S&P 500, silver rally lose upside momentum while USD/JPY consolidates
Technical analysis of the S&P 500 and silver price as their rallies lose upside momentum while USD/JPY consolidates below its short-term downtrend line.
Macro update
Equities rise on renewed Fed-cut confidence:
Wall Street extended its rebound as markets maintained an 87% probability of a December Federal Reserve (Fed) rate cut, supporting tech stocks and broader risk sentiment.
Boeing jumps on stronger delivery forecast:
Boeing surged roughly 10% after projecting higher 737 and 787 deliveries for 2026, giving the Dow Jones its biggest lift and boosting industrials.
Tech leads as yields retreat:
Apple, Nvidia and Microsoft gained around 1%, helping the Nasdaq 100 outperform as the previous session’s spike in global bond yields eased.
Bitcoin steadies after sharp losses:
Crypto-related shares bounced back, with bitcoin reclaiming the $90,000.00 level and reversing part of Monday’s steep decline.
Europe firms as risk appetite improves:
European markets pointed to a stronger open, with investors awaiting comments from European Central Bank (ECB) President Lagarde and brushing off Monday’s brief risk-off move.
Asia tracks Wall Street gains:
Japanese technology stocks followed US strength, though banks and automakers lagged amid expectations of a Bank of Japan (BoJ) rate hike and renewed Japanese yen firmness.
S&P 500 rally loses upside momentum
Last week's swift rally in the S&P 500 is beginning to lose upside momentum with further consolidation perhaps being in store.
A slip through Monday's 6,800 low may lead to the 9 October high at 6,764 being revisited whereas a rise above Tuesday's 6,851 high would likely put the 12 November peak at 6,870 on the map.
S&P 500 daily candlestick chart
USD/JPY retraces recent gains
USD/JPY has been slipping from its November nine-month high at ¥157.89 but seems to be stabilising above its ¥154.67 early December low. While it holds on a daily chart closing basis, the short-term uptrend will remain intact.
Minor resistance above the short-term downtrend line may be spotted at ¥156.21-to-¥156.58.
A rise above the next higher peak at ¥157.89 will likely engage the ¥158.20-to-¥158.55 January highs.
USD/JPY daily candlestick chart
Silver price struggles near the $58.00 mark
The price of silver hit yet another record high at $58.95 per troy ounce but seems to be struggling marginally below the $58.00 mark since the beginning of the month.
If overcome, the psychological $60.00 region would likely be next in line.
Minor support is seen along the accelerated uptrend line at $56.4314. More significant support may be seen between the October-to-mid-November highs at $54.4852-to-$54.3935.
Silver daily candlestick chart
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