US Market 07 Jan 2023

The US market broke lhf (lower high formation) on the weekly chart and closed higher.

The dollar index continues to consolidate.

Watch out for

• Speech by Fed Chair Powell
• China and US CPI

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, 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 DT, Weekly DT

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

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

Russell
Daily Neutral, 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)

09 Jan, Mon

• Japan Holiday
• 1800 Europe Unemployment Rate (Nov)

10 Jan, Tue

• 2200 US Fed Chair Powell Speaks  

11 Jan, Wed

• 0830 Australia Retail Sales (MoM) (Nov)
• 2330 US Crude Oil Inventories

12 Jan, Thu

• 0930 China Inflation Rate YoY (Dec)
• 2130 US Core CPI (MoM) (Dec)
• 2130 US CPI (MoM) (Dec)
• 2130 US Initial Jobless Claims

13 Jan, Fri

• 1100 China Balance of Trade (Dec)
• 1500 UK GDP
• 1500 UK Manufacturing Production (MoM) (Nov)
• 1700 German Full-Year GDP Growth (2022)
• 2300 US Michigan Consumer Sentiment (Jan)