US Markets 06 Jul 24

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

BDI closed lower from 2,050 (28 Jun) to 1,966 (05 Jul)

Harpex closed higher from 1,941 (28 Jun) to 1,973 (05 Jul)

CDFI closed lower from 1,288.12 (28 Jun) to 1,262.86 (05 Jul)

CCFI closed higher from 1,922.46 (28 Jun) to 2,011.33 (05 Jul)

The dollar index tested TLU3 and closed lower while consolidating.

Watch out for

• Speech by US Fed Chair Powell 
• CPI Data by multiple countries 

There will be no update on COT this week due to the delayed release date due to a Federal holiday.

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, 5,809

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

Nasdaq
Daily UT, Weekly UT

Potential resistance around 20,709, 21,431

Potential support around 19,986, 19,264, 18,542, 17,819, 17,097

Russell
Daily UT, 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)

08 Jul, Mon

• No important data

09 Jul, Tue

• 2300 US Fed Chair Powell Testifies

10 Jul, Wed

• 0930 China CPI (YoY) (Jun)
• 1000 New Zealand RBNZ Interest Rate Decision
• 2200 US Fed Chair Powell Testifies
• 2230 US Crude Oil Inventories

11 Jul, Thu

• 0100 US 10-Year Note Auction
• 1400 UK GDP (MoM) (May)
• 1400 German CPI (MoM) (Jun)
• 2030 US Core CPI (MoM) (Jun)
• 2030 US CPI (MoM) (Jun)
• 2030 US Initial Jobless Claims

12 Jul, Fri

• 0100 US 30-Year Bond Auction
• 2030 US Core PPI (MoM) (Jun)
• 2030 US PPI (MoM) (Jun)
• 2200 US Michigan Consumer Sentiment (Jul)