Daily Market Review - 10/09/2014

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

U.S. indices finished in the red over global growth concerns. The NASDAQ fell by 1.60%, the S&P 500 by 1.51%, and the Dow Jones lost 1.56% from its value. Technically, according to the 1-hour chart, the S&P 500 has crossed below the support level of 1,935. This may lead to a further drop to 1,910. Alternatively, with the RSI indicator below 30, and forming an over-sold area, the index may rise to 1,950.

Google (GOOG)

Google shares declined 2.36%, closing at $563.74. Technically, on the 4-hour chart, the share is trading above the support level at 560.00. Maintaining this may lead to a rise towards 580.00. However, breaking below the support level may signal a drop in share value to around 550.00 – a 3-month low.

Gold

Gold rose, closing at $1,211 an ounce. According to the 8-hour chart, gold breached the resistance of 1,206 and is now expected to hit the next resistance at $1,220. Alternatively, crossing below the support level may signal a drop to around $1,190.

Crude Oil

Crude Oil fell by 1.91%, closing at $88.61 a barrel. Technically, according to the daily chart, oil has moved below the lower band of the Bollinger Bands, and is now in a bearish momentum. Maintaining this position may begin a drop to 86.00, or a change in momentum and a rise to around 95.00. Today, the Crude Oil Inventories report is expected at 2.1M vs. -1.4M previously.

Euro (EUR)

The euro rose versus the U.S. Dollar, closing at 1.2665. Technically, according to the 4-hour chart, the EUR/USD is trading below the resistance of 1.2665. With MACD indicator above 0, breaching this level is likely. If not, we may see a reversal in momentum and a drop to 1.2600. No economic data is expected today.

Pound (GBP)

The Pound rose 0.01% versus the U.S. Dollar, closing at 1.6096, after the Manufacturing Production came out a little worse than expected at 0.1% vs. 0.2%. Technically, according to the 4-hour chart, the pair is trading around the support level at 1.6070. Holding above this level could take it up to around 1.6120, while crossing below it may signal a drop to around 1.6000. Today, the Halifax HPI PMI report is expected at 0.2% vs. 0.1% previously.

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