Daily Market Review - 10/02/2014

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

U.S. indices finished in the red, as investors await Friday’s Non-Farm Payroll and other economic data. The NASDAQ fell by 1.59%, the S&P 500 by 1.32%, and the Dow Jones lost 1.40% from its value. Technically, according to the daily chart, the S&P 500 is trading above the bullish trend line with momentum below 0. Maintaining the negative momentum and crossing below the line may drop the index to around 1,900. However, failure may start a retracement towards 2,000.

Facebook

Facebook shares declined, closing at $76.55. Technically, according to the daily chart, the share is trading in a bullish momentum above the support of $72.00, and with MACD indicator above 0. Maintaining these conditions may lead the share to around $80.00. However, crossing below the support may start a retracement to around $70.00.

Gold

Gold rose, closing at $1213 an ounce. According to the weekly chart, gold is trading above the support of $1,280. Should gold succeed in breaking the support, a fall to around $1,150 is expected. However, failing to break the support may take it back towards $1,250.

Crude Oil

Crude Oil fell, closing at $90.83 a barrel. Technically, according to the 4-hour chart, oil is trading above the support of $90.40. As long as oil is holding above the support, it may start a trend reversal towards $95.00. However, crossing below the support may drop oil to around $85.00 areas.

Euro (EUR)

The euro fell versus the U.S. Dollar, closing at 1.2616. Technically, according to the daily chart, the EUR/USD is trading in a strong bearish trend, which is also supported by the MACD indicator. Maintaining these conditions may drop the pair towards 1.2550. However, climbing towards the upper band of the Bollinger Bands indicator may start a trend reversal and a rise towards 1.2750. Today, high volatility is expected as the European Central Bank will announce the interest rate decision.

Pound (GBP)

The Pound fell versus the U.S. Dollar, closing at 1.6186 after the Manufacturing PMI report came out worse than expected at 51.6 vs. 52.2 previously. Technically, according to the 4-hour chart, the pair is trading bullish, supported by the 20–day Moving Average indicator and with RSI below 50. Should the pair succeed in breaching the support of 1.6170 it may drop towards 1.6100 areas. However, should it fail, a fall back to around 1.6250 is likely. Today, the Construction PMI report is expected at 63.7 vs. 64.0 previously.

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