Traders bet on a half-point or quarter-point rate cut tonight

$E-mini S&P 500 Futures(MAR5) (ESmain.US)$ (4 Hour Chart) -[BULLISH↗ **]We maintain a bullish directional bias as prices close above resistance-turned-support price level at 5665. As long as price holds above 5665 support level, we expect price to drift towards 5830 resistance level. Technical indicators are leaning towards a bullish scenario.

$USD (USDindex.FX)$ (4 Hour Chart) -[NEUTRAL]Prices are currently hovering between 100.580 support and 101.150 resistance level. We maintain our neutral directional bias as there are no good levels for a fair risk to reward trade. A 4 hour candlestick closing below 100.580 support level could open next drop towards 99.890 support level. Technical indicators are leaning towards a bearish scenario

$Gold Futures(FEB5) (GCmain.US)$ (4 Hour Chart) -[BULLISH↗ **]We stay bullish as long as price holds above 2585 support level. We expect price to drift towards previous high, at 2615 resistance level. Technical indicators are leaning towards a bullish scenario.

$Nikkei 225 (.N225.JP)$ (4 Hour Chart) -[BULLISH↗ *]We turn bullish as prices are forming an ascending channel. As long as price holds above 35670 support level, we expect price to push towards 37300 resistance level. Technical indicators are mixed, with prices holding above 21-EMA period.

$HSI Futures(DEC4) (HSImain.HK)$ (4 Hour Chart) -[BULLISH↗ *]We maintain a bullish directional bias. As long as price holds above 17500 support level, we expect price to drift towards 18150 resistance level. Technical indicators advocate for a bullish scenario as well.

US markets closed higher last night, with $E-mini S&P 500 Futures(MAR5) (ESmain.US)$ and $E-mini NASDAQ 100 Futures(MAR5) (NQmain.US)$ edging higher by 1.10% and 1.25% respectively. This comes after retail sales data which came above analyst expectations. Traders are mixed on the scale of the rate cuts tonight, betting on a 63% probability of a 50-basis-point cut. Traders should look forward to interest rate decision and economic projections tonight.

Asian markets opened mixed today. $Nikkei 225 (.N225.JP)$ climbed higher by 0.69%. This comes after outperforming trade balance data. Producer manufacturing and consumer durables sector advanced higher today morning, with $Kubota (6326.JP)$ pushing up the most by 3.49%. $HSI Futures(DEC4) (HSImain.HK)$ dipped marginally lower by 0.08%. However, there is risk-on sentiment among traders as REITs sector climbed prior to the rate cuts by Fed tonight. Hong Kong market is closed today for mid-autum festival break and will open again tomorrow. $FTSE Singapore Straits Time Index (.STI.SG)$ edged lower by 0.13%, with weakness observed from the banks and REITs sector this morning. This is due to falling number of job vacancies despite strong labour market performance, with fewer residents being re-employed within 6 months of retrenchment.

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