US Markets 02 Dec 23

The US market closed higher. While the S&P is testing the year high, the Nasdaq is consolidating. Russell broke the lower high formation on the weekly chart.

While BDI and CDFI are accelerating higher, Harpex edged higher, whereas CCFI closed lower.

The dollar index tested 103.6 resistance, failed to overcome, and closed lower.

Watch out for

• Interest rate decision by Australia and Canada
• Services PMI by multiple countries
• US NFP

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
• 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 37,625, 39,754

Potential support around 35,495, 33,365, 31,236, 29,106

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

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 Neutral, Weekly DT
Potential resistance around 1,910, 2,040, 2,170

Potential support around 1,779, 1,649, 1,519, 1,389, 1,259

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

04 Dec, Mon

• 0830 Australia Retail Sales MoM (Oct)

05 Dec, Tue

• 0945 China Caixin Services PMI (Nov)
• 1130 Australia RBA Interest Rate Decision (Dec)
• 1730 UK S&P Global/CIPS Services PMI (Nov)
• 2230 Canada S&P Global Services PMI (Nov)
• 2245 US S&P Global Services PMI (Nov)
• 2300 US ISM Non-Manufacturing PMI (Nov)
• 2300 US JOLTs Job Openings (Oct)

06 Dec, Wed

• 0830 Austrlia GDP (QoQ) (Q3)
• 1800 Europe Retail Sales MoM (Oct)
• 2115 US ADP Nonfarm Employment Change (Nov)
• 2300 Canada BoC Interest Rate Decision
• 2300 Canada Ivey PMI s.a (Nov)
• 2330 US Crude Oil Inventories

07 Dec, Thu

• 1800 Europe GDP (YoY)
• 1800 Europe Employment Change YoY (Q3)
• 2130 US Initial Jobless Claims

08 Dec, Fri

• 0750 Japan GDP (QoQ) (Q3)
• 1500 German CPI (MoM) (Nov)
• 2130 US Average Hourly Earnings (MoM) (Nov)
• 2130 US Nonfarm Payrolls (Nov)
• 2130 US Unemployment Rate (Nov)
• 2300 US Michigan Consumer Sentiment (Dec) 

09 Dec, Sat

• 0930 China Inflation Rate YoY (Nov)