Daily Market Review - 10/21/2014

U.S. Stock Market (Dow Jones)

U.S. indices finished in the green despite a disappointing IBM quarterly earnings report. The NASDAQ rose by 1.35%, the S&P 500 by 0.91%, and the Dow Jones added 0.12% to its value. Technically, according to the 4-hour chart, the Dow Jones has breached the 30 Moving Average line. As long as the index maintains these conditions, a rise towards 16,500 is expected. However, crossing below the line again may push it down to around 16,000.

Google

Google shares rose, closing at $520.84 a share. Technically, according to the daily chart, the share is trading bearish with the MACD below 0. Should the share succeed in holding above the support of $507.00, it may rise towards $$540.00 areas. However, crossing below the support may cause a drop towards $500.00.

Gold

Gold rose, closing at $1247 an ounce. According to the 4-hour chart, gold is trading bullish. This is supported by the 30 Moving Average indicator and the RSI, which is above 50. As long as gold is holding above the support of $1,233, it may rise towards $1,280. However, crossing below the support may take it back towards $1,220.

Crude Oil

Crude Oil fell, closing at $81.86 a barrel. Technically, according to the 4-hour chart, oil is trading in a bearish momentum supported by the Bollinger Bands indicator. Breaching the upper band may lift oil towards $87.00, while crossing below the lower band may cause a drop towards $77.00 areas.

Euro (EUR)

The euro rose versus the U.S. Dollar, closing at 1.2794. Technically, according to the 1-hour chart, the EUR/USD is trading in a channel between the support of 1.2735 and the resistance of 1.2840. Breaching the resistance may take the pair towards1.2900, while crossing below the support may drop it towards 1.2700. No economic data is expected today.

British Pound (GBP)

The Pound rose versus the U.S. Dollar, closing at 1.6160. Technically, according to the 1-hour chart, the pair is trading bullish above the resistance of 1.6125 and with the MACD above 0. Should the pair succeed in maintaining these conditions, a rise towards 1.6200 is expected. However, crossing below 1.6125 may push it down towards 1.6100. Today, the Public Sector Net Borrowing report is expected at 9.3B vs. 10.9 previously.

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