08:10am   Instead of chart watching to day it has been decided a family day out at the coast would be more preferable so my trading for the week is now finished.  Back here next Tuesday after the bank holiday break.

Market Update:

U.S. equity markets closed slightly down last night despite good results from the retail sector, traders are still wary of taking large positions ahead of today’s Jackson Hole meeting of global central bankers so there will not be much movement in the indices until later tonight after various press conferences have been held.  The overnight Asian market looked more optimistic though and all major bourses finished ahead on the day with the Shanghai Composite coming in as a clear winner at +1.45%. There was no clear drivers of this bullish sentiment but traders report a general feel of optimism for the 3-day meeting at Jackson Hole as central bankers have a chance to talk to one another and hopefully agree on a common theme for the world economy.

The oil market is looking more bullish overnight as Hurricane Harvey is approaching the main oil production area in the Gulf of Mexico bringing potential supply disruption to Crude Oil stocks. U.S. WTI Crude oil dropped 74 cents yesterday to close at $47:60 after touching a daily low of $47:04 but is slightly up at the moment at $47:71.  Gold has been moving mainly sideways this week after touching a recent high at $1300 last Friday, yesterday’s session ended negatively but the daily chart is showing some bullishness this morning. Current price is $1286:65 and is expected to rise slightly through the morning.