US Markets 27 May 2023

The US market closed mixed. Dow and Russell closed lower while consolidating. S&P broke pwl (previous week's low) and recovered to close higher, testing yearly high. Nasdaq continues to close higher.

BDI, CCFI and CDFI closed lower, while Harpex remained the same.

The dollar index broke and closed above 103.6 resistance.

Watch out for

• Multiple countries reporting Manufacturing PMI and CPI
• US NFP

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 

• Nasdaq

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 UT
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 UT

Potential resistance around 4,396, 4,632, 4,867

Potential support around 4,161, 3,925, 3,690, 3,454, 3,219

Nasdaq
Daily UT, Weekly UT

Potential resistance around 14,930, 15,652, 16,374

Potential support around 14,207, 13,485, 12,762, 12,040, 11,318

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, 1,259

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

29 May, Mon

• UK, US and Switzerland on holiday
• No important data

30 May, Tue

• 2200 US CB Consumer Confidence (May)

31 May, Wed

• 0930 China Manufacturing PMI (May)
• 1555 German Unemployment Change (May)
• 2000 German CPI (MoM) (May)
• 2030 Canada GDP Growth Rate QoQ (Q1)
• 2200 US JOLTs Job Openings (Apr)

01 Jun, Thu

• 0930 Australia Retail Sales (MoM)
• 0945 China Caixin Manufacturing PMI (May)
• 1555 German Manufacturing PMI (May)
• 1600 Europe Manufacturing PMI (May)
• 1630 UK Manufacturing PMI (May)
• 1700 Europe CPI (YoY) (May) 
• 1930 Europe ECB Publishes Account of Monetary Policy Meeting 
• 2015 US ADP Nonfarm Employment Change (May)
• 2030 US Initial Jobless Claims
• 2200 US ISM Manufacturing PMI (May)
• 2300 US Crude Oil Inventories

02 Jun, Fri

• 2030 US Average Hourly Earnings (MoM) (May)
• 2030 US Nonfarm Payrolls (May)
• 2030 US Unemployment Rate (May)