Market Uncertainty Looms Ahead of Japan and US Elections

$E-mini S&P 500 Futures(DEC4) (ESmain.US)$ (4 Hour Chart) -[BULLISH↗ *]We continue to maintain our bullish directional bias as we expect price to continue pushing towards 5865 resistance level. A 4 hour candlestick closing above 5865 resistance level would open next push towards 5930 resistance level. Technical indicators have yet to display a bullish momentum.

$USD (USDindex.FX)$ (4 Hour Chart) -[BEARISH ↘ *]We continue to maintain our bearish directional bias as we expect price to continue dropping towards 103.881 support level. Technical indicators are leaning towards a bearish scenario. A 4 hour candlestick closing below 103.881 support would open next drop towards 103.654 support level.

$Gold Futures(DEC4) (GCmain.US)$ (4 Hour Chart) -[BULLISH↗ **]We continue our bullish directional bias as price is holding above ascending trendline support. As long as price holds above 2730 support level, we expect price to take a pause at ascending trendline support before pushing for 2755 resistance level. Technical indicators are leaning towards a bullish scenario as well.

$Nikkei 225 (.N225.JP)$ (4 Hour Chart) -[BEARISH ↘ *]We turn bearish as price drifted lower last night. Price is currently forming a descending channel and we expect price to hold below 38110 resistance level. We expect price to drift lower towards 37500 support level. Technical indicators are leaning towards a bearish scenario.

$HSI Futures(NOV4) (HSImain.HK)$ (4 Hour Chart) -[NEUTRAL]We turn neutral as there is currently no good risk-reward ratio. Prices are hovering between 20920 resistance and 20270 support level. A 4 hour candlestick closing above 20920 resistance would open next push towards 21600 resistance level. Technical indicators are mixed.

$FTSE Singapore Straits Time Index (.STI.SG)$ (4 Hour Chart) -[BULLISH↗ *]We continue to stay bullish as long as price holds above 3570 support level. We expect price to drift towards 3640 resistance level. A 4 hour candlestick closing above 3640 resistance level would open the next push towards 3700 resistance level. Technical indicators are mixed, with MACD leaning towards a bullish scenario.

US markets closed higher last night, with $E-mini S&P 500 Futures(DEC4) (ESmain.US)$ and $E-mini NASDAQ 100 Futures(DEC4) (NQmain.US)$ edging higher by 0.19% and 0.79% respectively. This comes after initial jobless claims and new home sales data, which both perform above analyst expectations. $Tesla (TSLA.US)$ climbed the most by 21.92%, after strong earnings reports this quarter and forecasting 20% to 30% sales growth for the following year. Traders could look towards durable goods order and michigan consumer sentiment data released tonight.

Asian markets open mixed today morning. $Nikkei 225 (.N225.JP)$ pushed lower by 0.63%. There is continued risk-off sentiment among traders as markets are currently pricing in the risks that ruling Liberal Democratic Party and its junior coalition partner Komeito may lose lower house majority this Sunday. $HSI Futures(NOV4) (HSImain.HK)$ edged up by 0.40%, mirroring the US indices. Tech, consumer durables and consumer services advanced the most. Among other stocks, $XINYI SOLAR (00968.HK)$ climbed the most by 10.31%. Traders should exercise caution after IMF's lowered projection of GDP growth, and the increasing US-China tech war regardless of the elected candidate of the US presidential battle. $FTSE Singapore Straits Time Index (.STI.SG)$ drifted marginally lower by 0.29% this morning. REITs sector saw the most weakness, with $Mapletree PanAsia Com Tr (N2IU.SG)$ dropping the most by 4.96%. Traders should keep an eye out for CPI data released later.

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