S&P 500 hits record high, but technicals still show bullish upside

US stock market indices made new all-time highs last night. S&P futures pushed higher and added a strong +1.16%. Similarly, NASDAQ futures closed +1.56% higher as well. This comes after last night's CPI data came out lower than expected, showing that prices are indeed falling, signalling that inflation is taming down as well. Markets took this as a good sign that the US Fed's restrictive policies are working and are now expecting that the US Fed is progressing well on the path to its first rate cut, possibly in July.

Asian markets rose across the board as HK markets reopened after a short mid-week break. Asian indices, tracked the overnight risk-on sentiment from the US markets. NIKKEI225 climbed by +0.61% this morning . However, its gains were pared shortly after due to a slowing GDP data, showing that the Japanese economy is facing some headwinds. HSI pushed higher by +0.51% after coming back from a holiday with Tencent showing strong gains after its stellar earnings along with the financial sector. STI rose +0.61% this morning as well, with the banks and REITs sector showing strong gains as well.

US Equities (4 Hour Chart) - [BULLISH ↗ **] S&P futures made a new all time high and reached our previous target. As long as price is holding above 5300.00 support, a further push higher towards 5380.00 resistance is expected. Technical indicators are still advocating for further bullish upside.

CMCSA US

UNH US

US Dollar (4 Hour Chart) - [BULLISH ↗ *] As expected, USD dropped lower and even broke below our previous target. We now turn low conviction bullish above 103.950 support, expecting price to shape a short term intraday bounce towards 104.700 resistance. Technical indicators are mixed for now. Price is holding below 34 period EMA. However, RSI is holding above support where price bounced strongly in the past.

Brent Crude Oil Futures (4 Hour Chart) - [NEUTRAL] View unchanged as oil futures continue to whipsaw and consolidate sideways. We remain neutral for now with no clear directional bias. A candlestick close above 83.65 resistance will open a short term rise towards next resistance at 84.90. Technical indicators remain mixed.

OXY US

XOM US

Gold Futures (4 Hour Chart) - [NEUTRAL] Gold futures pushed higher, surpassing previous resistance. We turn neutral for now with no clear directional bias. A candlestick close above 2410.50 resistance will open further rise towards next resistance at 2448.00. Technical indicators are mixed as well.

GOLD US

HSI Futures (4 Hour Chart) - [NEUTRAL] View unchanged as HSI continues to hold below 193000 resistance. We remain neutral with a slight bullish bias. A candlestick close above 19300 resistance will open further rise towards next resistance at 19600. Technical indicators are mixed for now. Price is holding above 34 period EMA. However, RSI is holding below resistance with bearish divergence being posted.

Tencent (700 HK)

SG Equities (4 Hour Chart) - [BEARISH ↘ *] View remains unchanged as STI is still consolidating within a broad range between 3325 resistance and 3248 support. As long as price continues to hold below 3325 resistance, we remain short term bearish with low conviction, expecting price to drop towards 3248 support level. Technical indicators are mixed. But RSI is reacting below resistance where price pulled lower in the past. Bearish divergence has also been posted.

DBS (D05)

OCBC (O39)

Prepared by:Moomoo SingaporeIsaac Lim CMT, CFTe