Daily Market Review - 08/28/2014

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


U.S. indices were mixed at the ending of trading. The Dow Jones rose by 0.09%, the NASDAQ fell by 0.02%. and the S&P 500 almost unchanged. Technically, according to the weekly chart, as long as the S&P 500 is trading above the bullish trend line, we expect it to retain the positive momentum and continue to rise. However, a fall may take the index back to 1,900.

Apple (AAPL)


Apple shares rose by 1.22%, closing at $102.13 a share, as investors look forward to the launch of the iPhone 6 and larger iPads. Technically, according to the 4-hour chart, the share is trading in a bullish momentum above the Moving Average 10. As long as it maintains the momentum, a rise to around $105.00 is likely.



Gold rose, closing at $1,283 an ounce. Technically, according to the daily chart, gold is trading above the support level of $1,278. As long it maintains this condition, a rise towards $1,290 is expected. However, breaking below the support level may take it to $1,265. Today, the Canadian Current Account is expected, which could provide a good opportunity for gold investors.

Crude Oil


Crude oil fell, closing at $93.71 a barrel, as the Crude Oil Inventories came out at -2.1M vs. 1.1M forecast. Technically, according to the 1-hour chart, oil is trading in a channel between 92.60 and 94.40. Breaching the upper side of the channel may lead oil towards 96.50, while breaking below it could see a return to $88.00 areas.

Euro (EUR)


The euro rose versus the U.S Dollar. Technically, according to the 8-hour chart, the EUR/USD is trading in a bearish momentum, supported by the MACD indicator below 0. Maintaining these conditions may take the pair nearer 1.3100, while breaching 1.3250 may start a trend reversal to around 1.3300. Today, the German Prelim CPI m/m is expected at 0.0% vs. 0.3% and the German Unemployment Change at -6K vs. -12K previously.

Pound (GBP)


The Pound rose against the U.S Dollar. Technically, according to 4-hour chart, the GBP/USD is trading in a descending channel with the RSI indicator below 50. As long as the pair holds these conditions, a drop to around 1.6500 can be expected. Breaching the upper side of the channel may lead to a reversal to around 1.6650. Today, the CBI Realized Sales is expected at 27 vs. 21 previously.

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