US Markets 20 Jul 24

The US market closed mixed. The Dow and Russell lost the week's gains before closing higher. While the S&P closed lower with an outside day on the weekly chart, the Nasdaq broke the higher low's formation on the weekly chart and closed lower.

While Haprex and CCFI closed higher, BDI and CDFI closed lower.

The dollar index tested 103.6 support and rebounded to close higher.

Watch out for

• Manufacturing and Services PMI  by multiple countries 
• US GDP
• Interest rate decision by China and Canada

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 41,884

Potential support around 39,754, 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 19,986, 20,709, 21,431

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

Russell
Daily UT, Weekly UT
Potential resistance around  2,300, 2,430,

Potential support around 2,170, 2,040, 1,910, 1,779, 1,649, 1,519

Key event to watch out for (SG Time, GMT+8)

22 Jul, Mon

• 0915 China PBoC Loan Prime Rate

23 Jul, Tue

• 2200 US Existing Home Sales (Jun)

24 Jul, Wed

• 1530 German HCOB Manufacturing PMI (Jul) 
• 1530 German HCOB Services PMI (Jul) 
• 1600 Europe HCOB Manufacturing PMI (Jul) 
• 1600 Europe HCOB Services PMI (Jul) 
• 1630 UK S&P Global/CIPS UK Manufacturing PMI  
• 1630 UK S&P Global/CIPS UK Services PMI  
• 2030 US Building Permits
• 2030 US Goods Trade Balance (Jun)
• 2145 US S&P Global US Manufacturing PMI (Jul)  
• 2145 US S&P Global Services PMI (Jul)  
• 2145 Canada BoC Interest Rate Decision
• 2200 US New Home Sales (Jun)
• 2230 US Crude Oil Inventories
• 2230 Canada BOC Press Conference 

25 Jul, Thu

• 2030 US Initial Jobless Claims
• 2030 US GDP (QoQ) (Q2)  

26 Jul, Fri

• 2030 US Core PCE Price Index (YoY) (Jun)
• 2030 US Personal Spending (MoM) (Jun)
• 2200 US Michigan Consumer Sentiment (Jul)