Daily Market Review & Financial Analysis

Top Tech Stocks Drive Market Gains

June 6, 2019

U.S. Stock Market

Review:

Wall Street finished in the green, with big tech stocks leading the line. The Dow Jones rose by 0.82%, the S&P 500 grew 0.82%, and the NASDAQ added 0.64% to its value. Technically, according to the 4-hour chart, the NASDAQ is holding below the resistance at 7,260 with the MACD below 0. Should the index succeed in breaching the line, we might see a rise towards 7,400, while failure to do so may drop it to around 7,000.

Apple (AAPL)

Last : 182.55

Review:

Apple shares rose 1.61%, closing at $182.54. On the 1-hour chart, the stock has breached the 50-day Moving Average line with the RSI indicator above 50. Under these conditions, we might see a rise towards $200.00 but crossing below the line may push the price down to around $160.00.

Resistance 185.00 195.00 200.00
Support 178.00 175.00 170.00

U.S. Dollar (USD)

Review:

The U.S. dollar traded higher against the other major currencies, despite the ADP Non-Farm Employment Change coming in way less than expected at 27K vs. 185K forecast. The ISM Non-Manufacturing PMI, on the other hand, delivered a good result of 56.9. Today, the Revised Nonfarm Productivity and Revised Unit Labor Costs numbers are expected at 3.6% and -0.9% respectively.

Gold

Last : 1,333

Review:

Gold rose 0.63%, closing at $1,333 an ounce. According to the 1-hour chart, the metal has broken below the bullish trend line. Climbing back above it may lead the price up towards $1,350, while staying under it may cause a fall to around $1,300.

Resistance 1,340 1,345 1,350
Support 1,225 1,215 1,205

Crude Oil

Last : 51.44

Review:

Crude Oil fell 3.80%, closing at $51.45 a barrel, with inventories reported at 6.8M compared with -1.7M forecast. On the 4-hour chart, Oil is trading near the lower Bollinger band with the MACD below 0. If it climbs above the mid-band, we might see a rise towards the upper band around $54.50. If not, the negative momentum might continue, forcing the price down in the direction of $50.00.

Resistance 52.00 53.00 54.00
Support 51.00 50.00 49.00

Euro (EUR)

Last : 1.1228

Review:

The euro fell 0.23% versus the dollar, closing at 1.1227. On the 8-hour chart, the EUR/USD is trading in a channel between the resistance of 1.1270 and the support of 1.1120. Breaching the resistance may lift the pair to around 1.1350, while dipping below the support may push it down towards 1.1100. Today, the Main Refinancing Rate is expected unchanged at 0.0%.

Resistance 1.1270 1.1300 1.1350
Support 1.1180 1.1140 1.1100

British Pound (GBP)

Last : 1.269

Review:

The pound fell 0.06% versus the dollar, closing at 1.2691. On the 1-hour chart, the GBP/USD is trading in an ascending triangle with the RSI below 50. Breaching the upper side of the triangle may lead the pair towards 1.2800, while crossing below the lower side may drop it to around 1.2600. Today BOE Governor Carney is scheduled to speak.

Resistance 1.273 1.277 1.280
Support 1.265 1.260 1.257

Disclaimer: The charts are provided by Trading Central, which is a respected third party research provider. The information provided should not be considered as trading advice. UFX provides Trading Central chart analysis to support clients in their trades, which should be independently evaluated. Past performance is not a reliable indicator of future results. UFX cannot be held liable for any information provided by Trading Central. UFX makes no representation and assumes no liability as to the accuracy or completeness of the information provided nor any loss arising from any investment based on this material, forecast or other information supplied by an employee of UFX, a third party or otherwise.