US Market 21 May 2022

US market closed lower with a -roc (closing price < opening price). Dow and Nasdaq broke pwl (previous week low) and recovered some of the losses. S&P closed with an outside day while Russell broke lhf (lower high formation), failed to hold and closed lower on the weekly chart.

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

The dollar index retreated and tested trend support.

Watch out for

• Manufacturing PMI and Retail Sales from multiple countries
• RBNZ Interest Rate Decision
• US FOMC Meeting Minutes
• Speech by BoE Gov Bailey 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 DT
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 3,925, 4,161, 4,396, 4,632, 4,867, 5,103

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

Nasdaq
Daily DT, Weekly DT

Potential resistance around 12,040, 12,410, 12,762, 13,485, 14,207, 14,930, 15,652

Potential support around 11,318, 10,595, 9,873, 9,150

Russell
Daily DT, Weekly DT
Potential resistance around 1,779, 1,910, 2,040, 2,170, 2,300, 2,430

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

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

23 May, Mon

• Canada Holiday
• 1600 German Ifo Business Climate Index (May)

24 May, Tue

• 0015 UK BoE Gov Bailey Speaks
• 0645 New Zealand Retail Sales QoQ (Q1)
• 0700 Australia Markit Manufacturing PMI
• 1530 German Manufacturing PMI (May)
• 1630 UK Manufacturing PMI 
• 2145 US Markit Manufacturing PMI (May)  
• 2200 US New Home Sales (Apr)

25 May, Wed

• 0020 US Fed Chair Powell Speech 
• 1000 New Zealand RBNZ Interest Rate Decision
• 1000 New Zealand RBNZ Rate Statement  
• 1400 German GDP (QoQ) (Q1)
• 2030 US Core Durable Goods Orders (MoM) (Apr)
• 2230 US Crude Oil Inventories

26 May, Thu

• Switzerland Holiday
• 0200 US FOMC Meeting Minutes
• 2030 US GDP (QoQ) (Q1)
• 2030 US Initial Jobless Claims
• 2030 Canada Core Retail Sales (MoM) (Mar)
• 2200 US Pending Home Sales (Apr)

27 May, Fri

• 0930 Australia Retail Sales (MoM) (Apr)
• 2030 US Goods Trade Balance (Apr) 
• 2200 US Michigan Consumer Sentiment (May)