Trading remains muted ahead of Core PCE news tonight

$E-mini S&P 500 Futures(SEP4) (ESmain.US)$ (4 Hour Chart) -[BULLISH↗ *]View remains unchanged. We maintain our bullish bias with low conviction as SPX has tested and bounced above 5558 support. Price is expected to drift higher above this support level towards 5700 resistance and psychological level.

$USD (USDindex.FX)$ (4 Hour Chart) -[BULLISH↗ *]DXY drifted higher and surpassed previous resistance, validating the bullish scenario. We turn bullish for now as long as price is holding above 101.095, expecting a push higher towards 101.850. Technical indicators are advocating for a bullish scenario as well.

$Gold Futures(DEC4) (GCmain.US)$ (4 Hour Chart) -[BULLISH↗ *]View unchanged as we maintain our bullish directional bias with low conviction, as long as price is holding above support at 2537, an intraday bounce towards 2570.50 resistance is expected. Technical indicators are mixed while MACD indicator is showing a build up in bullish momentum.

$Nikkei 225 (.N225.JP)$ (4 Hour Chart) -[NEUTRAL]We still maintain our neutral stance 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↗ *]As prices are approaching 18000 resistance level, we continue to maintain our bullish directional bias. As long as price holds above 17500 support level, we expect price to push towards 18200 resistance level. Technical indicators are leaning towards a bullish scenario as well.

$FTSE Singapore Straits Time Index (.STI.SG)$ (4 Hour Chart) -[NEUTRAL]We maintain our neutral directional bias as price hovers between 3380 support level and 3430 resistance level. A 4 hour candlestick closing above 3430 resistance level could open a push towards next resistance level at 3460. Technical indicators are leaning towards bullish scenario.

US markets were relatively quiet last night. $E-mini S&P 500 Futures(SEP4) (ESmain.US)$ stayed unchanged and $E-mini NASDAQ 100 Futures(SEP4) (NQmain.US)$ drifted marginally lower at 0.12%. The mixed sentiment is due to continued weakness observed from the tech sector, while unemployment data came out slightly better than expected. Traders should pay attention to core PCE price index and Chicago PMI data released tonight to look for clues of whether a more than 25-basis-point interest rate cut would happen in September.

Asian markets are up across the board today. $Nikkei 225 (.N225.JP)$ climbed higher by 0.47%, with strength observed from the consumer durables and tech sector. Additionally outperforming core CPI data and positive outlook of Japan's economy contributes to an improving outlook. $HSI Futures(SEP4) (HSImain.HK)$ drifted marginally higher by 0.11%. Traders maintain a risk-on sentiment of a possible stimulus from the Chinese government and the expected US rate cuts taking place next month. Chinese traders are cautious ahead of manufacturing PMI released tomorrow. $FTSE Singapore Straits Time Index (.STI.SG)$ pushed higher by 0.67%, with $Singtel (Z74.SG)$ moving up the most by 3.31%.

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