US Market 17 Dec 2022

The US market closed lower. Dow, S&P and Nasdaq closed with a -roc (closing price < opening price) on the weekly chart.

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

The dollar index closed lower.

Watch out for

• China PBoC Loan Prime Rate
• Japan Interest rate decision
• GDP data from the UK, US and Canada

I will take a break; this update will be the last for 2022. 
The next update will resume on 07 Jan 2023.

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 33,365, 35,495, 37,625, 39,754

Potential support around 31,236, 29,106, 26,976, 24,847

S&P
Daily UT, Weekly DT

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

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

Nasdaq
Daily UT, Weekly DT

Potential resistance around 11,318, 12,040, 12,762, 13,485

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

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 Dec, Mon

• 1700 German Ifo Business Climate Index (Dec)

20 Dec, Tue

• 0830 Australia RBA Meeting Minutes  
• 0915 China PBoC Loan Prime Rate
• 1100 Japan BoJ Monetary Policy Statement
• 1100 Japan BoJ Press Conference
• 1100 Japan BoJ Interest Rate Decision
• 2130 US Building Permits (Nov)  
• 2130 Canada Core Retail Sales (MoM) (Oct)

21 Dec, Wed

• 2130 Canada Core CPI (MoM) (Nov)
• 2300 US CB Consumer Confidence (Dec)
• 2300 US Existing Home Sales (Nov)
• 2330 US Crude Oil Inventories

22 Dec, Thu

• 1500 UK GDP (QoQ)
• 2130 US GDP (QoQ) (Q3)
• 2130 US Initial Jobless Claims

23 Dec, Fri

• Australia, New Zealand, and UK markets close early
• 0730 Japan Inflation Rate YoY (Nov)
• 2130 US Core PCE Price Index (MoM) (Nov)
• 2130 US Core Durable Goods Orders (MoM) (Nov)
• 2130 Canada GDP (MoM) (Oct)
• 2300 US New Home Sales (Nov)
• 2300 US Michigan Consumer Sentiment (Dec)