Oil Drops as EU Fights U.S. Sanctions on Iran

U.S. Stock Market

Review: U.S. markets closed higher on Friday, with gains led by Oil & Gas, Financials and Industrials stocks. The Dow Jones rose by 0.28%, the S&P 500 was up 0.58% and the NASDAQ added 0.48% to its value. Technical Comment: the RSI is mixed with a bullish bias. Preference scenario: long positions above 26,260 with targets at 26,940 & 27,500 in extension. Alternative scenario: below 26,260 look for further downside with 25,880 & 25,240 as targets.

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Dollar Up Despite Trade War Worries

U.S. Stock Market

Wall Street finished mixed amid widespread investor concern that trade disputes involving the U.S. could escalate rapidly. The Dow Jones fell by 0.04%, the S&P 500 rose 0.38%, and the NASDAQ added 0.73% to its value. Technically, according to the 1-hour chart, the NASDAQ is trading in a triangle pattern. Breaching the upper side may lead the index towards 7,800, while falling under the lower line may push it down to around 7,550.

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Widespread Uncertainty Ahead of G20 Meet

U.S. Stock Market

Wall Street finished mixed ahead of the G20 meeting, with the technology sector leading the gains. The Dow Jones fell by 0.04%, the S&P 500 dropped 0.12%, and the NASDAQ added 0.32% to its value. Technically, according to the 1-hour chart, the Dow is holding above the support of 26,520 with the RSI below 50. This may start a reversal towards 26,700, while dipping below the line may push it down to around 26,300.

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Modest U.S. Rate Cut Now Expected

U.S. Stock Market

U.S. stocks fell on Tuesday as investors became more certain that the Federal Reserve will decide on only a modest rate cut at its July meeting. In addition, unease has grown about the prospects for a meeting between President Donald Trump and Chinese President Xi Jinping. The Dow Jones fell by 0.67%, the S&P 500 dropped 0.95%, and the NASDAQ lost 1.51% of its value. Technically, according to the 1-hour chart, the NASDAQ is trading above the support of 7,600, it is expected to rise towards 7,680. Dipping below the line, on the other hand, could take the index down to around 7,520.

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Russia Still Reluctant to Cut Oil Output

U.S. Stock Market

U.S. stocks experienced mixed fortunes on Monday after a weekend of worry about the global economy along with widespread relief that the United States pulled back from attacking Iran over the downing of a spy drone last week. The Dow Jones rose by 0.03%, while the S&P 500 fell by 0.17%, and the NASDAQ lost 0.24% of its value. Technically, according to the 4-hour chart, the Dow is trading above a bullish trend line, which may drive the price towards 26,900, while breaking below the line could cause it to fall to around 26,500.

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Dollar Still Down in the Doldrums

U.S. Stock Market

U.S. stocks closed lower on Friday, as if traders were exhausted by all the drama the week threw at them, although the S&P 500 hit a new intraday high for the second day in a row. The Dow Jones fell 0.13%, the S&P 500 dropped 0.13%, and the NASDAQ lost 24%. Technically, according to the 1-hour chart, the S&P is holding above a bullish trend line, which may drive the price towards 2,990. However, breaking below the line could cause it to fall to around 2,900.

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Dollar Tumbles to Three-Month Low

U.S. Stock Market

U.S. stocks closed higher on Thursday, thanks to gains in the Oil & Gas, Industrials and Technology sectors. The Dow Jones rose by 0.94%, the S&P 500 increased 0.95%, and the NASDAQ added 0.80%. Technically, according to the daily chart, the S&P is trading below the resistance of 2,965, which may lead the index down towards 2,650, although breaching above the line could take it higher still.

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Dollar Drops after Fed Hints at Rate Cut

U.S. Stock Market

U.S. stocks closed higher yesterday, thanks to gains in the Healthcare, Utilities and Consumer Services sectors. The Dow Jones rose by 0.15%, the S&P 500 grew 0.30%, and the NASDAQ added 0.42% to its value. Technically, according to the daily chart, the Dow is holding below the resistance of 26,700, which may send the index down towards 25,000. However, breaching above this line could take it to around 27,000.

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Trump Trashes ECB in Tweetstorm

U.S. Stock Market

U.S. stocks closed higher on Tuesday, thanks to gains in the Technology, Industrials and Oil & Gas sectors. The Dow Jones rose 1.35%, the S&P 500 was up 0.97%, and the NASDAQ climbed 1.39%. Technically, according to the daily chart, the Dow is trading below the resistance of 26,770. If this remains the case, a drop to around 25,800 is expected. However, breaching above the line may lead to a rise towards 27,000.

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New York Numbers Let Down Dollar

U.S. Stock Market

U.S. stocks traded flat on Monday ahead of the two-day FOMC meeting and after a dismal U.S. regional manufacturing report supported expectations that the Fed could deliver a rate cut as early as July. The Dow Jones rose by 0.09%, the S&P 500 was up 0.09%, and the NASDAQ added 0.65% to its value. Technically, according to the daily chart, the S&P is trading below the resistance of 2,950 and is now widely expected to drop back to around 2,750. However, breaching above the line could take the index up towards 3,050.

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