US Market 02 Jul 2022

US market broke pwh (previous week high) and reversed to close lower.

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

The dollar index consolidates and closes higher with an outside day on the weekly chart.

Watch out for

• Balance of Trade from multiple countries
• Australia Interest Rate Decision 
• Speeches by ECB Guindos, BoE Gov Bailey and ECB President Lagarde
• US FOMC Meeting Minutes
• US Nonfarm Payrolls
• China Inflation Rate

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

UT 

• None

Neutral 

• None

DT 

• Dow (1)
• S&P
• 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 31,236, 33,365, 35,495, 37,625

Potential support around 29,407, 29,106, 28,912

S&P
Daily DT, Weekly DT

Potential resistance around 3,925, 4,161, 4,396

Potential support around 3,690, 3,454, 3,219, 2,983

Nasdaq
Daily DT, Weekly DT

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

Potential support around 11,318, 10,856, 10,595, 9,873

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

Potential support around 1,649, 1,519, 1,389

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

04 Jul, Mon

• US holiday
• 1400 German Balance of Trade (May)
• 2130 Canada Manufacturing PMI
• 2300 Europe ECB Guindos Speech

05 Jul, Tue

• 0930 Australia Retail Sales (MoM)
• 0945 China Caixin Services PMI (Jun)
• 1230 Australia RBA Interest Rate Decision (Jul)
• 1600 Europe Services PMI (Jun)
• 1630 UK Services PMI (Jun)
• 1800 UK BoE Gov Bailey Speaks

06 Jul, Wed

• 1700 Europe Retail Sales YoY (May)
• 2200 US ISM Non-Manufacturing PMI (Jun)
• 2200 US JOLTs Job Openings (May)

07 Jul, Thu

• 0200 US FOMC Meeting Minutes  
• 0930 Australia Balance of Trade (May)
• 1930 Europe FOMC Meeting Minutes 
• 2015 US ADP Employment Change (Jun)
• 2030 US Initial Jobless Claims
• 2030 US Balance of Trade (May)
• 2030 Canada Balance of Trade (May)
• 2200 Canada Ivey PMI (Jun)
• 2300 US Crude Oil Inventories

08 Jul, Fri

• 1955 Europe ECB President Lagarde Speaks
• 2030 US Nonfarm Payrolls (Jun)
• 2030 US Unemployment Rate (Jun)
• 2030 Canada Employment Change (Jun)

09 Jul, Sat 

• 0930 China Inflation Rate YoY (Jun)