Daily Market Review - 08/15/2014

U.S. Stock Market (S&P 500)

U.S. indices finished in the green despite a disappointing UNEMPLOYMENT Claims report, which came out at 311K vs. 307K forecast. The NASDAQ rose by 0.43%, the S&P 500 by 0.43%, and the Dow Jones added 0.37% to its value. Technically, according to the daily chart, the S&P 500 is trading above the Moving Averages and around the resistance level of 1,953. Breaching the resistance could take the index back towards 1,980 again, however, failure may lead to a drop to around 1,900.

Facebook (FB)

Facebook shares rose by 0.71%, closing at $74.30 a share after Putnam Investments raised its holding by 30 percent and bought 1.2 million shares. Technically, according to the 1-hour chart, the share is trading above the new support level of $73.50. Maintaining this may cause a rise towards $76.00, while breaking below the support may see a return to around $70.00.

Gold

Gold rose, closing at $1313 an ounce. According to the 4-hour chart, gold is trading below the resistance at $1317. As long as it maintains this condition, a fall to around $1,305 can be expected. However, with the RSI indicator above 50, breaching the resistance may start a rise towards $1,320.

Crude Oil

Crude Oil fell, closing at $95.55 a barrel. Technically, according to the weekly chart, oil has fallen below the bullish trend line with the MACD indicator below 0. Maintaining this may lead to a drop to around 92.00. However, breaching the trend line may start a retracement towards $100.00.

Euro (EUR)

The euro fell slightly versus the U.S. Dollar to close at 1.3421 after the German and French Prelim GDP reports came out lower than expected – the French at 0.0% vs. 0.1% and the German at -0.2% vs. -0.1%. Technically, according to the 4-hour chart, the EUR/USD is TRADING IN a descending triangle. As long as the pair holds this pattern, it may lead a fall towards the support level of 1.3335. However, breaching the bearish trend line may cause a rise to around 1.3400. No economic data is expected today.

British Pound (GBP)

The Pound fell versus the U.S. Dollar. Technically, according to the 4-hour chart, the GBP/USD is TRADING IN a descending channel with the RSI indicator below 50. Holding this pattern may lead the pair to a drop towards 1.6600. However, breaching the upper line of the channel may return the pair to around 1.6800. Today, the Second Estimate GDP report is expected unchanged at 0.8%.

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