​S&P 500 surges ahead while silver price stalls at key resistance and USD/JPY bounces off support

​​​S&P 500 trades in 3-month highs

The S&P 500 continues its ascent amid hopes of a Trump-Xi call despite the former doubling his steel tariff to 50%, except for the UK.

The 12 February low at 6,003 and the 26 February high at 6,009 remain in focus, a rise above which would put the 6 January high at 6,021 on the cards ahead of the late December peak at 6,049.

Minor support is seen around the late May high at 5,943 and along the April-to-June uptrend line at 5,890.

While last week's low at 5,844 underpins, bullish momentum remains dominant.

​USD/JPY bounces off support

USD/JPY's drop from last week's ¥146.28 high has taken it to Tuesday's ¥142.38 low, to marginally above its ¥142.12 late May low, before regaining previously lost ground.

Immediate resistance is seen around the 55-day simple moving average (SMA) at ¥145.23 ahead of the early May high at ¥145.92. These levels we expect to cap the upside. If not, last week's high at ¥146.28 may be revisited.

While the next higher long-term downtrend line at ¥146.76 caps, the overall trend remains bearish.

A fall through this and last week's lows at  ¥142.38-to-¥142.12 as well as the ¥141.97 late April low would likely lead to the ¥140 region being back in sight.

​Silver price hits key resistance zone

The price of spot silver shot up at the beginning of the month and revisited its key $34.5880-to-$34.8690 per troy ounce resistance area. It consists of the October-to-March highs and as such may cap once more.

If this resistance zone were to be exceeded, though, the October 2012 high at $35.3992 would be next in line.

As long as the $34.5880-to-$34.8690 resistance area caps, the 22 May high at $33.7020 may offer support with the late April peak at $33.6955.