08:30am    My plan was to be at home doing some trading today but I am moving house next week and I have a heap of legal stuff that needs to be finished by tomorrow afternoon so I am taking two days off from the charts and will be back next Monday.

Market Update:

The main market news this morning comes from the U.S. where equities have rallied and reached new highs on growing optimism for the American economy under the leadership of Donald Trump.  Traders and investors are seeing that the new president is following up on his election promises and is now signing a whole raft of executive orders that are seen as benefiting the economy as a whole.  The S&P-500 closed up 0.8% at 2298 and after the overnight Asian session the futures are sitting at 2300.08 and the Dow Jones is equally as bullish this morning after surpassing the 20,000 level last night.

The Asian session earlier this morning was equally as optimistic on the back of the U.S. stock performance with Hong Kong and Japanese equities up over 1% in bullish trading with the main Chinese Shanghai Composite coming in at +0.31%.  European markets have started today’s session on a fairly bullish note despite ongoing concerns over Brexit and the Euro with healthcare and banking shares leading the upward move.

Crude oil prices are trying to rise and are partly succeeding as the U.S. Dollar weakens but there does seem to be a ceiling for WTI Crude values around the $53.50 level. Worries over growing stocks and the validity of OPEC’s production curbs are stopping traders from buying into small rise, watch your charts for more retreats from this small resistance level.