US Markets 02 Sep 2023

On the weekly chart, the US market broke lhf (lower high formation) and closed higher.

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

The dollar index broke pwl (previous week's low) and recovered to close higher. The dollar index is consolidating on the monthly chart.

Watch out for

• Australia RBA Interest Rate Decision
• Services PMI and GDP 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 Neutral, 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 Neutral, 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)

04 Sep, Mon

• US and Canada on holiday
• No important data

05 Sep, Tue

• 0945 China Caixin Services PMI (Aug)
• 1230 Australia RBA Interest Rate Decision (Sep)
• 1555 German HCOB Services PMI (Aug)
• 1600 Europe HCOB Services PMI (Aug)
• 1630 UK S&P Global/CIPS Services PMI (Aug)
• 2230 Europe ECB Guindos Speech 

06 Sep, Wed

• 0930 Australia GDP Growth Rate QoQ (Q2)
• 1700 Europe Retail Sales YoY (Jul)
• 2145 US S&P Global Composite PMI (Aug)
• 2200 US ISM Non-Manufacturing Prices (Aug)
• 2200 Canada BoC Interest Rate Decision

07 Sep, Thu

• 1700 Europe GDP (YoY)
• 2030 US Initial Jobless Claims
• 2200 Canada Ivey PMI s.a (Aug)
• 2300 US Crude Oil Inventories

08 Sep, Fri

• 0750 Japan GDP (QoQ) (Q2)
• 1400 German CPI (MoM) (Aug)
• 2030 Canada Unemployment Rate (Aug)

09 Sep, Sat

• 0930 China Inflation Rate YoY (Aug)