Daily Market Review - 10/07/2014

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

U.S. indices finished in the red, as investors nervously await the start of earnings season. The NASDAQ fell by 0.47%, the S&P 500 by 0.16%, and the Dow lost 0.10% from its value. Technically, according to the 1-hour chart, the S&P 500 has crossed below the support level at 1,955. Maintaining the negative momentum may lead to a further drop to around 1,900, while breaching the resistance again could take the index back to 1,980.

Yahoo (YHOO)

Yahoo shares rose, closing at $41.52. Technically, on the 1-hour chart, the share is trading below the resistance at 41.95. Breaching this level may lead the share price to around 43.00, while a drop towards 40.00 is likely should it fail.

Gold

Gold soared, closing at $1,206 an ounce. According to the 4-hour chart, gold is trading below the resistance of $1,207. If it succeeds in breaching this, a rise to around $1,220 is likely. However, failing to breach $1,207 may lead it back towards $1,190.

Crude Oil

Crude Oil rose, closing at $90.38 a barrel. Technically, according to the daily chart, oil is trading in a descending channel. As long as it continues, a fall towards 88.00 is possible. However, breaching the upper line of the channel may see a return to 95.00.

Euro (EUR)

The euro rose versus the U.S. Dollar, closing at 1.2644. Technically, according to the 4-hour chart, the EUR/USD is trading below the resistance of 1.2670 with RSI indicator above 50. Should the pair succeed in breaching the resistance, a rise to 1.2750 is possible. No economic data is expected today.

Pound (GBP)

The Pound rose versus the U.S. Dollar, closing at 1.6074. Technically, according to the 4-hour chart, the pair is trading near the resistance of 1.6066. Breaching this may lead the pair towards 1.6150, or we may see a trend reversal to 1.5950. Today, the Manufacturing Production report is expected at 0.2% vs. 0.3% previously.

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