Daily Market Review - 08/29/2014

U.S. Stock Market (NASDAQ)

Despite better than expected economic data, U.S. indices finished in the red as investors show increasing concern over the violence in Ukraine. The NASDAQ fell by 0.26%, the S&P 500 by 0.17%, and the Dow Jones lost 0.25% from its value. Technically, according to the daily chart, the NASDAQ is trading in a positive momentum supported by the MACD indicator, which is holding above 0. As long as the index is trading above the bullish trend line it may keep rising towards 4,100.

Facebook (FB)

Facebook shares fell by 1.04%, closing at $73.86. Technically, according to the daily chart, the share is trading below the resistance at $76.00. Maintaining this condition might cause a drop towards $71.00, while breaching the resistance may edge the price nearer $80.00.

Gold

Gold traded higher, closing at $1,289 an ounce, as escalating tensions in eastern Ukraine fueled the safe-haven demand for gold. According to the daily chart, gold is trading above the support of $1,276. As long as it maintains this condition, a rise to around $1,300 can be expected. However, crossing below the support may cause a drop towards $1,270 areas.

Crude Oil

Crude Oil rose, closing at $94.58 a barrel. Technically, according to the 1-hour chart, oil has breached the upper line of the channel and is expected to keep rising towards the next resistance at 97.00. However, a retracement may cause a fall towards the lower line of the chart at 92.60. Today, the Canadian GDP report, a major oil exporter, is expected at 0.2% vs. 0.4% previously. High volatility is possible.

Euro (EUR)

The euro fell versus the U.S. Dollar, closing at 1.3184 after the German Unemployment Change came at 2K vs. -6K, and the Private Loans report at -1.6% vs. -1.5% forecast. Technically, according to the 4-hour chart, the EUR/USD is trading in a negative trend supported by the Bollinger Band indicator. This may lead to a drop to around 1.3100. However, breaching the upper line of the Bollinger Band indicator may take it back to around 1.3250. Today, the CPI Flash Estimate report is expected at 0.3% vs. 0.4% previously.

Pound (GBP)

The Pound rose versus the U.S. Dollar. Technically, according to the 1-hour chart, the pair is trading in a channel. Breaching the upper side of the channel may lead to a rise to around 1.6650. However, crossing below the channel may cause a drop to around 1.6500. Today, the Nationwide HPI report is expected unchanged at 0.1%, and Prelim Business Investment at 2.1% vs. 5.0% previously.

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