U.S. Stock Market
Losses for Technology, Consumer Services and Industrials stocks forced U.S. indices lower on Monday, with the Dow Jones falling 56%, the S&P 500 dropping 1.66% and the NADSAQ losing 3.03% of its value. Technically, according to the 1-hour chart, the Dow is trading above the bullish trend line, a level of performance which could take it up as high as 25,150. However, breaking below the line may lead to a minor retracement back to the region of 24,900.
Netflix shares fell to close at $272.97 but on the 1-hour chart, the stock is trading above the support line at $270.00 and if it holds there, we might yet see a reversal and a rise towards $275.00. Breaking below the line, however may push the price down towards $270.00.
U.S. Dollar (USD)
The dollar fell against its rivals Monday after soft homes data pointed to a continued slowdown in the U.S. housing market.
Gold rose, closing at $1,224 an ounce. According to the 1-hour chart, the metal is holding above the bullish trend line, which could take it up towards $1,230, although breaking below the line may take it down in the direction of $1,220.
Crude Oil rose, closing at $57.32 a barrel. On the 1-hour chart, the commodity is trading above the 20-day Moving Average and if these conditions continue, the price could rise towards $58.50. However, a drop below the SMA may lead the price down as low as $56.00.
The euro rose versus the U.S. dollar, closing at 1.1451. On the 8-hour chart, the pair is trading below the bearish trend line, which may cause the price to fall towards 1.1300. However, crossing above the line could lead it up to around 1.1600.
British Pound (GBP)
The pound rose against the U.S. dollar, closing at 1.2852. On the 1-hour chart, the pair is holding above the SMA. These conditions may cause the price to rise towards 1.3000 but breaking below the 20-day line could cause a reversal towards 1.2700.