Minor Movement on Forex Pairs, Financials Pull down Stocks

Toyota also had an effect on the intraday session. Even though the news wasn’t a major market mover, the stock dropped as Toyota said it is recalling about 437,000 Prius and other hybrid cars worldwide to fix brake problems.

Financials were the lager of the day, forcing the indices down to major technical support levels. The S&P500 finished the day with a loss of -0.89%, while the Nasdaq closed with a -0.70% loss. From a technical point of view the major S&P500 presented a reversal candle on Friday, but failed to provide a confirmation candle. Even though the trend is clearly a downtrend, the indices are in need of a bounce – one that could occur around upcoming support.

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Alcoa disappoints, GBP/USD at Critical Point

The major stock indices traded in negative territory throughout most of the session but managed to bounce back, towards the closing bell. Taking a glance at the chart below, one can see that even though yesterday was characterized by selling pressure throughout the session, the trend has not yet been broken, as prior resistance continues to hold as support.




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