Daily Market Review - 16.07.2014 Market Trades Mixed Over Fed Concerns U.S. Stock Market U.S. indices traded mixed as Federal Reserve Chair Janet Yellen voiced her concerns over valuations concerning social-media and biotech companies. Major indices were also affected by worse than expected macro-economic data. The S&P 500 fell by 0.19%, the NASDAQ declined by 0.54%, and the Dow Jones added 0.03% to its value. Facebook dropped by 1.08% closing at $67.17 a share. Technically, the Dow Jones is set to remain bullish as long as the index maintains its support level of 16,975. According to the daily chart, the RSI indicator is not at overbought levels and, with the index holding above the Moving Average 20, an uptrend is expected. Open a Micro AccountOpen a Micro Account JP Morgan JP Morgan rose by 3.52%, closing at $58.27 a share after reports showed a decline in revenue. The bank also reported a drop in second-quarter profit. Technically, on the 4-hour chart, the share has reached the last Fibonacci retracement level. Holding above the resistance level of $58.10 could lead the share to the next resistance at $59.35. Open a Micro Account U.S. Dollar (USD) The U.S. Dollar rose against most of the major currencies after Federal Reserve Chair Yellen said the economy is improving. The Retail Sales came out at 0.20% vs. 0.60% and the Core Retail Sales at 0.40% vs. 0.50%. Today, the PPI is expected at 0.20% vs. -0.20% and the Federal Reserve Yellen is expected to testify again. Gold Gold fell by 0.73%, closing at $1,297 an ounce. Technically, according to the weekly chart, gold is still trading in a Symmetrical Triangle and a breakout is on the cards. The RSI is holding below the 50 level and gold is crossing just below the Moving Average 50, suggesting a further uptrend. Last: 1,296 Resistance 1300 1310 1314 Support 1292 1282 1265 Open a Micro Account Crude Oil Crude Oil fell by 0.94%, closing at $100.30 a barrel affected by a decline in Canadian stocks. Technically, according to the daily chart, the support level has yet to be broken yet after closing above 100$. Breaching the resistance level of $101.00 could lead oil back to $102.70 . Today, the Crude Oil Inventories are expected -2.10M vs. -2.40M. Last: 100.30 Resistance 101.00 101.40 102.20 Support 100.00 99.20 98.70 Open a Micro Account Euro (EUR) The euro declined versus the U.S. Dollar after the German ZEW Economic Sentiment came out worse than expected at 27.10 vs. 28.90, fueling concerns about European economic recovery. Technically, according to the 4-hour chart, the pair is trading in a range between the 1.3645 resistance level and the 1.3475 support level. Last: 1.3565 Resistance 1.3625 1.3645 1.3740 Support 1.3520 1.3480 1.3420 Open a Micro Account British Pound (GBP) The Pound fell against the U.S Dollar after the CPI came out better than expected at 1.90% vs. 1.60%. Technically, according to the 4-hour chart, resistance is located at 1.7165. The GBP/USD has attempted to breach this level four times without success. Crossing below this level could lead the GBP/USD back to 1.7000. Today, the Claimant Count Change is expected at -27.10K vs. -27.40K and the Unemployment Rate at 6.50% vs. 6.60%. Last: 1.7135 Resistance 1.7165 1.7190 1.7240 Support 1.7100 1.7070 1.7000 Open a Micro Account Last Daily Market Reviews
Posted on: Wed, 16 Jul 2014 07:43:54 +0000
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