Core PCE data tonight with mixed sentiments across markets.

$E-mini S&P 500 Futures(SEP4)(ESmain.US)$ (4 Hour Chart) -[BULLISH ↗ *]S&P pushed higher and surpassed previous resistance, invalidating previous bearish view. We turn bullish on the short term now, expecting price to do a limited push higher above 5542.00 support towards 5590.00 resistance. Technical indicators are turning bullish now.

$USD(USDindex.FX)$ (4 Hour Chart) -[BEARISH ↘ *]View remains unchanged as DXY stays capped below 106.310 resistance. As long as price holds below this resistance, we continue to stay low conviction bearish, and still expecting a short term pullback lower towards 105.590 support. Stochastics indicator is toppish below resistance where price pulled lower in the past.

$Gold Futures(AUG4)(GCmain.US)$ (4 Hour Chart) -[BEARISH ↘ *]Gold price pushed higher and is now holding below near-term resistance at 2340.00. We turn low conviction bearish, expecting price to do a short term pullback towards 2315.00 support. Technical indicators are mixed for now. Price is holding above 34 period EMA while MACD is still within a bearish environment.

$Nikkei 225(.N225.JP)$ (4 Hour Chart) -[NEUTRAL]NIKKEI pushed higher and is whipsawing around previous resistance. We turn neutral for now, watching resistance at 39850 and support at 39290. Only a 4 hour candlestick close above 39850 resistance will open further recovery towards next resistance at 40520. Technical indicators are mixed for now.

$Hang Seng Index(800000.HK)$ (4 Hour Chart) -[BEARISH ↘ *]As expected, HSI drifted lower. Our view remains unchanged as we stay bearish for now. As long as HSI holds below 17900 resistance, price is still expected to drift towards 17100 support. Technical indicators are now advocating for a bearish scenario.

$FTSE Singapore Straits Time Index(.STI.SG)$ (4 Hour Chart) -[BEARISH ↘ *]View remains unchanged as STI still holding below 3350.00 resistance, we remain low conviction bearish, still expecting a short-term pullback lower towards 3315.00 support. Technical indicators are mixed for now with price holding above 34 period EMA however stochastics is toppish and close to resistance.

US stock markets saw a brief rally overnight after being spooked by the sell off in $NVIDIA(NVDA.US)$ the day before. $E-mini S&P 500 Futures(SEP4)(ESmain.US)$ and $E-mini NASDAQ 100 Futures(SEP4)(NQmain.US)$ closed higher by +0.29% and +0.57% respectively. This comes as US GDP showed that the economy grew by 1.4% QoQ and unemployment claims also dipped lower. Traders will be looking forward to tonight's core PCE data which will also be watched closely by the US Fed for signs of slowing inflation. A rise in the PCE data will strengthen the view that the Federal Reserve could start the easing process in September.Asian markets rallied as well, mirroring the modest gains made in the US markets last night. $Nikkei 225(.N225.JP)$ pushed higher by a strong +1.0% and $FTSE Singapore Straits Time Index(.STI.SG)$ edged slightly higher by +0.02%. Japan's CPI grew by 0.2% to 2.1% from the previous quarter and this is taken as a positive sign that inflation is once again growing as the JPY holds steady for now. $HSI Futures(JUL4)(HSImain.HK)$ opened mixed this morning, taking a pause after yesterday's weakness.

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