US Market 12 Mar 2022

US market broke hlf (higher low formation) and closed lower.  US market consolidating.  Russell is consolidating for seven weeks; expect potential significant movement.

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

The dollar index broke and closed above the 98.7 resistance level.

Watch out for

• US daylight saving starts on 13 Mar
• US and UK Interest rate decision

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

UT 

• None

Neutral 

• None

DT 

• Russell (1)
• 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

Dow

Daily DT, Weekly UT
Potential resistance around 33,365, 35,495, 37,625

Potential support around 31,236, 29,407, 29,106, 28,912

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 13,485, 14,207, 14,930, 15,652, 16,374

Potential support around  12,762, 12,410, 12,040, 11,318

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

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

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

14 Mar, Mon

• No important data

15 Mar, Tue

• 0830 Australia RBA Meeting Minutes  
• 1000 China Retail Sales YoY (Jan-Feb)
• 1000 China Industrial Production (YoY) (Feb)
• 1000 China Unemployment Rate (Jan-Feb)
• 1500 UK Claimant Count Change (Feb)
• 1800 German ZEW Economic Sentiment (Mar)
• 2030 US PPI (MoM) (Feb)

16 Mar, Wed

• 2030 US Core Retail Sales (MoM) (Feb)
• 2030 Canada Core CPI (MoM) (Feb)
• 2230 US Crude Oil Inventories

17 Mar, Thu

• 0200 US FOMC Economic Projections
• 0200 US FOMC Statement  
• 0200 US Fed Interest Rate Decision
• 0230 US FOMC Press Conference  
• 0545 New Zealand GDP (QoQ) (Q4)
• 0830 Australia Employment Change (Feb)
• 1730 Europe ECB President Lagarde Speaks  
• 1800 Europe CPI (YoY) (Feb)
• 2000 UK BoE Interest Rate Decision (Mar)
• 2030 US Building Permits (Feb)
• 2030 US Initial Jobless Claims
• 2030 US Philadelphia Fed Manufacturing Index (Mar)

18 Mar, Fri

• 1100 Japan BoJ Monetary Policy Statement  
• 1430 Japan BoJ Press Conference  
• 2030 Canada Core Retail Sales (MoM) (Jan)
• 2200 US Existing Home Sales (Feb)