US Markets 02 Aug 25

The US market broke the higher-low formation on the weekly chart and closed lower. The S&P and Nasdaq closed with an outside day on the weekly charts.

While Harpex edged higher, BDI and CDFI reversed to close lower, and CCFI continued to close lower.

The dollar index tested the 98.7 resistance and failed to hold. The dollar index is consolidating.

Watch out for

• Services PMI by multiple countries
• Interest rate decision by the UK

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 

• None

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, 46,144

Potential support around 41,884, 39,754, 37,625

S&P
Daily UT, Weekly UT

Potential resistance around 6,280, 6,516

Potential support around 6,045, 5,809, 5,574

Nasdaq
Daily UT, Weekly UT

Potential resistance around 22,876, 23,598

Potential support around 22,154, 21,431, 20,709

Russell
Daily UT, Weekly UT
Potential resistance around 2,170, 2,300, 2,430

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

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

04 Aug, Mon

• The UK and Canada on holiday
• No important data

05 Aug, Tue

• 0945 China Caixin Services PMI (Jul)
• 1555 Germany HCOB Services PMI (Jul)
• 1600 Europe HCOB Services PMI (Jul)
• 1630 UK S&P Global Services PMI (Jul)
• 2145 US S&P Global Services PMI (Jul)
• 2200 US ISM Non-Manufacturing PMI (Jul)

06 Aug, Wed

• 2230 US Crude Oil Inventories

07 Aug, Thu

• 0100 US 10-Year Note Auction
• 1900 UK BoE Interest Rate Decision (Aug)
• 2030 US Initial Jobless Claims
• 2200 Canada Ivey PMI (Jul)

08 Aug, Fri

• 0100 US 30-Year Bond Auction
• 2030 Canada Employment Change (Jul)