US Market 23 May 2020

US market continues to close higher this week.  
Consolidation continues on US market (except for Nasdaq) and Dollar Index.
US market daily trend has improved to Neutral from Downtrend.

Nasdaq next potential target is to cover the gap before testing the historic high

BDI closed higher and Harpex continue to go lower.

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

• None

Neutral 

• Dow (1)
• S&P (1)
• Russell (1)

DT 

• None

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

Potential support around 24,170, 23,567, 23,435, 23,175, 22,776, 22,121

S&P
Daily Neutral, Weekly DT

Potential resistance around 2,983, 3,022, 3,072, 3,155, 3,219, 3,303, 3,391

Potential support around 2,940, 2,874, 2,854, 2,825, 2,814,  2,786, 2,747, 2,710

Nasdaq
Daily UT, Weekly UT

Potential resistance around 9,653, 9,723, 9,873, 10,595

Potential support around 9,243, 8,781, 8,428, 8,196, 8,002, 7,859, 7,706, 7,516

Russell
Daily Neutral, Weekly DT
Potential resistance around 1,259, 1,287, 1,296, 1,341, 1,388, 1,420, 1,451, 1,508,

Potential support around 1,341, 1,296, 1,287, 1,259, 1,240, 1,213, 1,185, 1,164

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

25 May, Mon

• Singapore, UK, US Holiday
• 1400 German GDP (QoQ) (Q1)
• 1600 German Ifo Business Climate Index (May)

26 May, Tue

• 0130 Canada BoC's Governor Poloz speech
• 2200 US New Home Sales (Apr)
• 2200 US CB Consumer Confidence (May) 

27 May, Wed

• 2030 Canada Building Permits (MoM)

28 May, Thu

• 2000 German Harmonized Index of Consumer Prices (YoY)
• 2030 US Core Durable Goods Orders (MoM) (Apr)
• 2030 US GDP (QoQ) (Q1)  
• 2030 US Initial Jobless Claims 
• 2200 US Pending Home Sales (MoM) (Apr)
• 2300 US Crude Oil Inventories 

29 May, Fri

• 0730 Japan Tokyo CPI ex Fresh Food (YoY)
• 0750 Japan Industrial Production (YoY)
• 1700 Europe CPI (YoY) (May)  
• 2030 Canada GDP (MoM) 
• 2030 US Goods Trade Balance
• 2200 US Michigan Consumer Sentiment Index

31 May, Sun 

• 0900 China NBS Manufacturing PMI
• 0900 China Non-Manufacturing PMI