US Market 14 May 2022

US market slumped down and recovered some losses before closing with a small -roc (closing price < opening price) pin bar on the weekly chart.

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

The dollar Index broke consolidation resistance.

Watch out for

• Retail sales data from multiple countries
• Inflation rates data from multiple countries
• Speech by ECB President Lagarde and Fed Chair Powell

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 Neutral

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 DT

Potential resistance around12,410, 12,762, 13,485, 14,207, 14,930, 15,652

Potential support around 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)

16 May, Mon

• 1000 China Industrial Production (YoY) (Apr)
• 1000 China Unemployment Rate (April)
• 1000 China Retail Sales YoY (Apr)
• 1700 European Commission Spring Forecasts

17 May, Tue

• 0930 Australia RBA Meeting Minutes
• 1400 UK Average Earnings Index +Bonus (Mar)
• 1400 UK Claimant Count Change (Apr)
• 2030 US Core Retail Sales (MoM) (Apr)
• 2030 US Retail Sales (MoM) (Apr)

18 May, Wed

• 0100 Europe ECB President Lagarde Speaks
• 0200 US Fed Chair Powell Speaks
• 0750 Japan GDP (QoQ) (Q1)
• 1400 UK Inflation Rate YoY (Apr)
• 1700 Europe Inflation Rate YoY (Apr)
• 2030 US Building Permits (Apr)
• 2030 Canada Core CPI (MoM) (Apr)
• 2230 US Crude Oil Inventories

19 May, Thu

• 0750 Japan Balance of Trade (Apr)
• 0930 Australia Employment Change (Apr)
• 1000 New Zealand Annual Budget Release
• 2030 US Initial Jobless Claims
• 2030 US Philadelphia Fed Manufacturing Index (May) 
• 2200 US Existing Home Sales (Apr)

20 May, Fri

• 0730 Japan Inflation Rate YoY (Apr)
• 0915 China PBoC Loan Prime Rate
• 1400 UK Retail Sales (MoM) (Apr)