US Markets 18 Nov 23

The US market closed higher. Russell broke lower high formation on the weekly chart.

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

The dollar index broke the previous week's low and recovered to the consolidation range.

Watch out for

• FOMC Meeting Minutes
• Services and Manufacturing PMI by multiple countries
• Short trading week for the US

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 

• Nasdaq

Neutral 

• S&P

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 Neutral, 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 Neutral, Weekly UT

Potential resistance around 4,632, 4,867, 5,103

Potential support around 4,396, 4,161, 3,925, 3,690

Nasdaq
Daily UT, Weekly UT

Potential resistance around 16,374, 17,097, 17,819

Potential support around 15,652, 14,930, 14,207, 13,485, 12,762

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

Potential support around 1,779, 1,649, 1,519, 1,389, 1,259

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

20 Nov, Mon

• No important data

21 Nov, Tue

• 0830 Australia RBA Meeting Minutes
• 2130 Canada Core CPI (MoM) (Oct)
• 2130 Canada CPI (MoM) (Oct)
• 2300 US Existing Home Sales (Oct)

22 Nov, Wed

• 0300 US FOMC Meeting Minutes
• 2000 UK Autumn Statement
• 2130 US Core Durable Goods Orders (MoM) (Oct)
• 2130 US Initial Jobless Claims
• 2300 US Michigan Consumer Sentiment (Nov)
• 2330 US Crude Oil Inventories

23 Nov, Thu

• Japan and US on holiday
• 0600 Australia Judo Bank Manufacturing PMI (Nov) 
• 0600 Australia Judo Bank Services PMI (Nov) 
• 1630 German HCOB Services PMI (Nov) 
• 1630 German HCOB Manufacturing PMI (Nov) 
• 1700 Europe HCOB Services PMI (Nov) 
• 1700 Europe HCOB Manufacturing PMI (Nov) 
• 1730 UK S&P Global/CIPS Manufacturing PMI (Nov) 
• 1730 UK S&P Global/CIPS Services PMI (Nov) 

24 Nov, Fri

• The US market closed early due to the holiday
• 0545 New Zealand Retail Sales YoY (Q3)
• 0730 Japan Inflation Rate YoY (Oct)
• 1500 German GDP (QoQ) (Q3)
• 1700 German Ifo Business Climate (Nov)
• 2130 Canada Retail Sales YoY (Sep)
• 2245 US S&P Global Manufacturing PMI (Nov) 
• 2245 US S&P Global Services PMI (Nov)