Markets remain cautious after surprise CPI data last night

$E-mini S&P 500 Futures(MAR5) (ESmain.US)$ (4 Hour Chart) -[BULLISH↗ *]We remain bullish as price held above 5810 resistance level. As long as price holds above its resistance-turned-support level at 5810, we expect price to continue pushing towards 5860 resistance level. A 4 hour candlestick closing above 5860 resistance level would see a push towards next resistance at 5940 level. Technical indicators are leaning towards a bullish scenario.

$USD (USDindex.FX)$ (4 Hour Chart) -[BEARISH ↘ *]We continue to stay bearish as price has not closed above 103.040 resistance level. We expect price to drift down towards 102.565 support level. Technical indicators have yet to display a bearish momentum.

$Gold Futures(FEB5) (GCmain.US)$ (4 Hour Chart) -[NEUTRAL]We turn neutral with a slight bullish bias as price is hovering between 2660 resistance and 2616.50 support level. A 4 hour candlestick closing above 2660 resistance level would open next push towards 2700 resistance level. Technical indicators are mixed for now.

$Nikkei 225 (.N225.JP)$ (4 Hour Chart) -[BULLISH↗ **]We continue to stay bullish as long as price holds above 38840 support level. We expect price to drift towards 40530 resistance level. Technical indicators advocate for a bullish scenario as well.

$FTSE Singapore Straits Time Index (.STI.SG)$ (4 Hour Chart) -[NEUTRAL]We turn neutral with a slight bullish bias as price continues to hover between 3570 support and 3620 resistance level. A 4 hour candlestick closing above 3620 resistance level would open a push towards the next resistance at 3640 resistance. Technical indicators are leaning towards a bullish momentum.

US markets closed lower last night, with $E-mini S&P 500 Futures(MAR5) (ESmain.US)$ and $E-mini NASDAQ 100 Futures(MAR5) (NQmain.US)$ dipping marginally lower by 0.21% and 0.16% respectively. This move came as a surprise after weaker-than-expected inflation and stronger-than-expected initial jobless claims. Markets are now betting towards a 25-basis-point rate cut at the next Fed meeting in November. Traders should stay cautious and look towards PPI data tonight. Bank earnings season starts, and traders should look out for $JPMorgan (JPM.US)$ and $Wells Fargo & Co (WFC.US)$ earnings tonight.

Asian markets opened higher today, moving in the opposite direction of the US markets. $Nikkei 225 (.N225.JP)$ pushed the most by 0.86%, due to weakening of the JPY and expectations that BoJ will delay its rate hikes. $CC NEW LIFE (09983.HK)$ and $Fujikura (5803.JP)$ climbed the most by 5.38% and 3.54% respectively. $HSI Futures(DEC4) (HSImain.HK)$ is closed today due to holiday. Traders should keep an eye on CPI and PPI data released on Sunday. $FTSE Singapore Straits Time Index (.STI.SG)$ edged higher by 0.18% today. $DFIRG USD (D01.SG)$ and $Jardine C&C (C07.SG)$ climbed the most by 2.71% and 2.37% respectively.

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