Markets are risk-off following last night's sell-off. Trade Cautiously

$E-mini S&P 500 Futures(SEP4) (ESmain.US)$ (4 Hour Chart) -[BEARISH ↘ **]Price has been toppish and failed to make any meaningful push higher. We turn bearish below 5670 resistance, expecting price to pause below this level before pushing lower towards 5375 support. Stochastics indicator is reacting below resistance where price dropped in the past. Price is also holding below 21 period EMA.

$USD (USDindex.FX)$ (4 Hour Chart) -[BULLISH↗ **]As expected, DXY reached previous target. We maintain our bullish directional bias with good conviction. As long as price is holding above 101.320 support, a further push higher towards 102.290 resistance is expected. Technical indicators are advocating for a bullish scenario as well.

$Gold Futures(DEC4) (GCmain.US)$ (4 Hour Chart) -[BEARISH ↘ **]Gold broke previous supports. We turn bearish for now as long as price is holding below 2533 resistance, an intraday push lower towards 2506.50 support is expected. Technical indicators are advocating for a bearish scenario as well with price holding below 21 period EMA and MACD within a bearish environment.

$Nikkei 225 (.N225.JP)$ (4 Hour Chart) -[BEARISH ↘ **]Nikkei failed to break above previous resistance. We turn bearish for now with price holding below 37950 resistance. A further push lower towards 35980 support is expected. Technical indicators are advocating for a bearish scenario with MACD showing a build up in bearish momentum.

$HSI Futures(SEP4) (HSImain.HK)$ (4 Hour Chart) -[BEARISH ↘ **]We maintain a bearish directional bias as long as price holds below 17600 resistance level. We expect price to push towards 17000 support level. Technical indicators are leaning towards a bearish momentum as well.

$FTSE Singapore Straits Time Index (.STI.SG)$ (4 Hour Chart) -[BULLISH↗ *]As long as price holds above 3390 support level, we maintain bearish and expect price to push towards 3500 resistance level. Technical indicators are leaning towards a bullish scenario as well.

US markets closed down lower last night, with $E-mini S&P 500 Futures(SEP4) (ESmain.US)$ and $E-mini NASDAQ 100 Futures(SEP4) (NQmain.US)$ dropping lower by 2.11% and 3.14% respectively. This comes after US manufacturing PMI data underperformed against analyst expectations. The losses were led by the semiconductor industry, with Nvidia and Intel retreated by 9.53% and 8.80%. This is because $NVIDIA (NVDA.US)$ has been hit by a subpoena by the US DoJ due to anti-trust claims. Whereas the drop in $Intel (INTC.US)$ is due to recent negative news regarding Intel's inability to meet revenue estimates after suspension of dividends, reduction of workforce and the possible delisting of Intel from DOW. Traders should look towards JOLTs job openings that will be released later tonight.

Asian markets are down across the board, with $Nikkei 225 (.N225.JP)$ dropped the most by 3.89%. This comes after underperforming Japan Bank Services PMI. There is risk-off sentiment among traders after the tech sell-off coupled with weak US economic data that was released yesterday. $HSI Futures(SEP4) (HSImain.HK)$ drifted lower by 0.66%, with most weakness seen in the energy minerals and finance sector. Traders are cautious after underperforming Caixin services PMI and news of China warning Japan of possibly cutting Japan's access to minerals for automotive production if Japan places potential new chip curbs on China. $FTSE Singapore Straits Time Index (.STI.SG)$ climbed lower by 1.57%, mirroring the US markets. The Big 3 -- $DBS Group Holdings (D05.SG)$ , $OCBC Bank (O39.SG)$ and $UOB (U11.SG)$ dropped by 2.20%, 2.17% and 1.91% respectively.

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