08:30am   No chart watching for me today, it is Non Farm Payrolls in the U.S. so markets will be quiet this morning and volatile this afternoon so I prefer to stay away. I will be back in front of my screens next Tuesday after a long-weekend break.

Market Update:

U.S. markets moved slightly higher yesterday although there seems to be a feeling amongst traders I speak to that the bullish sentiment that pushed prices higher in October could be waning slightly.  The S&P-500 closed up by just 0.02% at 2579:85 and is currently sitting at 2580:90 in futures markets with a possible move upto Wednesday’s high of 2587 before another move down.

The overnight Asian trading session was quiet as Japan is on holiday and most markets moved sideways and ended mixed as traders digested news from the U.S. tax reform proposals and the new Federal Reserve chairman.  The European open is more optimistic though and most indices in the region are showing gains this morning ahead of the U.S. jobs report in a few hours.  Gold was up yesterday on declining U.S. yields but there has been some profit taking during the Asian session as the price reversed around the 20-day moving average at $1280 and price is suggesting a move down now to the 200-day moving average (chart already sent out to subscribers.

Oil is continuing its move up and U.S. WTI Crude is once again close to the $55:00 resistance level, it’s currently sitting at $54:81 so watch for a price reversal at resistance when we could see a move down to the support/resistance level at $53:75.