US Markets 05 Aug 2023

The US market broke lhf (lower high formation) and closed lower on the weekly chart. Dow, Nasdaq and Russell closed with an outside day on the weekly chart.

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

The dollar index continues to close higher. It tested 102.3 resistance, failed to hold and closed below the resistance.

Watch out for

• CPI data by multiple countries

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

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, 17,819

Potential support around 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)

07 Aug, Mon

• Canada on holiday

08 Aug, Tue

• 1400 German CPI (MoM) (Jul)

09 Aug, Wed

• 0930 China CPI (MoM) (Jul)
• 2230 US Crude Oil Inventories

10 Aug, Thu

• 2030 US Core CPI (MoM) (Jul)
• 2030 US CPI (MoM) (Jul)
• 2030 US Initial Jobless Claims

11 Aug, Fri

• Japan on Holiday
• 1400 UK GDP (MoM) (Jun)
• 2030 US PPI (MoM) (Jul)
• 2200 US Michigan Consumer Sentiment (Aug)