US Markets 09 Mar 24

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

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

The dollar index broke consolidation support, tested 102.3 support and recovered some losses before closing.

Daylight Saving Time has started; the US cash market opens at 2130 Hrs instead of 2230Hrs.

Watch out for

• US CPI data

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 

• None

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)

11 Mar, Mon

• 0750 Japan GDP (QoQ) (Q4)

12 Mar, Tue

• 1500 German CPI (MoM) (Feb)
• 1500 UK Unemployment Rate (Jan)
• 2030 US Core CPI (MoM) (Feb)
• 2030 US CPI (MoM) (Feb)

13 Mar, Wed

• 0100 US 10-Year Note Auction
• 1500 UK GDP (MoM) (Jan)
• 2230 US Crude Oil Inventories

14 Mar, Thu

• 0100 US 30-Year Bond Auction
• 2030 US Core Retail Sales (MoM) (Feb)
• 2030 US Retail Sales (MoM) (Feb)
• 2030 US Initial Jobless Claims
• 2030 US PPI (MoM) (Feb)

15 Mar, Fri

• 2030 US NY Empire State Manufacturing Index (Mar)
• 2200 US Michigan Consumer Sentiment (Mar)