US Market 22 Aug 2020

US market closed mixed.  Dow and Russell closed lower while S&P and Nasdaq closed higher.

On the weekly chart, Dow closed with a -roc (closed price < open price) inside day.  Nasdaq broke lhf (lower-high formation).  Russell broke hlf (high-low formation) and closed with a -roc.

BDI closed lower while Harpex closed higher.

Dollar Index broke hlf.

Watch out for 

• Jackson Hole Symposium on Thu and Fri
• Fed Chair Powell Speaks on Thu

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

UT 

• S&P
• Russell

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 Neutral
Potential resistance around 28,195, 28,730, 29,106, 29,407

Potential support around 27,345, 26,635, 25,784, 25,336, 24,837, 24,170, 23,567

S&P
Daily UT, Weekly UT

Potential resistance around 3,391, 3,454

Potential support around 3,388, 3,303, 3,219, 3,155, 3,072, 3,022, 2,983, 2,940, 2,874

Nasdaq
Daily UT, Weekly UT

Potential resistance around 12,040, 12,762, 13,485

Potential support around 11,318, 10,856, 10,595, 10,206, 9,873, 9,723, 9,243, 8,781

Russell
Daily UT, Weekly Neutral
Potential resistance around 1,585, 1,609, 1,624, 1,649

Potential support around 1,543, 1,519, 1,498, 1,451, 1,420, 1,388, 1,341, 1,296

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

24 Aug, Mon

• 0645 New Zealand Retail Sales (QoQ)

25 Aug, Tue

• 1400 German GDP (QoQ) (Q2)
• 1600 German Ifo Business Climate Index (Aug)
• 2200 US CB Consumer Confidence (Aug)
• 2200 US New Home Sales (Jul)

26 Aug, Wed

• 2030 US Core Durable Goods Orders (MoM) (Jul)
• 2230 US Crude Oil Inventories 

27 Aug, Thu

• 0800 US Jackson Hole Symposium
• 1500 US Jackson Hole Symposium
• 2030 US GDP (QoQ) (Q2)
• 2030 US Initial Jobless Claims
• 2110 US Fed Chair Powell Speaks 
• 2200 US Pending Home Sales (MoM) (Jul)
• 2315 Canada BoC's Governor Macklem speech

28 Aug, Fri

• 0800 US Jackson Hole Symposium
• 1500 US Jackson Hole Symposium
• 2000 German Harmonized Index of Consumer Prices (YoY)
• 2030 Canada GDP (MoM) (Jun)
• 2030 US Goods Trade Balance
• 2105 UK BoE Gov Bailey Speaks  
• 2200 US Michigan Consumer Sentiment Index

30 Aug, Sun

• 0900 China Non-Manufacturing PMI
• 0900 China NBS Manufacturing PMI