Traders to look towards key economic data and Powell's speech tonight

$E-mini S&P 500 Futures(MAR5) (ESmain.US)$ (4 Hour Chart) -[BULLISH↗ *]We continue to stay bullish as price is holding above 6000 support level. We expect the price to push towards 6050 resistance level. Technical indicators are leaning towards a bullish scenario.

$USD (USDindex.FX)$ (4 Hour Chart) -[BULLISH↗ *]Price has pushed above 106.015 resistance-turn-support level. We turn bullish as we expect price to push towards 107.344 resistance level. Technical indicators are leaning towards a bullish scenario as well.

$Gold Futures(FEB5) (GCmain.US)$ (4 Hour Chart) -[NEUTRAL]We turn neutral with a slight bullish bias as price is currently hovering around previous support level at 2570. A 4 hour candlestick closing below 2570 resistance level would open a drop towards 2515 support level. Technical indicators are advocating for a bearish scenario as well.

$Nikkei 225 (.N225.JP)$ (4 Hour Chart) -[BULLISH↗ *]We turn bullish as price is now near 38600 support level. Price is holding in a descending channel. We expect price to drift towards 39350 resistance level. Technical indicators are displaying a bearish scenario.

$HSI Futures(DEC4) (HSImain.HK)$ (4 Hour Chart) -[BEARISH ↘ **]We continue to stay bearish as we expect price to drift lower towards 19100 support level. Technical indicators are mixed, with price holding below 21-EMA period.

$FTSE Singapore Straits Time Index (.STI.SG)$ (4 Hour Chart) -[BULLISH↗ **]We continue to stay bullish as we expect price to push towards 3800 resistance level as long as price holds above 3650 support level. Technical indicators are advocating for a bullish scenario as well.

US markets closed mixed last night, with $E-mini S&P 500 Futures(MAR5) (ESmain.US)$ drifting marginally higher by 0.05% and $E-mini NASDAQ 100 Futures(MAR5) (NQmain.US)$ drifting lower marginally by 0.14%. $E-mini NASDAQ 100 Futures(MAR5) (NQmain.US)$ fell due to the tech sector experiencing weakness. Among the tech stocks, $Monolithic Power Systems (MPWR.US)$ and $Super Micro Computer (SMCI.US)$ pushed lower the most by 6.62% and 6.31%. $Super Micro Computer (SMCI.US)$ experienced a drop in its share price due to its inability to file its quarterly report on time and brought about risk-off sentiment among traders. On company news, $Rivian Automotive (RIVN.US)$ climbed higher by 13.71% last night, after Volksawgen Group has agreed to invest up to $5.8 billion by 2027, up from the previous agreement of $5 billion. Traders are currently pricing in probability of 82.8% for a 25-basis-point rate cut at Fed's December meeting after expected CPI results last night. Traders should keep an eye out for initial jobless claims, PPI and Powell's speech tonight.

Asian markets open mixed this morning. $Nikkei 225 (.N225.JP)$ pushed higher by 0.65% due to weakening of the JPY. The finance sector saw the strongest advancement. Traders should look towards GDP data released tomorrow morning. $HSI Futures(DEC4) (HSImain.HK)$ edged lower by 0.45%, as there is continued risk-off sentiment among traders of President Trump's plan to appoint China hawks in key positions and stimulus package by the government which failed to excite the market. $CHINAHONGQIAO (01378.HK)$ pushed lower the most by 6.96%. Traders should look out for industrial production, unemployment rate and fixed asset investment data released tomorrow morning. $FTSE Singapore Straits Time Index (.STI.SG)$ drifted marginally lower by 0.15% this morning, with $YZJ Shipbldg SGD (BS6.SG)$ drifting down the most by 1.54%.

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