US Market 17 Sep 2022

US market closed lower. Dow, S&P and Nasdaq closed with an outside day on the weekly chart.

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

The dollar index closed higher.

Watch out for

• Speech by RBNZ Gov Orr, ECB Guindos, ECB President Lagarde, Fed Chair Powell.
• Interest rate decisions from the US, Japan, UK and Switzerland.
• Manufacturing PMI by multiple countries.

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

UT 

• Russell

Neutral 

• Dow
• S&P (1)
• Nasdaq

DT 

• None

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 Neutral, 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 Neutral, Weekly DT

Potential resistance around 3,925, 4,161, 4,396, 4,632, 4,867

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

Nasdaq
Daily Neutral, 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 UT, Weekly DT
Potential resistance around 1,779, 1,910, 2,040, 2,170, 2,300

Potential support around 1,649, 1,519, 1,389, 1,2591

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

19 Sep, Mon

• Japan and UK holiday
• 1100 New Zealand RBNZ Gov Orr Speaks
• 1700 Europe ECB Guindos Speech 

20 Sep, Tue

• 0730 Japan Inflation Rate YoY (Aug)
• 0930 Australia RBA Meeting Minutes
• 2030 US Building Permits (Aug)
• 2030 Canada Inflation Rate YoY (Aug)

21 Sep, Wed

• 0100 Europe ECB President Lagarde Speaks
• 1500 Europe ECB Guindos Speech 
• 2200 US Existing Home Sales (Aug)
• 2230 US Crude Oil Inventories

22 Sep, Thu

• 0200 US FOMC Economic Projections
• 0200 US FOMC Statement  
• 0200 US Fed Interest Rate Decision
• 0230 US FOMC Press Conference  
• 1100 Japan BoJ Interest Rate Decision
• 1430 Japan BoJ Press Conference  
• 1530 Switzerland SNB Interest Rate Decision (Q3)
• 1900 UK BoE Interest Rate Decision (Sep)
• 2030 US Initial Jobless Claims

23 Sep, Fri

• Japan Holiday
• 1530 German Manufacturing PMI (Sep) 
• 1600 Europe Manufacturing PMI (Sep) 
• 2030 Canada Core Retail Sales (MoM) (Jul)
• 2145 US Manufacturing PMI (Sep) 

24 Sep, Sat

• 0200 US Fed Chair Powell Speaks