US Markets 13 May 2023

The US market closed lower with an inside day on the weekly chart, except Nasdaq closed higher.

While Harpex closed higher, CCFI and CDFI closed lower, with no change in BDI.

The dollar index broke consolidation support.

Watch out for

• CPI and Sales data from multiple countries
• Speech by UK BoE Gov Bailey and US Fed Chair Powell

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 33,365, 35,495, 37,625, 39,754
Potential support around 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)

15 May, Mon

• No important data

16 May, Tue

• 0930 Australia RBA Meeting Minutes
• 1000 China Industrial Production (YoY) (Apr)
• 1400 UK Average Earnings Index +Bonus (Mar)
• 1400 UK Claimant Count Change (Apr)
• 1700 German ZEW Economic Sentiment (May)
• 2030 US Core Retail Sales (MoM) (Apr)
• 2030 US Retail Sales (MoM) (Apr)
• 2030 Canada Core CPI (MoM) (Apr)
• 2200 Europe ECB President Lagarde Speaks 

17 May, Wed

• 0750 Japan GDP Growth Rate QoQ (Q1) 
• 1700 Europe CPI (YoY) (Apr)
• 1750 UK BoE Gov Bailey Speaks 
• 2030 US Building Permits (Apr)
• 2230 US Crude Oil Inventories

18 May, Thu

• Switzerland on holiday
• 0930 Australia Employment Change (Apr)
• 1000 New Zealand Annual Budget Release 
• 2030 US Initial Jobless Claims
• 2030 US Philadelphia Fed Manufacturing Index (May)
• 2200 US Existing Home Sales (Apr)

19 May, Fri

• 0730 Japan Inflation Rate YoY (Apr)
• 2030 Canada Retail Sales YoY (Mar)
• 2300 US Fed Chair Powell Speaks