Markets taking a pause amid anticipation of key economic data out tonight

$E-mini S&P 500 Futures(DEC4) (ESmain.US)$ (4 Hour Chart) -[BULLISH↗ **]We maintain our bullish directional bias as price has pushed above 6055 resistance-turn-support level. A 4 hour candlestick closing above 6055 support level will open the next push towards 6120 resistance level. Technical indicators are advocating for a bullish scenario as well.

$USD (USDindex.FX)$ (4 Hour Chart) -[BULLISH↗ *]We lean towards a bullish scenario as price is holding above 106.150 support level. We expect price to push towards 106.930 resistance level. A 4 hour candlestick closing above 106.930 resistance level would open next push towards 107.485 resistance level. Technical indicators are mixed for now.

$Gold Futures(FEB5) (GCmain.US)$ (4 Hour Chart) -[NEUTRAL]We turn neutral with a slight bullish bias as there is no good risk-reward ratio. Price is currently hovering between 2690 resistance and 2640 support level. A 4 hour candlestick closing above 2690 resistance would open next push towards 2720 resistance level. Technical indicators are advocating for a bullish scenario as well.

$Nikkei 225 (.N225.JP)$ (4 Hour Chart) -[NEUTRAL]We maintain neutral with a slight bullish stance as price is currently hovering around 39100. A 4 hour candlestick closing above 39100 level would open push towards 39700 resistance level. Technical indicators are advocating for a bullish scenario as well.

$HSI Futures(DEC4) (HSImain.HK)$ (4 Hour Chart) -[BULLISH↗ *]We turn bullish as price is currently holding above its ascending trendline support. As long as price holds above 19600 support level, we expect price to drift towards 19980 resistance level. Technical indicators advocate for a bullish scenario as well.

$FTSE Singapore Straits Time Index (.STI.SG)$ (4 Hour Chart) -[BULLISH↗ **]Price has pushed above 3770 resistance-turn-support level. We maintain a bullish stance as we expect price to continue pushing higher towards 3850 resistance level. Technical indicators are leaning towards a bullish scenario as well.

US markets closed higher last night, with $E-mini S&P 500 Futures(DEC4) (ESmain.US)$ and $E-mini NASDAQ 100 Futures(DEC4) (NQmain.US)$ drifting marginally higher by 0.02% and 0.30% respectively. This is due to outperforming JOLTS job opening data last night. Traders are currently taking a breather and looking for more clues from economic indicators tonight. Markets are currently pricing in a 74.6% probability of a quarter-basis-point rate cut by the Fed this month. There are multiple key economic indicators to take note tonight: ADP nonfarm employment change, S&P global services PMI, ISM non-manufacturing PMI and prices and speech by Powell. Traders can also continue to observe initial jobless claims, average hourly earnings, nonfarm payrolls and unemployment rate data on Thursday and Friday.

Asian markets open mixed today morning. $Nikkei 225 (.N225.JP)$ fell marginally lower by 0.05%. This comes after risk-off sentiment among traders after South Korean President Yoon declared and reversed the decision to impose martial law. Among other stocks, $East Japan Railway (9020.JP)$ , $Keisei Electric Railway (9009.JP)$ and $Eisai (4523.JP)$ dropped lower by 3.29%, 4.38% and 4.32% respectively. Traders should look towards BoJ board member Nakamura speech tomorrow. $HSI Futures(DEC4) (HSImain.HK)$ dipped by 0.52%, after underperforming Caixin services PMI. This is due to the finance, tech and retail trade sector experiencing weakness. $BYD ELECTRONIC (00285.HK)$ pushed down the most by 3.79%. $FTSE Singapore Straits Time Index (.STI.SG)$ edged higher today morning by 0.51%. This comes after overall factory activity which came above last month's. Traders should look to observe retail sales data tomorrow.

For full disclaimers, please visit https://www.moomoo.com/sg/support/topic5_935.