US Market 29 Aug 2020

US market closed higher.  S&P and Nasdaq closed at a historic high.  On the weekly chart, Dow broke lhf (lower-high formation) while Russell closed with an inside day

BDI and Harpex closed higher.

Dollar Index closed lower.

Watch out for 

• various countries releasing Manufacturing PMI data
• NFP data on Fri

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

UT 

• Dow
• 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 28,730, 29,106, 29,407

Potential support around 28,195, 27,345, 26,635, 25,784, 25,336, 24,837

S&P
Daily UT, Weekly UT

Potential resistance around 3,690, 3,925

Potential support around 3,454, 3,391, 3,388, 3,303, 3,219, 3,155, 3,072, 3,022

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)

31 Aug, Mon

• UK holiday
• 0900 China Manufacturing PMI (Aug)
• 2000 German Harmonized Index of Consumer Prices (YoY)
• 2030 Canada Building Permits (MoM)

01 Sep, Tue

• 0945 China Caixin Manufacturing PMI (Aug)
• 1230 Australia RBA Interest Rate Decision (Sep)
• 1230 Australia RBA Rate Statement  
• 1555 German Manufacturing PMI (Aug)
• 1555 German Unemployment Change (Aug)
• 1630 UK Manufacturing PMI (Aug)
• 1700 Europe CPI (YoY) (Aug)  
• 2200 US ISM Manufacturing PMI (Aug)

02 Sep, Wed

• 0930 Australia GDP (QoQ) (Q2)
• 2015 US ADP Nonfarm Employment Change (Aug)
• 2230 US Crude Oil Inventories 

03 Sep, Thu

• 0930 Australia Trade Balance
• 1630 UK Composite PMI (Aug)
• 1630 UK Services PMI (Aug)
• 1700 Europe Retail Sales (YoY)
• 2030 US Initial Jobless Claims
• 2030 US Trade Balance
• 2200 UK BoE Gov Bailey Speaks  
• 2200 US ISM Non-Manufacturing PMI (Aug)

04 Sep, Fri

• 0930 Australia Retail Sales (MoM) (Jul)
• 1630 UK Construction PMI (Aug)
• 2030 US Nonfarm Payrolls (Aug)
• 2030 US Unemployment Rate (Aug)
• 2030 Canada Employment Change (Aug)
• 2200 Canada Ivey PMI (Aug)