Traders on Edge after CPI and PPI data this week

$E-mini S&P 500 Futures(SEP4) (ESmain.US.US)$ (4 Hour Chart) -[BEARISH ↘ *]Price is bouncing off its descendling trendline resistance, and we lean towards a bearish bias. We expect price to drift to test near 5665 resistance level before drifting down towards 5580.25 support level. Technical indicators have yet to indicate a bearish scenario.

$USD (USDindex.FX)$ (4 Hour Chart) -[NEUTRAL]Prices are currently hovering between 101.990 resistance level and 100.870 support level. We turn neutral with a bearish bias as there are no good levels for a fair risk to reward trade. A 4 hour candlestick closing below 100.870 support level would open a drop towards 100.570 support level.

$Gold Futures(DEC4) (GCmain.US.US)$ (4 Hour Chart) -[BULLISH↗ *]Prices has broke above the 2570 resistance level. We turn bullish as we expect price to drift towards next support level at 2610. Technical indicators are leaning towards a bullish directional bias.

$Nikkei 225 (.N225.JP)$ (4 Hour Chart) -[NEUTRAL]We continue our neutral directional bias as prices are still hovering between 35000 support and 37170 resistance level. A 4 hour candlestick opening above 37170 resistance level would open a push towards 38100 resistance level. Technical indicators are mixed, with prices holding above 21-EMA period and MACD advocating for bearish momentum.

$HSI Futures(SEP4) (HSImain.HK.HK)$ (4 Hour Chart) -[NEUTRAL]We turn neutral as prices are nearing 17600 resistance level. Prices are currently hovering between 17000 support level. A 4 hour candlestick closing below 17000 support level could open next drop towards 16500 support level. Technical indicators are mixed, with prices holding above 21-EMA period and MACD showing a bearish momentum.

US markets closed higher last night, with $E-mini S&P 500 Futures(SEP4) (ESmain.US.US)$ and $E-mini NASDAQ 100 Futures(SEP4) (NQmain.US.US)$ edging higher by 0.74% and 0.91% respectively. All 11 sectors advanced last night, with strength coming from the tech sector. The market is leaning towards a 25 basis cut after unexpected increase in PPI data. Traders should stay cautious after initial jobless claims which came above forecasted.

Asian markets opened mixed today. $Nikkei 225 (.N225.JP)$ dipped lower by 1.14%. This is due to the strengthening of JPY after signs of BoJ increasing short-term rates. $NEC (6701.JP)$ and $Astellas Pharma (4503.JP)$ drifted down the most by 3.16% and 2.96% respectively. $HSI Futures(SEP4) (HSImain.HK.HK)$ climbed higher by 1.52% after announcement by Chinese President Xi on increasing stimulus to achieve GDP growth. The finance and energy minerals sector opened higher today, among the other sectors. Chinese traders could look towards unemployment rate data released tomorrow. $FTSE Singapore Straits Time Index (.STI.SG)$ edged higher today by 0.22%, with $YZJ Shipbldg SGD (BS6.SG)$ pushing the most by 2.82%. This is due to risk-on sentiment among traders after economists raised Singapore's 2024 growth forecast.

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