US Markets 03 Feb 24

The US market closed higher except Russell, which closed lower.
Dow and S&P closed at historic highs. Nasdaq and Russell closed with an outside day on the weekly chart.

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

The dollar index tested 103.6 resistance and closed above it.

Watch out for

• Services PMI by multiple countries
• Interest Rate Decision by Australia

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 

• Dow
• S&P
• Nasdaq
• Russell

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 39,754, 41,884

Potential support around 37,625, 35,495, 33,365, 31,236

S&P
Daily UT, Weekly UT

Potential resistance around 5,103

Potential support around 4,867, 4,632, 4,396, 4,161, 3,925

Nasdaq
Daily UT, Weekly UT

Potential resistance around 17,819, 18,542

Potential support around 17,097, 16,374, 15,652, 14,930

Russell
Daily UT, Weekly UT
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)

05 Feb, Mon

• 0945 China Caixin Services PMI (Jan)
• 1655 German HCOB Services PMI (Jan)
• 1700 Europe HCOB Services PMI (Jan)
• 1730 UK S&P Global/CIPS Services PMI (Jan)
• 2230 Canada S&P Global Services PMI (Jan)
• 2245 US S&P Global Services PMI (Jan)
• 2300 US ISM Non-Manufacturing PMI (Jan)

06 Feb, Tue

• New Zealand on holiday
• 0830 Australia Retail Sales MoM (Dec)
• 1130 Australia RBA Interest Rate Decision (Feb)
• 1800 Europe Retail Sales MoM (Dec)

07 Feb, Wed

• 2330 US Crude Oil Inventories

08 Feb, Thu

• 0200 US 10-Year Note Auction
• 0930 China CPI (MoM) (Jan)
• 2130 US Initial Jobless Claims

09 Feb, Fri

• China and Hong Kong on holiday
• Singapore market closed early
• 0200 US 30-Year Bond Auction
• 1500 German CPI (MoM) (Jan)
• 2130 Canada Unemployment Rate (Jan)