​​​S&P 500 Near Record High But Forms A Doji As USD/JPY Slips And Silver Nears $50 Mark

(MENAFN- DailyFX (IG)) ​​​Macro update

​Wall Street advances: US indices finished higher, led by the Nasdaq 100 , as investors looked past government shutdown concerns; the Dow Jones gained 0.15%, the S&P 500 0.26%, and the Nasdaq 0.48%.

​Tech momentum: Nvidia climbed 2% and Microsoft 0.6%, boosting the S&P 500 as optimism over AI growth and Federal Reserve (Fed) rate cut prospects supported sentiment.

​ Fed outlook divided: Cleveland Fed's Hammack pressed for restrictive policy to contain inflation, while St. Louis Fed's Musalem signalled readiness for additional cuts; markets now see an 89% chance of a 25bp cut at the next meeting.

​Asia cautious: Regional equities edged up and gold set new records as traders awaited US shutdown developments, while oil slipped on expectations of higher OPEC+ supply.

​S&P 500 forms a Doji

​The S&P 500 resumed its bullish run but formed a day of indecision on Monday, a Doji.

​Were it to be broken out of to the upside - above Monday's 6,677 high - the September record peak at 6,699 would likely be back in view.

​If, however, Monday's low at 6,645 were to be slipped through, the April-to-September uptrend line at 6,604 may be revisited.

S&P 500 daily candlestick chart Source: TradingView ​USD/JPY tops out

​USD/JPY is trading back around its 200-day simple moving average (SMA) at ¥148.35, still coming off last week's ¥149.95 high.

​The 55-day SMA at ¥147.75 represents the next downside target, together with the 23 September low at ¥147.46.

​The cross thus re-enters the middle ground of its August-to-September sideways trading range.

​Resistance can be spotted around the 22 August high at ¥148.77 and the 3 September peak at ¥149.13.

USD/JPY daily candlestick chart Source: TradingView ​Silver hits new 13-year highs

​The silver price is still accelerating higher and is now trading above its August 2011 high at $44.2183 with the April 2011 high at $49.8142 being targeted.

​Potential slips may only find support around the $44.4675 23 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 retested.

Silver daily candlestick chart Source: TradingView Important to know

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