Daily Market Review - 06/10/2014

US Stock Market (S&P500)

US indices finished higher yesterday with new records as small-cap stocks rallied. The Dow Jones rose by 0.11%, the S&P 500 by 0.09%, and the NASDAQ added 0.34% to its value. Technically, as long as the S&P 500 is holding above the Moving Averages 20, it is expected to rise to 1,980. However, the RSI indicator is retracing from the overbought area, which points to a necessary correction to around 1,920 again.

Gold

Gold fell by 0.17%, closing at $1252 an ounce with the rise in the US Dollar. Technically, according to the 4-hour chart, as long as gold is trading above the support $1,240 with the MACD indicator above 0, it is expected to rise to around 1,260. However, crossing below the support and with a fall below the Moving Averages 50 may lead gold into a bearish momentum.

Crude Oil

Crude Oil rose by 1.75%, closing at $104.50 a barrel. Technically, according to the daily chart, oil is rising towards the resistance of $104.70. Breaching the resistance may lead it towards $105.50, while failure may take it back to around $103.50.

Euro (EUR)

The euro fell versus the US Dollar due to the interest rate differential between the currencies. Technically, according to the daily chart, the pair is near the lower band of the Bollinger Bands indicator. Crossing below the band may lead the EUR/USD to around 1.3500, while failure may lead the pair higher towards 1.3700.

Pound (GBP)

The Pound fell slightly against the US Dollar as trading volumes remain lower with no major economic news. Technically, the GBP/USD is holding the resistance of 1.6820 with the RSI indicator above 50. Maintaining these conditions may lead the pair towards 1.6900 again. Today, the Manufacturing Production is expected at 0.4% vs. 0.5% previously.

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