US Markets 14 Sep 24

The US market closed higher. While the Dow and Russell broke the previous week's low and reversed, the S&P and Nasdaq broke the lower high formation on the weekly chart. The S&P trend turned from an uptrend to Neutral, and the Nasdaq trend turned from neutral to a downtrend.

BDI, Harpex, CCFI, and CDFI closed lower.

The dollar index edged lower with an inside day on the weekly chart. The dollar index is consolidating.

Watch out for

• China short trading week
• Retail Sales and CPI data  by multiple countries
• China, Japan, US and UK 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 

• Russell

Neutral 

• S&P

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 Neutral, Weekly UT

Potential resistance around 5,809

Potential support around 5,574, 5,338, 5,103, 4,867, 4,632

Nasdaq
Daily DT, 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 2,300, 2,430

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

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

16 Sep, Mon

• China and Japan on holiday
• 2030 US NY Empire State Manufacturing Index (Sep)

17 Sep, Tue

• China on holiday
• 1700 German German ZEW Economic Sentiment (Sep)
• 2030 US Core Retail Sales (MoM) (Aug)
• 2030 US Retail Sales (MoM) (Aug)
• 2030 Canada Core CPI (MoM) (Aug)
• 2030 Canada CPI (MoM) (Aug)
• 2115 US Industrial Production (MoM) (Aug)

18 Sep, Wed

• Hong Kong on holiday
• 1400 UK CPI (YoY) (Aug)
• 1400 UK PPI Input (MoM) (Aug)
• 1700 Europe CPI (YoY) (Aug)
• 2030 US Building Permits (Aug)
• 2230 US Crude Oil Inventories

19 Sep, Thu

• 0200 US Fed Interest Rate Decision
• 0200 US FOMC Statement
• 0230 US FOMC Press Conference
• 0930 Australia Employment Change (Aug)
• 0930 Australia Full Employment Change (Aug)
• 1900 UK BoE Interest Rate Decision (Sep)
• 2030 US Initial Jobless Claims
• 2030 US Philadelphia Fed Manufacturing Index (Sep)
• 2200 US Existing Home Sales (Aug)

20 Sep, Fri

• 0730 Japan National Core CPI (YoY) (Aug)
• 0730 Japan National CPI (YoY) (Aug)
• 0900 China Loan Prime Rate 5Y (Sep)
• 0915 China PBoC Loan Prime Rate
• 1100 Japan BoJ Interest Rate Decision
• 1400 UK Core Retail Sales (YoY) (Aug)
• 1400 UK Retail Sales (YoY) (Aug)
• 1430 Japan BoJ Press Conference
• 2030 Canada Core Retail Sales (MoM) (Jul)
• 2030 Canada New Housing Price Index (MoM) (Aug)
• 2030 Canada Retail Sales (MoM) (Jul)