S&P 500 hits record at 6,700, silver 13-year high while USD/JPY encounters resistance.
S&P 500 hits yet another record near 6,700, silver a 13-year high while USD/JPY encounters resistance and sideways trade.
Macro update
Wall Street extended its record-setting run, with the Dow Jones, S&P 500 and Nasdaq 100 closing at all-time highs for a third session, driven by a surge in tech as Nvidia rallied 3.9% on a $100 billion OpenAI investment pledge and Apple jumped 4.3% on stronger iPhone 17 demand expectations.
While the Federal Reserve’s (Fed) recent rate cut remains under debate - with some policymakers cautioning against further easing even as Governor Miran argued policy is still too tight - markets pushed gold to a fresh record of $3,759.00 an ounce on heightened expectations of additional cuts in October and December.
Momentum carried into Asia, where South Korea and Taiwan hit new peaks on AI optimism, though Chinese equities slipped and Japan’s market was closed for a holiday.
Investors now turn to European and US flash purchasing managers indices (PMIs), the first round of major Treasury auctions, and a key policy speech from Fed Chair Powell later in the day.
S&P 500 hits record high near 6,700
The S&P 500 is continuing its bullish run and is now flirting with the minor psychological 6,700 mark. A rise above it may engage the psychological 7,000 level.
Support below Monday's 6,648 low can be spotted around the 16 September high at 6,627.
S&P 500 daily candlestick chart
USD/JPY rally runs out of steam
USD/JPY once again faltered below its 200-day simple moving average (SMA) at ¥148.54 and now trades along the 55-day SMA at ¥147.64.
The cross thus continues to trade within its August-to-September sideways trading range, but towards the upper boundary.
Resistance above the 200-day SMA sits at the ¥149.13 early September high and support below the 55-day SMA at the 5 September low at ¥146.82.
USD/JPY daily candlestick chart
Silver trades in 13-year high
The price of silver is accelerating higher towards the August 2011 high at $44.2183 and the April 2011 high at $49.8142.
Potential slips may find support around the $42.9720 mid-September high.
Medium-term upside pressure should be maintained while the mid-September low at $41.1410 holds. If not, the 10 September low at $40.7255 may be revisited.
Silver daily candlestick chart
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