US Market 26 Feb 2022

US market broke pwl (previous week low), recovered to close higher with a +roc (closing price > opening price) on the weekly chart except for Dow, closed lower with a +roc.

BDI, CDFI, and Harpex closed higher except for CCFI closed lower.

The dollar index tested 97.3 resistance level but failed to hold. Despite the trimmed gain, it still closed higher.

Watch out for

• Manufacturing PMI from multiple countries
• Australia and Canada Interest rate decision 
• Speech by US President Biden, Europe ECB Guindos, US Fed Chair Powell
• US Nonfarm Payrolls

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

UT 

• None

Neutral 

• None

DT 

• Russell
• Dow

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

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 4,396, 4,632, 4,867, 5,103

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

Nasdaq
Daily DT, Weekly UT

Potential resistance around 14,207, 14,930, 15,652, 16,374, 17,097, 17,819

Potential support around 13,485, 12,762, 12,410, 12,040

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

Potential support around 2,040, 1,910, 1,779, 1,743, 1,708

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

28 Feb, Mon

• 0830 Australia Retail Sales (MoM) (Jan)
• 2130 US Goods Trade Balance (Jan)
• 2230 Canada ADP Employment Change (Jan)

01 Mar, Tue

• 0600 Australia Markit Manufacturing PMI (Feb)
• 0800 US President Biden Speaks
• 0930 China Manufacturing PMI (Feb)
• 0945 China Caixin Manufacturing PMI (Feb)
• 1130 Australia RBA Interest Rate Decision (Mar)
• 1130 Australia RBA Rate Statement 
• 1655 German Manufacturing PMI (Feb)
• 1700 Europe Manufacturing PMI (Feb)
• 1730 UK Manufacturing PMI (Feb)
• 2130 Canada GDP (MoM) (Dec)
• 2230 Canada Markit Manufacturing PMI (Feb)
• 2300 US ISM Manufacturing PMI (Feb)

02 Mar, Wed

• 0830 Australia GDP (QoQ) (Q4)
• 1655 German Unemployment Change (Feb)
• 1800 Europe CPI (YoY) (Feb) 
• 1900 Europe ECB Guindos Speech  
• 21150 US ADP Employment Change (Feb)
• 2300 Canada BoC Interest Rate Decision
• 2300 US Crude Oil Inventories
• 2300 US Fed Chair Powell Testimony

03 Mar, Thu

• 0830 Australia Balance of Trade (Jan)
• 0945 China Caixin Services PMI (Feb)
• 1800 Europe Unemployment Rate (Jan)
• 2030 Europe ECB Publishes Account of Monetary Policy Meeting  
• 2130 US Initial Jobless Claims
• 2300 US Fed Chair Powell Testifies  
• 2300 US ISM Non-Manufacturing PMI (Feb)

04 Mar, Fri

• 0830 Australia Retail Sales (MoM)
• 2130 US Nonfarm Payrolls (Feb)
• 2130 US Unemployment Rate (Feb)
• 2300 Canada Ivey PMI (Feb)