Daily Market Review - 08/04/2014

US Stock Market (NASDAQ)

U.S. indices finish Friday’s trading in the red after poor Non-Farm Payrolls results. The NASDAQ fell by 0.30%, the S&P 500 by 0.32%, and the Dow Jones lost 1.88% from its value. Technically, according to the 4-hour chart, the NASDAQ is trading in a bearish momentum and failed to break the support of 3,852. As long as the index is trading above the support, a retracement to around 3,950 is expected. However, crossing below the support may cause to a drop towards 3,800 areas.

Nike

Nike shares fell by 0.45%, closing at $76.78 a share. Technically, according to the daily chart, the share is trading in an Ascending Triangle. Should the price breach the resistance at $79.85, it may rise to around $85.00, while breaking below the lower line of the triangle may take the share back towards $72.00 areas.

Gold

Gold rose, closing at $1294 an ounce. According to the daily chart, gold is trading above the support of $1280. As long as gold maintains this condition, a rise towards the resistance of $1,312 is expected. However, breaking the support may cause a drop towards $1,270 areas.

Crude Oil

Crude Oil fell, closing at $97.88 a barrel. Technically, according to the daily chart, oil is in a negative momentum and is trading near the support of $97.30. Breaking the support may drop oil towards $95.00, while failing to do so may start a trend reversal and a rise towards $101.00 areas.

Euro (EUR)

The euro rose versus the U.S. Dollar closing at 1.3429. Technically, according to the daily chart, the EUR/USD is trading in a bearish momentum supported by the Bollinger Band indicator. The pair is trading close to the lower band and crossing it might cause a drop towards 1.3300. However, climbing towards the upper band may lead the pair to test 1.3690 as the new strong resistance. Today, the Sentix Investor Confidence report is expected at 9.1 vs. 10.1 previously.

Pound (GBP)

The Pound declined versus the U.S. Dollar with the Manufacturing PMI report coming out worse than expected at 55.4 vs. 57.2 forecast. Technically, according to the 1-hour chart, the pair is trading in a negative trend supported by the 30-day Moving Average. Maintaining this condition may drop the pair towards 1.6750, while breaching the 30 Moving Average line might cause to a retracement towards 1.6950. Today, the Construction PMI report is expected at 62.1.

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