Daily Market Review - 09.07.2014 Stocks Continue to Fall as Investors Await Quarterly Earnings U.S. Stock Market Wall Street finished yesterday’s trading in the red. The NASDAQ fell by 1.35%, the Dow Jones by 0.69%, and the S&P 500 lost 0.70% from its value. Technically, according to the 4-hour chart, the Dow has broken the support of 16,900. Maintaining the negative momentum may drop the index towards 16,700, while a trend reversal may lead it to test 16,900 as the next resistance level. Open a Micro AccountOpen a Micro Account Facebook Facebook shares fell, closing at $62.76 a share. Technically, according to the 8-hour chart, the share is trading negative above the support of $62.13. As long as the share maintains this condition, we might see a trend reversal and a rise towards $68.00. However, crossing below the support may drop the share to around $60.00. Open a Micro Account U.S. Dollar (USD) The U.S. Dollar fell versus its major counterparts as investors avoided the greenback and looked ahead to the FOMC Meeting Minutes today. The JOLTS Job Openings report came out at 4.64M vs. 4.46M previously. Gold Gold remained almost unchanged, closing at $1,320 an ounce. Technically, according to the daily chart, gold is trading below the resistance of $1,330. As long as it maintains this condition, a fall towards $1,300 is expected. However, breaching this level may lead it towards $1340 areas. Last: 1,318 Resistance 1330 1335 1340 Support 1310 1300 1290 Open a Micro Account Crude Oil Crude Oil rose slightly, closing at $103.47 a barrel. Technically, oil has broken the support of $104.75 and is trading in a negative momentum. Maintaining this may drop the price to around $100.00. However, breaching $104.75 may start a trend reversal and a rise towards $108.00 areas. Today, the Crude Oil Inventories is expected. Last: 103.44 Resistance 104.75 106.00 108.00 Support 102.00 100.00 99.00 Open a Micro Account Euro (EUR) The euro rose slightly versus the U.S. Dollar, closing at 1.3613 as the German Trade Balance came out at 18.8B vs. 17.2B previously. Technically, according to the 4-hour chart, the EUR/USD is trading above the support of 1.3580. As long as the pair maintains this condition, a rise towards 1.3700 can be expected. However, breaking the support may drop it towards 1.3500 areas. Today, European Central Bank President Mario Draghi is expected to speak. Last: 1.3611 Resistance 1.3670 1.3720 1.3770 Support 1.3580 1.3520 1.3480 Open a Micro Account Pound (GBP) The Pound fell against the U.S. Dollar to close at 1.7131 after the Manufacturing Production report came out worse than expected. Technically, the GBP/USD is trading in a positive momentum supported by the RSI indicator. As long as the pair maintains the bullish trend we might see a rise to around 1.7200. However, reversing the trend and crossing below 1.7000 may cause a drop to around 1.6900. Today, the Halifax HPI and the RICS House Price Balance reports are expected. Last: 1.7128 Resistance 1.7200 1.7230 1.7260 Support 1.7100 1.7050 1.7000 Open a Micro Account Last Daily Market Reviews
Posted on: Wed, 09 Jul 2014 07:39:11 +0000
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