07:05am  ~  An early start today as myself and a few friends are taking some of our cars upto Norfolk for a trackday  - back late afternoon/early evening.

As you can see from the market close figures below, there is a sea of red numbers as all the major indices ended down yesterday and the overnight Asian session is broadly down as well. Traders are starting to believe that U.S. interest rates are going to rise earlier than was previously imagined, maybe as soon as the next few months and apart from helping the value of the Dollar, it is causing equity traders to question whether the indices are now at a high enough level and profit-taking is the order of the day.  There has been a raft of reversal candles on the S&P and Dow Jones daily charts over the past week or so giving weight to the idea of a move downwards until a few world problems are sorted – namely the situations in Ukraine, Syria, Libya and Iraq together with the Scottish referendum and looming recession in Europe where Germany seem to be propping up the rest of the EU region (as usual).

Continued perception of falling demand for oil meant WTI Crude ended down yesterday at $92.76 although we have crude inventories data out later today so commodity traders will have some definite numbers to trade on – over here in the UK we have Brent Crude also in a bearish trend and very close to the strong support level of $98.70, a level we last experienced in April last year. Watch out for bargain hunters around this level moving the market upwards.  Gold yesterday formed a reversal candle on its daily chart during yesterday’s trading session and finished slightly up at $1256 but with the stalled bullish trend in equities we may see a move up in the near future – support at $1240 and resistance around $1272 are important levels for trading for the rest of this month.

Market Close Tuesday 9th Sept. 2014:  Dow Jones 30  -97.55 @ 17,013.87  S&P 500  -13.10 @ 1,988.44  NASDAQ  -33.58 @4,061.88  FTSE 100  -5.77 @ 6,829.00  DAX 30  -47.33 @ 9,710.70  CAC 40  -22.56 @ 4,452.37

Daily Target  +20 pips

Pips Achieved – No Trading Today