07:25am   Just analysed my collection of charts and sent out the daily ‘Trading-Guidance’ email to subscribers so that’s my chart watching done for the day now – it is Non Farm Payrolls announcement day on the U.S. so I will not be trading today.

I am away on holiday early tomorrow morning and I will be back trading on Monday 18th July.

Market Update:

The overnight Asian trading session closed mostly down this morning on lower oil prices and also traders adjusting their positions ahead of the U.S. jobs data which is released in around 6hrs time. Crude oil values plummeted yesterday on news of growing stockpiles in the U.S. and this is especially concerning for traders as the U.S. ‘driving season’ is underway and demand is at its highest ahead of the autumn lull, but stocks are not dropping leading commentators to believe that a glut will build up as we go towards the end of the year. U.S. WTI Crude closed down $2.66 at $45.17 although it is slightly higher at $45.49 currently with the daily chart quite oversold.

U.S. markets ended their session mostly down and this sentiment has transferred to the European open this morning where the main indices have begun in negative territory although the FTSE-100 is showing signs of bullish movement in the futures market.

The monthly U.S. jobs data release is a week late as Non Farm Payrolls is normally on the 1st Friday of the month but figures will be out in around 6hrs so expect markets to be fairly quiet in the run-up to the announcement. The jobs numbers are expected to be fairly positive after May’s disappointing figures but this has been factored into equity prices to a certain extent this week so market direction is still anyone’s guess.