Daily Market Review - 10/17/2014

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


Wall Street traded mixed due to better than expected economic data. The Dow Jones fell by 0.15%, the S&P 500 rose by 0.01%, and the NASDAQ added 0.05% to its value. Technically, according to the daily chart, as long as the S&P 500 is holding above the 1,835 support level, a rise to 1,880 is likely.



Google fell by 1.04%, closing at $524.94 a share after the company missed Wall Street’s third quarter forecasts. Technically, according to the daily chart, the share has crossed below the lower band of the Bollinger Bands indicator. However, remaining below the lower band may lead the share towards $500.00.



Gold fell by 0.51%, closing at $1,238 an ounce. Technically, according to the 1-hour chart, gold is trading in a channel between the support of $1,237 and the resistance of $1,244. Breaking below the support line may lead gold towards $1,230, while breaching the resistance line may take it to around $1,250.

Crude Oil


Crude Oil rose by 1.32%, closing at $83.03 a barrel after the Crude Oil Inventories came out better than expected at 8.9M vs 2.3M forecast. Technically, according to the 4-hour chart, oil is trading in a descending channel. Breaching the upper side of the channel may lead oil to around $86.00. However, failing to do so may take it back to around 80.00 again.

Euro (EUR)


The euro traded lower versus the U.S Dollar despite a better than expected Core CPI result and an unchanged CPI. Technically, according to the daily chart, as long as the pair is trading above the 10 Moving Average line and with the RSI indicator above 50, a rise towards 1.3000 is likely. Breaking below the line may take the EUR/USD to around 1.2600.

Pound (GBP)


The Pound rose versus the U.S Dollar on speculation that the Bank of England could raise the interest rate before the United States Federal Reserve. Technically, according to the weekly chart, as long as the GBP/USD is trading below the resistance of 1.6150, it is expected to fall to around 1.5800, while crossing above it may lead the pair towards 1.6400.

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