Risk-off sentiment among traders ahead of Nonfarm Payrolls data tonight

$E-mini S&P 500 Futures(DEC4) (ESmain.US)$ (4 Hour Chart) -[BEARISH ↘ **]As expected, drop in progress due to continued weakness. We maintain our bearish directional bias with price holding below 5580 resistance, before pushing lower towards 5375 support. Technical indicators are now advocating for a bearish scenario.

$USD (USDindex.FX)$ (4 Hour Chart) -[BULLISH↗ *]As expected, DXY bounced above previous support. We prefer to stay low conviction bullish for now with price holding above 100.890 support, an intraday bounce towards 101.400 resistance is expected. Technical indicators are mixed. However, stochastics indicator is testing support where price bounced in the past.

$Gold Futures(DEC4) (GCmain.US)$ (4 Hour Chart) -[BEARISH ↘ *]As expected, price dropped quickly last night and reached our short term target. We maintain our bearish directional bias for now since gold is toppish below 2518 resistance. An intraday drop towards 2500 support is expected. Technical indicators are mixed for now. However, stochastics indicator is approaching resistance where price bounced in the past.

$Nikkei 225 (.N225.JP)$ (4 Hour Chart) -[BEARISH ↘ **]As expected, price pushed lower yesterday. We maintain our bearish directional bias with good conviction for now with price holding below 37200 resistance. A further push lower towards 35980 support is still expected. Technical indicators are advocating for a bearish scenario with MACD showing a build up in bearish momentum.

$HSI Futures(OCT4) (HSImain.HK)$ (4 Hour Chart) -[BEARISH ↘ **]As expected, price held below 17800 resistance level. As long as price holds below the resistance level at 17800, we expect a push towards 17000 support level. Technical indicators are leaning towards a bearish scenario as well.

$FTSE Singapore Straits Time Index (.STI.SG)$ (4 Hour Chart) -[BULLISH↗ *]We turn bearish as price is nearing the 3500 resistance level. As long as price holds above 3430 support level, we expect price to push towards 3550 resistance level. Technical indicators advocate for a bullish scenario as well.

US markets ended off mixed last night. $E-mini S&P 500 Futures(DEC4) (ESmain.US)$ edging lower by 0.32% and $E-mini NASDAQ 100 Futures(DEC4) (NQmain.US)$ closing flat. Markets were left guessing after conflicting data following underperforming ADP nonfarm employment, outperforming initial jobless claims and PMI data. Finance and health tech contributed to the weakness seen in the markets. Traders should pay attention to nonfarm payrolls and unemployment rate data released tonight.

Asian markets are mixed as well, mirroring the US markets. $Nikkei 225 (.N225.JP)$ edged higher by 0.19%, with strength observed from the commercial services and retail trade sector. Traders in the Japanese markets are looking towards the US nonfarm payrolls report out tonight as well, since the Nikkei is positively correlated the S&P500. $HSI Futures(OCT4) (HSImain.HK)$ drifted marginally lower by 0.07%. Traders are cautious after US imposed new export controls on semiconductor goods from China and the selling of government bonds by PBOC. Morning trading session has been cancelled due to Super Typhoon Yagi, and traders should keep a look out for local weather bureau alerts for resumption of trading session in the afternoon. $FTSE Singapore Straits Time Index (.STI.SG)$ climbed up by 0.31%, with $Mapletree Log Tr (M44U.SG)$ pushing up by 2.94%. Traders should keep an eye out for foreign reserves data later.

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