Consolidation of markets ahead of US FOMC Meeting Minutes tonight

$E-mini S&P 500 Futures(SEP4) (ESmain.US)$ (4 Hour Chart) -[BULLISH↗ **]We maintain a bullish directional bias as price holds above 5620 support level. We expect price to push towards 5720 resistance level. Technical indicators are leaning towards a bullish scenario as well.

$USD (USDindex.FX)$ (4 Hour Chart) -[BEARISH ↘ **] We turn bearish as price has pushed below 102.308 resistance level. As long as price holds below 102.308 resistance level, we expect price to drift down to 100.703 support level. Technical indicators advocate for a bearish scenario as well.

$Gold Futures(DEC4) (GCmain.US)$ (4 Hour Chart) -[BULLISH↗ *] We maintain a bullish directional bias as prices are currently bouncing in a ascending channel. We expect price to push towards 2590 resistance level. Technical indicators are leaning towards a bullish scenario as well.

$Nikkei 225 (.N225.JP)$ (4 Hour Chart) -[NEUTRAL] We stay neutral as price hover between 38200 resistance level and 37000 support level. A 4 hour candlestick closing above 38200 resistance level could open a push towards 39300 resistance level. Technical indicators are mixed, with price holding above 55-EMA period.

$HSI Futures(AUG4) (HSImain.HK)$ (4 Hour Chart) -[BEARISH ↘ **] We turn bearish as price holds below 17500 resistance level. We expect price to push lower towards 17000 support level. Technical indicators are leaning towards a bearish scenario as well, with prices holding below 21-EMA period.

$FTSE Singapore Straits Time Index (.STI.SG)$ (4 Hour Chart) -[BULLISH↗ *] As expected, STI has pushed above 3350 resistance level. We maintain our bullish directional bias as we expect price to push towards 3450 resistance level. Technical indicators are mixed, with prices holding above 21-EMA period.

US markets consolidated last night, ending off 8-day winning streak. $E-mini S&P 500 Futures(SEP4) (ESmain.US)$ and $E-mini NASDAQ 100 Futures(SEP4) (NQmain.US)$ pushed marginally lower at 0.18% and 0.24%. This is due to weakness observed in the energy, materials and financials sector. Markets are relatively quiet ahead of the Jackson Hole symposium later this for hints of a possible rate cut. For now, traders should keep a look out for FOMC meeting minutes released tonight.

Asian markets opened lower this morning, in line with the dip of the US markets last night. $HSI Futures(AUG4) (HSImain.HK)$ dropped the most by 0.96%. $JD-SW (09618.HK)$ fell the most by 10.70%. There is risk-off sentiment among traders due to underperfoming economic data and the lack of stimulus policies. $Nikkei 225 (.N225.JP)$ drifted lower by 0.92%, with tech sector leading the decline. This is due to the strengthening of the JPY and traders staying cautious ahead of US key economic data. Traders should keep a lookout for au Jibun Bank Japan Services PMI released tomorrow. $FTSE Singapore Straits Time Index (.STI.SG)$ edged lower by 0.40%, with $ST Engineering (S63.SG)$ dropping the most by 1.53%.

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