US Market 23 Jul 2022

US market broke the recent consolidation resistance level and lhf (lower high formation) on the weekly chart and closed higher. The daily trend for Dow, Nasdaq and Russell has turned from a downtrend to neutral on the daily chart.

BDI and CCFI closed lower while CDFI closed higher.  Harpex stopped providing data.

The dollar index closed lower.

Watch out for

• CPI and GDP data from multiple countries
• US Fed Interest Rate Decision 

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 are based on 50 Simple Moving Average.

Dow

Daily Neutral, Weekly DT
Potential resistance around 33,365, 35,495, 37,625

Potential support around 31,236, 29,407, 29,106, 28,912

S&P
Daily DT, Weekly DT

Potential resistance around 4,161, 4,396, 4,632

Potential support around 3,925, 3,690, 3,454, 3,219, 2,983

Nasdaq
Daily Neutral, Weekly DT

Potential resistance around 12,762, 13,485, 14,207, 14,930

Potential support around 12,040, 11,318, 10,856, 10,595, 9,873

Russell
Daily Neutral, Weekly DT
Potential resistance around 1,910, 2,040, 2,170, 2,300

Potential support around 1,779, 1,649, 1,519, 1,389

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

25 Jul, Mon

• 1600 German Ifo Business Climate Index (Jul)

26 Jul, Tue

• 2200 US CB Consumer Confidence (Jul)
• 2200 US New Home Sales (Jun)

27 Jul, Wed

• 0930 Australia CPI (QoQ) (Q2)
• 2030 US Core Durable Goods Orders (MoM) (Jun)
• 2030 US Goods Trade Balance (Jun) 
• 2200 US Pending Home Sales (MoM) (Jun)
• 2230 US Crude Oil Inventories

28 Jul, Thu

• 0200 US Fed Interest Rate Decision 
• 0230 US FOMC Press Conference  
• 0930 Australia Retail Sales (MoM) (Jun)
• 2000 German Inflation Rate YoY (Jul)
• 2030 US GDP (QoQ) (Q2)
• 2030 US Initial Jobless Claims

29 Jul, Fri

• 1555 German Unemployment Change (Jul)
• 1600 German GDP (QoQ) (Q2)
• 1700 Europe CPI (YoY) (Jul)
• 1700 Europe GDP Growth Rate (Q2) 
• 2030 US Core PCE Price Index (MoM) (Jun)
• 2030 Canada GDP (MoM) (May)
• 2200 US Michigan Consumer Sentiment (Jul)

31 Jul, Sun

• 0930 China NBS Non-Manufacturing PMI (Jul)
• 0930 China NBS Manufacturing PMI (Jul)