Traders to look towards initial jobless claims tonight

$E-mini S&P 500 Futures(MAR5) (ESmain.US)$ (4 Hour Chart) -[NEUTRAL]We stay neutral as price is currently hovering around previous resistance level at 6100. We are slightly bullish and a 4 hour candlestick closing above 6100 would open the push towards 6150. Technical indicators are mixed for now, with price holding above 21-EMA period.

$USD (USDindex.FX)$ (4 Hour Chart) -[BEARISH ↘ *]We lean towards a bearish scenario as price is nearing 108.472 resistance level. We expect price to drop towards 107.616 support level. A 4 hour candlestick closing above 107.616 support level would open drop towards 107.120 support level. Technical indicators have yet to indicate a bearish scenario.

$Gold Futures(FEB5) (GCmain.US)$ (4 Hour Chart) -[BULLISH↗ *]We maintain a bullish directional bias. As long as price holds above 2625 support level, we can expect price to push towards 2680 resistance level. Technical indicators are mixed for now, with price holding above 21-EMA period.

$Nikkei 225 (.N225.JP)$ (4 Hour Chart) -[BULLISH↗ *]We stay bullish as price is currently holding above 38900 support level. We can expect price to push towards 39700 resistance level. A 4 hour candlestick closing above 39700 resistance level would open next push towards 40100 resistance level. Technical indicators are mixed for now, with price holding above 21-EMA period.

$FTSE Singapore Straits Time Index (.STI.SG)$ (4 Hour Chart) -[NEUTRAL]We turn neutral as price is currently hovering around 3780 level. There is no good risk-reward ratio as price is holding between 3700 support and 3845 resistance level. Technical indicators are leaning towards a bearish scenario as well.A 4 hour candlestick closing below 3780 would open drop towards 3700 support level.

US markets closed higher on Tuesday night, with $E-mini S&P 500 Futures(MAR5) (ESmain.US)$ and $E-mini NASDAQ 100 Futures(MAR5) (NQmain.US)$ edging higher by 1.03% and 1.27% respectively. The Mag 7 stocks all climbed on Tuesday, with $Tesla (TSLA.US)$ pushing up the most by 7.36%. Markets are currently pricing in no rate cuts for January next year due to high inflation rates and low unemployment rates. Traders should keep an eye out for initial jobless claims data tonight.

Asian markets open mixed today morning. $Nikkei 225 (.N225.JP)$ drifted marginally higher by 0.26%. Strength is observed from the consumer durables and producer manufacturing sector. There is risk-on sentiment among traders after BoJ Governor Kazuo Ueda's speech that Japan's economy is moving closer towards central bank's 2% inflation target next year. Traders should look out for industrial production data released tomorrow morning. $FTSE Singapore Straits Time Index (.STI.SG)$ dipped marginally lower by 0.19% this morning. This is due to weakness observed in the communication sector, with $Singtel (Z74.SG)$ dropping by 0.65%. Traders should look to observe industrial production data released later.

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