US Markets 29 Jul 2023

The US market closed higher. Russell is testing year's high.

While BDI and CDFI rebounded, Harpex and CCFI continued to close lower.

The dollar index broke lhf (lower high formation) and closed higher.

Watch out for

• Interest rate decisions by Australia and the UK
• Manufacturing PMI data by multiple countries
• US NFP

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 

• S&P
• 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 16,374, 17,097, 17,819

Potential support around 15,652, 14,930, 14,207, 13,485, 12,762

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)

31 Jul, Mon

• 0930 China Manufacturing PMI (Jul)
• 1700 Europe CPI (YoY) (Jul)

01 Aug, Tue

• Switzerland holiday
• 0945 China Caixin Manufacturing PMI (Jul)
• 1230 Australia RBA Interest Rate Decision (Aug)
• 1555 German HCOB Manufacturing PMI (Jul)
• 1600 Europe HCOB Manufacturing PMI (Jul)
• 1630 UK S&P Global/CIPS UK Manufacturing PMI (Jul)
• 2130 Canada S&P Global Manufacturing PMI (Jul)
• 1630 US S&P Global Manufacturing PMI (Jul)
• 2200 US ISM Manufacturing PMI (Jul)
• 2200 US JOLTs Job Openings (Jun)

02 Aug, Wed

• 2015 US ADP Nonfarm Employment Change (Jul)
• 2230 US Crude Oil Inventories

03 Aug, Thu

• 0930 Australia Retail Sales MoM (Jun)
• 1900 UK BoE Interest Rate Decision (Aug)
• 2030 US Initial Jobless Claims
• 2145 US S&P Global US Services PMI (Jul)
• 2200 US ISM Non-Manufacturing PMI (Jul)

04 Aug, Fri

• 2030 Canada Employment Change (Jul)
• 2030 US Average Hourly Earnings (MoM) (Jul)
• 2030 US Nonfarm Payrolls (Jul)
• 2030 US Unemployment Rate (Jul)
• 2200 Canada Ivey PMI s.a (Jul)