Dollar Index closed lower

The dollar index closed lower while consolidating. On the weekly chart, it broke lower-high formation and recovered some losses.
Resistance at 106.7, TLU2, TLU1, 109.7
Support at 103.6, 102.3, TLD2, TLD1, 100.3, 99.8

COT for Dollar Index

Weekly chart with 50 SMA

Commodities Update 24 Feb 2024

BDI closed higher from 1,610 (16 Feb) to 1,866 (23 Feb)

Harpex closed higher from 1,120 (16 Feb) to 1,158 (23 Feb)

CDFI closed higher from 1,081.28 (09 Feb) to 1,211.97 (23 Feb)

CCFI closed lower from 1,455.19 (09 Feb) to 1,402.22 (23 Feb)

COT     

Download Commodities COT

Instruments that show buying interest (3) by Producer/Merchant/Processor/User
Down Trend

• Corn (1)
• Soybean Oil
• Soybean Meal (1)
• Soybeans (1)
• Wheat
• Sugar
• Orange Juice
• Platinum
• Palladium (1)

Neutral

• Copper

Up Trend

• Heating Oil

Instruments that show selling interest at extreme (2) only by Producer/Merchant/Processor/User
Up Trend

• Rough Rice

Neutral

• None

Down Trend

• 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 a trend reversal
Down Trend and Up Trend are based on 50 Simple Moving Averages

US Markets 24 Feb 24

The US market closed at a historic high, except Russell closed lower with an inside day on the weekly chart.

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

The dollar index closed lower while consolidating. On the weekly chart, it broke lower-high formation and recovered some losses.

Watch out for

• Manufacturing PMI by multiple countries
• GDP from the US and Canada

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 

• Nasdaq
• 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 39,754, 41,884

Potential support around 37,625, 35,495, 33,365, 31,236

S&P
Daily UT, Weekly UT

Potential resistance around 5,103

Potential support around 4,867, 4,632, 4,396, 4,161, 3,925

Nasdaq
Daily UT, Weekly UT

Potential resistance around 18,542

Potential support around 17,819, 17,097, 16,374, 15,652

Russell
Daily UT, Weekly UT
Potential resistance around 2,040, 2,170, 2,300

Potential support around 1,910, 1,779, 1,649, 1,519, 1,389

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

26 Feb, Mon

• 2300 US New Home Sales (Jan)

27 Feb, Tue

• 0730 Japan Inflation Rate YoY (Jan)
• 2130 US Core Durable Goods Orders (MoM) (Jan)
• 2300 US CB Consumer Confidence (Feb)

28 Feb, Wed

• 0900 New Zealand RBNZ Interest Rate Decision
• 2130 US GDP (QoQ) (Q4)  
• 2330 US Crude Oil Inventories

29 Feb, Thu

• 0830 Australia Retail Sales MoM (Jan)
• 1500 German Retail Sales MoM (Jan) 
• 2100 German CPI (MoM) (Feb)
• 2130 US Core PCE Price Index (YoY) (Jan)
• 2130 US Core PCE Price Index (MoM) (Jan)
• 2130 US Initial Jobless Claims
• 2130 Canada GDP Growth Rate QoQ (Q4)
• 2245 US Chicago PMI (Feb)

01 Mar, Fri

• 0930 China Manufacturing PMI (Feb)
• 1700 Europe HCOB Manufacturing PMI (Feb)
• 1800 Europe CPI (YoY) (Feb)
• 2245 US S&P Global US Manufacturing PMI (Feb)
• 2300 US ISM Manufacturing PMI (Feb)
• 2300 US Michigan Consumer Sentiment (Feb)

Dollar Index closed higher

The dollar index continued to close higher. The traders trimmed most of the gain before closing.
Resistance at 106.7, TLU2, TLU1, 109.7
Support at 103.6, 102.3, TLD2, TLD1, 100.3, 99.8

COT for Dollar Index

Weekly chart with 50 SMA

Commodities Update 17 Feb 2024

BDI closed higher from 1,545 (09 Feb) to 1,610 (16 Feb)

Harpex closed higher from 1,097 (09 Feb) to 1,120 (16 Feb)

CDFI closed for the week due to a holiday, 1,081.28 (09 Feb)

CCFI closed for the week due to a holiday, 1,455.19 (09 Feb)

COT     

Download Commodities COT

Instruments that show buying interest (3) by Producer/Merchant/Processor/User
Down Trend

• Corn (1)
• Soybean Oil
• Soybean Meal (1)
• Soybeans (1)
• Sugar (1)
• Orange Juice
• Platinum
• Palladium (1)

Neutral

• Copper (1)
• Wheat

Up Trend

• None

Instruments that show selling interest at extreme (2) only by Producer/Merchant/Processor/User
Up Trend

• Rough Rice

Neutral

• None

Down Trend

• 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 a trend reversal
Down Trend and Up Trend are based on 50 Simple Moving Averages

US Markets 17 Feb 24

The US market closed lower, except Russell closed higher. 
Russell is testing a long-term strong resistance range.

While BDI and Harpex closed higher, CCFI and CDFI closed for a holiday.

The dollar index continued to close higher. The traders trimmed most of the gain before closing.

Watch out for

• FOMC Meeting Minutes
• CPI, Services and Manufacturing PMI 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 

• Nasdaq
• 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 39,754, 41,884

Potential support around 37,625, 35,495, 33,365, 31,236

S&P
Daily UT, Weekly UT

Potential resistance around 5,103

Potential support around 4,867, 4,632, 4,396, 4,161, 3,925

Nasdaq
Daily UT, Weekly UT

Potential resistance around 18,542

Potential support around 17,819, 17,097, 16,374, 15,652

Russell
Daily UT, Weekly UT
Potential resistance around 2,040, 2,170, 2,300

Potential support around 1,910, 1,779, 1,649, 1,519, 1,389

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

19 Feb, Mon

• Canada and US on holiday
• No important data

20 Feb, Tue

• 0830 Australia RBA Meeting Minutes
• 0945 China PBoC Loan Prime Rate
• 2130 Canada Core CPI (YoY) (Jan)
• 2130 Canada CPI (YoY) (Jan)

21 Feb, Wed

• No important data

22 Feb, Thu

• 0300 US FOMC Meeting Minutes
• 1630 German HCOB Manufacturing PMI (Feb)  
• 1630 German HCOB Services PMI (Feb)  
• 1700 Europe HCOB Manufacturing PMI (Feb)  
• 1700 Europe HCOB Services PMI (Feb)  
• 1800 Europe CPI (YoY) (Jan)
• 2130 US Initial Jobless Claims
• 2130 Canada Core Retail Sales (MoM) (Dec)
• 2130 Canada Retail Sales (MoM) (Dec)
• 2245 US S&P Global US Manufacturing PMI (Feb)  
• 2245 US S&P Global Services PMI (Feb)  
• 2300 US Existing Home Sales (Jan)

23 Feb, Fri

• 0000 US Crude Oil Inventories
• 1500 German GDP (QoQ) (Q4)