S&P 500 comes off record high amid US tariffs while USD/JPY, silver price rally
S&P 500 comes off record high amid renewed US tariffs on its trading partners, leading to a rally in USD/JPY and the price of silver.
S&P 500 comes off record high
The S&P 500 has come off its most recent all-time high at 6,290 amid the US administration's tariffs on Canada and plans for blanket tariffs on most other trading partners.
While last and this week's highs at 6,284-to-6,290 cap, a retracement towards the late June high at 6,215, the April-to-July uptrend line at 6,207 and the 7 July low at 6,201 may well be on the cards.
USD/JPY tries to break through resistance
USD/JPY's recovery from its ¥142.69 early July low has taken it to its January-to-July downtrend line at ¥146.98 which it is trying to break through.
Were this to happen on a daily chart closing basis, the June peak at ¥148.03 would be in sight. Further up lie the 9 April and 12 May peaks at ¥148.28-to-¥148.65 which create formidable resistance.
In case of failure around the downtrend line being seen, Thursday's low at ¥145.76 may be revisited, a fall through which would open the door for the 11 June high at ¥145.46 to be reached.
Silver price rises towards 13-year high
In the middle of June the silver price shot up to $37.3180 per troy ounce, a level which is being retested and which was last traded in February 2012!
Above it beckons the February 2012 peak at $37.5088.
The early June high at $36.8900 offers immediate support ahead of the late June high at $36.8360 and the April-to-July uptrend line at $36.3262.
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