Traders look towards PCE Price Index tonight for more clues

$E-mini S&P 500 Futures(MAR5) (ESmain.US)$ (4 Hour Chart) -[BULLISH↗ **]We maintain our bullish directional bias. Price is currently near 6055 resistance level. A 4 hour candlestick closing above 6055 resistance would open push towards 6120 resistance level. Technical indicators are advocating for a bullish scenario as well.

$USD (USDindex.FX)$ (4 Hour Chart) -[BULLISH↗ *]We continue to maintain a bullish directional bias as price is holding above 106.475 support level. We expect price to continue pushing towards 107.570 resistance level. A 4 hour candlestick closing above 105.570 resistance level would open push towards 108.070 resistance level. Technical indicators are mixed, with MACD advocating for a bullish momentum.

$Gold Futures(FEB5) (GCmain.US)$ (4 Hour Chart) -[BULLISH↗ *]We maintain a bullish directional bias as long as price holds above 2620 support level. We expect price to take a pause near 2665 resistance level, before pushing higher towards 2720 resistance level. Technical indicators are mixed for now, with price holding above 21-EMA period.

$Nikkei 225 (.N225.JP)$ (4 Hour Chart) -[NEUTRAL] We maintain neutral with a bearish bias as there is no good risk-reward ratio. Price is currently consolidating between 37660 support and 38760 resistance levels. A 4 hour candlestick closing below 37660 support level would open next drop towards 36830 support level. Technical indicators are mixed for now, with price holding below 21-EMA period.

$HSI Futures(JAN5) (HSImain.HK)$ (4 Hour Chart) -[BEARISH ↘ *]We maintain a bearish directional bias as price is holding below 19350 resistance level. As long as price holds below 19350 resistance level, we expect price to drop towards 18960 support level. A 4 hour candlestick closing below 18960 support level would open drop towards 18625 support level. Technical indicators are advocating for a bullish scenario.

$FTSE Singapore Straits Time Index (.STI.SG)$ (4 Hour Chart) -[NEUTRAL]We turn neutral with a slight bearish bias as there is no good risk-reward ratio. Price is currently holding between 3770 resistance and 3670 support level. A 4 hour candlestick closing below 3670 support level would open drop towards 3630 support level. Technical indicators are mixed for now.

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 0.53% and 0.54% respectively. Utilities sector saw the most advancement, with $Constellation Energy (CEG.US)$ and $NRG Energy (NRG.US)$ climbing higher by 7.15% and 10.11% respectively. Despite Trump's threat to impose big tariffs on Canada, Mexico and China, markets view that the threat is not likely to be implemented as stated. The Fed meeting minutes last night highlighted FOMC's cautious view on rate cuts due to uncertainty in the economic outlook and are currently pricing in a 63.1% probability of a 25-basis-point rate cut in December. Traders are looking towards multile economic indicators tonight: GDP, durable goods, initial jobless claims, Chicago PMI, core PCE price index.

Asian markets open mixed today, with $Nikkei 225 (.N225.JP)$ pushing down the most by 1.01%. This is due to the strengthening of JPY. Consumer durables, transportation and process industries sector experiemced the most weakness. Among the stocks, $Mitsubishi Chemical Group (4188.JP)$, $Nissan Motor (7201.JP)$ and $Mazda Motor (7261.JP)$ dropped the most by 5.31%, 5.08% and 5.23% respectively. $HSI Futures(JAN5) (HSImain.HK)$ edged higher by 0.24% this morning. Traders should continue to stay cautious after Trump's threats of introducing additional 10% tariffs on Chinese goods. Most stocks open mixed today, with $CHOW TAI FOOK (01929.HK)$ pushing higher by 2.77%. $FTSE Singapore Straits Time Index (.STI.SG)$ drifted marginally higher by 0.11%, after yesterday's industrial production data which came in higher than analyst's expectations. Among the stocks, $ThaiBev (Y92.SG)$ drifted higher the most by 0.93%.

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