​​​S&P 500 Hits Yet Another Record Close To 6,700, Silver A 13-Year High While USD/JPY Encounters Resistance And Sideways Trade.

(MENAFN- DailyFX (IG)) ​​​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 Source: TradingView ​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 Source: TradingView ​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 Source: TradingView Important to know

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