Traders are in profit-taking mode ahead of CPI data tonight

$E-mini S&P 500 Futures(MAR5) (ESmain.US)$ (4 Hour Chart) -[BULLISH↗ *]We turn slightly bullish as we expect price to take a pause near 6000 support level before pushing for 6050 resistance level. Technical indicators are mixed, with MACD showing a bullish scenario.

$USD (USDindex.FX)$ (4 Hour Chart) -[NEUTRAL]Price is currently hovering around 106.015 resistance level. We maintain neutral with a bullish directional bias. A 4 hour candlestick closing above 106.015 resistance would open push towards 107.056 resistance level. Technical indicators are displaying a bullish scenario as well.

$Gold Futures(FEB5) (GCmain.US)$ (4 Hour Chart) -[BEARISH ↘ **]We maintain a bearish directional bias as price is holding below 2630 resistance level. We expect price to drift towards 2570 support level. Technical indicators are advocating for a bearish scenario as well.

$Nikkei 225 (.N225.JP)$ (4 Hour Chart) -[BEARISH ↘ *]We stay bearish as we expect price to drift towards 38600 support level support level. Technical indicators are mixed for now, with MACD advocating for a bullish momentum.

$HSI Futures(JAN5) (HSImain.HK)$ (4 Hour Chart) -[BEARISH ↘ *]We turn bearish as price has drifted past 20200 resistance level. We expect prices to push lower towards the 19100 support level. Technical indicators are displaying a bearish scenario as well.

$FTSE Singapore Straits Time Index (.STI.SG)$ (4 Hour Chart) -[BULLISH↗ **]We maintain a bullish directional bias on STI. We expect the price to take a pause near 3650 support level before pushing towards 3800 resistance level. Technical indicators indicate a bullish scenario as well.

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 0.31% and 0.13% respectively. This is due to markets taking a breather as investors taking profits from the election rally since last week. $Tesla (TSLA.US)$, which has been rallying from Trump's win in the election, pushed lower by 6.15% last night. Traders should look towards CPI data tonight.

Asian markets opened lower today. $Nikkei 225 (.N225.JP)$ pushed down the most by 1.19%, mirroring the US indices. The semiconductor sector saw declines despite comments from Japan government of not raising taxes to fund 10 trillion yen stimulus plan. Traders should look towards foreign investments in Japan stocks data out tomorrow morning. $HSI Futures(JAN5) (HSImain.HK)$ drifted lower by 0.87%, as traders are worried of a China hawk being appointed as top U.S. Diplomat to take hard lines on tariffs on China. $WUXI BIO (02269.HK)$ pushed lower the most by 5.17%. Traders should keep an eye out of tentative FDI data tomorrow. $FTSE Singapore Straits Time Index (.STI.SG)$ dipped marginally lower by 0.06% this morning. Among other stocks, $HongkongLand USD (H78.SG)$ and $Frasers L&C Tr (BUOU.SG)$ dropped the most by 1.78% and 2.50% respectively.

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