08:25am  ~  After a successful trading day yesterday, I shall only be in front of my charts for a limited time today as I have two building projects starting next week so there’s a fair amount of sorting out to do today.

Technically the Dow Jones index seems to have formed a support level around 16200 which had been a resistance back in February and also November last year, so we may see a move upwards from here. The US economic data was disappointing across the board yesterday with the GDP figures, unemployment claims and pending home sales all coming in weaker than estimated, but it would seem that traders shrugged off this raft of below-par data and have decided that there is still hope in the short term for the largest economy in the world. The S&P500 formed a spinning top on the daily charts yesterday around the same level of the early January highs – resistance become support maybe ?

Over in the energy market, WTI crude prices posted another decent rally, gaining $1.03 to $101.34 with the geopolitical tensions definitely lending a helping hand as US President Barack Obama said the crisis in Ukraine may get worse and sanctions on Russia could now include oil and gas.

22:40pm  ~  No trading for me today, I have spent most of the day with builders.