US Markets 29 Jun 24

The US market closed mixed. While Dow and S&P closed lower, Nasdaq and Russell closed higher. 

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

The dollar index closed higher while consolidating.

Watch out for

• Manufacturing and Services PMI by multiple countries
• US FOMC Meeting Minutes, NFP (Nonfarm Payrolls)
• Speech by Fed Chair Powell Speaks and ECB President Lagarde
• US short trading week
• UK Election

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 5,574

Potential support around 5,338, 5,103, 4,867, 4,632, 4,396

Nasdaq
Daily UT, Weekly UT

Potential resistance around 19,986, 20,709

Potential support around 19,264, 18,542, 17,819, 17,097, 16,374

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)

01 Jul, Mon

• Canada and Hong Kong on holiday
• 0945 China Caixin Manufacturing PMI (Jun)
• 1400 UK Nationwide HPI (YoY) (Jun)
• 1555 Germany HCOB Manufacturing PMI (Jun)
• 1600 Europe HCOB Manufacturing PMI (Jun)
• 1630 UK S&P Global/CIPS UK Manufacturing PMI (Jun)
• 2000 Germany CPI (MoM) (Jun) 
• 2145 US S&P Global US Manufacturing PMI (Jun)
• 2200 US ISM Manufacturing PMI (Jun)

02 Jul, Tue

• 0930 Australia RBA Meeting Minutes
• 1700 Europe Core CPI (YoY) 
• 1700 Europe CPI (YoY) 
• 2130 US Fed Chair Powell Speaks 
• 2130 Europe ECB President Lagarde Speaks  
• 2200 US JOLTs Job Openings (May)

03 Jul, Wed

• US market closed early
• 0750 Japan Tankan Large Manufacturers Index
• 0945 China Caixin Services PMI (Jun)
• 1555 Germany HCOB Services PMI (Jun)
• 1600 Europe HCOB Services PMI (Jun)
• 1630 UK S&P Global/CIPS UK Services PMI (Jun)
• 2015 US ADP Nonfarm Employment Change (Jun)
• 2030 US Initial Jobless Claims
• 2145 US S&P Global Services PMI (Jun)
• 2200 US ISM Non-Manufacturing PMI (Jun)
• 2230 US Crude Oil Inventories

04 Jul, Thu

• US on holiday
• 0200 US FOMC Meeting Minutes  
• 1800 UK General Election

05 Jul, Fri

• 2030 US Average Hourly Earnings (MoM) (Jun)
• 2030 US Nonfarm Payrolls (Jun)
• 2030 US Unemployment Rate (Jun)
• 2030 Canada Employment Change (Jun)
• 2030 Canada Unemployment Rate (Jun)
• 2300 US Fed Monetary Policy Report