US Markets 19 Oct 24

The US market closed higher. The Dow and S&P closed with historic highs.
The Russell trend turned from Neutral to an up trend.

While BDI, CDFI and CCFI closed lower, Harpex rebounded to close higher.

The dollar index continued to close higher.

Watch out for

• Canada Interest Rate Decision
• Manufacturing PMI and Services PMI data by multiple countries

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
• 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 44,014

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

S&P
Daily UT, Weekly UT

Potential resistance around 6,045

Potential support around 5,809, 5,574, 5,338, 5,103, 4,867

Nasdaq
Daily UT, Weekly UT

Potential resistance around 20,709, 21,431

Potential support around 19,986, 19,264, 18,542, 17,819, 17,097

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)

21 Oct, Mon

• 0915 China PBoC Loan Prime Rate
• 1400 Germany PPI (MoM) (Sep)

22 Oct, Tue

• 1300 Japan BoJ Core CPI (YoY)
• 2125 UK BoE Gov Bailey Speaks

23 Oct, Wed

• 2145 Canada BoC Interest Rate Decision
• 2200 US Existing Home Sales (Sep)
• 2230 US Crude Oil Inventories

24 Oct, Thu

• 1530 Germany HCOB Manufacturing PMI (Oct) 
• 1530 Germany HCOB Services PMI (Oct) 
• 1600 Europe HCOB Manufacturing PMI (Oct) 
• 1600 Europe HCOB Services PMI (Oct) 
• 1630 UK S&P Global/CIPS UK Manufacturing PMI (Oct) 
• 1630 UK S&P Global/CIPS UK Services PMI (Oct)   
• 2030 US Building Permits (Sep)
• 2030 US Initial Jobless Claims
• 2145 US S&P Global US Manufacturing PMI (Oct)  
• 2145 US S&P Global Services PMI (Oct)  
• 2200 US New Home Sales (Sep)

25 Oct, Fri

• 0730 Japan Tokyo Core CPI (YoY) (Oct)
• 1600 Germany Business Expectations (Oct)
• 2030 US Durable Goods Orders (MoM) (Sep)  
• 2030 Canada Core Retail Sales (MoM) (Aug)
• 2030 Canada New Housing Price Index (MoM)
• 2030 Canada Retail Sales (MoM) (Aug)
• 2200 US Michigan Consumer Expectations (Oct)