US Markets 07 Sep 24

The US market closed lower. The Dow, S&P, and Russell broke the higher low formation on the weekly charts, and the Nasdaq closed with an inside day on the weekly chart.

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

The dollar index broke the previous week's low and recovered to close higher. It resisted at TLU1.

Watch out for

• CPI data  by multiple countries
• Europe's 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 

• 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

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

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

09 Sep, Mon

• 0750 Japan GDP (QoQ) (Q2)
• 0930 China CPI (YoY) (Aug)
• 0930 China PPI (YoY) (Aug)

10 Sep, Tue

• 1400 German CPI (MoM) (Aug)
• 1400 UK Employment Change 3M/3M (MoM) (Jul)
• 1400 UK Unemployment Rate (Jul)

11 Sep, Wed

• 1400 UK GDP (MoM) (Jul)
• 2030 US Core CPI (MoM) (Aug)
• 2030 US CPI (MoM) (Aug)
• 2230 US Crude Oil Inventories

12 Sep, Thu

• 0100 US 10-Year Note Auction
• 2015 Europe Deposit Facility Rate (Sep)
• 2015 Europe ECB Interest Rate Decision (Sep)
• 2030 US Initial Jobless Claims
• 2030 US PPI (MoM) (Aug)
• 2045 Europe ECB Press Conference  

13 Sep, Fri

• 0100 US 30-Year Bond Auction
• 2200 US Michigan Consumer Sentiment (Sep)