US Markets 08 Jul 2023

The US market closed lower. Dow and S&P closed with an inside day on the weekly chart, while Nasdaq and Russell broke pwh (previous week's high) and reversed to close lower.

BDI, Harpex, CDFI and CCFI closed lower.

The dollar index broke pwh (previous week's high) on the weekly chart and reversed to close lower. The dollar index is consolidating.

Watch out for

• CPI data by multiple countries
• New Zealand and Canada Interest rate decision

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

UT 

• None

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 Averages.

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 4,632, 4,867, 5,103

Potential support around 4,396, 4,161, 3,925, 3,690, 3,454

Nasdaq
Daily UT, Weekly UT

Potential resistance around 15,652, 16,374, 17,097

Potential support around 14,930, 14,207, 13,485, 12,762, 12,040

Russell
Daily UT, Weekly UT
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)

10 Jul, Mon

• 0930 China CPI (YoY) (Jun)
• 0930 China PPI (YoY) (Jun)

11 Jul, Tue

• 1400 German CPI (MoM) (Jun)
• 1400 UK Claimant Count Change (Jun)
• 1400 UK Employment Change (Jun)

12 Jul, Wed

• 1000 New Zealand RBNZ Interest Rate Decision
• 1100 Australia RBA Gov Lowe Speech 
• 2030 US Core CPI (MoM) (Jun)
• 2030 US CPI (MoM) (Jun)
• 2200 Canada BoC Interest Rate Decision
• 2230 US Crude Oil Inventories

13 Jul, Thu

• 1400 UK GDP (MoM) (May)
• 2030 US Initial Jobless Claims
• 2030 US PPI (MoM) (Jun)

14 Jul, Fri

• New Zealand on holiday
• 2200 US Michigan Consumer Sentiment (Jul)