US Markets 11 May 24

The US market closed higher. While the Dow and Nasdaq trends improved from a down to neutral, Russell's trend improved from a downtrend to an uptrend.

Harpex, BDI, CDFI and CCFI closed higher.

The dollar index closed higher with an inside day on the weekly chart.

Watch out for

• Multiple countries are reporting CPI data
• Speech by US Fed Chair Powell

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 Neutral, 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 Neutral, 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)

13 May, Mon

• None

14 May, Tue

• 1400 UK Unemployment Rate (Mar)
• 1400 German CPI (MoM) (Apr)
• 2030 US PPI (MoM) (Apr)
• 2200 US Fed Chair Powell Speaks  

15 May, Wed

• Hong Kong on holiday
• 2030 US Core CPI (MoM) (Apr)
• 2030 US CPI (MoM) (Apr)
• 2030 US Retail Sales (MoM) (Apr)
• 2030 US NY Empire State Manufacturing Index (May)
• 2230 US Crude Oil Inventories

16 May, Thu

• 0750 Japan GDP (QoQ) (Q1)
• 2030 US Initial Jobless Claims
• 2030 US Philadelphia Fed Manufacturing Index (May)

17 May, Fri

• 1000 China Industrial Production (YoY) (Apr)
• 1000 China Chinese Unemployment Rate (Apr)
• 1700 Europe CPI (YoY) (Apr)