US Market 29 Jan 2022

US market broke pwl (previous week low), recovered part of the losses and closed slightly higher except for Russell closed lower.  On the weekly chart, Dow, S&P, and Nasdaq closed with a +ve roc (closing price > opening price)

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

The dollar index rallied and tested the 97.3 resistance level.

Watch out for

• China long holiday
• Multiple countries Interest rate decisions
• US NFP and the unemployment 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 DT, Weekly UT
Potential resistance around 35,495, 37,625

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

S&P
Daily DT, Weekly UT

Potential resistance around 4,632, 4,867, 5,103

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

Nasdaq
Daily DT, Weekly UT

Potential resistance around 14,930, 15,652, 16,374, 17,097, 17,819

Potential support around 14,207, 13,485, 12,762, 12,410

Russell
Daily DT, Weekly Neutral
Potential resistance around 2,040, 2,170, 2,300, 2,430, 2,561, 2,691

Potential support around 1,910, 1,779, 1,743, 1,708

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

31 Jan, Mon

• China Holiday, Hong Kong and Singapore close early
• 1800 Europe GDP Growth Rate YoY (Q4) 
• 2100 German Inflation Rate YoY (Jan) 

01 Feb, Tue

• China, Hong Kong, and Singapore Holiday
• 0600 Australia Markit Manufacturing PMI (Jan)
• 0830 Australia Retail Sales (MoM) (Dec)
• 1130 Australia RBA Interest Rate Decision (Feb)
• 1655 German Manufacturing PMI (Jan)
• 1655 German Unemployment Change (Jan)
• 1730 UK Manufacturing PMI (Jan)
• 2130 Canada GDP (MoM) (Nov)
• 2300 ISM Manufacturing PMI (Jan)
• 2300 US JOLTs Job Openings (Dec)

02 Feb, Wed

• China, Hong Kong, and Singapore Holiday
• 0545 New Zealand Employment Change (QoQ) (Q4)
• 0930 Australia RBA Gov Lowe Speech 
• 1800 Europe CPI (YoY) (Jan) 
• 2115 US ADP Nonfarm Employment Change (Jan)
• 2330 US Crude Oil Inventories

03 Feb, Thu

• China and Hong Kong Holiday
• 0830 Australia Balance of Trade (Dec)
• 1700 Europe Composite PMI (Jan)
• 1700 Europe Services PMI (Jan)
• 1730 UK Composite PMI (Jan)
• 1730 UK Services PMI (Jan)
• 2000 UK BoE Interest Rate Decision (Feb)
• 2000 UK BoE MPC Meeting Minutes 
• 2045 Europe ECB Interest Rate Decision (Feb)
• 2130 Europe ECB Press Conference
• 2130 US Initial Jobless Claims
• 2300 US ISM Non-Manufacturing PMI (Jan)

04 Feb, Fri

• China Holiday
• 0830 Australia RBA Statement on Monetary Policy
• 1730 UK Construction PMI (Jan)
• 1800 Europe Retail Sales (Dec)
• 2130 US Nonfarm Payrolls (Jan)
• 2130 US Unemployment Rate (Jan)
• 2130 Canada Employment Change (Jan)
• 2300 Canada Ivey PMI (Jan)