US Markets 27 Jul 24

The US market closed mixed. While the Dow and Russell closed higher, the S&P and Nasdaq closed lower. The Dow broke the previous week's low and recovered. Russell closed with an inside day on the weekly chart.

While CCFI closed higher, BDI and CDFI closed lower, and Harpex remained unchanged.

The dollar index closed lower with a small +roc (closing price > opening price).

Watch out for

• GDP, CPI and Manufacturing PMI  by multiple countries 
• Interest rate decisions by Japan, the US, and the UK.
• 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
• Nasdaq

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 19,264, 19,986, 20,709

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

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)

29 Jul, Mon

• No important data

30 Jul, Tue

• 1600 German GDP (QoQ) (Q2)
• 1700 Europe GDP (QoQ) (Q2)  
• 2000 German CPI (MoM) (Jul)
• 2200 US CB Consumer Confidence (Jul)
• 2200 US JOLTs Job Openings (Jun)

31 Jul, Wed

• 0930 Australia CPI (QoQ) (Q2)
• 0930 Australia Retail Sales (MoM)  
• 0930 China Manufacturing PMI (Jul)
• 0930 China Non-Manufacturing PMI (Jul)
• 1100 Japan BoJ Interest Rate Decision
• 1430 Japan BoJ Press Conference  
• 1700 Europe CPI (YoY) (Jul)  
• 2015 US ADP Nonfarm Employment Change (Jul)
• 2030 Canada GDP (MoM) (May)
• 2145 US Chicago PMI (Jul)
• 2200 US Pending Home Sales (MoM) (Jun)
• 2230 US Crude Oil Inventories

01 Aug, Thu

• Switzerland on holiday
• 0200 US Fed Interest Rate Decision
• 0230 US FOMC Press Conference
• 0945 China Caixin Manufacturing PMI (Jul)
• 1555 Germany HCOB Manufacturing PMI (Jul)
• 1600 Europe HCOB Manufacturing PMI (Jul)
• 1700 Europe Unemployment Rate (Jun)
• 1900 UK BoE Interest Rate Decision (Aug)
• 2030 US Initial Jobless Claims
• 2145 US S&P Global US Manufacturing PMI (Jul)  
• 2200 US ISM Manufacturing PMI (Jul)

02 Aug, Fri

• 2030 US Average Hourly Earnings (MoM) (Jul)
• 2030 US Nonfarm Payrolls (Jul)
• 2030 US Unemployment Rate (Jul)