US Markets 18 May 24

The US market closed higher, with the Dow, S&P, and Nasdaq closing at historic highs. On a daily chart, the Dow and Nasdaq's trends improved from neutral to uptrend, while Russell's trend turned from uptrend to Neutral.

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

The dollar index broke the higher-low formation on the weekly chart and closed lower. It tested TLU3 support and closed above it.

Watch out for

• New Zealand RBNZ Interest Rate Decision
• Speech by US Fed Chair Powell and Treasury Secretary Yellen
• US FOMC Meeting Minutes

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 UT, Weekly UT
Potential resistance around 41,884

Potential support around 39,754, 37,625, 35,495, 33,365, 31,236

S&P
Daily UT, Weekly UT

Potential resistance around 5,338, 5,574

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

Nasdaq
Daily UT, Weekly UT

Potential resistance around 19,264

Potential support around 18,542, 17,819, 17,097, 16,374, 15,652

Russell
Daily Neutral, 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)

20 May, Mon

• Canada and Switzerland on holiday
• 0330 US Fed Chair Powell Speaks 
• 0915 China PBoC Loan Prime Rate

21 May, Tue

• 0930 Australia RBA Meeting Minutes
• 1600 US Treasury Secretary Yellen Speaks  
• 2030 Canada Core CPI (MoM) (Apr)
• 2030 Canada CPI (MoM) (Apr)

22 May, Wed

• 1000 New Zealand RBNZ Interest Rate Decision
• 1400 UK CPI (YoY) (Apr)
• 2200 US Existing Home Sales (Apr)
• 2230 US Crude Oil Inventories

23 May, Thu

• 0200 US FOMC Meeting Minutes
• 2030 US Initial Jobless Claims
• 2145 US S&P Global US Manufacturing PMI (May)  
• 2145 US S&P Global Services PMI (May)
• 2200 US New Home Sales (Apr)

24 May, Fri

• 1400 German GDP (QoQ) (Q1)
• 1400 UK Core Retail Sales (MoM) (Apr)
• 1400 UK Retail Sales (MoM) (Apr)
• 2030 US Durable Goods Orders (MoM) (Apr)
• 2030 Canada Core Retail Sales (MoM) (Mar)
• 2030 Canada Retail Sales (MoM) (Mar)
• 2200 US Michigan Consumer Sentiment (May)