US Markets 08 Jun 24

The US market closed higher, except Russell closed lower. While the S&P and Nasdaq closed at historic highs, the Dow and Russell are consolidating.
The Dow and Russell trends turned from Neutral to DT.

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

The dollar index tested 103.6 support, rebounded to a consolidating range and closed higher.

Watch out for

• CPI data by Germany and the US
• GDP data by Japan and the UK
• Interest rate decisions by the US and Japan

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 5,574

Potential support around 5,338, 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 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)

10 Jun, Mon

• Australia, China and Hong Kong on holiday
• 0750 Japan GDP (QoQ) (Q1)

11 Jun, Tue

• 1400 UK Unemployment Rate (Apr)
• 1400 UK Employment Change

12 Jun, Wed

• 0930 China CPI (YoY) (May)
• 1400 UK GDP (MoM) (Apr)
• 1400 German CPI (MoM) (May)
• 2030 US Core CPI (MoM) (May)
• 2030 US CPI (MoM) (May)
• 2230 US Crude Oil Inventories

13 Jun, Thu

• 0200 US FOMC Statement
• 0200 US Fed Interest Rate Decision
• 0230 US FOMC Press Conference 
• 0930 Australia Unemployment Rate (May) 
• 0930 Australia Employment Change (May)
• 2030 US Initial Jobless Claims
• 2030 US PPI (MoM) (May)

14 Jun, Fri

• 0100 US 30-Year Bond Auction
• 1100 Japan BoJ Interest Rate Decision
• 2200 US Michigan Consumer Sentiment (Jun)  
• 2300 US Fed Monetary Policy Report