Market suffers losses in Energy and Utilities while Technology enjoys gain

Mixed behavior of US Market on Wednesday

Losses in the Oil & Gas, utilities and basic materials sector were offset by the gains in the Technology, Industrial and healthcare sectors.

• Dow Jones- 0.01% fall
• NASDAQ- Rose by 0.67%
• S&P 500- 0.15% increase

What to expect? – According to the daily chart, NASDAQ trades above the support line and if it continues trading above 5556, it can go up to the 5,900 level. But, breaking below the support line may bring it down to the 5,350 index.

Dollar traded higher against major global currencies

Despite expectations from the minutes of meetings of Federal’s June meeting, US Dollar traded high against a basket of global currencies.

What to expect? – US unemployment data is expected at 243K against a previous figure of 244K.

ISM Non- manufacturing PMI (Purchasing managers’ index) is expected at 55.5 versus the previous of 56.9

Gold fell to $1,222 per ounce, can go up to $1250

Gold showed a fall to $1222 an ounce. According to the daily chart, gold is trading above the support line of $1216.

What to expect? – If it holds above the support line, it may lead gold to climb up to $1250. If it breaks below this level, then it might reach up to the $1200 level.

Crude Oil fell to $45.63 per barrel, can fall to $42.00

The price of crude oil decreased to $45.63 per barrel. According to 1 hour chart using Bollinger band, oil is trading near the lower band. If it maintains this condition, a fall towards $42.00 level is expected. If it rises towards the upper band, it can reach $48.00 level.

Yaron Mazor is a senior analyst at SuperTraderTV.

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