Daily Market Review - 10/22/2014

U.S. Stock Market (Dow Jones)

U.S. indices finished in the green with technology shares leading the gains. The NASDAQ rose by 2.40%, the S&P 500 by 1.96%, and the Dow Jones added 1.31% to its value. Technically, according to the daily chart, the Dow Jones has breached 16,300. As long as the index maintains these conditions, a rise towards 17,000 is expected. However, crossing below the support once again may push it down to around 16,000.

Apple

Apple shares rose, closing at $102.47. Technically, according to the 4-hour chart, the share is holding below the resistance of $102.50 and with the RSI above 50. Should the share succeed in breaching the resistance, we might see a rise towards $105.00, while a failure may push it down to around $97.00.

Gold

Gold rose, closing at $1249 an ounce. According to the weekly chart, gold is trading in a Descending Triangle above the support of $1,180. Breaching the upper line of the triangle may lead gold back towards $1,300, while crossing below the support may push it down to around $1,110.

Crude Oil

Crude Oil rose, closing at $82.66 a barrel. Technically, according to the 1-hour chart, oil is trading in a channel between the support of $81.55 and the resistance of $ 84.08. Breaching the upper side of the channel may lead it towards $90.00, while crossing below the lower side may cause a drop towards $77.00 areas.

Euro (EUR)

The euro fell versus the U.S. Dollar, closing at 1.2710. Technically, according to the 4-hour chart, the EUR/USD is trading in an Ascending Triangle with the RSI below 50. Should the pair succeed in crossing below the lower side of the triangle, a fall towards 1.2600 is expected. However, breaching the upper side may lift it to around 1.2900. No economic data is expected today.

British Pound (GBP)

The Pound fell versus the U.S. Dollar, closing at 1.6110. Technically, according to the 4-hour chart, the pair is trading below the resistance of 1.6175 and with the MACD above 0. As long as the pair holds these conditions, a fall to around 1.6000 can be expected. However, breaching the resistance may start a retracement and a rise towards 1.6200. Today, the MPC Official Bank Rate Vote is expected.

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