Traders to exercise caution ahead of CPI data

$E-mini S&P 500 Futures(DEC4) (ESmain.US)$ (4 Hour Chart) -[BEARISH ↘ **]View unchanged. We maintain our bearish directional bias as price is now back to holding below 5580 resistance, a push lower towards 5405 support is expected. MACD indicator is still within bearish territory, showing that bearish momentum is still persistent.

$USD (USDindex.FX)$ (4 Hour Chart) -[NEUTRAL]We turn neutral on DXY with a slight bearish bias given that there is no good levels for a fair risk to reward trade. Price is expected to consolidate between 101.335 support and 101.770 resistance. A candlestick close below 101.335 support will open a deeper drop towards next support at 101.060.

$Gold Futures(DEC4) (GCmain.US)$ (4 Hour Chart) -[NEUTRAL]Gold prices are now toppish and is expected to hold between 2560 resistance and 2535.50 support. We prefer to stay neutral for now with a slight bullish bias. A candlestick close above 2560 resistance will see price push higher towards next resistance at 2570.50.

$Nikkei 225 (.N225.JP)$ (4 Hour Chart) -[BEARISH ↘ **]Nikkei has been drifting lower. We maintain our bearish directional bias as long as price is holding below 36350 resistance. A push lower towards 35000 support is expected. Technical indicators are advocating for a bearish scenario as well.

$HSI Futures(OCT4) (HSImain.HK)$ (4 Hour Chart) -[BEARISH ↘ **]We maintain a bearish directional bias as long as price holds below 17300 resistance level. We expect prices to push lower towards the 16500 support level. Technical indicators advocate for a bearish scenario as well.

$FTSE Singapore Straits Time Index (.STI.SG)$ (4 Hour Chart) -[BEARISH ↘ *]We maintain a bearish directional bias on STI as we expect price to drift towards resistance level of 3570 before drifting down towards 3450 support level. A 4 hour candlestick closing below 3450 support level could open a second drop towards next support at 3400. Technical indicators have yet to indicate a bearish directional bias.

US markets closed higher last night. $E-mini S&P 500 Futures(DEC4) (ESmain.US)$ and $E-mini NASDAQ 100 Futures(DEC4) (NQmain.US)$ futures edged higher by 0.45% and 0.92, with strength seen in the tech and retail trade sector last night. $Oracle (ORCL.US)$ climbed higher by 11.44% after outperforming earnings estimates. Markets are expected to be quieter as traders keep an eye out for CPI data released tonight to determine the basis-point cut from the Fed.

Asian markets open mixed today. $HSI Futures(OCT4) (HSImain.HK)$ dropping the most by 1.01%. This is due to the property market facing continued sell-off after chinese property developers were removed from the Stock Connect programme. The energy minerals sector opened lower this morning, with $PETROCHINA (00857.HK)$ pushing down the most by 9.27%. $Nikkei 225 (.N225.JP)$ dipped by 0.47%. There is risk-off sentiment among traders due to strengthening of the JPY and expectations that BoJ will raise interest rates again. $FTSE Singapore Straits Time Index (.STI.SG)$ drifted higher by 0.46%, with strength observed from communications and REITs sector.

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