US Markets 01 Jun 24

The US market closed lower. The Nasdaq closed with an outside day on the weekly chart.  The Dow and Russell trends turned from UT to Neutral.

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

The dollar index closed lower while consolidating. The dollar index tested and closed below TLU3.

Watch out for

• Manufacturing PMI and Services PMI by multiple countries
• Interest rate decisions by Canada and Europe
• 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 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, 5,574

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

Nasdaq
Daily UT, Weekly UT

Potential resistance around 18,542, 19,264

Potential support around 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)

03 Jun, Mon

• New Zealand on holiday
• 1555 German HCOB Manufacturing PMI (May)
• 1600 Europe HCOB Manufacturing PMI (May)
• 2145 US S&P Global US Manufacturing PMI (May)
• 2200 US ISM Manufacturing PMI (May)

04 Jun, Tue

• 0930 Australia Retail Sales (MoM)
• 2200 US JOLTs Job Openings (Apr)

05 Jun, Wed

• 0930 Australia GDP (QoQ) (Q1)
• 0945 China Caixin Services PMI (May)
• 1555 German HCOB Services PMI (May)
• 1600 Europe HCOB Services PMI (May)
• 1630 UK S&P Global/CIPS UK Services PMI (May)
• 2015 US ADP Nonfarm Employment Change (May)
• 2130 Canada S&P Global Services PMI (May)
• 2145 US S&P Global Services PMI (May)
• 2145 Canada BoC Interest Rate Decision
• 2200 US ISM Non-Manufacturing PMI (May)
• 2230 US Crude Oil Inventories

06 Jun, Thu

• 2015 Europe Deposit Facility Rate (Jun)
• 2015 Europe ECB Interest Rate Decision (Jun)
• 2030 US Initial Jobless Claims
• 2045 Europe ECB Press Conference 
• 2200 Canada Ivey PMI (May)

07 Jun, Fri

• 1700 Europe GDP (YoY)
• 2030 US Average Hourly Earnings (MoM) (May)
• 2030 US Nonfarm Payrolls (May)
• 2030 US Unemployment Rate (May)
• 2030 Canada Employment Change (May)
• 2030 Canada Unemployment Rate (May)