08:15am  Not sure how much chart watching I will get in today as we are off around lunchtime for a long weekend break until Monday night. If I do manage to take any trades they will be detailed below in my Trading Diary

Market Update:

Despite a volatile Thursday trading session in the U.S. the major indices closed again at record highs and futures markets at the moment are pointing to further buying as traders bet on earnings continuing to come out better than expectations. Late in the day the U.S. Senate passed a budget proposal which is going to allow the  Republicans to move closer to their planned tax reform and this has had a positive effect on markets and contributed to a  general upbeat bullishness during the overnight Asian trading session where virtually all the main markets closed ahead.

European indices are also looking fairly optimistic this morning despite the looming issues in Spain over the proposed Catalonian Independence, most bourses have spiked up in early trading and this in turn has sent the value of Gold tumbling down once again. It closed last night at $1289:80 but is now sitting at $1280:90 and heading swiftly towards its 200-day moving average at $1266:00 so watch for a reaction if it does fall that far today.

Oil traders indulged in a bout of profit taking yesterday after four straight sessions of gains which saw the U.S. benchmark WTI Crude rise to a recent high of $52:24 but then fall back to a close last night of $51:29. There could be some further falls today as the price heads towards to 20-day moving average at $50:90 so watch for trading opportunities at this level.

Trading Diary:

11:55am   I’ve been watching my charts on and off for the past few hours and no trading opportunities have popped up on my list of six favourite charts so I am switching off my screens now and going off for a long weekend break – back here next Tuesday.