08:10am    Just chart watching this morning as I am off to London after lunch for a few days, any trades I have will be reported below.

Day off from trading tomorrow but back here on Friday for the last trading day of the month.

Market Update:

U.S. markets were in a bullish mood yesterday with the Dow Jones 30 index closing up by 232 points on encouraging earnings news plus renewed hopes for Trump’s new tax policies and the tech-heavy Nasdaq ended the session at 6025, the first time the index has closed above the 6,000 level. The S&P-500 index closed at a one month high (2388) and is now looking at the 2400 level – the next resistance point which was hit at the end of February.

This optimism has spilled over to the overnight Asian session, most bourses in the region ended positively including the Japanese Nikkei-225 which was the best performer at +1.10%.  Gold fell during yesterday’s session by $12.50 amid equity buying and touched a small support/resistance level at $1260 before rising slightly, the daily chart is quite oversold so you could expect some buying as bargain hunters emerge today.

Wednesday is Crude Oil Inventories day in the U.S. and the expectation is for a very small fall in the stock situation which could result in a slight rise in the value of WTI Crude – the price is also oversold and currently sitting on its 200-day moving average so there could be a trading opportunity for bullish traders.

Trading Diary:

09:30am   Nothing much happening on my collection of favourite charts at the moment so I am off for a cycle ride in the rain.

11:20am     I have just entered a ‘short’ position on my UK Brent Crude Oil 15-min chart, it’s a UTB Price-Reversal pattern and my stop loss is just 14 pips – I do not envisage being in the trade for a long period of time as we have U.S. Crude Oil Inventories later this afternoon and with it the normal price volatility.  Interestingly, the same pattern has just occurred on the 30-min chart which usually makes it a stronger opportunity.

12:50pm   I am now out of my Brent position as I am off to the railway station in a short while. The trade managed +30 pips and although it looks as though it could fall further I am happy with that for the day’s profit.

As mentioned above, it’s a day away from the charts tomorrow for me but back here on Friday morning.