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

​US equities surge:

​Wall Street rallied strongly, with the S&P 500 gaining 1.6% and the Nasdaq 100 climbing 2.2%, after President Trump adopted a more conciliatory stance towards China, easing trade tensions before renewed trade tensions pushed equity futures lower.

​Semiconductors power the rally:

​Broadcom jumped nearly 10% after announcing a partnership with OpenAI to develop its first in-house AI chips, boosting Nvidia , Micron , and the broader semiconductor sector.

​Earnings season underway:

​JPMorgan , Goldman Sachs , and Citigroup are set to release results today, officially kicking off the third-quarter (Q3) earnings season.

​Trade tensions linger:

​Despite Trump's softer tone, China accused Washington of“making threats,” and both sides imposed new port fees, keeping investors cautious about the outlook.

​Asian markets mixed:

​Taiwan briefly touched a record high before pulling back, South Korea's Kospi gave up early gains, and Japan's Nikkei 225 declined as traders weighed conflicting signals from US–China developments.

​Commodities and FX steady:

Gold climbed above $4,150.00 an ounce, Brent crude oil edged toward $63.00 a barrel, and the US dollar held steady as markets priced in an almost certain Federal Reserve (Fed) rate cut later this month.

​S&P 500 remains under pressure

​The S&P 500 remains under pressure amid ongoing US-China trade tensions with the mid-to-late September and Friday's low at 6,569-to-6,551 representing a downside target zone. Were it to give way, the late August high at 6,508 may be revisited.

​Immediate resistance sits at Monday's 6,668 high, a rise above which would probably engage the 23 September high at 6,699.

S&P 500 daily candlestick chart Source: TradingView ​USD/JPY comes off October peak

USD/JPY at least short-term topped out at last week's ¥153.27 high and so far slid to Friday's ¥151.12 low which remains in sight.

​If slipped through, the early August high at ¥150.92 may be revisited.

​Resistance above Tuesday's ¥152.61 intraday high may be spotted at last week's ¥153.27 nine-month high.

USD/JPY daily candlestick chart Source: TradingView ​Silver comes off levels last traded in the 1980s

​The silver price made yet another multi-decade high, this time at $53.6235 per troy ounce on Tuesday morning before profit taking kicked in. If overcome, the minor psychological $55.00 region may be next in line.

​Minor support below the 9 October high at $51.2425 may be spotted between the psychological $50.00 mark and the April 2011 peak at $49.8142.​​

Silver daily candlestick chart Source: TradingView Important to know

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