US Markets 20 May 2023

The US market closed higher while consolidating, except Nasdaq broke out and closed above consolidation resistance.

Harpex, BDI, CCFI and CDFI closed lower.

The dollar index continues to close higher after it broke out last week.

Watch out for

• Multiple countries reporting Manufacturing PMI
• China and New Zealand Interest Rate Decision
• FOMC Meeting Minutes

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 UT
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 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 14,207, 14,930, 15,652

Potential support around 13,485, 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)

22 May, Mon

• Canada on holiday
• 0915 China PBoC Loan Prime Rate

23 May, Tue

• 1530 German Manufacturing PMI (May)
• 1600 Europe Manufacturing PMI (May)
• 1630 UK Manufacturing PMI (May)
• 2145 US Services PMI (May)  
• 2200 US New Home Sales (Apr)

24 May, Wed

• 1000 New Zealand RBNZ Interest Rate Decision
• 1400 UK CPI (YoY) (Apr)
• 1600 German Ifo Business Climate Index (May)
• 2230 US Crude Oil Inventories

25 May, Thu

• 0200 US FOMC Meeting Minutes
• 1400 German GDP (QoQ) (Q1)
• 2030 US GDP (QoQ) (Q1) 
• 2030 US Initial Jobless Claims
• 2200 US Pending Home Sales (MoM) (Apr)

26 May, Fri

• Hong Kong on holiday
• 0930 Australia Retail Sales (MoM) (Apr) 
• 1400 UK Retail Sales (MoM) (Apr)
• 2030 US Core Durable Goods Orders (MoM) (Apr)
• 2030 US Core PCE Price Index (MoM) (Apr)
• 2200 US Michigan Consumer Sentiment (May)