US Market 20 Jun 2020

On the weekly chart, the US market broke pwl and recovered to close higher.  

Nearly half of the gain was trimmed off before closing for Dow, S&P and Russell.

Dollar Index closed higher.

BDI continues to rebound strongly while Harpex continues to be weak.

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

UT 

• Dow (1)
• S&P (1)
• Russell (1)

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 25,784, 26,245, 26,627, 26,976, 27,350, 28,195

Potential support around 25,326, 24,837, 24,170, 23,567, 23,435, 23,175, 22,776

S&P
Daily UT, Weekly Neutral

Potential resistance around 3,072, 3,155, 3,219, 3,303, 3,391, 3,454

Potential support around 3,022, 2,983, 2,940, 2,874, 2,854, 2,825, 2,814,  2,786

Nasdaq
Daily UT, Weekly UT

Potential resistance around 10,595, 11,318

Potential support around 9,873, 9,723, 9,243, 8,781, 8,428, 8,196, 8,002, 7,859, 7,706

Russell
Daily UT, Weekly DT
Potential resistance around 1,388, 1,420, 1,451, 1,508, 1,519, 1,543, 1,585, 1,609

Potential support around 1,341, 1,296, 1,287, 1,259, 1,240, 1,213, 1,185, 1,164

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

22 Jun, Mon

• 0700 Australia RBA's Governor Lowe speech
• 0930 China PBoC Loan Prime Rate
• 2200 US Existing Home Sales (May)
• 2300 Canada BoC's Governor Macklem speech

23 Jun, Tue

• 1530 German Manufacturing PMI (Jun)  
• 1630 UK Manufacturing PMI 
• 2200 US New Home Sales (May)

24 Jun, Wed

• 1000 New Zealand RBNZ Interest Rate Decision
• 1000 New Zealand RBNZ Rate Statement
• 1600 German Ifo Business Climate Index (Jun)
• 2130 UK Inflation Report Hearings
• 2230 US Crude Oil Inventories 

25 Jun, Thu

• Hong Kong and China holiday
• 1930 Europe ECB Monetary Policy Meeting Accounts
• 2030 US Goods Trade Balance
• 2030 US Core Durable Goods Orders (MoM) (May)
• 2030 US GDP (QoQ) (Q1)
• 2030 US Initial Jobless Claims

26 Jun, Fri

• 0730 Japan Tokyo CPI (YoY)
• 2200 US Michigan Consumer Sentiment Index