US Market 07 May 2022

US market closed lower for another week.

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

The dollar index tested 103.66 resistance and closed at 103.68.

Watch out for

• Speech from ECB Guindos and ECB President Lagarde
• US and China Inflation Rate

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

UT 

• None

Neutral 

• None

DT 

• Dow
• Russell (1)

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 Neutral
Potential resistance around 33,365, 35,495, 37,625

Potential support around 31,236, 29,407, 29,106, 28,912, 26,976

S&P
Daily DT, Weekly UT

Potential resistance around 4,161, 4,396, 4,632, 4,867, 5,103

Potential support around 3,925, 3,690, 3,579, 3,454, 3,219

Nasdaq
Daily DT, Weekly UT

Potential resistance around 12,762, 13,485, 14,207, 14,930, 15,652

Potential support around 12,410, 12,040, 11,318, 10,595, 9,873, 9,150

Russell
Daily DT, Weekly DT
Potential resistance around 1,910, 2,040, 2,170, 2,300, 2,430

Potential support around 1,779, 1,743, 1,708, 1,649, 1,624, 1,609

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

09 May, Mon

• Hong Kong holiday
• 1100 China Balance of Trade (Apr)

10 May, Tue

• 0930 Australia Retail Sales MoM (Mar)
• 1700 German ZEW Economic Sentiment (May)

11 May, Wed

• 0120 Europe ECB Guindos Speech 
• 0930 China Inflation Rate YoY (Apr)
• 1600 ECB President Lagarde Speaks
• 2030 US Inflation Rate (Apr)

2230 US Crude Oil Inventories

12 May, Thu

• 1400 UK Goods Trade Balance (Mar)
• 1400 UK GDP (Q1)
• 1400 UK Manufacturing Production (MoM) (Mar)
• 2030 US Initial Jobless Claims
• 2030 US PPI (MoM) (Apr)

13 May, Fri

• 1500 Europe ECB Guindos Speech
• 2200 US Michigan Consumer Sentiment (May)