08:15am CET (07:15 UK time)   Busy day at home today with the builders in again and some trader friends coming over this afternoon. Any trades I have during the day will be outlined here as they develop.

My daily S&P 500 chart shows an overbought situation together with the fact that during yesterday’s trading session the price failed to rise above the 2090 resistance level so we may see further moves down as traders have run out of reasons to be bullish – a move down past the 2075 level may trigger further losses but tonight’s FOMC meeting minutes at 7pm UK time may reverse any early losses as commentators search through the rhetoric to find clues as to when the imminent rate rise will actually occur.  European equities had a bullish session yesterday on the back of encouraging services PMI data for last month which came in at its best level for nearly a year and lower Euro and crude oil prices and euro helping exports and reduce purchase costs but France does continue to concern traders as it lagging slightly behind Germany and a few other EU members.

U.S. Crude oil markets hit the $54 resistance level again during yesterday’s session as this week’s stock numbers at Cushing which are released later this afternoon are expected to show a slight fall together with expectations that the Iranian deal is not going to have much impact to crude production until well into 2016. My daily WTI Crude chart is well overbought and shows that any move this week below the $51 level should trigger a further move downwards.

Market Close Tuesday 7th April 2015:   Dow Jones 30  -5.43 @ 17,875.42  S&P 500  -4.29 @ 2,076.33  NASDAQ  -6.90 @ 4,344.08  FTSE 100 +128.31 @ 6,961.77  UK AIM  +7.10 @ 722.35  DAX 30 +156.13 @ 12,123.52  CAC 40 +77.05 @ 5,151.19  IBEX  +96.50 @ 11,730.50   Nikkei 225 (Today)  +137.01 @ 19,777.55  Hang Seng (currently)  +674.79 @ 25,950.53

All times below are CET (UK Time +1hr)

09:00am   Nothing much happening on my charts so far today so off for a quick cycle ride to stretch my legs.

10:35am    Possible UTB pattern setting up on my S&P 500 chart.

11:05am    The UTB on my S&P 500 chart has just triggered so I am in a ‘short’ position with a 28 pip stop loss.

13:30pm    Going into town for lunch and as my S&P trade is not really going anywhere I’ve set my stop loss at break even and put a target at +28 pips.

15:55pm    Just got back from town and I can see my trade was stopped out which surprisingly I am quite pleased about (I can never really bring myself to get worried about losing trades…)  as it gives me an opportunity to show new traders who are trading my various strategies the danger of trading around the U.S. trading session open.  When I entered my trade the S&P 500 was showing strong signs of a downward movement and for a few hours it did gradually trundle south but as soon as traders got to their desks in New York and Chicago, the index has quickly reversed and shot up at an alarming rate