US Market 19 Mar 2022

US market broke lhf (lower high formation) on the weekly chart and closed higher.  Nasdaq and Russell closed with an outside day on the weekly chart.  Russell is still consolidating.

BDI, CDFI, and CCFI closed lower while Harpex remained unchanged.

On the weekly chart, the dollar index broke the 98.7 support level and closed lower with an inside day.

Watch out for

• China PBoC Loan Prime Rate
• Speech by ECB President Lagarde, Fed Chair Powell, RBA Gov Lowe, ECB Guindos, BoE Gov Bailey
• SNB Interest Rate Decision
• PMI data by  multiple countries

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 35,495, 37,625

Potential support around 33,365, 31,236, 29,407, 29,106, 28,912

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

Potential support around 14,207, 13,485, 12,762, 12,410, 12,040, 11,318

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

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

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

21 Mar, Mon

• 0915 China PBoC Loan Prime Rate
• 1530 Europe ECB President Lagarde Speaks  

22 Mar, Tue

• 0000 US Fed Chair Powell Speaks 
• 0900 Australia RBA Gov Lowe Speech
• 1530 Europe ECB Guindos Speech 

23 Mar, Wed

• 1500 UK CPI (YoY) (Feb)
• 2000 UK BoE Gov Bailey Speaks  
• 2000 US Fed Chair Powell Speaks  
• 2030 UK Annual Budget Release  
• 2200 US New Home Sales (Feb)
• 2230 US Crude Oil Inventories

24 Mar, Thu

• 0800 Germany Extraordinary NATO Summit
• 1630 Switzerland SNB Interest Rate Decision (Q1)
• 1630 Switzerland SNB Monetary Policy Assessment  
• 1630 German Manufacturing PMI (Mar)  
• 1700 Europe Manufacturing PMI (Mar)
• 1730 UK Manufacturing PMI (Mar)    
• 1730 Switzerland SNB Press Conference  
• 2030 US Core Durable Goods Orders (MoM) (Feb)
• 2030 US Initial Jobless Claims
• 2145 US Manufacturing PMI (Mar)

25 Mar, Fri

• 1500 UK Retail Sales (MoM) (Feb)
• 1700 German Ifo Business Climate Index
• 2200 US Pending Home Sales (MoM) (Feb)
• 2200 US Michigan Consumer Sentiment (Mar)