US Market 10 Dec 2022

The US market broke hlf (higher low formation) on the weekly chart and closed lower. Nasdaq and Russell are consolidating, while S&P is back in the consolidation range.

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

The dollar index is forming another consolidation.

Watch out for

• CPI data by multiple countries
• Interest rate decisions by the US, Switzerland, Europe, and the UK.

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

UT 

• Dow

Neutral 

• None

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 UT, Weekly DT
Potential resistance around 35,495, 37,625, 39,754

Potential support around 33,365, 31,236, 29,106, 26,976

S&P
Daily UT, Weekly DT

Potential resistance around  4,161, 4,396, 4,632

Potential support around 3,925, 3,690, 3,454, 3,219

Nasdaq
Daily UT, Weekly DT

Potential resistance around 12,040, 12,762, 13,485

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

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

Potential support around 1,779, 1,649, 1,519, 1,389, 1,2591

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

12 Dec, Mon

• 1500 UK GDP (QoQ)
• 1500 UK Goods Trade Balance (Oct)

13 Dec, Tue

• 1500 UK Average Earnings Index +Bonus (Oct)
• 1500 UK Claimant Count Change (Nov)
• 1500 German CPI (YoY) (Nov)
• 1800 German ZEW Economic Sentiment (Dec)
• 2130 US Core CPI (MoM) (Nov)
• 2130 US CPI (MoM) (Nov)

14 Dec, Wed

• 0630 Australia RBA Gov Lowe Speech 
• 0750 Japan Tankan Large Manufacturers Index (Q4)
• 0750 Japan Tankan Large Non-Manufacturers Index (Q4)
• 1500 UK CPI (YoY) (Nov)
• 2330 US Crude Oil Inventories

15 Dec, Thu

• 0300 US FOMC Economic Projections
• 0300 US Fed Interest Rate Decision
• 0330 US FOMC Press Conference  
• 0545 New Zealand GDP (QoQ) (Q3)
• 0750 Japan Balance of Trade (Nov)
• 0830 Australia Employment Change (Nov)
• 1000 China Industrial Production (YoY) (Nov)
• 1630 Switzerland SNB Interest Rate Decision (Q4)
• 2000 UK BoE Interest Rate Decision (Dec)
• 2115 Europe ECB Interest Rate Decision (Dec)
• 2115 Europe Deposit Facility Rate (Dec)
• 2130 US Core Retail Sales (MoM) (Nov)
• 2130 US Initial Jobless Claims
• 2130 US Philadelphia Fed Manufacturing Index (Dec)
• 2130 US Retail Sales (MoM) (Nov)
• 2145 Europe ECB Press Conference  

16 Dec, Fri

• 1500 UK Retail Sales (MoM) (Nov)
• 1630 German Manufacturing PMI (Dec)
• 1730 UK Manufacturing PMI  
• 1730 UK Services PMI
• 1800 Europe CPI (YoY) (Nov)