US Market 11 Jul 2020

The US market closed higher except for Russell closed lower.  

Nasdaq closed at a historic high

On the weekly chart, Russell closed lower with a +roc.

Russell is directionless for 4 weeks.

BDI closed lower, Harpex closed higher.

Dollar Index closed lower.

Various countries will be releasing CPI data and making a decision on the Interest rate this week.

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

UT 

• Dow
• S&P (1)
• Russell

Neutral 

• None

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 UT, Weekly DT
Potential resistance around 26,245, 26,627, 26,976, 27,350, 28,195

Potential support around 25,784, 25,336, 24,837, 24,170, 23,567, 23,435, 23,175

S&P
Daily UT, Weekly UT

Potential resistance around 3,219, 3,303, 3,391, 3,454

Potential support around 3,155, 3,072, 3,022, 2,983, 2,940, 2,874, 2,854, 2,825

Nasdaq
Daily UT, Weekly UT

Potential resistance around 11,318, 12,040

Potential support around 10,595, 10,206, 9,873, 9,723, 9,243, 8,781, 8,428, 8,196

Russell
Daily UT, Weekly DT
Potential resistance around 1,451, 1,508, 1,519, 1,543, 1,585, 1,609

Potential support around 1,420, 1,388, 1,341, 1,296, 1,287, 1,259, 1,240, 1,213

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

13 Jul, Mon

• 2330 UK BoE's Governor Bailey speech

14 Jul, Tue

• 1400 UK GDP (MoM)
• 1400 UK Manufacturing Production (MoM) (May)
• 1400 German Harmonized Index of Consumer Prices (YoY)
• 1700 German ZEW Economic Sentiment (Jul)
• 2030 US Core CPI (MoM) (Jun)
• 2130 Switzerland SNB's Chairman Jordan speech

15 Jul, Wed

• 1100 Japan BoJ Interest Rate Decision
• 1100 Japan BoJ Monetary Policy Statement
• 1100 Japan BoJ Outlook Report (YoY) 
• 1400 Japan BoJ Press Conference
• 1400 UK CPI (YoY) (Jun)
• 2030 Canada Core CPI (MoM) (Jun)
• 2200 Canada BoC Interest Rate Decision
• 2230 US Crude Oil Inventories 
• 2315 Canada BOC Press Conference  

16 Jul, Thu

• 0645 New Zealand CPI (QoQ) (Q2)
• 0930 Australia Employment Change (Jun)
• 1000 China GDP (YoY) (Q2)
• 1000 China Industrial Production (YoY) (Jun)
• 1400 UK Average Earnings Index +Bonus (May)
• 1400 UK Claimant Count Change (Jun)
• 1945 Europe Deposit Facility Rate (Jul)
• 1945 Europe ECB Monetary Policy Statement 
• 1945 Europe ECB Interest Rate Decision (Jul)
• 2030 Europe ECB Press Conference  
• 2030 US Initial Jobless Claims
• 2030 US Philadelphia Fed Manufacturing Index (Jul)
• 2030 US Retail Sales (MoM) (Jun)

17 Jul, Fri

• 0800 Europe EU Leaders Special Summit
• 1700 Europe CPI (YoY) (Jun)
• 2030 Canada Retail Sales (MoM)
• 2030 US Building Permits (Jun)
• 2200 US Michigan Consumer Sentiment Index