US Markets 25 May 24

The US market closed mixed. While the Dow and Russell closed lower, S&P and Nasdaq closed at historic highs.
The Dow closed with an outside day on the weekly chart.

While BDI and CDFI continued to close lower, Harpex and CCFI closed higher.

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

Watch out for

• US GDP
• China Manufacturing PMI

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 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, 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 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)

27 May, Mon

• UK and US on holiday
• No important data

28 May, Tue

• 0930 Australia Retail Sales (MoM) (Apr)
• 2200 US CB Consumer Confidence (May)

29 May, Wed

• 2000 German CPI (MoM) (May) 

30 May, Thu

• 1700 Europe Unemployment Rate (Apr)
• 2030 US GDP (QoQ) (Q1) 
• 2030 US Initial Jobless Claims
• 2300 US Crude Oil Inventories

31 May, Fri

• 0930 China Manufacturing PMI (May)
• 1700 Europe CPI (YoY) (May)  
• 2030 Canada GDP (YoY) (Q1)
• 2030 US Core PCE Price Index (MoM) (Apr)