STI, Gold looking up with bullish outlook
US Market Key Charts (S&P, US Dollar, Gold)
US Equities (4 Hour Chart) - [NEUTRAL] S&P 500 is expected to consolidate sideways between 5285.25 resistance and 5232.75 support. Only a 4 hour candlestick close above 5285.25 resistance will open further rise towards next resistance at 5333.50. Technical indicators turning mixed for now.
Alternatively: A 4 hour candlestick close below 5232.75 support will open a deeper correction towards next support at 5188.75.
US Dollar (4 Hour Chart) - [NEUTRAL] USD is currently consolidating sideways for now. Price is expected to trade between 105.184 resistance and 104.580 support. Only a 4 hour candlestick close above 105.184 resistance will open further rise towards 105.500 resistance next. Technical indicators are mixed as well.
Alternatively: A 4 hour candlestick close below 104.580 support will open a drop towards next support at 104.280
Gold Futures (4 Hour Chart) - [BULLISH ↗️ **] Gold futures is currently holding above 2334.90 support. As long as market continues to hold above this support level, a further push up towards 2364.20 resistance is expected. Technical indicators are mixed for now, but MACD is starting to show a build up of bullish momentum.
Alternatively: A candlestick close below 2334.90 support will open a drop towards next support at 2332.50.
NIKKEI225 Futures (4 Hour Chart) - [NEUTRAL] NIKKEI225 futures is expected to consolidate between 38770 resistance and 38000 support. Only a 4 hour candlestick close above 38770 resistance will open further rise towards next resistance at 39450. Technical indicators are mixed for now. Price is holding above 21 period EMA, yet MACD has yet to signal price is in a bullish environment.
Alternatively: A candlestick close below 38000 support will open a drop towards next support at 37600.
HSI Futures (4 Hour Chart) - [BEARISH ↘️ **] HSI is currently drifting lower. As long as price is holding below 18550 resistance, an intraday drop towards 17530 support is expected. Technical indicators are advocating for a bearish scenario as well.
Alternatively: A candlestick close above 18550 resistance will open further rise towards 19000 resistance.
SG Equities (4 Hour Chart) - [BULLISH ↗️ **] STI pushed higher and surpassed previous resistance. We turn bullish on STI, expecting price to push higher towards 3390.00 resistance. Technical indicators are advocating for a bullish scenario as well.
Alternatively: A candlestick close below 3296.90 support will open a correction towards next support at 3250.00
Summary - What Is Happening In The Markets
US markets dipped lower again last night as traders continued their selling, as signs of bearish momentum started to slow. $S&P 500 Index (.SPX.US)$ and NASDAQ futures dipped lower by -0.37% and -0.80% respectively. Investors are taking a more cautious approach after last night's GDP and unemployment claims data was released. GDP fell more than expected QoQ showing that the US economy has contracted more than expected. Further, unemployment claims were slightly higher than estimates as well. Both news contributed to the scenario that may encourage the US Fed to cut rates. However, the key economic data will be the core PCE index that will be released later tonight.
Asian markets took a more upbeat sentiment this morning following the US data overnight. HSI led the climb by opening +1.85% higher as sectors across the board climbed higher on hopes that the US Fed would actually be able to start cutting rates this year. STI edged higher by +0.24% as well as REITs lead the gains. The $Nikkei 225 (.N225.JP)$ index added +0.17% this morning following a huge amount of economic data announcements, basically showing that retail spendings YoY has increased along with CPI numbers meeting estimates.
Prepared by:
Moomoo Singapore
Isaac Lim CMT, CFTe
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.
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Disclaimer: Moomoo Technologies Inc. is providing this content for information and educational use only.
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harris0315 : perfection