US Market 28 May 2022

US market broke lhf (lower high formation) on the weekly chart and closed higher.

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

The dollar index broke trend support and closed lower.

Watch out for

• GDP and Manufacturing PMI data from multiple countries
• Speech by Europe ECB President Lagarde
• Canada Interest Rate Decision
• US NFP

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

UT 

• None

Neutral 

• None

DT 

• Dow (1)
• 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 4,396, 4,632, 4,867, 5,103

Potential support around 4,161, 3,925,  3,690, 3,579, 3,454, 3,219

Nasdaq
Daily DT, Weekly DT

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)

30 May, Mon

• US Holiday

31 May, Tue

• 0930 China Manufacturing PMI (May)
• 1555 German Unemployment Change (May)
• 1700 Europe CPI (YoY) (May)
• 2030 Canada GDP (MoM) (Mar)
• 2200 CB Consumer Confidence (May)

01 Jun, Wed

• 0930 Australia GDP (QoQ) (Q1)
• 0945 China Caixin Manufacturing PMI (May)
• 1555 German Manufacturing PMI (May)
• 1600 Europe Manufacturing PMI (May)
• 1630 UK Manufacturing PMI (May)
• 1900 Europe ECB President Lagarde Speaks
• 2200 US ISM Manufacturing PMI (May)
• 2200 US JOLTs Job Openings (Apr)
• 2200 Canada BoC Interest Rate Decision

02 Jun, Thu

• UK Holiday
• 0930 Australia Retail Sales (MoM)
• 2015 US ADP Nonfarm Employment Change (May)
• 2030 US Initial Jobless Claims
• 2300 US Crude Oil Inventories

03 Jun, Fri

• UK, Hong Kong and China holiday
• 2030 US Nonfarm Payrolls (May)
• 2030 US Unemployment Rate (May)
• 2200 US ISM Non-Manufacturing PMI (May)