US Market 02 Apr 2022

US market rallied and trimmed most of the gain before closing higher, except for Dow closed lower. US market short-term trend (10 SMA, Simple Moving Average) has improved from downtrend to neutral.

BDI, CDFI, Harpex, and CCFI closed lower.

The dollar index is consolidating.

Watch out for

• Composite PMI data by multiple countries
• Australia RBA Interest Rate Decision
• US FOMC Meeting Minutes
• Speech by UK BoE Gov Bailey and Europe ECB Guindos

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

UT 

• None

Neutral 

• Russell (1)

DT 

• 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 are 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 Neutral, 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 Neutral, 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 Neutral, 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)

04 Apr, Mon

• China Holiday
• 0930 Australia Retail Sales (MoM)
• 1705 UK BoE Gov Bailey Speaks

05 Apr, Tue

• China and Hong Kong Holiday
• 0700 Australia Markit Composite PMI (Mar)
• 1230 Australia RBA Interest Rate Decision (Apr)
• 1230 Australia RBA Rate Statement  
• 1555 German Markit Composite PMI (Mar)
• 1600 Europe Markit Composite PMI (Mar)
• 1630 UK Composite PMI (Mar)
• 2030 US Balance of Trade (Feb)
• 2030 Canada Balance of Trade (Feb)
• 2200 US Markit Composite PMI (Mar)
• 2200 US ISM Non-Manufacturing PMI (Mar)

06 Apr, Wed

• 0945 China Caixin Services PMI (Mar)
• 1500 Europe ECB Guindos Speech 
• 1630 UK Construction PMI (Mar)
• 2200 US Ivey PMI (Mar)
• 2230 US Crude Oil Inventories

07 Apr, Thu

• 0200 US FOMC Meeting Minutes
• 0930 Australia Balance of Trade (Feb)
• 1700 Eruope Retail Sales (Feb)
• 1930 Europe ECB Monetary Policy Statement
• 2030 US Initial Jobless Claims

08 Apr, Fri

• 2030 Canada Employment Change (Mar)