Daily Market Review - 07/31/2014

US Stock Market (NASDAQ)

Wall Street finished mixed on Wednesday. The NASDAQ added 0.45% to its value, the Dow Jones fell by 0.19%, while the S&P 500 rose by 0.01%. Technically, according to the 4-hour chart, the NASDAQ is holding above the support at 3,949 with RSI indicator above 50, and is expected to rise towards 3,990. However, crossing below the support could lead to a drop to 3,940.

Twitter (TWTR)

Twitter shares rose by 19.98%, closing around 46.30, after the company reported that its active users jumped 24 percent to 271 million in the second quarter. Technically, according to the daily chart, the share is trading above the support level at 46.00. Maintaining this level should keep the momentum positive, while breaking below the support could lead the share towards 42.00.

Gold

Gold fell to close around $1,296 an ounce as a dovish take on the labor market from the Federal Reserve bolstered gold’s appeal. Technically, according to the daily chart, gold is trading in a Descending Triangle and is expected to keep falling towards the support level at $1,282. However, breaching the upper line of the triangle may take gold towards $1,310.

Crude Oil

Crude Oil fell, closing around $99.40 a barrel, as Russia sanctions eclipse solid U.S. economic growth data. In addition, Crude oil Inventories published at -3.7M vs. -0.5M. Technically, according to the daily chart, crude oil is trading in a channel between 99.00 and 104.50. Crossing below may lead gold towards 97.50, while a move towards the upper line of the channel may start a trend reversal and a rise towards $102.00.

Euro (EUR)

The euro fell against the U.S. Dollar after mixed European data. Technically, according to the daily chart, the EUR/USD is trading below the Moving Averages 10, and with MACD indicator below 0, is showing a bearish momentum. Maintaining these conditions may lead the pair towards 1.3350. Today, the CPI Flash Estimate is expected unchanged at 0.5% and the Unemployment Rate unchanged at 11.6%.

Pound (GBP)

The Pound fell versus the U.S. Dollar after data revealed the U.S. economy grew faster than expected in the second quarter. Technically, the GBP/USD is trading in a descending channel. Maintaining this momentum may cause a fall towards 1.6850. However, breaching the top level of the channel may lead the pair towards 1.6950. Today, the Nationwide HPI is expected at 0.6% vs. 1.0% previously.

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