Watch the S&P 500 - technicals look bullish

US equity markets marched higher last night. Despite U.S Fed chair Jerome Powell highlighting that the PPI data was "mixed rather than hot", at the same time still maintaining the view that the U.S Fed will require more time to monitor inflationary trends. Equity futures dipped slightly before letting the bullish sentiment take over, following the shift to 'meme'-stocks like GME and AMC. At the end of last night's session, S&P and NASDAQ futures closed +0.50% and +0.68% higher. Investors now turn to tonight's CPI data for further hints on the Fed's fight against inflation.

Asian markets opened mixed this morning. Japan's NIKKEI225 pushed higher by +0.41% this morning, following the bullish climb in the US markets. Traditional sectors like manufacturing and consumer staples saw sustained gains as well. Singapore's STI dipped by -0.52% with the REITs sector dropping further. HK markets are closed for a public holiday today.

US Equities (4 Hour Chart) - [BULLISH ↗ **] S&P futures pushing higher. With price holding above 5320.50 support, a further push up towards resistance at 5330.00 is expected. Technical indicators are bullish as well. Price is holding above short term 21 period EMA and MACD is above 0, showing price is well within a bullish environment.

CMCSA US

UNH US

US Dollar (4 Hour Chart) - [BEARISH ↘ *] Drop in progress. We maintain our bearish view on the DXY, expecting price to push lower towards 104.520 support. Technical indicators are still advocating for a bearish scenario. Price is holding below 34 period EMA and MACD is showing a build up of bearish momentum.

Brent Crude Oil Futures (4 Hour Chart) - [NEUTRAL] Oil futures dipped lower and whipsawed around previous support. We turn neutral for now, expecting oil price to consolidate sideways between 83.65 resistance and 82.00 support. A candlestick close above 83.65 resistance will open recovery towards next resistance at 84.90. Technical indicators are mixed for now.

OXY US

XOM US

Gold Futures (4 Hour Chart) - [BEARISH ↘ *] Gold futures pushed higher, coming close to resistance and previous swing high at 2380.00. We stay bearish below this resistance level, expecting price to drop lower towards 2340.00 support. Technical indicators are mixed for now. RSI indicator coming close to resistance where price pulled lower in the past.

GOLD US

HSI Futures (4 Hour Chart) - [NEUTRAL] HSI pushed higher surpassing previous resistance. We turn neutral for now 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 ↘ *] STI is still consolidating within a broad range between 3325 resistance and 3248 support. With price now holding below 3325 resistance, we turn 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