08:05am  ~  Today I shall be away from the markets as myself and three trader friends are driving down to Whitstable in Kent this morning for an Oyster lunch.

The market close figures below show a sea of red once again and this is due mainly to profit taking after the main U.S. indices had hit record highs last week although selling of healthcare stocks did dent the Dow Jones yesterday as well – many trader believe the markets are just too high at the moment if you take into account slowing economies and geo-political risk.  There had been previous resistance at the 17145 level on the Dow Jones and yesterday we saw it move straight down through this point so it may still be valid, today’s trading may give us a clue so watch out for reversal candles for a move down when it reaches this level. Over here in Europe there were mixed results from PMI numbers that were released during the morning session and this will put further pressure on the European Central Bank to increase their stimulus — it caused a small rally in the Euro although it settled back later in the day to finish broadly flat on the day.

The WTI Crude price rose yesterday on news of U.S. and various Middle Eastern allies starting a campaign of airstrikes which the market took to mean there will be possible disruptions to supplies – the price seems to have formed a fairly definite support at $90:40 and the next few sessions will show if this is going to hold – watch out for ‘long’ opportunities if the price does go back to this point at any time this week.  Gold’s fall to its $1180 support level was briefly halted yesterday as news of the airstrikes against IS caused a buying spree as investors looked for a safer place for their money, it ended up $8:50 at $1222:50 although it did reach a high of $1235 before a raft of profit taking clipped the rise.

Market Close Tuesday 23rd Sept. 2014:  Dow Jones 30  -116.81 @ 17,055.77  S&P 500  -11.52 @ 1,982.77  NASDAQ  -9.66 @4,051.57  FTSE 100  -97.55 @ 6,676.08  DAX 30  -154.51 @ 9,595.03  CAC 40  -83.20 @ 4,359.35

23:40pm  ~  I returned back at 8pm but did not look at any charts this evening – so no trades to report.

Daily Target  +20 pips

Pips Achieved    No Trading Today