Daily Market Review - 08/06/2014

U.S. Stock Market (NASDAQ)

U.S. indices finished in the red yesterday as investors grow increasingly concerned over the economic impact of the Russian-Ukraine conflict. The NASDAQ fell by 0.71%, the S&P 500 by 0.97%, and the Dow Jones lost 0.84% from its value. Technically, according to the 1-hour chart, the NASDAQ is trading in a negative momentum supported by the Bollinger Band indicator. As long as the index is trading above 3,853 it may start a retracement towards 3,950 areas. However, crossing below the support may drop the index to around 3,800.

Google

Google shares fell by 1.41%, closing at $565 a share. Technically, according to the 4-hour chart, the share is trading above the support at $562. Maintaining this condition might cause a rise towards $580, while breaking below the support may drop the share back towards $550 areas.

Gold

Gold slightly fell, closing at $1289 an ounce. According to the daily chart, gold is trading above the support of $1,280. As long as gold maintains this condition, a retracement to around $1,300 can be expected. However, crossing below the support may cause a drop towards $1,270 areas.

Crude Oil

Crude Oil fell, closing at $97.58 a barrel. Technically, according to the 4-hour chart, oil is trading in a bearish momentum close to the support of $97.00. Breaking below the support will CONTINUE the negative trend and may drop oil towards $95.00, while breaching the 20 Moving Average line may start a trend reversal towards $103.00. Today, the Crude Oil Inventories report is expected at -1.1M vs. -3.7M previously.

Euro (EUR)

The euro fell versus the U.S. Dollar, closing at 1.3373 after the Retail Sales report came at 0.4%. Technically, according to the 1-hour chart, the EUR/USD is trading in a negative trend with Momentum below 0. The pair broke the support at 1.3375 and may CONTINUE to drop towards 1.3300. However, breaching again 1.3375 may take it back to around 1.3500. Today, the German Factory Orders report is expected at 0.5% vs. -1.7% previously.

Pound (GBP)

The Pound rose versus the U.S. Dollar, closing at 1.6882 with the Services PMI report coming out at 59.1 vs. 58.1 forecast. Technically, according to the 8-hour chart, the pair is holding above the support of 1.6810. Should the pair succeed in breaching the 20 Moving Average line it may rise towards 1.7000 areas, while crossing below the support may drop the pair to around 1.6750. Today, the Manufacturing Production report is expected at 0.7% vs. -1.3% previously.

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