US Markets 16 Sep 2023

The US market closed lower, except the Dow closed higher. The S&P and Nasdaq closed with an inside day on the weekly chart for two consecutive weeks. 

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

The dollar index closed lower with +roc (closing price > opening price) on the weekly chart.

Watch out for

• Interest Rate Decision by US, Switzerland, UK and Japan.
• Multiple countries are reporting manufacturing PMI, Services PMI and CPI 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 

• 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 DT, 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)

18 Sep, Mon

• Japan on holiday
• No important data

19 Sep, Tue

• 0930 Australia RBA Meeting Minutes
• 1700 Europe CPI (YoY) (Aug)
• 2030 US Building Permits (Aug)
• 2030 Canada Inflation Rate YoY (Aug)

20 Sep, Wed

• 1400 UK CPI (YoY) (Aug)
• 2230 US Crude Oil Inventories

21 Sep, Thu

• 0200 US FOMC Statement 
• 0200 US Fed Interest Rate Decision
• 0230 US FOMC Press Conference  
• 0645 New Zealand GDP (QoQ) (Q2)
• 1530 Switzerland SNB Interest Rate Decision (Q3)
• 1900 UK BoE Interest Rate Decision (Sep)
• 2030 US Philadelphia Fed Manufacturing Index (Sep)
• 2030 US Initial Jobless Claims
• 2200 US Existing Home Sales (Aug)

22 Sep, Fri

• 0730 Japan Inflation Rate YoY (Aug)
• 1030 Japan BoJ Interest Rate Decision
• 1400 UK Retail Sales MoM (Aug)
• 1530 German HCOB Manufacturing PMI (Sep) 
• 1530 German HCOB Services PMI (Sep) 
• 1530 Europe HCOB Manufacturing PMI (Sep) 
• 1530 Europe HCOB Services PMI (Sep)
• 1630 UK S&P Global/CIPS Manufacturing PMI
• 1630 UK S&P Global/CIPS Services PMI
• 2030 Canada Retail Sales YoY (Jul)
• 2145 US S&P Global Services PMI (Sep) 
• 2145 US S&P Global Manufacturing PMI (Sep)