment because we've got all these levels that we need to break back above and and really until we get above that line there and we see if we get a third reaction on it, then, you know, we could move all the way up to that green line at just over $5,000 or around about $5,000 and then get rejected again and see this correction going on into the latter part of this year. Um, so you know, we it it just highlights the um reasons why you know, we're not going to suddenly turn around and say, right, you know, gold is now going to $8,000 and we can be certain about that. It um, it does show that this point that we've just reached around $4,000 is a good place to expect a bounce but just how large the bounce is remains to be seen. And we're going to use other tools like the gold silver ratio and gold versus S&P and S&P versus silver, those sorts of ratio charts to give us added evidence as to whether we think the correction is over or not. Now, as things stand at the moment, we don't have that evidence.
Looking at silver [clears throat] in um, in terms of the big picture, um, let me just pick the right chart. There we That's the one I wanted. Um, silver has this massive sort of 46-year cup and handle pattern. Goes back to 1979 there. And um, or 47 years is that now? Um, so what happened is the cup and handle broke out without very much of a reaction at the red resistance zone there. Um, and it just went straight up to almost the 2.618 uh, extension level there. Uh, depends how you again how you set the um fib tool. In fact, if you set the fib tool on the wick there, it was about 124. Yeah, I mean it's around about that 120 to 125 level and we got there. We got to 121 and my expectation, you know, as we moved above the 81 level and above that sort of um fib extension level was that price was and Pat as well said this, that price was getting very extended above its long-term moving average and we should expect a significant correction and kept saying that significant correction was highly likely to come and the logical place, particularly now that we're below but below $81, the logical place for it to retest test is the $55 to $57 area. I mean, there's no guarantee it's going to do that, but it seems like a a reasonable expectation. So, we'll see if that's how it plays out over time.
Moving on to that gold to S&P evidence. So this is helping us to um have an awareness of exactly where we are in the rotation process. Capital rotation happens in both directions towards gold as the chart goes up and towards the stock market as the chart goes down. Now, if we just zoom in on what's been happening more recently, you can see that and we've seen this rotation. I'm I'm just going to put the Ichimoku Cloud on and I'll put the um I'll put the 4-year moving average on if I can. Is it going to let me? No, it's not. I'm going to have to um add a new moving average. So, you can see the four-year moving average. Um, me just find that and go simple moving average and I'll just add in the 48 period. It's the 4-year moving average for you. Okay, there we go. So, what you can see is that we had this rotation that's taken place over the last few years as the chart begins to move up and that's gold outperforming the stock market and now we've got this huge pullback and we got to wait till the end of the month to see if at the moment the chart the graph is below this red uh support line. But by the end of the month, it could just turn into a wick and that candle could end up back above the red support line. And that'd be quite um telling if it does do that. And if not, and if we get a close, you know, where we are at the moment or lower, then it tells us that we're likely to be testing this area down here at around about 0.5 on the ratio, which is near the Ichimoku cloud. Uh, and it's near the um near going to be near the four-year moving average. So whilst we have not broken out above this really important upper red line, whilst we haven't broken out above that, the capital rotation event hasn't happened yet. I would expect if and when we break out through that red line that it would be in conjunction with stock market weakness this time around. All of this move so far has been as a result of gold strength. The stock market was doing fine as well. Usually when you get or every time you get a capital rotation event, the stock market suffers, you know, a big downturn and then pretty much goes nowhere for a decade or more. Uh, we can look at um other charts like um silver versus copper and that ratio chart is moving down as copper outperforms silver. Copper seen a little bit of a pullback as well, but not as deep as silver, hence the ratio chart is dropping. And the same would be the case for copper versus gold.
The miners um I've got quite a lot of different mining indices and ratios on here, but we can illustrate this with uh GDX by looking at the chart on the daily time frame. And what you can see, if I just zoom right back a little bit, is a big breakout that took place back in um July of 2024. There we got a breakout and then a backtest that was in the early part of 2025. And then as gold went up, so did the miners. And for for a while there, the miners were outperforming gold. But they've given back the majority of that or are giving back much of that outperformance. And we're in a downtrending channel here. And if I pop it on the on the weekly time frame there, you can see quite clearly on uh on on that analysis as a weekly defined downtrending channel. So until we get above that green line there um we haven't got a breakout. So we would need GDX to be breaking above about 85 getting into the 86 area um before we could um start thinking in terms of there being a a chart defined breakout. Um, and even then it wouldn't be guaranteed that we are moving on to new highs but um, if we have additional evidence and we can look at some of the indicators, things like stock RSI and we can look at distance from moving average indicators and that kind of thing and if it starts to look as though the indicators are lining up for a big upside move then um then we'll let you know. Of course, we still got one of the precious metals miners in the SRS at the moment, West Gold, which is hanging in there and doing okay. Actually, all the other mining um stocks that we played prior to this downtrend prices correction. They've all closed uh with nice profits, of course. Most of them around about 50% uh gains on each of those individual trades. And we've still of course got precious metals and miners in the in the TNS and in the DPM doing doing their thing with the automated signals.
If you look at uh GDX versus gold, you can see what I mean. In fact, I'll skip down to SIJ versus silver because I mean all of these ratios say the same thing. Uh, it's just that this particular chart is quite clear. So this is silver, junior miners versus silver. And it makes it very clear that there's really not been any great advantage in having the miners rather than having silver because for the last uh 10 years from 2016 to now the ratio chart's gone down, which means that the miners have underperformed the metal over the last 10 years and even though we've just had a little spike to the upside here, as I say, they've given up, you know, a large part of that gain. Um, so when the chart goes up, the miners are outperforming silver. When the charts are going down, the miners are underperforming silver. And the ratio that we're at at the moment, 0.4 roughly, is exactly where the ratio was back in um the middle of 2023. So for the last three years, the SIJ ETF index ETF has gone nowhere versus silver. I mean, it hasn't lost, but it hasn't really gained either. So, our argument is, you know, you might as well just be holding silver. It's a lot simpler. Um, there's no need to get massively distracted, if that's the right word, by the by the miners at the moment because the main event hasn't happened yet. The main event comes when we break through this zone that's marked either and through into the zone that says SILJ favored. Once we're in that zone there, SILJ favored, that's when you would expect a big upside move all the way up here for silver junior miners versus silver. That's the bit that you don't want to miss. That's where we want to be putting quite a lot of um the miners into the SRS um so that you can um, you know, benefit from those gains again as we have done just recently. I think I mean I think we did quite well to have all of the you know, all of the trades that we had hitting their profit limits in this time frame here and we managed to exit all but one of them before the downtrend started and the one that we didn't exit is still doing okay. So you know, I think we managed that bit all right but overall the message I'm trying to get across is that there's no great advantage um to be in the miners just yet but that time will come.
If we look at platinum, which is another one of the precious metals that a lot of people are keeping their eye on, we can see similarities between what's happening now and what happened back in the early 2000s. We had the breakout back then and then platinum pulled back as the capital rotation event was taking place. Of course, you know, we had the.com bust here which started to drive the ratios upwards. So, the metals were outperforming the stock market because of the.com bust. We got this big backtest here and then off it went. Similar sort of thing happening now, but it's not taking place with the assistance of stock markets going down. Perhaps that isn't too far in the future, but we can't, you know, we can't assume that. We can't assume that stock markets are going to start pulling back to a large degree just yet. It could be many months or even a year or two away before the stock market shows major weakness. We just don't know how long they can hold up and carry on in a sort of meltup phase. But what we can say is that the platinum roadmap is helping us. The pullback is taking place pretty much as as we thought it probably would.
More helpful is the platinum versus gold ratio, which I cover every week in the market roundup podcast. And I'm just going to show it again here because it reminds us how useful these ratio charts are for avoiding getting caught up in the hype. Because as gold and silver have been doing quite well, there's a lot of noise, I would call it, about platinum and you've got to be investing in platinum. Platinum's a sleeping giant and all that kind of stuff. Well, yes, it is potentially a sleeping giant, but potentially is the word because we haven't broken out through this evidence cluster yet. This is where we use science and mathematics to keep us on the right track. It's just like using GPS on your on your smartphone to to work out where where the heck you are when you're walking in an unfamiliar area. Well, this is our GPS. This shows us where we are. It shows us that platinum is not outperforming gold. There's no reason to want to to be buying or investing in platinum at the moment because there's no evidence that there's an imminent uh period of outperformance for platinum versus gold. I mean, every time that this ratio chart starts to move up towards the resistance line, you could have got trapped into thinking now's the time to earn platinum. Well, the chart's just gone down. Each time it's hit that resistance line, it's gone down again and ends up making new lows. Which means that if you had have bought platinum, you'd have lost out massively compared to if you bought gold because the chart plunging means that platinum is underperforming gold. So when it when we get the evidence, when we get the scientific evidence, which is all that matters, doesn't matter what people say. The narratives and the I call the fairy tales, they they don't matter because it's just what people say. It's just noise. The truth is the price chart. And the further away you move from the price chart, the more likely you are to be misled by fundamental fairy tales. The fundamentals very often are fairy tales because they they don't matter until they move the price chart. Fundamentals for Bitcoin supposedly are brilliant, but it's fallen 50% over the last whatever it is, six, seven, eight, nine months. You know, why do you why do you want to be in something that's fallen 50%? Same I mean, you can say the same thing for for gold and silver. you know, had you wanted to if you wish to take profits, then that's what traders do. Obviously, the long-term positions in the TNS and the DPM continue because the entries were all the way down at $1,823 for gold and $23 for silver. It's a much different time frame. It's a different mindset for long-term investing and stacking, but for trading, then you wait for these signals. And when you get the into a position where you're historically stretched from moving averages and you start to break down, then that's when you close your trades. That's when we close the the trades in the miners when they hit the profit limits.
Okay. So, moving down to copper. So, the base metals have been looking pretty good lately. And this is, you know, gold is correcting, but if you look at this chart for copper, it's not really correcting particularly, is it? I put put the line chart on and you can't really see a correction going on there. Okay, it slowed down its its um upwards move, but the upwards move is still taking place and we've got an $8 target for copper. So, that is why the uh ratio chart for gold versus copper is falling. Gold is underperforming copper because gold is correcting and and copper well isn't um at the moment anyway. The miners have had a little bit of a correction. They still look to be in a slightly corrective phase here and could well move lower a little bit. So, there's been a big upside move here for the M copper miners. But if we look at copper miners versus gold or gold and silver miners versus copper miners, put this on the weekly time frame, you can see this ratio now is starting to move down. So what that means is that well when the ratio goes up gold and silver miners are outperforming copper miners and when the ratio goes down it's telling you that gold and silver miners are underperforming copper miners. So that's a weekly breakdown. So we're now favoring copper miners over um gold and silver miners. Well Azer is primarily gold of course. So that we'll keep an eye on. I see the stock RSI is quite low here. you might expect it to start moving up and therefore for the ratio to move up. But if we pop it on the monthly time frame, you can see that it could take a little while yet as it did back in 2017. There the monthly stock RSI when it got to this low point here in January 2017 was still quite early on in the in the decline on the ratio. So when you it's important to zoom out look at the bigger time frames and on the daily daily time frame there it looks as though the stock RSI has actually turned down again. So on the on a daily time frame, it's suggesting potential downside. Okay. And the same sort of thing can be said for the other base metals there as as with copper. It's the same sort of story and you can look at last week's market roundup podcast. Nothing has changed in terms of the guidance on those at the moment.
When I look at uranium, it's one that gets quite a lot of attention. And just to remind you that the Globalex uranium ETF has reached its target that we identified a while back and is still in its corrective phase. This on the monthly time frame here, we could well see the stock RSI doing a full monthly reset sometime in maybe August of this year, July, August, even into September. But once that happens and assuming the arc holds the price and we don't go much below about let's say uh where are we there 35 we're at 45 at the moment, a pullback to 35 is is okay, anything less than that we'd be in trouble but we haven't got lots of uranium miners in the um t in the SRS at the moment for this reason we're waiting for the evidence and the evidence partly comes from uranium miners versus gold. So this is yet another example of how the ratio charts have have saved us from making mistakes and and there other sort of TA services if you like um we'll be quite heavily invested in the uranium miners but when they're not outperforming gold again, you know, the question is what's the point? I know we've got uranium miners and uranium in the DPM. Well, that's as a result of the mechanical comparisons between uranium and a whole range of other stuff on a monthly time frame. So that's completely different rule set. But when it comes to trading, you don't really want to be trading anything that's underperforming gold and silver in a gold and silver bull era. Might as well just be holding gold and silver. And then the idea is that you you trade stuff as it breaks out versus gold and silver because you know that it's going to have you then know that it's going to have that period of outperformance that you're looking for. So this uranium miners versus gold um ratio chart shows a nice expanding wedge pattern with a false breakdown here. Now usually false breakdowns uh resolve with quite a large upside move. So the expectation is that either later this year or early next. This is going to reverse quite strongly to the upside, break through the horizontal resistance zone and follow the green arrow. Well, are signed to be getting quite sort of interested in the uranium miners and and putting some of these uranium plays in front of you and doing doing UK casts uranium podcasts that s that will be triggered once we start moving above that first red resistance line there. That's when I'll be doing uh you are uranium podcast for for you newcasts. I know some of you have been asking for them already but it's it's really a bit of a waste of my time and yours until we have the evidence that we're starting to get an early stage breakout that we got loads of time to pocket the gains from this huge move. Assuming it comes and assuming we break out above that horizontal resistance zone. This is the beauty of technical analysis because you might be convinced that that green arrow is going to play out. But we're not going to be in it trading it until or unless we break through the area of evidence, the scientific evidence. Don't care about stories and the fairy tales and the narratives. They they can just keep on going and keep on going and keep on going because if this ratio chart doesn't move through that red circle, none of that matters. Okay? I just want to get you in that mindset to move away from the fundamentals, move away from the narratives and the stories. Fundamentals can be great, but it doesn't mean that the price is going to go up anytime soon. Fundamentals for gold and silver were great for years and years and years, but the price just went down and down and down for years and years and years. So, you know, fundamentals don't necessarily tie up with uh the price action. The price action is a representation of the aggregate view of all of the market participants including those who move the market. You know, the uh investment banks, the bullion banks, the the whales, if you want to call them that, the the big account holders, the big hedge fund managers and all that kind of stuff, you know, they they know stuff that we don't. So paying attention to that and how it paints the chart is the the only place you're going to get the real clues as to what's going on.
Um, the soft commodities are all a bit of a a bit still a bit of a a mess at the moment. Uh, sugar is not doing anything exciting. And if we look at sort of wheat, there's been a breakout but now it's pulling back and back testing. If you look at oats, the same sort of thing tried to break out there through those red resistance lines but didn't. And the same can be said for for the other commodities as well.
Moving down through uh well, we'll take a quick look at one of the Bloomberg one of the commodity indices, the Bloomberg commodity index there. And that's back testing a potential support level. Looks bullish though because it's above the moving average. It's above the Ichimoku cloud. And the CRB index also looks bullish for the same reasons. It's above the um moving averages. It's above the Ichimoku cloud there. It's above that red breakout line from the channel that it was in. So yes, it's back testing, pulling back, but overall in terms of the big picture, then we're still going to be bit um bullish in terms of the big picture.
Now oil is doing what we thought it would. Uh, so I'll just put it the line charts on so you can see a bit more clearly. What we thought was going to happen well after this false breakdown was that we'd get a breakout through the resistance levels and that happened quite a long time ago back in 2022. Hit the resistance zone and then over time it became clear that we were forming this bullish wedge sitting right on top of the former resistance lines which of course now are support. So what happens when you get a breakout from this declining resistance line here? You see it's steeply declining. And remember what I said before, breaking out through a steeply declining resistance line doesn't mean you're going to the moon. It just means that you're going to see the price seeking out the resistance level. And the resistance level again is this shaded zone at the top here, the initial target zone. So we've we've done step one of this process. The next step is to consolidate. And we should be consolidating above the sort of $74 area. I think there's some horizontal support and resistance in this zone here. So I think we should remain above the $74 area regardless about you know, we're not trading this at the moment trading oil. We've got some oil plays of course in the uh in the SRS and with oil [clears throat] trading above $74 or so, we don't have any major concerns with that. So the expectation is that we're going to see a consolidation correction in this orange box here before at some point in the future, perhaps next year, could be next year, a uh breakout move through the initial target zone. And the reasoning for this is quite strongly tied in with the fact that or with the thesis that we're in a gold bull era because in a gold bull era gold goes up, silver goes up, copper goes up, base metals, commodities, energy and oil. So oil rises by hundreds of percent in a gold bull era. At least that has always been the case unless for some reason this time it's different. But so far the chart isn't saying this time is different.
Looking at the US dollar index, we have some important this is this is an important decision coming up because the US dollar index has been in this channel for how many years? Well, going all the way back I suppose you could say to about 2007. So nearly 20 years. And each time we hit the resistance level at the top price comes down, tests support. Well, the way I've drawn this chart at least shows that we've broken just slightly below that support level. And uh having just broken below that support level, we've developed this little rising wedge pattern. Now, from a technical point of view, the most likely outcome, I'd have to say, is that we get a reversal here and it breaks to the downside perhaps. Uh, I suppose in a in a month or so's time, maybe a couple of months' time, that would be the sort of time frame where you'd expect this to start moving back down again. But what I will say is that if we get back above these red lines, then that downside scenario is taken off the table. And if we get above these uh this support zone here, then what's happening is that um the US dollar is broken to the upside and is quite likely to move back to the let's say 112 area. That scenario opens up if we can get back above these two red support lines or they're now resistance lines in the region around about 101 to 102.
Uh, the S&P, the stock market is something we need to look at in detail as well of [clears throat] course and what I said is that we're in a meltup position here because the price has broken to the upside from a rising wedge and we have broken out through this green or above this green rising red what was a resistance line is now acting as support. So, as I've said, above the green line is meltup, which means we can look at the potential for a move all the way up to, you know, is well, possibly towards the 9,000 area, but we've got a potential trade setup there that has a profit limit at 8713. The stop loss is at 7014. So, that's the potential trade if you're wanting to try and trade that meltup move, which is, you know, fine if you're using um risk and money management protocols uh and you have your stop loss and you observe your stop loss. So, that's all good. Uh, as long as we don't move below the 7,230 area, then uh then it's all good. If at some point we move below 6,960 area, then we've got a problem. and that would you know open up the possibility or probability of a move towards the 6,100 area. The NASDAQ similarly has broken out and has back tested that breakout. So that is also in a potential meltup scenario. So as long as we stay above those levels, above those breakout lines, then we still remain in an environment where the stock markets can do very well over the coming uh several weeks, if not months or even longer.
Cryptocurrencies uh not looking great. You'd have to say this is this is Bitcoin here on the weekly time frame. And on the weekly time frame, if I just put the line chart on, you can see this topping pattern that took place. Clear breakdown started to show clear signs of a breakdown as we move below 109 and then 100,000 and processes just continued below the moving average, below the Ichimoku cloud and now on this key sort of resistance area that I've drawn this red line, we seem to have dropped below it and if I zoom right in on the well, we'll start with the daily time frame, we have are forming what looks like some sort of a wedge pattern just below where I've got that red what was support and is now probably more like resistance. And if we go in on the 4-hourly time frame, you can see more detail on that. And that to me looks more likely to break to the downside than the upside. It looks like a a wedge pattern, sort of bearish wedge pattern in an ongoing downtrend. And so if that was to break to the downside then the immediate target would be the measured move target which is from there to there and then you put that on the downside break. So the the immediate target would be somewhere around about 50,000. So if we break below let's say 61,000 then the target becomes becomes [clears throat] around about 50,000.
And Ethereum is in a similarly sort of precarious position. Again, you can draw this sort of wedge pattern that's forming. Of course, if it breaks to the upside, then that's that's fine. And the downside scenarios are off the table. But if you zoom out on Ethereum onto the weekly time frame, what you see is we've already broken badly below the support zone on this rising wedge pattern. So, the theoretical near-term target because of that is around about $1,100. You can see the stock RSI on the weekly time frame here is still looking bearish. So, overall, my sort of central expectation for Ethereum there would be a move down to 1100. What happens after that would remain to be seen, but any break below that area and 400 becomes the target. But we're not thinking about that at the moment. I think for the time being, as long as we're below that support zone, then 1100 is the target area.
Um, and then there's nothing else really to to update on the rest of the charts, they all are giving the same signals as on last week's market roundup podcast. So, there's no need to go over all that again. um the main sort of change points of change or points of decision I've mentioned there for you. So I hope you're finding that useful and uh helping you stay on the right side of the markets and I hope you have a great a great weekend and uh lots more of course coming next uh next week with um of course SpaceX launched uh yesterday as well didn't it with IPO and moved up quite substantially on its first day. It's going to be very interesting to see how that plays out next week and uh how the potential stock market meltup uh develops over the coming few weeks. Okay, that's it from me for now. As I said, enjoy your weekend and I'll speak to you again soon. Bye-bye for now. [music]