Traders to stay cautious after 10-year treasury yield hits new high since July

$E-mini S&P 500 Futures(DEC4) (ESmain.US)$ (4 Hour Chart) -[NEUTRAL]We turn neutral with a slight bullish bias as price hovers between 5850 support level and 5940 resistance level. A 4 hour candlestick closing above 5940 resistance level could open push towards 5990 resistance level. Technical indicators are mixed with MACD displaying a bullish momentum and price holding below 21-EMA.

$USD (USDindex.FX)$ (4 Hour Chart) -[BULLISH↗ **]We stay bullish as price has pushed above 103.991 resistance-turn-support level. We expect price to push towards 104.437 resistance level. A 4 hour candlestick closing above 104.437 resistance level would open the next push toward 104.475 resistance level. Technical indicators are leaning towards a bullish scenario.

$Gold Futures(DEC4) (GCmain.US)$ (4 Hour Chart) -[BEARISH ↘ *]We turn slightly bearish as price is nearing 2765 resistance level. As long as price holds below 2765 resistance level, we expect price to drift lower towards 2730 support level. Technical indicators have yet to display a bearish momentum.

$Nikkei 225 (.N225.JP)$ (4 Hour Chart) -[BEARISH ↘ **]We maintain our bearish directional bias as long as price holds below 38900 resistance level. We expect price to continue dropping towards 37770 support level. Technical indicators are leaning towards a bearish directional bias as well.

$HSI Futures(NOV4) (HSImain.HK)$ (4 Hour Chart) -[BULLISH↗ *]We turn slightly bullish as long as price holds above 19870 support level. We expect price to drift towards 21630 resistance level. Technical indicators are currently mixed, with prices holding above 21-EMA period.

$FTSE Singapore Straits Time Index (.STI.SG)$ (4 Hour Chart) -[NEUTRAL]We maintain a neutral directional bias with a slight bullish bias as there is no good risk-to-reward ratio. Price is currently hovering between 3570 support and 3640 resistance level. A 4 hour candlestick closing above 3640 resistance level would open push towards next resistance at 3700.

US markets closed mixed last night, with $E-mini S&P 500 Futures(DEC4) (ESmain.US)$ drifting marginally lower by 0.06% and $E-mini NASDAQ 100 Futures(DEC4) (NQmain.US)$ edging higher by 0.11%. There is currently mixed sentiments among traders after earning reports, US 10-year yield rising above 4.2% and uncertainty ahead of the US elections. Markets are currently pricing in a quarter-point cut at Fed's next meeting in November. Existing home sales data, earning reports from $Tesla (TSLA.US)$ and $Coca-Cola (KO.US)$ would be out, and traders could look to observe it.

Asian markets opened mixed this morning. $Nikkei 225 (.N225.JP)$ dipped by 0.16%. There is risk-off sentiment among traders as IMF reduced Japan's projected economic growth to slow to 0.3% in 2024. However, traders should also note that IMF believe that the economy will bounce back in 2025. Traders should keep an eye out for au Jibun Bank Japan manufacturing and services PMI. $HSI Futures(NOV4) (HSImain.HK)$ climbed higher by 1.48%. This comes after PBoC cutting key lending rates by quarter basis points on Monday and launching first operation of new swap facility transaction on Tuesday. $FTSE Singapore Straits Time Index (.STI.SG)$ edged higher by 0.59%, with the finance and producer manufacturing sector advancing. $DBS Group Holdings (D05.SG)$, $OCBC Bank (O39.SG)$ and $UOB (U11.SG)$ climbed higher by 0.62%, 1.05% and 0.90% respectively. Among other stocks, $HongkongLand USD (H78.SG)$ pushed the most by 1.78%. Traders should look out for CPI data released later.

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