09:20am   I am away from my charts today and after a long weekend break I will be back trading next Tuesday.

Market Update:

U.S. markets fell by Thursday’s close last night on news that President Trump is going to introduce trade tariffs for imported steel and aluminium, the Dow Jones 30 index initially moved up around 150 points but as news of the import duty began to emerge the index dropped dramatically and eventually closed 420 points down at 25,029.20 (-1.68%) and the wider S&P-500 index was down by 1.33%.

The overnight Asian market also reacted to Trump’s forthcoming 25% Steel and 10% Aluminium tariffs, most indices closed in negative territory with the Japanese Nikkei-225 leading the losses by closing down 2.5% with car makers who are large users of steel and aluminium amongst the largest casualties of the U.S. decision although tech stocks also suffered across the region.

European markets are also seen to be negatively affected this morning with most of the regions indices posting initial declines, the UK’s FTSE-100 has struggled for most of February to regain the losses in January but has once again declined from its 20-week moving average this week. The oil markets are still declining on higher U.S. stocks this week, WTI Crude fell just 21 cents to $61.22 by the close last night although it did touch $60.00 during the session before reversing at this ‘Big’ number. This morning the sentiment is bearish and seems to be heading back down to this possible support level so watch for trading opportunities.