US Markets 09 Sep 2023

The US market closed lower. The S&P and Nasdaq closed with an inside day on the weekly chart. At the same time, Dow and Russell are consolidating.

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

The dollar index broke lhf (lower high formation) on the weekly chart and closed higher.

Watch out for

• Unemployment rate by multiple countries
• US CPI data
• ECB 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 

• 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 Neutral, Weekly UT
Potential resistance around 1,910, 2,040, 2,170, 2,300

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

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

11 Sep, Mon

• No important data

12 Sep, Tue

• 1400 UK Employment Change (Jun)
• 1400 UK Unemployment Rate (Jul)
• 1700 German ZEW Economic Sentiment Index (Sep)

13 Sep, Wed

• 1400 UK GDP (MoM) (Jul)
• 2030 US Core CPI (MoM) (Aug)
• 2030 US CPI (MoM) (Aug)
• 2230 US Crude Oil Inventories

14 Sep, Thu

• 0930 Australia Employment Change (Aug)
• 0930 Australia Unemployment Rate (Aug)
• 2015 Europe Deposit Facility Rate (Sep)
• 2015 Europe ECB Interest Rate Decision (Sep)
• 2030 US Core Retail Sales (MoM) (Aug)
• 2030 US Initial Jobless Claims
• 2030 US PPI (MoM) (Aug)
• 2030 US Retail Sales (MoM) (Aug)
• 2045 Europe ECB Press Conference  

15 Sep, Fri

• 1000 China Unemployment Rate (Aug)
• 1000 China Retail Sales YoY (Aug)
• 1000 China Industrial Production YoY (Aug)
• 2030 US NY Empire State Manufacturing Index (Sep)
• 2200 US Michigan Consumer Sentiment (Sep)