Daily Market Review - 07/30/2014

US Stock Market (NASDAQ)

Wall Street finished Monday’s trading in the red on mixed economic data. The S&P/CS Composite-20 HPI came out at 9.3% vs. 9.8%, and CB Consumer Confidence at 90.9 vs. 85.5. The NASDAQ fell by 0.05%, the Dow Jones by 0.42%, and the S&P lost 0.45% from its value. Technically, according to the daily chart, the NASDAQ is holding above the Moving Average 10 and with the RSI indicator above 50, is expected to rise to 3,980 areas. However, breaking below the Moving Average 10 may lead the NASDAQ to around 3,880.

Twitter (TWTR)

Twitter shares rose, closing at $38.59 a share, as the company announced that it had 271 million monthly users – up 24% from a year ago. Technically, according to the 8-hour chart, the share is trading below the resistance at 38.80. Breaching the resistance, and with the MACD indicator above 0, may lead the share to $42.00 areas again, while staying below may cause a drop to around $36.00.

Gold

Gold fell, closing at $1,299 an ounce, as U.S. and European equities advanced, curbing demand for the precious metal as an alternative asset. Technically, according to the daily chart, gold is trading below the resistance of $1,306. As long as gold maintains this condition, a fall towards $1,290 is expected. However, breaching the resistance may lead it towards $1320 areas.

Crude Oil

Crude Oil fell, closing at $100.98 a barrel. Technically, according to the daily chart, oil is trading in a channel between $99.00 and $104.50. Breaching the upper side of the channel may lead to a rise towards $106.00. However, breaking below the support level may return oil to a negative momentum and a drop towards $96.00.

Euro (EUR)

The euro fell versus the U.S. Dollar, closing at 1.3411. Technically, according to the daily chart, the EUR/USD is trading below the Moving Averages 10. As long as the pair maintains this condition, a fall towards 1.3360 can be expected. However, with the RSI indicator below 30, forming an oversold area, breaching the trend line may cause a rise to around 1.3500. Today, the German Prelim CPI m/m, Spanish Flash CPI y/y, and the Spanish Flash GDP q/q reports are expected.

British Pound (GBP)

The Pound fell against the U.S. Dollar, closing at 1.6946 as Net Lending to Individuals m/m came out a little worse than expected. Technically, according to the 1-hour chart, The GBP/USD is trading in a bearish momentum. As long as the pair maintains this condition, we might see a drop to around 1.6900. However, reversing the trend and breaching the descending trend line may cause a rise to around 1.7000. No economic data is expected today.

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