09:05am   After a short break away I am around the house for most of the day so any trades I have will be reported below.

Market Update:

The weekend meeting of major oil producers failed to come to any concrete agreement to lower production levels and this had an adverse effect on most markets yesterday as the trading kicked off for a new week although crude oil prices have levelled off now and this has had a positive result in the U.S. last night as well as the overnight Asian markets.

The S&P500 ended Monday’s session up 13.62 points at 2094.34, above the previous support resistance level of 2082 which is fairly bullish and the futures price this morning is close to the previous high of December 2015 of 2106 which it should hit later today – so watch out for a bearish reversal at this point, a possible trading opportunity.

The crude oil price has settled down after the volatile moves early yesterday and WTI Crude is back at its 200-day moving average this morning ($41:65 currently) after going as low as $37:62 during Sunday evening’s Asian session. This positive sentiment across oil and equity markets should be having a negative effect on the Gold price but this morning it is already up $8:90 on yesterday’s $1232:30 close.

Trading Diary:

10:35am   Nothing much to get excited on my favourite charts so far this morning, so I’m off for a cycle ride now – back around midday.

12:30pm  Just keeping an eye on my Brent Crude chart where there’s a bearish UTB pattern that could possibly trigger if the price drops below $43:70 in the next 15 minutes without climbing too high.

12:40pm   Now in a ‘short’ Brent Crude position with a 16 pip stop loss.

12:55pm    Out to lunch now, stop loss on Brent trade still at 16 pips but no target for the moment.  I will see how it’s performed in an hour when I am back.

14:15pm   Back home now and my Brent position was doing ok so I’ve closed it off at +58 pips. Happy with the day’s profit so no more trading for me today – back in front of my charts tomorrow morning.