US Markets 04 Mar 23

The US market closed higher.
S&P and Nasdaq closed with an outside day on the weekly chart, while Russell closed with an inside day.

BDI rallied higher from 883 (24 Feb) to 1,211 (03 Mar)

Harpex closed lower from 1,059 (24 Feb) to 1,056 (03 Mar)

CDFI closed higher from 935.05 (24 Feb) to 1,017.13 (03 Mar)

CCFI closed lower from 1,077.75 (24 Feb) to 1,057.68 (03 Mar)

The dollar index broke pwh (the previous week high) and reversed to close lower.

Watch out for

• Interest Rate Decision by Australia, Canada and Japan
• Fed Chair Powell Testifies
• US NFP
• Start of Daylight Saving on 12 Mar in the US

The cyber-related incident at ION prevented timely and accurate data submission to the CFTC. CFTC started clearing backlogged reports and expects to complete them by mid-Mar.

COT reports will resume when the data is up to date.

Dow

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

Possible support around 33,365, 31,236, 29,106, 26,976, 24,847

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, 2,983

Nasdaq
Daily UT, Weekly DT

Potential resistance around 12,762, 13,485, 14,207

Possible support around 12,040, 11,318, 10,595, 9,873, 9,150

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

Potential support around 1,910, 1,779, 1,649, 1,519, 1,389

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

06 Mar, Mon

• 2300 Canada Ivey PMI (Feb)

07 Mar, Tue

• 0830 Australia Retail Sales (MoM) (Jan)
• 1130 Australia RBA Interest Rate Decision (Mar)
• 2300 US Fed Chair Powell Testifies

08 Mar, Wed

• 0555 Australia RBA Gov Lowe Speech
• 1800 Europe ECB President Lagarde Speaks  
• 2115 US ADP Nonfarm Employment Change (Feb)
• 2300 US Fed Chair Powell Testifies
• 2300 US JOLTs Job Openings (Jan)
• 2300 Canada BoC Interest Rate Decision
• 2330 US Crude Oil Inventories

09 Mar, Thu

• 0750 Japan GDP (QoQ) (Q4)
• 0930 China Inflation Rate YoY (Feb)
• 2130 US Initial Jobless Claims

10 Mar, Fri

• 1100 Japan BoJ Interest Rate Decision
• 1500 UK GDP (MoM) (Jan) 
• 1500 German CPI (YoY) (Feb)
• 2130 US Nonfarm Payrolls (Feb)
• 2130 US Unemployment Rate (Feb)
• 2130 Canada Employment Change (Feb)
• 2300 Europe ECB President Lagarde Speaks