Daily Market Outlook - 6 May

US S&P500 futures snapped its consecutive 3-week loss last week after a week of relief rally. S&P500 index futures added +0.99% last Friday after US Nonfarm Payroll data dropped more than expected. Normally, this would be a bad reading for the markets.

This time, however, traders took it positively as previously, US Fed chair Jerome Powell mentioned that it would require clearer evidence of a much weaker labour market in order to start cutting rates. NASDAQ futures added +1.59% at the close as well given better then expected earnings announcements from Amazon, coupled with broad gains across the Technology sector. This week will be a relatively quiet week due to lack of economic news data coming from the US and no significant earnings announcement this week.

Asian markets opened mixed this morning as Japanese markets are closed for a holiday today. At the same time, onshore Chinese markets are back from a long holiday. The HSI dipped at the open by -0.44% as traders start taking profits after a strong rally last week. STI edged higher by +0.40% buoyed by the major banks, communications and consumer staples sectors.

US Equities (4 Hour Chart) - [BULLISH ↗ *] As expected, S&P futures pushed higher and reached our previous target. We maintain our bullish stance for now, expecting price to push higher towards 5210.00 resistance. Technical indicators are advocating for a bullish scenario as well.

AAPL US

AMZN US

US Dollar (4 Hour Chart) - [BEARISH ↘ *] USD pushed lower, breaking below previous supports. We turn bearish for now. Price is expected to hold below 105.550 resistance before shaping a drop towards 104.520 support. Technical indicators are advocating for a bearish scenario as well.

Brent Crude Oil Futures (4 Hour Chart) - [BULLISH ↗ *] Oil futures dropped lower and is consolidating around previous support. We maintain our bullish bias with lowered conviction. A bounce reaction above 82.80 support towards 85.650 resistance is expected. Technical indicators are mixed but RSI is reacting above support and is showing a possible bullish divergence.

OXY US

XOM US

Gold Futures (4 Hour Chart) - [BEARISH ↘ *] Gold futures pushed higher and is now holding below previous resistance at 2330.50. We turn bearish with a low conviction, expecting price to do an intraday pullback lower towards 2294.00 support. Technical indicators are bearish as well. Price is holding below both long and short term EMA with RSI holding below resistance and descending trendline resistance.

GOLD US

HSI Futures (4 Hour Chart) - [BEARISH ↘ *] View unchanged as HSI futures is still holding below 18600 resistance. We maintain our short term, low conviction bearish stance as long as we hold below below this resistance level, expecting price to do a pullback lower towards 17835 support. Technical indicators are mixed for now. Price is holding above both long and short term EMA, while RSI is still hinting and a bearish divergence and reacting below resistance.

SG Equities (4 Hour Chart) - [BULLISH ↗ *] View unchanged as STI is consolidating sideways and still holding above 3282.00 support. As long as STI holds above 3282.00 support, we maintain our bullish bias, expecting a further push up towards 3353.50 resistance. Technical indicators are still advocating for a bullish scenario with the market holding above long and short term EMA and MACD still within a bullish environment.

DBS (D05)

Seatrium (S51)

Prepared by:Moomoo SingaporeIsaac Lim CMT, CFTe