09:55am   Slightly later than normal start to my chart watching this morning as I have been out for an early morning cycle ride. My plan is to be at home for most of the day so any trades I take will be detailed below in my Trading Diary.

Market Update:

U.S. markets ended mixed as traders start to adjust their positions ahead of today’s Federal Reserve interest rate decision. The Dow Jones Index closed just 1.58 points down at 25,320.73 whereas the wider S&P-500 was up by 4.85 points at 2,786.85 as markets closed and this morning there is no real buying momentum, the price is still around the same level. A quarter point rate rise is already largely priced into the market, so markets should not fall by much although there will be some volatility as the announcement is made at 7:00pm UK time.

The overnight Asian markets closed mainly lower as traders took their concentration away from the U.S./North Korean summit and onto the looming U.S. rate decision. The only main index that finished ahead was the Japanese Nikkei-225 which closed up 88.03 points at 22,966.38 with shipmakers, property companies and car manufacturers leading the move up. Markets in Indonesia and South Korea where closed for a national holiday.

Oil markets are declining on concerns over greater supply in the coming months. Brent Crude fell $1.08 during Tuesday’s trading session to close at $75.32 and is largely at the same level this morning and looks to be going down to the 50-day moving average at $74.70 where we may see a price reaction/reversal.  The Gold chart is still looking fairly bearish and is still seeing resistance from the 20-day moving average, it fell $3.80 yesterday to close at $1295.53 and it has slipped further this morning. Gold traders are waiting for the FOMC statement later today with the interest rate decision to see if there are clues for future rate adjustments.

Trading Diary:

11:10am   The markets in general have been quite volatile this morning with no real direction but the UK FTSE-100 has broken out to the upside and triggered a ‘long’ Master-The-Trend trade. I am in the trade myself with a stop loss of 13 pips, it’s a Strategy-B pattern.

11:55am   I have just taken a quick +24 pip profit from my FTSE position as I am off out of the house for a few hours – happy with the score of +24 pips.

14:20pm    Back home and just had quick look at my collection of favourite charts and there’s nothing much to get excited about as the U.S. trading session gets going and traders await the weekly oil inventories number and the FOMC rate decision so I am bowing out gracefully with my small profit. I shall be back at the same time tomorrow.