Daily Market Review - 07/17/2014

US Stock Market (NASDAQ)

Wall Street finished higher yesterday with the NASDAQ rising by 0.22%, the S&P 500 by 0.42%, and the Dow Jones adding 0.45% to its value. Technically, according to the daily chart, as long as the NASDAQ is holding above the Moving Averages 10, and with the RSI above 50, it is expected to rise towards 3,990. However, crossing below 3,890 may lead the index back to the support of 3,800.

Twitter (TWTR)

Twitter shares fell by -1.19%, closing at $37.43 due to analyst’s expectations of a brief decline in monthly active users this last quarter. Technically, according to the 4-hour chart, as long as the share is trading below the bearish trend line it is expected to fall towards the support of $30.00. Breaching the trend line may take the share to around $40.00 and test it as a new resistance level.

Gold

Gold rose by 0.12%, closing at $1,298 an ounce. Technically, according to the 4-hour chart, gold has been trading in a negative momentum for the past few days after forming a Bearish RSI Divergence pattern. As long as gold stays below the resistance of $1,300 it can be expected to fall to around $1,280.

Crude Oil

Crude Oil rose by 1.45%, closing at $101.41 a barrel on soft U.S Inventories data. Technically, according to the 8-hour chart, oil is holding around the Moving Average 20. Breaching this indicator may lead oil back to $102.00, while falling below it may see it retesting the $99.00 support level.

Euro (EUR)

The euro fell versus the U.S Dollar on a soft European Trade Balance result. Technically, the MACD indicator has failed to breach 0, and the EUR/USD is still retaining the support of 1.3500. Crossing below this level may take the pair to 1.3450, while failure may send it back to 1.3600 again.

Pound (GBP)

The Pound traded almost unchanged versus the U.S Dollar following the release of mixed economic data. The Claimant Count Change came out better at -36.3 vs. 27.1K, while the Unemployment Rate remained unchanged at 6.5%. Technically, according to the 4-hour chart, the pair is forming a bullish flag pattern and a breakout is expected soon. Breaching above this pattern may lead the GBP/USD to around 1.7200. The Momentum indicator is holding above 0, which also supports the positive trend.

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