US Markets 20 Apr 24

The US market closed lower, except the Dow edged higher.
While the Dow turned to a downtrend, the Nasdaq and Russell turned from an uptrend to neutral. The Nasdaq broke consolidation support.

Harpex, BDI, CDFI, and CCFI closed higher.

The dollar index continued to close higher.

Watch out for

• Multiple countries are reporting Manufacturing PMI and services PMI
• US GDP
• China and Japan Interest Rate Decision

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

UT 

• None

Neutral 

• None

DT 

• None

Instruments that show selling interest at extreme (2) by Dealer/Intermediary (sell-side participants)
UT 

• S&P

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 39,754, 41,884

Potential support around 37,625, 35,495, 33,365, 31,236

S&P
Daily UT, Weekly UT

Potential resistance around 5,103, 5,338

Potential support around 4,867, 4,632, 4,396, 4,161

Nasdaq
Daily Neutral, Weekly UT

Potential resistance around 17,097, 17,819, 18,542

Potential support around 16,374, 15,652, 14,930, 14,207

Russell
Daily Neutral, Weekly UT
Potential resistance around 2,040, 2,170, 2,300

Potential support around 1,910, 1,779, 1,649, 1,519

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

22 Apr, Mon

• 0915 China PBoC Loan Prime Rate

23 Apr, Tue

• 1530 German HCOB Manufacturing PMI (Apr) 
• 1530 German HCOB Services PMI (Apr) 
• 1600 Europe HCOB Manufacturing PMI (Apr) 
• 1600 Europe HCOB Services PMI (Apr) 
• 1630 UK S&P Global/CIPS UK Manufacturing PMI  
• 1630 UK S&P Global/CIPS UK Services PMI  
• 2000 US Building Permits
• 2145 US S&P Global US Manufacturing PMI (Apr)  
• 2145 US S&P Global Services PMI (Apr) 
• 2200 US New Home Sales (Mar)

24 Apr, Wed

• 0930 Australia CPI (YoY) (Q1)
• 2030 US Durable Goods Orders (MoM) (Mar)
• 2030 Canada Retail Sales (MoM) (Feb)
• 2030 Canada Core Retail Sales (MoM) (Feb)
• 2230 US Crude Oil Inventories

25 Apr, Thu

• Australia and New Zealand on holiday
• 2030 US GDP (QoQ) (Q1)
• 2030 US Initial Jobless Claims
• 2200 US Pending Home Sales (MoM) (Mar)

26 Apr, Fri

• 1100 Japan BoJ Interest Rate Decision
• 1430 Japan BoJ Press Conference 
• 2030 US Core PCE Price Index (YoY) (Mar)
• 2030 US PCE Price Index (YoY) (Mar)
• 2030 US Personal Spending (MoM) (Mar)
• 2030 US Personal Income (MoM) (Mar)
• 2200 US Michigan Consumer Sentiment (Apr)