US Markets 15 Jul 2023

The US market broke consolidating resistance and closed higher, except Dow closed higher but has yet to break consolidation.

While BDI and CDFI closed higher, Harpex and CCFI closed lower.

The dollar index broke hlf (higher low formation) on the weekly chart and slumped; it broke 100.3 and 99.8 support levels. The dollar index hit a new low in the year 2023.

Watch out for

• Retail Sales and CPI data by multiple countries
• China GDP and Unemployment Rate Data

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

UT 

• Dow

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 2,040, 2,170, 2,300

Potential support around 1,910, 1,779, 1,649, 1,519, 1,389

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

17 Jul, Mon

• 1000 China GDP (YoY) (Q2)
• 1000 China Retail Sales (YoY) (Jun)
• 1000 China Industrial Production (YoY) (Jun)
• 1000 China Unemployment Rate (Jun)

18 Jul, Tue

• 0930 Australia RBA Meeting Minutes
• 2030 US Core Retail Sales (MoM) (Jun)
• 2030 US Retail Sales (MoM) (Jun)
• 2030 Canada Inflation Rate YoY (Jun)

19 Jul, Wed

• 1400 UK CPI (YoY) (Jun)
• 1700 Europe CPI (YoY) (Jun)
• 2030 US Building Permits (Jun)  
• 2230 US Crude Oil Inventories

20 Jul, Thu

• 0930 Australia Employment Change (Jun)
• 0930 Australia Unemployment Rate (Jun)
• 2030 US Initial Jobless Claims
• 2030 US Philadelphia Fed Manufacturing Index (Jul)
• 2200 US Existing Home Sales (Jun)

21 Jul, Fri

• 1400 UK Retail Sales YoY (Jun)
• 2030 Canada Retail Sales YoY (May)