US Markets 24 Feb 24

The US market closed at a historic high, except Russell closed lower with an inside day on the weekly chart.

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

The dollar index closed lower while consolidating. On the weekly chart, it broke lower-high formation and recovered some losses.

Watch out for

• Manufacturing PMI by multiple countries
• GDP from the US and Canada

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 

• 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 18,542

Potential support around 17,819, 17,097, 16,374, 15,652

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)

26 Feb, Mon

• 2300 US New Home Sales (Jan)

27 Feb, Tue

• 0730 Japan Inflation Rate YoY (Jan)
• 2130 US Core Durable Goods Orders (MoM) (Jan)
• 2300 US CB Consumer Confidence (Feb)

28 Feb, Wed

• 0900 New Zealand RBNZ Interest Rate Decision
• 2130 US GDP (QoQ) (Q4)  
• 2330 US Crude Oil Inventories

29 Feb, Thu

• 0830 Australia Retail Sales MoM (Jan)
• 1500 German Retail Sales MoM (Jan) 
• 2100 German CPI (MoM) (Feb)
• 2130 US Core PCE Price Index (YoY) (Jan)
• 2130 US Core PCE Price Index (MoM) (Jan)
• 2130 US Initial Jobless Claims
• 2130 Canada GDP Growth Rate QoQ (Q4)
• 2245 US Chicago PMI (Feb)

01 Mar, Fri

• 0930 China Manufacturing PMI (Feb)
• 1700 Europe HCOB Manufacturing PMI (Feb)
• 1800 Europe CPI (YoY) (Feb)
• 2245 US S&P Global US Manufacturing PMI (Feb)
• 2300 US ISM Manufacturing PMI (Feb)
• 2300 US Michigan Consumer Sentiment (Feb)