Daily Market Review - 03/03/2014

US Stock Market

Wall Street finished the trading session mixed last Friday after the GDP report came out lower than estimated. The S&P 500 rose by 0.28%, the Dow Jones by 0.30%, and the NASDAQ lost 0.10% from its value. Technically, according to the 8-hour chart, the Dow Jones has been moving in a bullish trend since February, and currently the index is trading above the support level of 16,090. As long as the price maintains this support level, it could reach to around 16,400. The Moving Average indicator supports the bullish trend.

Gold

Gold fell by 0.40% closing at $1,326 an ounce as investors prefer to seek gains in equities. Technically, according to the daily chart, gold is trading above the support level of $1,319. Should the price hold, it may rise towards the resistance level of $1,360. Should it fail, gold might fall to around $1,310. The Momentum indicator points to the positive trend as well.

Crude Oil

Crude Oil rose 0.69% to close at $102.67 a barrel. Technically, according to the 4-hour chart, crude oil is trading in an ascending channel, and is heading towards the resistance of $103.90. If oil breaches this level, it may continue towards $104.40, or should it fail, drop to $103. It may even attempt to cross below its seemingly unbreakable support level of $102, which it has repeatedly tried and failed to break.

Euro (EUR)

The Euro rose against the US Dollar after the CPI Flash Estimate came out better than predicted, and German Retail Sales at 2.5% vs. 1.2%. Technically, according to the weekly chart, the EUR/USD has created a Triple Top pattern at the resistance level of 1.3817, which is a strong position on the weekly chart that might cause a further heavy drop. If the EUR/USD holds this condition, it may fall to around 1.3600 again. The Bollinger Bands indicator also points to a negative momentum. Today, the Spanish Manufacturing PMI report is expected at 53.2 vs. 52.2, and European Central Bank President Mario Draghi will speak at 14:00 GMT.

British Pound (GBP)

The Pound rose against the US Dollar as the Nationwide HPI report came out unchanged at 0.6%. Technically, the GBP/USD is trading below the resistance level of 1.6761, and is expected to continue in this negative momentum supported by the RSI indicator. If the pair crosses below the support of 1.6695, it may fall to around 1.6620 again. However, if it breaches the resistance level, it may rise to 1.6800.

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