S&P 500 trades in 3-month highs while silver price flatlines and USD/JPY rally fades
S&P 500 trades in 3-month highs, boosted by US federal court decision to block US President Trump’s April reciprocal tariffs, while silver price flatlines and USD/JPY rally fades.
S&P 500 trades in 3-month highs
The S&P 500 continues its ascent as a US trade court block's US President Trump's tariffs.
The 12 February low at 6,003 and the 26 February high at 6,009 are now in focus, a rise above which would put the 6 January high at 6,021 on the map ahead of the late December peak at 6,049.
Minor support is seen at Wednesday's 5,939 high and the April-to-May uptrend line at 5,850 ahead of the late March high at 5,786.
While last week's low at 5,768 holds, the medium-term uptrend is deemed to stay intact.
Recent USD/JPY ascent stalls
USD/JPY's sharp rally from Tuesday's ¥142.12 low is beginning to run out of steam below Thursday's ¥146.28 high.
While the next higher long-term downtrend line at ¥147.18 caps, the overall trend remains bearish.
Immediate resistance is seen around the 55-day simple moving average (SMA) and the March low at ¥146.54-to-¥146.64.
Minor support may be spotted around the ¥144.03 late April high. Below it lies Tuesday's low at ¥142.12, a fall below which would point towards the resumption of the downtrend.
A rise above the long-term downtrend line at ¥147.18 would likely put the ¥148.65 mid-May peak back on the cards. If bettered, the 200-day SMA at ¥149.54 would probably be back on the map.
Silver price stays range bound
The price of spot silver continues to sideways trade whilst being supported by its 55-day SMA at $32.82 per troy ounce.
For a break out of the current sideways trading range to be seen, last week's high at $33.70 would need to be exceeded on a daily chart closing basis. In this case the March peak at $34.58 would be back in focus.
Were a slip through this and last Thursday's lows at $32.70-to-$32.61 to unfold, the next lower $31.67-to-$31.66 may be revisited, together with the 200-day SMA at $31.54.
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