Traders to stay cautious after Nvidia's earnings fail to excite the market

$E-mini S&P 500 Futures(SEP4) (ESmain.US)$ (4 Hour Chart) -[BULLISH↗ *]As expected, SPX drifted lower and is now close to previous target at 5558 support. For now, we turn bullish with low conviction, expecting price to do an intraday bounce above this support level towards 5700 resistance and psychological level.

$USD (USDindex.FX)$ (4 Hour Chart) -[NEUTRAL]DXY failed to make any meaningful push lower and instead is consolidating sideways. We turn neutral for now, expecting price to trade sideways intraday, between 101.135 resistance and 100.515 support. A candlestick close below 100.515 support will open a drop towards next support at 99.915.

$Gold Futures(DEC4) (GCmain.US)$ (4 Hour Chart) -[BULLISH↗ *]As expected, gold prices drifted lower. However, price did not have enough momentum to reach our target. We turn bullish with low conviction, as long as price is holding above support at 2535, an intraday bounce towards 2570 resistance is expected.

$Nikkei 225 (.N225.JP)$ (4 Hour Chart) -[NEUTRAL]View remains unchanged as Price is still consolidating and trading sideways below resistance at 39220. We maintain our neutral view for now given this sideways range. Only a candlestick close above 39220 resistance will open a short term rise towards next resistance at 41050. Technical indicators are bullish for now. However, MACD indicator is flat showing no clear directional momentum.

$HSI Futures(SEP4) (HSImain.HK)$ (4 Hour Chart) -[BULLISH↗ *]We maintain a bullish directional bias as we expect prices to hold above 17200 support level. We expect prices to push towards 1800 resistance level. Technical indicators are mixed.

$FTSE Singapore Straits Time Index (.STI.SG)$ (4 Hour Chart) -[NEUTRAL]We turn neutral as price hovers between 3350 support level and 3400 resistance level. A 4 hour candlestick closing above 3400 resistance level could open a push towards 3460 resistance level. Technical indicators are mixed, with MACD holding above 0.

US markets closed lower last night, with $E-mini S&P 500 Futures(SEP4) (ESmain.US)$ and $E-mini NASDAQ 100 Futures(SEP4) (NQmain.US)$ edging lower by 0.61% and 1.21%. 8 out of 11 sectors ended lower, with the tech sector leading the losses. This is due to crude oil inventory data falling short of estimates and $NVIDIA (NVDA.US)$outperforming earnings which failed to excite the market. Traders can now look towards initial jobless claims and GDP data tonight.

Asian markets opened lower across the board, mirroring the US indices. $HSI Futures(SEP4) (HSImain.HK)$ fell the most by 1.07%, with 2313 dropping by 11.60%. This comes after possible protests in China due to weakening economy and underperforming beverage and restaurant interim reports. $Nikkei 225 (.N225.JP)$ edged lower by 0.47%. The risk-off sentiment of traders carried over into the Japanese markets after Nvidia shares tumbled post-announcement. Traders should keep a look out for core CPI results released tomorrow morning. $FTSE Singapore Straits Time Index (.STI.SG)$ dipped marginally lower by 0.10%, with $Seatrium Ltd (5E2.SG)$ and $Wilmar Intl (F34.SG)$ leading the drop by 1.36% and 1.27% respectively. Traders should pay attention to bank lending data released tomorrow.

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