Increased volatility expected nearing NFP tonight!
US Market Key Charts (S&P, US Dollar, Gold)
US Equities (4 Hour Chart) -[BULLISH ↗ **]View remains unchanged. We stay bullish on $E-mini S&P 500 Futures(SEP4) (ESmain.US)$ as long as price continues to hold above 5340.00 support. Price is still expected to push higher towards 5440.00 resistance. Technical indicators are still advocating for a further bullish scenario.
Alternatively: A 4 hour candlestick close below 5340.00 support will open a deeper correction towards next support at 5308.00.
US Dollar (4 Hour Chart) -[NEUTRAL]View remains unchanged as $USD (USDindex.FX)$ is currently consolidating and holding above 103.880 support. We maintain our neutral stance for now with a slight bearish directional bias. Only a candlestick close below 103.880 support will open a deeper drop towards next support at 103.380. Technical indicators are starting to turn bearish.
Alternatively: A 4 hour candlestick close above 104.390 resistance will open further rise towards next resistance at 107.770
GoldFutures(4 Hour Chart) -[BULLISH ↗ *]View unchanged. We maintain our bullish directional bias on $Gold Futures(DEC4) (GCmain.US)$ with a lowered conviction. Price is expected to do a pause above 2375.00 support, before shaping a fresh push higher towards 2400.00 resistance. Technical indicators are still advocating for a bullish scenario for now.
Alternatively: A candlestick close below 2375.00 support will open a drop towards next support at 2357.50.
NIKKEI 225 / TOPIX IndexFutures
NIKKEI225 Futures (4 Hour Chart) -[NEUTRAL]View remains unchanged as $OSE Nikkei 225 Futures(SEP4) (NK225main.JP)$ is still consolidating sideways between 39190 resistance and 38250 support. We stay neutral for now keeping a slight bullish bias. Only a candlestick close above 39190 resistance will open further rise towards next resistance at 39780. Technical indicators are mixed for now.
Alternatively: A candlestick close below 38350 support will open a deeper pullback towards next support at 37890.
HSI IndexFutures
HSIFutures(4 Hour Chart) -[BULLISH ↗ *]View remains unchanged as $HSI Futures(AUG4) (HSImain.HK)$ continues to hold above support at 17960. We maintain our bullish bias above this level, expecting price to push higher towards 19600 resistance. Technical indicators remain bullish for now. The MACD indicator still shows a slowdown in short term bullish momentum.
Alternatively: A candlestick close below 17960 support will open a drop towards next support at 17100.
SG Market - STI
SG Equities (4 Hour Chart) -[BULLISH ↗ **]View unchanged as $FTSE Singapore Straits Time Index (.STI.SG)$ continues to hold above 3320.00 support and is drifting higher. We maintain our bullish bias for now and still expect a further push up towards next resistance at 3390.00. Technical indicators are advocating for a bullish scenario as well.
Alternatively: A candlestick close below 3320.00 support will open a correction towards next support at 3264.50.
Summary - What Is Happening In The Markets
US markets traded sideways and was generally quiet last night on thin trading volume as traders await US nonfarm payroll data later tonight. $E-mini S&P 500 Futures(SEP4) (ESmain.US)$ and $E-mini NASDAQ 100 Futures(SEP4) (NQmain.US)$ were marginally unchanged last night. Should tonight's NFP data underperform against estimates, this would definitely build on the narrative that the US economy and labour market is softening and a US Fed rate cut bet should be just around the corner.Asian markets opened mixed as well with $Nikkei 225 (.N225.JP)$ edging lower by-0.24% due to the sluggishness of the finance and manufacturing sector. $HSI Futures(AUG4) (HSImain.HK)$ is muted this morning as well, down by a marginal-0.15% as investors await Chinese trade data that would be announced later this morning. $FTSE Singapore Straits Time Index (.STI.SG)$ edged higher by+0.23% as consumer staples and discretionary sectors saw gains this morning.
Prepared by:
Prepared by:
Moomoo Singapore
Isaac Lim CMT, CFTe
This report is provided for informational and general circulation purposes only and should not be construed as an offer, solicitation, or recommendation for the purchase or sale of securities, futures, or other investment products. It does not take into consideration any particular needs of any person. This advertisement has not been reviewed by the Monetary Authority of Singapore.
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sGpcGhost : One star of gold...
Trader’s Edge OP sGpcGhost : Sorry that I missed this comment. Yes one star because back then, the bullish conviction was really low.And indeed, it really turned out to be a one star. Gold sold off so strongly that evening.Cheers!- IJL
sGpcGhost : Donated quite a sum last Fri.
Trader’s Edge OP sGpcGhost : Hey buddy, sorry to hear.. But just a word of encouragement..Take it in your stride. Consider it as a sort of tuition fees to the markets.For me, personally, I always take it as a lesson to learn when a trade goes wrong.It's alot tougher to learn what went right when a trade works out... hahahaAlso, always make sure you are trading with money that you can afford to lose!Live to fight another day my friend![[undefined]](https://static.moomoo.com/nnq/emoji/static/image/default/default-black.png?imageMogr2/thumbnail/36x36 "undefined")
Ps. Do join our weekly live webinar and feel free to ask your questions there! Look forward to seeing you!- Isaac