Market mixed ahead of US Fed Chair Powell's Speech

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

$USD (USDindex.FX)$ (4 Hour Chart) -[BEARISH ↘ *] DXY drifted lower, re-testing recent swing lows. We turn bearish with low conviction for now, as long as price is holding below 100.550 resistance, a further drop towards next support at 99.955 is expected. Technical indicators are advocating for a bearish scenario as well.

$Gold Futures(DEC4) (GCmain.US)$ (4 Hour Chart) -[BULLISH↗ **] Gold prices are pushing higher and making new highs. 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) -[BEARISH ↘ *] Nikkei is currently holding below 38425 resistance which is also in line with near-term descending trendline resistance. A short term drop below this resistance towards 36815 support level is expected. Technical indicators are mixed for now, however MACD indicator is showing a build up in bearish momentum.

$HSI Futures(OCT4) (HSImain.HK)$ (4 Hour Chart) -[NEUTRAL] HSI has pushed higher but is now 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] STI tested 6 year (from 2018) highs at around 3640 resistance before pulling back. We turn neutral for now with a bullish bias. A candlestick close above 3640 resistance will open a further push higher towards 3692.50 resistance next. Technical indicators are bullish for now.

US markets closed higher overnight with the $E-mini S&P 500 Futures(DEC4) (ESmain.US)$ edging higher by +0.26% while $E-mini NASDAQ 100 Futures(DEC4) (NQmain.US)$ drifted higher by +0.42%. However, the S&P futures still stayed toppish and is trading within the same price range since last Thursday. Investors are now looking forward in anticipation to US Fed Chair Jerome Powell's speech as markets try to make sense of the 50bps rate cut along with disappointing consumer confidence numbers.

Asian markets also edged higher at the open this morning with the exception of STI. $HSI Futures(OCT4) (HSImain.HK)$ opened higher, adding +1.55% from the open. The push higher being fueled by Chinese government's stimulus package. Similarly, Japan's $OSE Nikkei 225 Futures(DEC4) (NK225main.JP)$ opened higher by +0.34%, mirroring US indices and also riding on the optimism from the Chinese markets. $FTSE Singapore Straits Time Index (.STI.SG)$ bucked the trend having reached its 6-year high (from 2018), 17 years (from 2007). Taking a pause at the current highs after a strong sustained rally.

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