US Market 16 Jul 2022

US market closed lower. Dow and S&P broke pwl (previous week low) and trimmed most of the losses before closing with a small roc while Nasdaq and Russell closed with an inside day on the weekly chart. US market is consolidating.

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

The dollar index continues to close higher.

Watch out for

• CPI data from multiple countries
• Interest rate decisions by Japan and Europe

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

UT 

• None

Neutral 

• None

DT 

• Dow (1)
• S&P (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

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)

18 Jul, Mon

• Japan holiday
• 0645 New Zealand CPI (QoQ) (Q2)

19 Jul, Tue

• 0930 Australia RBA Meeting Minutes
• 1400 UK Unemployment Rate (May)
• 1400 UK Claimant Count Change (Jun)
• 1700 Europe CPI (YoY) (Jun)
• 2030 US Building Permits (Jun)

20 Jul, Wed

• 0740 Australia RBA Gov Lowe Speech
• 1400 UK CPI (YoY) (Jun)
• 2030 Canada CPI (MoM) (Jun)
• 2200 US Existing Home Sales (Jun)
• 2230 US Crude Oil Inventories

21 Jul, Thu

• 1030 Japan BoJ Interest Rate Decision
• 2015 Europe ECB Monetary Policy Statement 
• 2015 Europe ECB Interest Rate Decision (Jul)
• 2030 US Initial Jobless Claims
• 2030 US Philadelphia Fed Manufacturing Index (Jul)
• 2045 Europe ECB Press Conference  

22 Jul, Fri

• 0730 Japan Inflation Rate YoY (Jun)
• 1400 UK Retail Sales (MoM) (Jun)  
• 1530 German Manufacturing PMI (Jul) 
• 1600 Europe Manufacturing PMI (Jul) 
• 1630 UK Manufacturing PMI  
• 1630 UK Services PMI  
• 2030 Canada Retail Sales (MoM) (May)