US Markets 16 Dec 23

The Dow, S&P and Nasdaq broke consolidation resistance and closed higher. Russell closed higher while testing long-term consolidation resistance.

While BDI and Harpe closed lower, CDFI and CCFI closed higher.

The dollar index broke the higher low formation on the weekly chart, tested TLD1 support, and recovered some losses before closing lower.

Watch out for

• Interest rate decision by Japan
• CPI data by multiple countries
• US GDP

I will take a break; this update will be the last for 2023. 
The next update will resume on 07 Jan 2024.

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 4,867, 5,103

Potential support around 4,632, 4,396, 4,161, 3,925, 3,690

Nasdaq
Daily UT, Weekly UT

Potential resistance around 17,097, 17,819

Potential support around 16,374, 15,652, 14,930, 14,207, 13,485

Russell
Daily UT, Weekly Neutral
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)

18 Dec, Mon

• No important data

19 Dec, Tue

• 0830 Australia RBA Meeting Minutes
• 1100 Japan BoJ Interest Rate Decision
• 1800 Europe CPI (YoY) (Nov)
• 2130 US Building Permits (Nov)  
• 2130 Canada Inflation Rate YoY (Nov)

20 Dec, Wed

• 0915 China PBoC Loan Prime Rate
• 1500 UK CPI (YoY) (Nov)
• 2300 US CB Consumer Confidence (Dec)
• 2300 US Existing Home Sales (Nov)
• 2330 US Crude Oil Inventories

21 Dec, Thu

• 2130 Canada Retail Sales MoM (Oct)
• 2130 US GDP (QoQ) (Q3)
• 2130 US Initial Jobless Claims
• 2130 US Philadelphia Fed Manufacturing Index (Dec)

22 Dec, Fri

• The UK closes early for Christmas
• 0730 Japan Inflation Rate YoY (Nov)
• 1500 UK GDP (QoQ) (Q3)
• 1500 UK Retail Sales YoY (Nov)
• 2130 US Core Durable Goods Orders (MoM) (Nov)
• 2130 US Core PCE Price Index (MoM) (Nov)
• 2300 US New Home Sales (Nov)