Traders to stay cautious after tensions in Middle East rose last night

$E-mini S&P 500 Futures(MAR5) (ESmain.US)$ (4 Hour Chart) -[BULLISH↗ *]We stay bullish as we expect price to drift towards 5820 resistance level as long as price holds above 5720 support level. Technical indicators have yet to advocate for a bullish scenario.

$USD (USDindex.FX)$ (4 Hour Chart) -[NEUTRAL]We maintain a neutral stance, with a slight bullish bias as price is hovering between 101.157 support and 101.385 resistance level. A 4 hour candlestick closing above 101.385 resistance level would open next push towards 101.781 resistance level. Technical indicators are leaning towards a bullish scenario as well.

$Gold Futures(FEB5) (GCmain.US)$ (4 Hour Chart) -[NEUTRAL]We maintain a neutral stance as price is hovering between 2690.5 resistance and 2652.6 support level, Technical indicators are leaning towards a bullish scenario.

$Nikkei 225 (.N225.JP)$ (4 Hour Chart) -[NEUTRAL]We maintain our neutral directional bias as price holds between 38750 resistance level and 37430 support level. A 4 hour candlestick opening below 37430 support level would open a drop towards 36830 support. Technical indicators are leaning towards a bearish momentum.

$HSI Futures(DEC4) (HSImain.HK)$ (4 Hour Chart) -[BULLISH↗ **]HSI has been rallying the past week and we continue our bullish directional bias. As long as price holds above 22260 support level, we expect price to drift towards 22800 resistance level. Technical indicators are leaning towards a bullish scenario.

$FTSE Singapore Straits Time Index (.STI.SG)$ (4 Hour Chart) -[BULLISH↗ *]As price is holding above 3570 support level, we turn bullish as we expect price to drift towards 3640 resistance level. Technical indicators are mixed for now, with MACD displaying a bullish momentum.

US markets were down last night. $E-mini S&P 500 Futures(MAR5) (ESmain.US)$ and $E-mini NASDAQ 100 Futures(MAR5) (NQmain.US)$ edged lower by 0.94% and 1.41% respectively, with the tech sector retreating the most. This comes as there is rising geopolitical tension between Iran and Israel. The previous time Iran fired missiles at Israel in April, the equity market took a dip but rebounded within days after fears among traders dissipated. Traders however should stay cautious as they look out for ADP nonfarm payroll data.

Asian markets opened mixed across the board, with $Nikkei 225 (.N225.JP)$ dropping down by 1.93%. Japanese traders are cautious as they continue to assess the economic and political economic outlook after Japan elected a new prime minister last week. Traders should look out for au Jibun Bank Japan Services PMI tomorrow. $HSI Futures(DEC4) (HSImain.HK)$ pushed higher by 4.46%. This comes with risk-on sentiment among traders after Fed's larger-than-expected rate cut and China's stimulus measures to reverse its economic downturn. $LONGFOR GROUP (00960.HK)$ , $ALI HEALTH (00241.HK)$ and $CM BANK (03968.HK)$ climbed higher by 16.89%, 13.64% and 12.06% respectively. $FTSE Singapore Straits Time Index (.STI.SG)$ edged higher by 0.34%, after news of Singapore's economic direction with Singapore aims to further invest $120m in AI for science. $DFIRG USD (D01.SG)$ pushed up the most by 4.59%. Traders should look out for S&P global PMI data tonight.

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