US Markets 04 Nov 2023

The US market broke the lower-high formation on the weekly chart and closed high. Russell closed with an outside day on the weekly chart. 

While BDI, CDFI and Harpex closed lower, CCFI closed higher.

The dollar index broke consolidation support and closed lower.

The daylight saving ended on 05 Nov 2023.

Watch out for

• Australia RBA Interest Rate Decision
• Speech by US Fed Chair Powell
• China CPI data

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

UT 

• None

Neutral 

• None

DT 

• Dow (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 Averages.

Dow
Daily DT, Weekly UT
Potential resistance around 35,495, 37,625, 39,754

Potential support around 33,365, 31,236, 29,106, 26,976

S&P
Daily DT, Weekly UT

Potential resistance around 4,396, 4,632, 4,867

Potential support around 4,161, 3,925, 3,690, 3,454

Nasdaq
Daily DT, Weekly UT

Potential resistance around 14,930, 15,652, 16,374

Potential support around 14,207, 13,485, 12,762, 12,040, 11,318

Russell
Daily DT, Weekly DT
Potential resistance around 1,779, 1,910, 2,040, 2,170

Potential support around 1,649, 1,519, 1,389, 1,259

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

06 Nov, Mon

• 1655 German HCOB Services PMI (Oct)
• 1700 Europe HCOB Services PMI (Oct)
• 2300 Canada Ivey PMI s.a (Oct)

07 Nov, Tue

• 1130 Australia RBA Interest Rate Decision (Nov)

08 Nov, Wed

• 1500 German CPI (MoM) (Oct)
• 1800 Europe Retail Sales MoM (Sep)
• 2215 US Fed Chair Powell Speaks
• 2330 US Crude Oil Inventories

09 Nov, Thu

• 0930 China CPI (MoM) (Oct)
• 2130 US Initial Jobless Claims

10 Nov, Fri

• 0300 US Fed Chair Powell Speaks
• 1500 UK GDP (QoQ) (Q3)  
• 2300 US Michigan Consumer Sentiment (Nov)