Expect headwinds from tech earnings and US Fed interest rate decision

$E-mini S&P 500 Futures(SEP4)(ESmain.US)$ (4 Hour Chart) - [NEUTRAL] S&P currently basing and holding above 5422 support, yet capped below 5433 resistance. We prefer to stay neutral for now with a slight bearish bias. A 4 hour candlestick close below 5422 support will open a drop towards next support at 5366. Technical indicators are mixed for now.

$USD(USDindex.FX)$ (4 Hour Chart) - [BEARISH ↘ *] DXY is testing and holding below 104.685 resistance. We stay bearish with low conviction ahead of the US FOMC interest rate decision. A short term intraday drop towards 103.740 support is expected. Technical indicators are mixed for now with price holding below 21 period EMA.

$Gold Futures(DEC4)(GCmain.US)$ (4 Hour Chart) - [BEARISH ↘ *] Price is topping below resistance at 2378.50. We stay low conviction bearish below this level, expecting an intraday drop towards 2415.70 support. Technical indicators have yet to confirm the bearish view.

$Nikkei 225(.N225.JP)$ (4 Hour Chart) - [BEARISH ↘ *] We maintain a bearish directional bias on Nikkei225 as long as price holds below 38700 resistance level. We expect price to push towards 37100 support level. Technical indicators advocate for a bearish scenario as well.

$HSI Futures(AUG4)(HSImain.HK)$ (4 Hour Chart) - [BEARISH ↘ *] HSI is in a downtrend and we maintain a bearish directional bias as long as price holds below 17400 resistance level. We expect price to move towards 16400 support level. Technical indicators advocate for a bearish scenario as well.

$FTSE Singapore Straits Time Index(.STI.SG)$ (4 Hour Chart) - [BULLISH↗ *] We are bullish on STI and expect prices to hold above 3400 support levels. We expect price to push towards 3500 resistance level. Technical indicators advocate for a bullish directional bias as well.

US equity futures slipped lower after a brief pause on Tuesday. $E-mini S&P 500 Futures(SEP4)(ESmain.US)$ and $E-mini NASDAQ 100 Futures(SEP4)(NQmain.US)$ both closed -0.55% and -1.42% lower respectively. Despite mega-cap tech earnings beating expectations, markets and shares both sold off late towards the end of yesterday's trading session and after market hours. Both $Microsoft(MSFT.US)$ and $Advanced Micro Devices(AMD.US)$ had marginally better earnings, yet prices still dropped by -2.75% and -0.94% respectively. Traders continue to turn their attention to FOMC's interest rate decision later this week.

Asian markets all rallied this morning with the exception of the Japanese index. $Nikkei 225(.N225.JP)$ traded cautiously this morning opening slightly lower by -0.31% in anticipation of the much watched BoJ rate hike. Consumption has been slowing along with mixed inflationary growth. However, with the recent strengthening of the JPY it gives the BoJ the confidence needed to hike rates by 15 basis point to 0.25%. $HSI Futures(AUG4)(HSImain.HK)$ pushed higher by +1.51% this morning holding nicely above the 16700/17000 technical support level. The finance and tech sector both rose strongly this morning ahead of the US Fed meeting. Singapore's $FTSE Singapore Straits Time Index(.STI.SG)$ edged higher by +0.14% this morning as well as the latest unemployment data shows a marginal drop pointing to the robustness of the city-state's labour market.

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