US Market 02 May 2020

On the weekly chart, US market broke pwh rallied but failed to hold, reversed to close lower with a -roc except for Russell reversed but closed higher with a +roc.

BDI and Harpex closed lower.

Dollar Index continues to consolidate.

Instruments that show buying interest (3) from Dealer/Intermediary (sell-side participants)
UT 

• None

Neutral 

• None

DT 

• Dow (1)
• S&P (1)
• Russell (1)

Instruments that show selling interest at extreme (2) by Dealer/Intermediary (sell-side participants)
UT 

• None

Neutral 

• None

DT 

• None

Note

(1) COT Index >= 90, Buying interest at extreme
(2) COT Index <= 10, Selling interest at extreme
(3) COT Index >= 70, rising COT Index, monitor for trend reversal

Down Trend and Up Trend is based on 50 Simple Moving Average

Dow

Daily DT, Weekly DT
Potential resistance around 24,170, 24,837, 25,326, 25,645, 25,784, 26,245, 26,627

Potential support around 23,567, 23,435, 23,175, 22,776, 22,121, 22,027, 21,659, 21,099

S&P
Daily DT, Weekly DT

Potential resistance around 2,854, 2,874, 2,940, 2,983, 3,022, 3,072, 3,155, 3,219

Potential support around 2,825, 2,814,  2,786, 2,747, 2,710, 2,593, 2,551, 2,506, 2,480

Nasdaq
Daily DT, Weekly UT

Potential resistance around 8,781, 9,243, 9,653, 9,723, 9,873, 10,595

Potential support around 8,428, 8,196, 8,002, 7,859, 7,706, 7,516, 7,282, 7,134

Russell
Daily DT, Weekly DT
Potential resistance around 1,259, 1,287, 1,296, 1,341, 1,388, 1,420

Potential support around 1,240, 1,213, 1,185, 1,164, 1,137, 1,114, 1,095

Key event to watch out  (SG Time, GMT+8)

04 May, Mon

• Japan holiday
• 0945 China Caixin Manufacturing PMI (Apr)
• 1555 German Manufacturing PMI (Apr)

05 May, Tue

• Japan holiday
• 1230 Australia RBA Interest Rate Decision (May)
• 1230 Australia RBA Rate Statement  
• 1630 UK Composite PMI (Apr)
• 1630 UK Construction PMI (Apr)
• 1630 UK Services PMI (Apr)
• 2030 US Trade Balance
• 2200 US ISM Non-Manufacturing PMI (Apr)

06 May, Wed

• Japan Holiday
• 0645 New Zealand Employment Change (QoQ) (Q1)
• 0930 Australia Retail Sales (MoM) (Mar)
• 2015 US ADP Nonfarm Employment Change (Apr)
• 2230 US Crude Oil Inventories 

07 May, Thu

• Singapore holiday
• 0750 Japan BoJ Monetary Policy Meeting Minutes
• 0930 Asutralia Trade Balance
• 1400 German Industrial Production s.a. (MoM)
• 1400 UK BoE Interest Rate Decision (Apr) 
• 1900 UK BoE Inflation Report  
• 1900 UK BoE MPC Meeting Minutes  
• 2030 US Initial Jobless Claims 
• 2200 Canada Ivey PMI (Apr)

08 May, Fri

• UK holiday
• 0930 Asutralia RBA Monetary Policy Statement
• 2030 US Nonfarm Payrolls (Apr)
• 2030 US Unemployment Rate (Apr) 
• 2030 Canada Employment Change (Apr)