Traders still maintain a risk-on sentiment amidst tech selloff

$E-mini S&P 500 Futures(SEP4)(ESmain.US)$ (4 Hour Chart) -[BULLISH ↗ *] S&P is currently holding above 5630.50 support. As long as price holds above this support, we can expect a short term intraday bounce towards 5718.75 resistance. Technical indicators are mixed for now.

$USD(USDindex.FX)$ (4 Hour Chart) -[BEARISH ↘ *] DXY is currently in a downtrend. As long as price is holding below 104.050 resistance, we expect price to drop lower towards 103.175 support. Technical indicators are advocating for a bearish scenario.

$Gold Futures(AUG4)(GCmain.US)$ (4 Hour Chart) -[NEUTRAL] Gold price is consolidating sideways and is toppish below 2483.80. We decide to stay neutral for now, expecting price to trade between 2483.80 resistance and 2451.80 support. Only a candlestick close above 2483.80 resistance will open a further rise towards next resistance at 2516.60. Technical indicators are mixed for now.

$Nikkei 225(.N225.JP)$ (4 Hour Chart) -[BULLISH ↗ *] Nikkei225 drifted lower and is now above a key near-term support at 39850. We maintain a bullish directional bias as long as price holds above 39850 support level. We expect a pause above 39850 support level before pushing towards 41000 resistance level. Technical indicators have yet to confirm a bullish scenario.

$HSI Futures(JUL4)(HSImain.HK)$ (4 Hour Chart) -[BULLISH↗ *] We are bullish on HSI, and expect price to pullback towards 17400 support level before pushing for 18100 resistance level. Technical indicators have yet to confirm a bullish scenario.

$FTSE Singapore Straits Time Index(.STI.SG)$ (4 Hour Chart) -[BULLISH ↗ **] We have a bullish directional bias as long as prices hold above 3450 support level. We expect the price to push towards 3540 resistance level. Technical indicators advocate for a bullish scenario as well.

US markets are bearish today, with $E-mini S&P 500 Futures(SEP4)(ESmain.US)$ and $E-mini NASDAQ 100 Futures(SEP4)(NQmain.US)$ closing last night's session lower by 1.37% and 2.92% respectively. This is due to the tech sector, with big tech names such as $Apple(AAPL.US)$ and $NVIDIA(NVDA.US)$ dipping by 2.53% and 6.62% respectively. Increasingly, there is also the fear of runaway inflation should Donald Trump continue with his loose fiscal polices should he win the next presidential election. Traders are looking forward to both the US Philadelphia Fed Manufacturing Index and unemployment claims that will be released today.

Asian markets are bearish as well, mirroring the US economy. $Nikkei 225(.N225.JP)$ dipped the most with a 0.39%, due to the weakening of the consumer durables and producer manufacturing sector. This came after the rallying of JPY. Traders should take note of Japan's CPI data released today. $HSI Futures(JUL4)(HSImain.HK)$ stay unchanged, due to the finance sector strengthening and the tech sector weakening. Traders have mixed sentiments, with increased confidence in China's economy during the Third Plenum meeting ongoing this week and fears of tech restrictions by the US. $FTSE Singapore Straits Time Index(.STI.SG)$ moved downwards by 0.50%, due to the finance sector.

For full disclaimers, please visit https://www.moomoo.com/sg/support/topic5_935.