Cautious risk-on sentiment with Asian markets coming into near-term resistances

$E-mini S&P 500 Futures(DEC4) (ESmain.US)$ (4 Hour Chart) -[BULLISH↗ **]View remains unchanged. We maintain our bullish directional bias as long as price is holding above 5680 support level. Price is still expected to push higher towards 5945 resistance. Technical indicators are also advocating for a bullish scenario as well.

$USD (USDindex.FX)$ (4 Hour Chart) -[NEUTRAL]DXY pushed higher, invalidating previous view. We turn neutral for now expecting price to consolidate between 101.345 resistance and 100.215 support. A candlestick close below 100.215 support will open a drop towards next support at 99.460. Technical indicators are mixed for now.

$Gold Futures(DEC4) (GCmain.US)$ (4 Hour Chart) -[BULLISH↗ **]View remains unchanged for now. We maintain our bullish directional bias as long as price is holding above 2650 support level. A further push higher towards 2758.50 resistance is expected. Technical indicators are also bullish as well.

$OSE Nikkei 225 Futures(DEC4) (NK225main.JP)$ (4 Hour Chart) -[BULLISH↗ *]Nikkei pushed higher and surpassed previous resistance. We turn low conviction bullish for now. A pause is expected above 37900 support before a fresh push higher towards 39185 resistance. Technical indicators are bullish as well.

$HSI Futures(NOV4) (HSImain.HK)$ (4 Hour Chart) -[NEUTRAL]View remains unchanged for now as HSI is still capped below and testing near-term swing high resistance at 19640 resistance. We prefer to stay neutral with a slight bullish bias for now. A candlestick close above 19640 resistance will confirm further upside towards 20400 resistance. Technical indicators are bullish for now.

$FTSE Singapore Straits Time Index (.STI.SG)$ (4 Hour Chart) -[NEUTRAL]View remains unchanged. STI still holding below 6 year (from 2018) highs at around 3640 resistance. We prefer to maintain our neutral bias for now. A candlestick close above 3640 resistance will open a further push higher towards 3692.50 resistance next. Technical indicators remains bullish for now as well.

US markets were mixed last night and saw little action as investors continue to wait for US Fed Chair Jerome Powell's speech later this evening. Further key US data such as Core PCE will be released tomorrow. Markets expect both events to be more forward guiding for the US Fed's next steps after its recent rate cuts. Finance stocks such as JPM, BX and BAC saw some weaknesses, while megacap tech such as $NVIDIA (NVDA.US)$, $Advanced Micro Devices (AMD.US)$ and $Meta Platforms (META.US)$ helped support the markets.

Asian markets rallied further today as news that China's Finance and Civil Affairs Ministry will be looking to deliver one-off cash handouts and at the same time there will be further injection of funds to further prop up the markets. HSI climbed by +1.73% as finance and tech stocks like $PING AN (02318.HK)$, $CHINA LIFE (02628.HK)$ and $HUISHANG BANK (03698.HK)$ and $BIDU-SW (09888.HK)$ all rose strongly. NIKKEI also rallied by +2.58% as $Tokyo Electron (8035.JP)$ and $Advantest (6857.JP)$ tracked their peers in the US markets. STI opened mixed, however, as we are still toppish and testing recent highs.

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