09:45am  Slightly later than usual ‘Market Update’ this morning as I have already been out for an early morning run but apart from some cycling I shall be at home for the rest of the day and if I find any trade opportunities I will detail them in my Trading Diary below.

Market Update:

Yesterday’s U.S. trading session closed at record highs once again with the S&P index of the top 500 companies having its best start to a year since 1987.  There is a certain amount of optimism for the forthcoming corporate results from financial companies such as JP Morgan Chase, Wells Fargo and Black Rock later this week and plane manufacturer Boeing was one of the best movers in equity markets by the close last night and finished at an all time high.

The overnight Asian trading session closed a few hours ago broadly mixed and most indices closed slightly lower despite a strong Wall Street ending although the Chinese Hang Seng index closed up 114.74 points at 31,126.15 which was it twelfth session in a row that it finished in positive territory and is now getting close to its highest point which was reached in 2007 at 31,958.41.  The falling Gold price helped drag down the mining sector in Australia as well, the commodity dropped by $7.50 to $1312.70 last night but has now staged a bullish price reversal off its 20-day moving average in the past few hours.

Oil prices have reached their highest level since 2014 although Oil Traders are gradually unwinding their long positions as the market is still being perceived as overbought. Brent Crude rose 91 cents during yesterday’s session to close at $69.14 on continued OPEC production cuts but monthly, weekly and daily charts are all indicating an overbought situation so we could see some profit taking as we go towards the end of the week.  Brent Crude has a minor support/resistance line at $68.25 so that may well be a first target on the way down.

Trading Diary:

11:40am   Nothing to report so far on my collection of favourite charts, I am off for a cycle ride then a late lunch. Back in front of my screens this afternoon.

16:05pm   Been back home for a few hours now but still no interesting trade opportunities on my charts so switching off my screens for the day – back here early tomorrow morning.