US Markets 03 Jun 2023

The US market closed higher. While S&P and Nasdaq are testing  Aug 2023 high, Russell broke two months of consolidation resistance and closed above.

BDI, CCFI and CDFI closed lower, while Harpex edged higher.

The dollar index tested 103.6 support, broke pwh (previous week's high) and reversed to close lower, but still above 103.6 support.

Watch out for

• Interest Rate Decision by Australia and Canada
• Multiple countries reporting Balance of Trade and Services PMI

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 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 14,930, 15,652, 16,374

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

Russell
Daily UT, Weekly Neutral
Potential resistance around 1,910, 2,040, 2,170, 2,300

Potential support around 1,779, 1,649, 1,519, 1,389, 1,259

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

05 Jun, Mon

• New Zealand on holiday
• 0945 China Caixin Services PMI (May)
• 1555 German S&P Global Services PMI (May)
• 1600 Europe S&P Global Services PMI (May)
• 1630 UK Services PMI (May)
• 2145 US Services PMI (May)
• 2200 US ISM Services PMI

06 Jun, Tue

• 1230 Australia RBA Interest Rate Decision
• 1700 Europe Retail Sales MoM (Apr)
• 2200 Canada Ivey PMI (May)

07 Jun, Wed

• 0720 Australia RBA Gov Lowe Speech 
• 0930 Australia GDP (QoQ) (Q1)
• 1100 China Balance of Trade (May)
• 2030 US Balance of Trade (Apr)
• 2200 Canada BoC Interest Rate Decision
• 2300 US Crude Oil Inventories

08 Jun, Thu

• 0750 Japan GDP (QoQ) (Q1)
• 0930 Australia Balance of Trade (Apr)
• 2030 US Initial Jobless Claims

09 Jun, Fri

• 0930 China CPI (MoM) (May)
• 2030 Canada Employment Change (May)