Risk on across the board following US Fed Chair Powell's speech

$E-mini S&P 500 Futures(SEP4)(ESmain.US)$ (4 Hour Chart) -[BULLISH ↗ **] S&P is drifting higher for now. As long as price holds above near-term support at 5610.00, we choose to stay bullish, expecting price to push higher towards resistance at 5684.75. Technical indicators are advocating for a bullish scenario as well. Price is holding above 21 period EMA.

$USD(USDindex.FX)$ (4 Hour Chart) -[BULLISH ↗ **] DXY is showing further rise in progress. We prefer to stay bullish for now. Price is expected to shape a pause above 105.015 support level before a fresh push higher towards 105.435 resistance. Price is now holding above 13 period EMA and MACD is showing a build up in bullish momentum.

$Gold Futures(DEC4)(GCmain.US)$ (4 Hour Chart) -[BULLISH ↗ **] Gold price is holding above near-term support at 2364.80. We prefer to stay bullish as long as price holds above this support level. A short term push higher towards 2385.20 resistance is expected. Technical indicators are advocating for a bullish scenario as well with price holding above 34 period EMA. MACD is still bullish but showing slowing momentum.

$Nikkei 225(.N225.JP)$ (4 Hour Chart) -[BULLISH ↗ *] Nikkei225 Futures are currently in an uptrend. Prices are expected to move towards the 42400 resistance level. Technical indicators advocate for a bullish scenario.

$HSI Futures(AUG4)(HSImain.HK)$ (4 Hour Chart) -[BULLISH ↗ *] As expected, HSI pushed higher and reached previous target. We stay bullish for now, as long as price continues to hold above 17860 support. A bounce towards 18150 resistance is now expected. Technical indicators are bullish are advocating for a bullish scenario as well.

$FTSE Singapore Straits Time Index(.STI.SG)$ (4 Hour Chart) -[BULLISH ↗ **] STI Index broke above its resistance trend line and is moving towards 3530 resistance level. Technical indicators indicate bullish run.

US equity futures once again shaped new all-time highs during last night's session, despite both $E-mini S&P 500 Futures(SEP4)(ESmain.US)$ and $E-mini NASDAQ 100 Futures(SEP4)(NQmain.US)$ adding a marginal +0.06% and +0.02% at the close. Markets were muted last night as investors and traders both tried to make sense of US Fed Chair Jerome Powell's testimony. Fed Chair Jerome Powell pointed out that the labour market remains strong despite recent softness in data. Further, he thought that employment is not a large contributor to inflationary pressures and would still see a decline in rates, short of giving a clear timeline. Traders will still be paying close attention to the 2nd part of his testimony later today along with the US 10-year note auction.

Asian indices also pushed higher at the open of this morning's session, given the new all-time highs seen in the US markets. Chinese markets currently lead the rally this morning with the $HSI Futures(AUG4)(HSImain.HK)$ climbing higher by +0.94%. With the index holding nicely above the 16900/17000 tactical support level. Despite a weak inflationary data this morning, the tech and financial sector rallied with $BIDU-SW(09888.HK)$ rallying as much as +11.94% this morning. Japan's $Nikkei 225(.N225.JP)$ edged marginally higher by +0.09% after reaching new all-time highs yesterday as well. Riding on the risk-on sentiment, the finance and communications sector continues to push the index higher. $FTSE Singapore Straits Time Index(.STI.SG)$ added +0.51% this morning with the REITs sector contributing the most to the gains, along with $DBS Group Holdings(D05.SG)$ .

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