Trading Diary & Market Update ~ Wednesday 4th October 2017

08:30am   I am planning another quiet day at home with some chart watching from time to time so any trades I take will be detailed below in my Trading Diary.

Market Update:

European markets are in focus over the last day or so as the Spanish/Catalonian crisis deepens with the head of the region’s separatists government saying that they will declare independence in next few days which could then spark a constitutional crisis with Madrid.  The Spanish IBEX is down sharply this morning and is breaching the long term support at 10,085, it is currently sitting at 10,074.50 which is just below its 50-week moving average.  The German DAX-30 is trading level this morning after yesterday’s holiday and the London FTSE-100 is looking quite bullish at 7473 being helped by good news from Tesco, sending their shares up 1.5% in early trading.

Markets in the U.S. closed at another record high yesterday as buying momentum keeps company valuations up although traders I have spoken to last night cannot put their finger on one particular reason for the bullishness although many do not see the top yet.  I have put a target on the S&P-500 of 2555.00 which it is rapidly approaching, current price is 2533.70 on a close last night of 2534.58.  The overnight Asian trading session ended mainly up although the Australian ASX-200 closed down by 0.77%, it was dragged down by energy and financial stocks (China and South Korea markets are closed for holidays).

Gold, as mentioned previously, has fallen on the enthusiasm for equities although the daily chart did produce a bullish reversal candle yesterday and there has been some buying activity this morning. It is trading this morning at $1276.10, up on last night’s close of $1271.40 although there is some resistance around $1278, I will send out an interesting chart to subscribers in a short while.

Trading Diary:

09:35am  Nothing much to see on my collection of favourite charts at the moment so I am off for a cycle ride.

12:40pm   I have no trading opportunities to report so far today – off to lunch now with some neighbours.

15:05pm  I have just taken a ‘long’ position on my German DAX-30 15-min chart, it’s a Master-The-Trend Strategy-B pattern with a 19 pip stop loss.

16:55pm   The European markets are starting to quieten down now and the DAX index has just risen over its high of the day and retreated downwards slightly so I have come out of my position with a +32 pip profit.  Switching off my screens and I will be back here early tomorrow morning.

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