US Markets 16 Mar 24

The US market closed lower, and the Dow is consolidating.
Russell broke the high-low formation on the weekly chart while S&P and Nasdaq closed with an inside day.

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

The dollar index tested 102.3 support again and closed higher with a +roc (closing price > opening price)

Watch out for

• Interest rate decisions by Japan, Australia, the US, Switzerland and the UK.
• CPI, Manufacturing PMI and Services PMI data by multiple countries

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 2,040, 2,170, 2,300

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

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

18 Mar, Mon

• 1000 China Industrial Production (YoY) (Feb)
• 1000 China Unemployment Rate (Jan)
• 1800 Europe CPI (YoY) (Feb)

19 Mar, Tue

• 1030 Japan BoJ Interest Rate Decision
• 1130 Australia RBA Interest Rate Decision (Mar)
• 2030 Canada Core CPI (YoY) (Feb)
• 2030 Canada CPI (YoY) (Feb)

20 Mar, Wed

• Japan on holiday
• 1500 UK CPI (YoY) (Feb)
• 2230 US Crude Oil Inventories

21 Mar, Thu

• 0200 US FOMC Statement 
• 0200 US Fed Interest Rate Decision
• 0230 US FOMC Press Conference
• 0545 New Zealand GDP (QoQ) (Q4)
• 1630 Switzerland SNB Interest Rate Decision (Q1)
• 1630 German HCOB Services PMI (Mar) 
• 1630 German HCOB Manufacturing PMI (Mar) 
• 1700 Europe HCOB Services PMI (Mar) 
• 1700 Europe HCOB Manufacturing PMI (Mar)
• 1730 UK S&P Global Manufacturing PMI (Mar) 
• 1730 UK S&P Global Services PMI (Mar) 
• 2000 UK BoE Interest Rate Decision (Mar)
• 2030 US Initial Jobless Claims
• 2030 US Philadelphia Fed Manufacturing Index (Mar)
• 2145 US S&P Global US Manufacturing PMI (Mar)  
• 2145 US S&P Global Services PMI (Mar)  
• 2200 US Existing Home Sales (Feb)

22 Mar, Fri

• 0730 Japan Inflation Rate YoY (Feb)
• 1500 UK Retail Sales YoY (Feb)
• 2030 Canada Retail Sales YoY (Jan)