07:30am  ~  I’m back at the cottage in Suffolk for a few days before going to Puerto Pollensa for the rest of August and today I have a few errands to sort out plus a tennis match later this afternoon. I shall also be here in the study for part of the morning doing emails and Skype calls.

The markets are expected to bounce back today after Friday’s sell-off prompted by worse-than-expected jobs data from the U.S. and we will be able to see whether the support level at 1916.50 that developed on the S&P 500 will hold – the Dow Jones 30 had a similiar support at 16,440.  Traders and investors speculated that lower than expected job creation for July would delay the Fed’s interest rate rise which caused a rush out of the U.S. Dollar, so the EUR/USD forex pair price jumped 33 pips to end the week at 1.3422 and Gold also faired well as an alternative investment, it rose almost $10 on the day, finishing at $1292.20.  Even though Thursday’s losses were virtually all cancelled out, it does still seem Gold has entered a bearish period and we are now looking at $1276 as the next stopping-off point.

WTI Crude fell through the $99 support level on Thursday last week and Friday’s session did not see any type of concerted buying to bring the value back up and short-term worries over the U.S. economy will no doubt keep the value subdued this week, although I have just noticed that there is a renewed support level at $97 which it hit on Friday so there maybe a small correction upwards from that.

Market Close Friday 1st Aug. 2014:  Dow Jones 30  -69.93 @ 16,493.37  S&P 500  -5.52 @ 1,925.15  FTSE 100  -50.93 @ 6,679.18  DAX 30  -197.40 @ 9,210.08   CAC 40  -43.36 @ 4,202.78

09:55am  ~  As usual the markets take a while to settle down at the beginning of the week so there’s not much to get excited about with my charts so far this morning, so I am going off for a cycle ride north along the beach for an hour or so then back here before lunch for some more emailing.

13:05pm  ~  Nothing to report on the trading front, it’s now lunch then tennis.

17:30pm  ~  Back from tennis and going to switch on my MT4 charts to see what’s happening with the S&P500 and my ‘evening’ system.

18:15pm  ~  Been watching the S&P 500 chart for 30 minutes or so and I can see a possible ‘long’ trade setting up.

18:25pm  ~  I’m in the market with a 12 pip stop loss, around normal for this type of trade.  We are off out at 8pm so it will be a fairly quick trade.

19;40pm  ~  The S&P price is still advancing quite well so I’ll probably stay in until I have to go out.

19:55pm  ~  That’s it — I am out of my S&P position with a +91 pip profit.

Daily Target  +20 pips

Pips Achieved  +91 pips