Weak sentiment among traders following oil drop and semiconductor outlook

$E-mini S&P 500 Futures(MAR5) (ESmain.US)$ (4 Hour Chart) -[BULLISH↗ *]We maintain a bullish directional bias as price continues to hold above 5810 support level. We expect prices to push towards 5940 resistance level. Technical indicators are mixed, with MACD advocating for a bullish scenario.

$USD (USDindex.FX)$ (4 Hour Chart) -[NEUTRAL]We turn neutral with a slight bullish bias as price is hovering between 102.986 support and 103.358 resistance level. A 4 hour candlestick closing above 103.358 resistance level could open push to next resistance at 103.656 resistance.

$Gold Futures(FEB5) (GCmain.US)$ (4 Hour Chart) -[BULLISH↗ **]We maintain bullish as price is in an ascending channel. As long as price holds above 2645 support level, we expect price to drift towards 2710 resistance level. Technical indicators are leaning towards a bullish directional bias.

$Nikkei 225 (.N225.JP)$ (4 Hour Chart) -[BULLISH↗ *]We stay bearish as price held above 38840 support level. As long as price holds above 38840 support level, we can expect price to drift towards 40300 resistance level. Technical indicators have yet to display a bullish directional bias.

$HSI Futures(DEC4) (HSImain.HK)$ (4 Hour Chart) -[BEARISH ↘ *]We turn bearish as price pushed below 20620 support level. We expect price to drift up to test 20620 support before pushing towards 19700 support level. Technical indicators are leaning towards a bearish scenario as well.

$FTSE Singapore Straits Time Index (.STI.SG)$ (4 Hour Chart) -[BULLISH↗ **]We continue to maintain bullish as we expect price to drift towards 3620 resistance level as long as price holds above 3570 support level. A 4 hour candlestick closing above 3620 resistance level wouldseenext push towards 3640 resistance level. Technical indicators are leaning towards a bullish momentum.

US markets closed lower last night, with $E-mini S&P 500 Futures(MAR5) (ESmain.US)$ and $E-mini NASDAQ 100 Futures(MAR5) (NQmain.US)$ dropping lower by 0.77% and 1.34% respectively. The semiconductor and energy sector retreated the most. This comes after drop in oil prices due to weaker demand outlook, $ASML Holding (ASML.US)$ cutting its annual sales forecast over weak non-AI chip demand and Biden considering to place to a limit on AI chip exports by US companies. Traders should look out for earnings from $Morgan Stanley (MS.US)$ , $Abbott Laboratories (ABT.US)$ and $Lam Research (LRCX.US)$.

Asian markets open mixed today. $Nikkei 225 (.N225.JP)$ fell the most by 1.85%. The tech sector opened lower this morning, with $Lasertec (6920.JP)$ dropping the most by 13.52%. This is due to strengthening of the JPY against USD. Producer manufacturing saw the biggest weakness. $HSI Futures(DEC4) (HSImain.HK)$ edged lower by 0.59% this morning. Traders should stay cautious as China is experiencing slowing growth and continues to leave out on details. Traders should look towards China's press conference this Thursday on details of measures to provide support to the currently struggling property sector. $FTSE Singapore Straits Time Index (.STI.SG)$ drifted higher by 0.34%. $YZJ Shipbldg SGD (BS6.SG)$ and $SIA (C6L.SG)$ climbed the most by 1.95% and 1.72% respectively.

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