US Markets 03 Aug 24

The US market closed lower. Russell closed with an outside day on the weekly chart and broke the consolidating support range. Nasdaq's trend turned to neutral in the daily chart.

BDI, Harpex, CDFI, and CCFI closed lower.

The dollar index closed lower with an outside day on the weekly chart.

Watch out for

• Services PMI by multiple countries
• Australia Interest Rate Decision

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
• Russell

Neutral 

• Nasdaq

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 5,338, 5,574, 5,809

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

Nasdaq
Daily Neutral, Weekly UT

Potential resistance around 18,542, 19,264, 19,986, 20,709

Potential support around 17,819, 17,097, 16,374, 15,652

Russell
Daily UT, Weekly UT
Potential resistance around  2,170, 2,300, 2,430,

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

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

05 Aug, Mon

• Canada on holiday
• 0945 China Caixin Services PMI (Jul)
• 1555 Germany HCOB Services PMI (Jul)
• 1600 Europe HCOB Services PMI (Jul)
• 1630 UK S&P Global Services PMI (Jul)
• 2145 US S&P Global Services PMI (Jul)
• 2200 US ISM Non-Manufacturing PMI (Jul)

06 Aug, Tue

• 1230 Australia RBA Interest Rate Decision (Aug)

07 Aug, Wed

• 2200 Canada Ivey PMI (Jul)
• 2230 US Crude Oil Inventories

08 Aug, Thu

• 0100 US 10-Year Note Auction
• 2030 US Initial Jobless Claims

09 Aug, Fri

• 0101 US 30-Year Bond Auction
• 0930 China CPI (MoM) (Jul)
• 1400 German CPI (MoM) (Jul)
• 2030 Canada Employment Change (Jul)
• 2030 Canada Unemployment Rate (Jul)