US Markets 27 Apr 24

The US market closed higher. While the Dow broke the lower high formation on the weekly chart, the S&P, Nasdaq, and Russell closed with an inside day on the weekly chart. The Nasdaq and Russell turned from neutral to a downtrend on the daily charts. 

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

The dollar index closed lower while consolidating.

Watch out for

• Japan and China short trading week
• Multiple countries are reporting CPI and Manufacturing PMI data
• US Interest Rate Decision
• US NFP

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 

• S&P

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 DT, 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, 5,338

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

Nasdaq
Daily DT, Weekly UT

Potential resistance around 17,819, 18,542

Potential support around 17,097, 16,374, 15,652, 14,930, 14,207

Russell
Daily DT, 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)

29 Apr, Mon

• Japan on holiday
• 2000 German CPI (MoM) (Apr) 

30 Apr, Tue

• 0930 China Composite PMI (Apr)
• 0930 China Manufacturing PMI (Apr)
• 0945 China Caixin Manufacturing PMI (Apr)
• 1600 German GDP (QoQ) (Q1) 
• 1700 Europe CPI (YoY) (Apr)  
• 1700 Europe GDP (QoQ) (Q1) 
• 2145 US Chicago PMI (Apr)
• 2200 US CB Consumer Confidence (Apr)

01 May, Wed

• China, Hong Kong, Germany, the UK, and Switzerland are on holiday
• 2015 US ADP Nonfarm Employment Change (Apr)
• 2145 US S&P Global US Manufacturing PMI (Apr)
• 2200 US S&P ISM Manufacturing PMI (Apr)
• 2200 US JOLTs Job Openings (Mar)
• 2230 US Crude Oil Inventories

02 May, Thu

• China on holiday
• 0200 US Fed Interest Rate Decision
• 0230 US FOMC Press Conference 
• 2030 US Initial Jobless Claims

03 May, Fri

• China and Japan on holiday
• 2030 US Average Hourly Earnings (MoM) (Apr)
• 2030 US Nonfarm Payrolls (Apr)
• 2030 US Unemployment Rate (Apr)
• 2145 US S&P Global Services PMI (Apr)
• 2200 US ISM Non-Manufacturing PMI (Apr)