Traders shift focus towards Middle East conflicts and September Jobs Report as the week ends
US Market Key Charts (S&P, US Dollar, Gold)
$E-mini S&P 500 Futures(DEC4) (ESmain.US)$ (4 Hour Chart) -[BULLISH↗ *]View unchanged as technical elements still intact. We maintain our bullish directional bias for now, expecting price to pause above 5700 support before shaping a push higher towards 5945 resistance. Technical indicators are advocating for a bullish scenario as well.
Alternatively: A 4 hour candlestick closing below 5700 support level couldopennext drop to 5620 support level.
$USD (USDindex.FX)$ (4 Hour Chart) -[BULLISH↗ *]We turn bullish with low conviction as price pushed higher. We expect price to push towards 102.360 resistance level, as long as it holds above 101.145 support level. Technical indicators are displaying a bullish momentum.
Alternatively: A 4 hour candlestick closing below 101.145 support level will open next drop towards 100.553 support level.
$Gold Futures(DEC4) (GCmain.US)$ (4 Hour Chart) -[NEUTRAL]View unchanged as gold prices are still consolidating within a range. We maintain our neutral stance as price continues to trade between 2690.50 resistance and 2665.40 support level. A candlestick close above 2690.50 will open a limited rise towards 2708.80 resistance. Technical indicators are leaning towards a bullish scenario for now.
Alternatively: A 4 hour candlestick closing below 2665.40 support level couldopennext drop towards next support at 2647.
NIKKEI 225 / TOPIX IndexFutures
$Nikkei 225 (.N225.JP)$ (4 Hour Chart) -[NEUTRAL]View unchanged as NIKKEI still consolidating within a range. We stay neutral for now as price continues to trade between 39240 resistance and 36815 support. A 4 hour candlestick closing above 39240 resistance. Technical indicators are leaning towards a bullish momentum.
Alternatively: A 4 hour candlestick closing below 36815 support level would open a drop towards next support at 35000.
HSI IndexFutures
$HSI Futures(NOV4) (HSImain.HK)$ (4 Hour Chart) -[BULLISH↗ **]We continue our bullish directional bias as we expect price to hold above 21500 support level. We expect price to drift towards 22800 resistance level. Technical indicators are displaying a bullish momentum.
Alternatively: A 4 hour candlestick closing below 21500 support level will open next drop towards 20800 support level.
SG Market - STI
$FTSE Singapore Straits Time Index (.STI.SG)$ (4 Hour Chart) -[BULLISH↗ *]As price is holding above 3570 support level, we turn bullish as we expect price to drift towards 3600 resistance level. Technical indicators are mixed for now, with MACD displaying a bullish momentum.
Alternatively: A 4 hour candlestick closing below 3590 support level will open a drop towards 3530 support level.
Summary - What Is Happening In The Markets
US markets were down last night, with $E-mini S&P 500 Futures(DEC4) (ESmain.US)$ and $E-mini NASDAQ 100 Futures(DEC4) (NQmain.US)$ drifting marginally lower by 0.19% and 0.10%. This is due to the underperforming initial jobless claims data last night and the continued risk-off sentiment among traders of the ongoing geopolitical tension from the Middle East conflict. Traders should look forward to multiple key data tonight: average hourly earnings, nonfarm payrolls and unemployment rate.
Asian markets open mixed today. $Nikkei 225 (.N225.JP)$ drifted marginally higher by 0.18%, due to weakening of the JPY. $M3 (2413.JP)$ , $Inpex (1605.JP)$ and $Renesas Electronics (6723.JP)$ climbed the most by 3.40%, 3.17% and 3.35% respectively. $HSI Futures(NOV4) (HSImain.HK)$ edged higher by 0.87%, after the release of s&p global manufacturing PMI which outperformed previous month's data. Energy minerals, health tech and retail trade sector saw the most strength. Traders should remain cautious as the rally is cooling off. There was little change in $FTSE Singapore Straits Time Index (.STI.SG)$ and traders should look out for retail sales data later.
Prepared by:
Moomoo Singapore
Isaac Lim CMT, CFTe
Chief Market Strategist
Chief Market Strategist
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.
For full disclaimers, please visit https://www.moomoo.com/sg/support/topic5_935.
Disclaimer: Moomoo Technologies Inc. is providing this content for information and educational use only.
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