US Markets 02 Mar 24

The US market closed higher, except the Dow closed lower.
S&P and Nasdaq closed at historic highs.

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

The dollar index closed lower while consolidating.

Watch out for

• Services PMI  by multiple countries
• Interest Rate Decision by Canada and Europe
• US Fed Chair Powell Testifies
• US NFP
• Daylight Saving Time starts 10 Mar 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 

• 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 5,338

Potential support around 5,103, 4,867, 4,632, 4,396, 4,161

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 2,170, 2,300

Potential support around 2,040, 1,910, 1,779, 1,649, 1,519

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

04 Mar, Mon

• No important data

05 Mar, Tue

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

06 Mar, Wed

• 0830 Australia GDP Growth Rate QoQ (Q4)
• 0830 Australia Retail Sales MoM (Jan)
• 1800 Europe Retail Sales YoY (Jan)
• 2115 US ADP Nonfarm Employment Change (Feb)
• 2245 Canada BoC Interest Rate Decision
• 2300 US Fed Chair Powell Testifies  
• 2300 US JOLTs Job Openings (Jan)
• 2300 Canada Ivey PMI s.a (Feb)
• 2330 US Crude Oil Inventories

07 Mar, Thu

• 2115 Europe Deposit Facility Rate (Mar)
• 2115 Europe ECB Interest Rate Decision (Mar)
• 2130 US Initial Jobless Claims
• 2145 Europe ECB Press Conference 
• 2300 US Fed Chair Powell Testifies  

08 Mar, Fri

• 1800 Europe Employment Change (Q4)
• 2130 Canada Unemployment Rate (Feb)
• 2130 US Average Hourly Earnings (MoM) (Feb)
• 2130 US Nonfarm Payrolls (Feb)
• 2130 US Unemployment Rate (Feb)

09 Mar, Sat

• 0930 China Inflation Rate YoY (Feb)