US Markets 17 Aug 24

The US market broke the lower high formation on the weekly chart and closed higher. The Dow and S&P are going to test the historic high.
On the daily chart, while the Nasdaq's downtrend turned neutral, the S&P and Russell returned to an uptrend.

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

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

Watch out for

• Manufacturing PMI, Services PMI and CPI data  by multiple countries
• US FOMC Meeting Minutes
• Jackson Hole Symposium
• Speech by Fed Chair Powell Speech 

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 

• 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 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 Neutral, 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, 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)

19 Aug, Mon

• No important data

20 Aug, Tue

• 0915 China PBoC Loan Prime Rate
• 0930 Australia RBA Meeting Minutes
• 1400 German PPI (MoM) (Jul)
• 1700 Europe CPI (YoY) (Jul)
• 2030 Canada Core CPI (MoM) (Jul)
• 2030 Canada CPI (MoM) (Jul)

21 Aug, Wed

• 2230 US Crude Oil Inventories

22 Aug, Thu

• 0200 US FOMC Meeting Minutes
• 0800 US Jackson Hole Symposium
• 1530 Germany HCOB Manufacturing PMI (Aug) 
• 1530 Germany HCOB Services PMI (Aug) 
• 1600 Europe HCOB Manufacturing PMI (Aug) 
• 1600 Europe HCOB Services PMI (Aug) 
• 1630 UK S&P Global/CIPS UK Manufacturing PMI (Aug)  
• 1630 UK S&P Global/CIPS UK Services PMI  
• 2030 US Initial Jobless Claims
• 2145 US S&P Global US Manufacturing PMI (Aug)  
• 2145 US S&P Global Services PMI (Aug)  
• 2200 US Existing Home Sales (Jul)

23 Aug, Fri

• 0645 New Zealand Core Retail Sales (QoQ)
• 0645 New Zealand Retail Sales (QoQ)
• 0730 Japan National Core CPI (YoY) (Jul)
• 0800 US Jackson Hole Symposium
• 2030 Canada Core Retail Sales (MoM) (Jun)
• 2030 Canada Retail Sales (MoM) (Jun)
• 2200 US New Home Sales (Jul)
• 2200 US Fed Chair Powell Speech