08:40am  As it is Non Farm Payrolls Day once again I will not be in front of my charts today but I should be back on Monday depending how the weekend goes.

Market Update:

Once again I find myself reporting that U.S. equity markets have reached record highs and the main driver for this is still the perceived effect on companies bottom line in corporate America following President Trump’s tax reforms plus yesterday’s encouraging jobs data which will be confirmed today with the Non Farm Payrolls numbers.. The Dow Jones 30 index closed above 25,000 for the first time ever (+152.45 points) and the S&P-500 and Nasdaq also reaching record highs with IBM, Dupont and General Electric all rising over 2% by the end of the session.

The overnight Asian trading session was equally as optimistic with the Nikkei-225 index reaching a 26-year high at 23,714.53 (+2018.20) and the South Korean Kospi Index rose on good performances by Samsung and the car manufacturing sector plus news that North Korea is willing to talk about participating in the Winter Olympics. Gold is continuing its climb upwards, it finished yesterday’s session at $1322.40 (+$8.80) although profit taking has brought the price down to the $1317.50 level this morning as many traders are talking about the overbought nature of Daily and Weekly charts.

Oil prices are still been held up by OPEC production cuts global economic growth which fuels consumption and Brent Crude, the worldwide benchmark, has risen over 10% since the beginning of December although many commentators are unsure of this bullish momentum carrying on through January. Brent hit a 2-year high yesterday at $68.25 although signs of a bearish reversal are now emerging and we could see a move down to the support/resistance level at $67.00 in the next few days.