US Markets 06 May 23

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

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

The dollar index closed lower while consolidating.

Watch out for

• Interest rate decisions from the UK
• CPI data from multiple countries

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

UT 

• Dow
• S&P

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 Neutral
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 Neutral

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

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

Nasdaq
Daily UT, Weekly Neutral

Potential resistance around 13,485, 14,207, 14,930, 15,652

Potential support around 12,762, 12,040, 11,318, 10,595

Russell
Daily DT, Weekly DT
Potential resistance around 1,779, 1,910, 2,040, 2,170, 2,300

Potential support around 1,649, 1,519, 1,389, 1,259

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

08 May, Mon

• Holiday for UK
• No important data

09 May, Tue

• 0930 Australia Retail Sales (MoM)

10 May, Wed

• 1400 German CPI (MoM) (Apr)
• 2030 US Core CPI (MoM) (Apr)
• 2030 US CPI (MoM) (Apr)
• 2230 US Crude Oil Inventories

11 May, Thu

• 0930 China Inflation Rate YoY (Apr)
• 1900 UK BoE Interest Rate Decision (May)
• 2030 US Initial Jobless Claims
• 2030 US PPI (MoM) (Apr)
• 2115 UK BoE Gov Bailey Speaks  

12 May, Fri

• 1400 UK GDP (MoM) (Mar)
• 2200 US Michigan Consumer Sentiment (May)