S&P 500 hits record high while silver price bounces back, USD/JPY stays range bound
S&P 500 hit record high ahead of Nvidia earnings while silver price bounces back as USD/JPY stays range bound.
Market analysis
On Wednesday the S&P 500 closed at a record high of 6,481.40, up 0.24%, while the Dow Jones and Nasdaq 100 gained 0.32% and 0.21%, respectively.
Nvidia’s shares fell 3.2% after hours as its $54 billion third quarter (Q3) revenue forecast, which excludes China sales due to ongoing geopolitical risks, left investors cautious.
S&P 500 trades in record high
The S&P 500 made yet another record high and is gunning for the 6,500 region, provided it remains above the 6,429-to-6,417 support area on a daily chart closing basis. It consists of Tuesday's low, the late July peak and the April-to-August uptrend line.
Were this support zone to give way, a slip to the 20 August low at 6,344 may ensue.
S&P 500 daily candlestick chart
USD/JPY remains sidelined
USD/JPY continues to range trade above its ¥146.22 mid-August low and below its ¥148.77 22 August high.
The 55-day simple moving average (SMA) at ¥146.95 offers immediate support above the early and late August lows at ¥146.88-to-¥146.58.
Resistance can be seen between the 12 and 27 August highs at ¥148.18-to-¥148.52.
USD/JPY daily candlestick chart
Silver heads back towards 13-year high
The price of spot silver is seen heading higher again, having recovered from Wednesday's $38.0868 per troy ounce low.
The first upside target is the 22 August high at $39.0645, followed by its mid-July peak at $39.1328 and the 13-year high at $39.5277, made on the 23 of July.
Immediate upside pressure should be maintained while Wednesday's low at $38.0868 holds.
Minor support above it may be spotted around the 7 August high at $38.5104 and at the 18 August high at $38.2695.
Spot silver daily candlestick chart
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