Traders to stay cautious ahead of multiple US economic data and President Biden's speech out tonight

$E-mini S&P 500 Futures(DEC4) (ESmain.US)$ (4 Hour Chart) -[BEARISH ↘ **]View remains unchanged as technical elements are still valid. We maintain our bearish bias as long as price holds below 5670 resistance, before pushing lower towards 5375 support. Stochastics indicator is reacting below resistance where price dropped in the past. Price is also holding below 21 period EMA.

$USD (USDindex.FX)$ (4 Hour Chart) -[BULLISH↗ *]DXY dropped lower and is now close to our previous support at 101.960. An intraday bounce above this support towards 101.570 resistance is expected. We downgrade this to a low conviction scenario given that technical indicators are now mixed.

$Gold Futures(DEC4) (GCmain.US)$ (4 Hour Chart) -[BEARISH ↘ *]As expected, gold price dropped lower and reached previous target. Price is now back to below 2533 resistance. We maintain our bearish directional bias on lowered conviction, expecting one more intraday push lower to 2506.50 support. Technical indicators are still advocating for a bearish scenario.

$Nikkei 225 (.N225.JP)$ (4 Hour Chart) -[BEARISH ↘ **]View unchanged. We remain bearish for now with price holding below 37950 resistance. A further push lower towards 35980 support is still expected. Technical indicators are advocating for a bearish scenario with MACD showing a build up in bearish momentum.

$HSI Futures(OCT4) (HSImain.HK)$ (4 Hour Chart) -[BEARISH ↘ **]We maintain our bearish directional bias as we expect price to hold below 17800 resistance level. We expect prices to push towards 17000 support level. Technical indicators advocate bearish momentum as well.

$FTSE Singapore Straits Time Index (.STI.SG)$ (4 Hour Chart) -[NEUTRAL]As expected, price held above 3390 support level. We turn neutral as price hovers between 3390 support level and 3500 resistance level. Technical indicators are leaning towards a bullish scenario. A 4 hour candlestick closing above 3500 resistance level could open a push towards 3600 resistance level.

US markets closed lower last night, with $E-mini S&P 500 Futures(DEC4) (ESmain.US)$ and $E-mini NASDAQ 100 Futures(DEC4) (NQmain.US)$ dipped by 0.21% and 0.23%. This follows underperforming JOLTs job opening data. Energy and tech sector experienced the biggest losses. $Tesla (TSLA.US)$ was the only counter that bucked the trend, climbing by 4.18%. Traders should look out for multiple economic data released tonight -- ADP nonfarm employment change, initial jobless claims, S&P global services PMI and ISM non-manufacturing PMI. Additionally, President Biden is expected to speak on economic policy ahead of Trump and Harris' debate.

Asian markets open mixed today, with $Nikkei 225 (.N225.JP)$ edging lower by 0.43%. This is due to strengthening of the JPY and Nikkei mirroring the move of the US indices. $HSI Futures(OCT4) (HSImain.HK)$ drifted marginally lower by 0.03%. The risk-off sentiment deteriorated among traders due to slow growth in service activity and increasing tension between China and Canada after Canada imposed tariffs on Chinese EVs, steel and aluminium. Energy minerals sector saw the most weakness, with $SINOPEC CORP (00386.HK)$ pushing lower by 6.85%. $FTSE Singapore Straits Time Index (.STI.SG)$ drifted higher by 0.28%, boosted by the finance and producer manufacturing sector. Traders should keep an eye out for retail sales data released later.

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