​​​S&P 500 near record high while silver remains under pressure and EUR/GBP stabilises

​​​Macro update

​US equities lower: The Nasdaq fell 0.90%, the S&P 500 declined 0.49% and the Dow was little changed, retreating from record highs as risk sentiment softened.

​AI concerns weigh on tech: Chipmakers led losses after a report cast doubt on OpenAI’s growth and spending outlook, with Nvidia, AMD and Broadcom down and Oracle falling 4.1%.

​Big tech earnings in focus: Results from Microsoft, Alphabet, Amazon and Meta are due, with Apple to follow, together accounting for around 44% of the S&P 500’s market value.

​Mixed corporate updates: UPS dropped 4.0% amid profit pressure from fuel costs, while General Motors rose after beating estimates and Coca-Cola gained after raising its annual outlook.

​Oil and geopolitics weigh: Brent crude climbed to $105 as Iran tensions persisted and the UAE announced its exit from OPEC, adding to inflation concerns.

​Fed and global backdrop: The Fed is expected to hold rates, while Asian equities edged lower and investors remained cautious ahead of Powell’s final meeting as Fed chair.

​​S&P 500 stays close to record high

​The S&P 500 remains close to Tuesday's 7,178 record high despite rising yields and ongoing uncertainty surrounding the Middle East. If overcome, the minor psychological 7,500 level may be envisaged.

​The bullish impetus will remain in play while recent lows at 7,050-to-7,047 hold. Minor support above these level may be found at Tuesday's 7,115 low and at the 20 April trough at 7,084.

​Short-term outlook: bullish while above the 23 April low at 7,047

​Medium-term outlook: bullish while above the 7 April low at 6,535

S&P 500 daily candlestick chart

​EUR/GBP holds at support

EUR/GBP​ is seen holding above this and last week's lows at £0.8654 but needs to overcome its 24 April high at £0.8682 for a rise towards the 200-day simple moving average (SMA) at £0.8702 to become possible. Further up sit the 13-to-17 April highs at £0.8722-to-£0.8723, a rise above which would indicate that the late March-to-April uptrend has resumed.

​A slip through £0.8654 may lead to the late March low at £0.8637 being revisited, though.

​Short-term outlook: neutral with a bearish bias while above the 28 April £0.8654 low

​Medium-term outlook: neutral with a bullish bias while trading between its March £0.8613-to-£0.8789 extremes

EUR/USD daily candlestick chart

​Silver price slips

​The silver price continues its descent, having so far reached a 3-week low at $72.0438. If fallen through, the early-to-mid-February lows at $71.9774-to-$71.3157 would be expected to be reached, ahead of the early April lows at $69.8120-to-$69.5645.

​For a bullish reversal to be seen, the 24 April high at $76.6785 would at the very least need to be overcome. Only then may an advance towards the mid-March high at $77.0829 be seen.

​Short-term outlook: bearish while below the 24 April $76.6785 high

​Medium-term outlook: neutral with a bullish bias while above the 23 March low at $61.0065 but below the 2 March high at $96.4255; failure at $61.0065 would turn our forecast bearish

Silver daily candlestick chart