Markets ease ahead of Nvidia's earnings
US Market Key Charts (S&P, US Dollar, Gold)
$E-mini S&P 500 Futures(DEC4) (ESmain.US)$ (4 Hour Chart) -[BEARISH ↘ *]SPX is toppish and holding below 5720 resistance. We turn bearish with low conviction for now, expecting a pullback lower towards near-term support at 5558. Technical indicators are mixed. Stochastics is testing resistance where price reacted in the past.
Alternatively: A 4 hour candlestick closing above 5720 resistance will open further rise towards next resistance at 5790.
$USD (USDindex.FX)$ (4 Hour Chart) -[BEARISH ↘ *]DXY pushed lower. We turn bearish with low conviction for now as long as price is holding below 101.135 resistance. A further push lower towards 99.915 support is expected. Technical indicators are advocating for a bearish scneario.
Alternatively: A 4 hour candlestick closing above 101.135 resistance will open further rise towards next resistance at 101.625.
$Gold Futures(DEC4) (GCmain.US)$ (4 Hour Chart) -[BEARISH ↘ *] Gold prices are toppish and holding below resistance at 2570.50. As long as price is holding below this resistance, we turn bearish with low conviction given the poor risk to reward opportunities. A drop towards 2518 support is expected. Technical indicators are mixed for now.
Alternatively: A 4 hour candlestick closing above 2570.50 resistance will open further rise towards next resistance at 2600.
NIKKEI 225 / TOPIX IndexFutures
$Nikkei 225 (.N225.JP)$ (4 Hour Chart) - [NEUTRAL] Price has been consolidating and trading sideways below resistance at 39220. We stay neutral for now given this sideways range. A candlestick close above 39220 resistance will open a short term rise towards next resistance at 41050. Technical indicators are bullish for now. However, MACD indicator is flat showing no clear directional momentum.
Alternatively: A 4 hour candlestick closing below 37470 support level could open a drop towards next support level at 35850.
HSI IndexFutures
$HSI Futures(OCT4) (HSImain.HK)$ (4 Hour Chart) -[BULLISH↗ *] HSI is currently bouncing off its ascending trendline support. We maintain a bullish directional bias as we expect price to take a pause near 17700 support level before pushing for 18500 resistance level. Technical indicators advocate for a bullish scenario as well.
Alternatively: A 4 hour candlestick closing below 17700 support level could open a drop towards the next support at 17000.
SG Market - STI
$FTSE Singapore Straits Time Index (.STI.SG)$ (4 Hour Chart) -[BULLISH↗ *]We stay bullish on STI as long as price holds above 3350 support level. We expect prices to push towards 3460 resistance level. Technical indicators advocate for a bullish scenario as well.
Alternatively: A 4 hour candlestick closing below 3350 support level could open the next drop towards 3300 support level.
Summary - What Is Happening In The Markets
US markets were up last night, with $E-mini S&P 500 Futures(DEC4) (ESmain.US)$ and $E-mini NASDAQ 100 Futures(DEC4) (NQmain.US)$ drifting up by 0.14% and 0.52% respectively, with the tech sector seeing the most gains among the other sectors. This is due to outperforming CB consumer confidence data released yesterday. The market is relatively cautious ahead of Nvidia earnings, which will definitely move the markets. Traders should look out for $NVIDIA (NVDA.US)$ earnings, initial jobless claims and GDP data released tomorrow.
Asian markets are down across the board,currently negatively correlated with the US markets. $Nikkei 225 (.N225.JP)$ dipped by 0.26%. This comes after the strengthening of the JPY and underperforming BoJ core CPI data released yesterday. $HSI Futures(OCT4) (HSImain.HK)$ drifted lower by 0.21%, with notable losses from $NONGFU SPRING (09633.HK)$, $LI AUTO-W (02015.HK)$, $HAIDILAO (06862.HK)$ falling lower by 5.79%, 4.17% and 3.59% respectively. This could be due to risk-off sentiment among traders after negative earnings of $PDD Holdings (PDD.US)$ released yesterday, which saw the shares dropping by about 35% in 2 days. $FTSE Singapore Straits Time Index (.STI.SG)$ dropped the most by 0.49%. This could be due to weakness observed in the Big 3, with $DBS Group Holdings (D05.SG)$ , $OCBC Bank (O39.SG)$ and $UOB (U11.SG)$ dipping down by 0.92%, 0.69% and 0.97% respectively.
Prepared by:
Moomoo Singapore
Isaac Lim CMT, CFTe
Chief Market Strategist
Chief Market Strategist
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.
For full disclaimers, please visit https://www.moomoo.com/sg/support/topic5_935.
Disclaimer: Moomoo Technologies Inc. is providing this content for information and educational use only.
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Deep Sea : If Nvidia doesn’t exceed expectation, the stock price might drop to 100 and 105.
Deep Sea : Even if Nvidia meets expectation, the stock price might not rocket up further, as it is already overvalued and appreciated more than 100% this year alone.
DouGiee Deep Sea : highly likely wont hit a 4 tril market cap
Deep Sea DouGiee : True. Very scary for a stock to hit above a trillion market cap. How sustainable is it? This is the question everyone should be thinking![[undefined]](https://static.moomoo.com/nnq/emoji/static/image/default/default-black.png?imageMogr2/thumbnail/36x36 "undefined")
DouGiee Deep Sea : i feel that even though it has a stunning growth rate, a 3 trillion mkt cap company producing a revenue of 100 bil a year, compared to something like apple producing 400bil a year, will have a significant drop even if signs of revenue starts slowing down. my opinion is, if it doesn't hit 30 bil in revenue this time, there will be a fall of at least 10%
ETONA DouGiee : the worst is pump n dump![[undefined]](https://static.moomoo.com/nnq/emoji/static/image/default/default-black.png?imageMogr2/thumbnail/36x36 "undefined")
false hope and big bosses sell off massive
Ming1314 Deep Sea : Nvdia is not overvalued, Tesla is . but the way you say it, you probably short this stock or have puts. be realistic, the target is 140 at least. we are not even close to a recession yet and nothing is mentioned by rate cuts. Nvidia is still the prime and alpha top of he blue chip
ETONA Ming1314 : well said
hcteh2008 :