US Markets 04 May 24

The US market closed higher while consolidating.
Russell broke out from consolidation resistance and closed around a strong resistance range.

While Harpex and BDI closed higher, CDFI closed lower, and CCFI was not updated.

The dollar index broke consolidation support and closed lower.

Watch out for

• Multiple countries are reporting Services PMI
• Interest Rate Decision by Australia and the UK

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 5,338

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

Nasdaq
Daily DT, Weekly UT

Potential resistance around 18,542

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

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)

06 May

• Japan and UK on holiday
• 0945 China Caixin Services PMI (Apr)
• 1555 German HCOB Services PMI (Apr)
• 1600 Europe HCOB Services PMI (Apr)

07 May, Tue

• 0930 Australia Retail Sales (MoM)
• 1230 Australia RBA Interest Rate Decision (May)
• 1700 Europe Retail Sales (MoM)
• 2200 Canada Ivey PMI (Apr)

08 May, Wed

• 2230 US Crude Oil Inventories

09 May, Thu

• Switzerland on holiday
• 0100 US 10-Year Note Auction
• 1900 UK BoE Interest Rate Decision (Apr)
• 2030 US Initial Jobless Claims

10 May, Fri

• 0100 US 30-Year Bond Auction
• 1400 UK GDP (QoQ) (Q1)
• 2030 Canada Employment Change (Apr)
• 2030 Canada Unemployment Rate (Apr)