US Markets 28 Sep 24

The US market closed higher, except Russell closed lower with an inside day on the weekly chart. The Dow and S&P closed with historic highs.
While the Nasdaq trend turned from a downtrend to a Neutral, the Russell trend turned from an uptrend to a Neutral.

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

The dollar index continued to close lower.

Watch out for

• Manufacturing and Services PMI data  by multiple countries
• Speech by Fed Chair Powell
• China long holiday
• 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 

• Dow
• S&P

Neutral 

• Russell

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 44,014

Potential support around 41,884, 39,754, 37,625, 35,495, 33,365

S&P
Daily UT, Weekly UT

Potential resistance around 5,809

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

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 Neutral, 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)

30 Sep, Mon

• 0930 China Manufacturing PMI (Sep)
• 0930 China Non-Manufacturing PMI (Sep)
• 0945 China Caixin Manufacturing PMI (Sep)
• 0945 China Caixin Services PMI (Sep)
• 1400 UK GDP (YoY) (Q2)
• 2000 Germany CPI (MoM) (Sep)
• 2145 US Chicago PMI (Sep)

01 Oct, Tue

• China and Hong Kong on holiday
• 0100 US Fed Chair Powell Speaks 
• 1555 Germany HCOB Manufacturing PMI (Sep)
• 1600 Europe HCOB Manufacturing PMI (Sep)
• 1630 UK S&P Global/CIPS UK Manufacturing PMI (Sep)
• 1700 Europe CPI (YoY) (Sep)
• 2145 US S&P Global US Manufacturing PMI (Sep)
• 2200 US ISM Manufacturing PMI (Sep)
• 2200 US JOLTs Job Openings (Aug)

02 Oct, Wed

• China on holiday
• 0750 Japan Tankan Large Manufacturers Index (Q3)
• 1700 Europe Unemployment Rate (Aug)
• 2015 US ADP Nonfarm Employment Change (Sep)
• 2230 US Crude Oil Inventories

03 Oct, Thu

• China on holiday
• 1555 Germany HCOB Services PMI (Sep)
• 1600 Europe HCOB Services PMI (Sep)
• 2030 US Initial Jobless Claims
• 2145 US S&P Global Services PMI (Sep)
• 2200 US ISM Non-Manufacturing PMI (Sep)

04 Oct, Fri

• China on holiday
• 2030 US Nonfarm Payrolls (Sep)
• 2200 US Unemployment Rate (Sep)
• 2200 Canada Ivey PMI (Sep)