US Markets 09 Dec 23

The US market closed higher. Dow, S&P and Nasdaq are consolidating.

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

The dollar index broke the lower high formation on the weekly chart and overcame the 103.6 resistance.

Watch out for

• Interest rate decisions by the US, Switzerland, UK and Europe.
• US CPI
• Manufacturing PMI and Services PMI 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 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 UT, Weekly Neutral
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)

11 Dec, Mon

• No important data

12 Dec, Tue

• 1500 UK Unemployment Rate (Oct)
• 1500 UK Employment Change (Sep)
• 2130 US Core CPI (MoM) (Nov)
• 2130 US CPI (MoM) (Nov)

13 Dec, Wed

• 0750 Japan Tankan Large Manufacturers Index (Q4)
• 1500 UK GDP (MoM) (Oct)
• 2130 US PPI (MoM) (Nov)
• 2330 US Crude Oil Inventories

14 Dec, Thu

• 0300 US Fed Interest Rate Decision
• 0300 US FOMC Statement
• 0330 US FOMC Press Conference 
• 0545 New Zealand GDP (QoQ) (Q3)
• 1630 Switzerland SNB Interest Rate Decision (Q4)
• 2000 UK BoE Interest Rate Decision (Dec)
• 2115 Europe ECB Interest Rate Decision (Dec)
• 2130 US Core Retail Sales (MoM) (Nov)
• 2130 US Initial Jobless Claims
• 2130 US Retail Sales (MoM) (Nov)
• 2145 Europe ECB Press Conference

15 Dec, Fri

• 1000 China Industrial Production YoY (Nov)
• 1000 China Retail Sales YoY (Nov)
• 1000 China Unemployment Rate (Nov)
• 1630 German HCOB Manufacturing PMI (Dec) 
• 1630 German HCOB Services PMI (Dec) 
• 1700 Europe HCOB Manufacturing PMI (Dec) 
• 1700 Europe HCOB Services PMI (Dec) 
• 1730 UK S&P Global/CIPS Services PMI (Dec) 
• 1730 UK S&P Global/CIPS Manufacturing PMI (Dec)
• 2130 US NY Empire State Manufacturing Index (Dec)
• 2245 US S&P Global Services PMI (Dec)