US Market 20 Nov 2021

US market closed mixed. 
Dow and Russell broke hlf (higher low formation) on the weekly chart and closed lower while S&P and Nasdaq broke lhf (lower high formation) and closed higher.  Nasdaq closed with a historic high.

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

The dollar index continues to close higher.

Watch out for

• Short trading week due to US holiday.
• Speech by ECB Guindos, ECB President Lagarde, and BoE Gov Bailey
• US FOMC Meeting Minutes
• China PBoC Loan Prime Rate
• New Zealand RBNZ Interest Rate

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 

• 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 UT
Potential resistance around 37,625

Potential support around 35,495, 33,365, 31,236, 29,407, 29,106

S&P
Daily UT, Weekly UT

Potential resistance around 4,867

Potential support around 4,632, 4,396, 4,161, 3,925, 3,690, 3,579

Nasdaq
Daily UT, Weekly UT

Potential resistance around 17,097, 17,819

Potential support around 16,374, 15,652, 14,930, 14,207, 13,485, 12,762, 12,410

Russell
Daily UT, Weekly UT
Potential resistance around 2,430, 2,561, 2,691

Potential support around 2,300, 2,170, 2,040, 1,910

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

22 Nov, Mon

• 0930 China PBoC Loan Prime Rate
• 2300 US Existing Home Sales (Oct)

23 Nov, Tue

• Japan Holiday
• 0130 Europe ECB Guindos Speech 
• 0545 New Zealand Retail Sales
• 1500 German GDP (QoQ) (Q3)
• 1630 UK Manufacturing PMI (Nov)
• 1630 UK Services PMI (Nov)  
• 1630 German Manufacturing PMI (Nov) 
• 1700 Europe Manufacturing PMI (Nov)
• 2245 US Manufacturing PMI (Nov)

24 Nov, Wed

• 0240 Europe ECB Guindos Speech 
• 0900 New Zealand RBNZ Interest Rate Decision
• 0900 New Zealand RBNZ Rate Statement  
• 1000 New Zealand RBNZ Press Conference 
• 1700 German Ifo Business Climate Index (Nov)
• 2130 US Core Durable Goods Orders (MoM) (Oct)
• 2130 US GDP (QoQ) (Q3)
• 2130 US Initial Jobless Claims
• 2130 US Goods Trade Balance (Oct) 
• 2300 US New Home Sales (Oct)
• 2300 US Michigan Consumer Sentiment (Nov)
• 2330 US Crude Oil Inventories

25 Nov, Thu

• US holiday
• 0300 US FOMC Meeting Minutes
• 1500 German GDP (QoQ) (Q3)
• 2130 Europe ECB President Lagarde Speaks

26 Nov, Fri

• US holiday (Market close early)
• 0100 UK BoE Gov Bailey Speaks
• 0830 Australia Retail Sales (MoM) (Oct)
• 1600 Europe ECB President Lagarde Speaks