S&P 500, Silver Price Trade In Record Highs As USD/JPY Stabilises

(MENAFN- DailyFX (IG)) Macro update ​US equities muted after Fed:

​The Nasdaq 100 edged up 0.17%, while the S&P 500 and Dow Jones finished flat as markets digested a largely unsurprising Federal Reserve (Fed) decision to leave rates unchanged.

​Fed message steady, June remains pivotal:

​The Fed chair said inflation is still elevated but labour-market risks have eased, reinforcing expectations that the first rate cut is more likely in June rather than April.

​Tech and chips power gains:

​NVIDIA rose 1.6%, Micron jumped 6% and Intel surged 11%, supported by strong results from SK Hynix and record orders at ASML, boosting global semiconductor sentiment.

​Earnings trigger sharp stock moves:

Texas Instruments climbed nearly 10% and Seagate surged more than 19% on upbeat outlooks, while Textron slid almost 8% after issuing weaker guidance.

​Magnificent Seven reactions mixed:

​In after-hours trade, Meta rose about 4% and Tesla gained 3%, while Microsoft fell more than 3% as investors questioned the returns on heavy artificial intelligence (AI)-related capital spending.

​Asia and commodities firm overnight:

​Asian tech stocks extended January's rally, gold climbed another 2.7% to fresh highs, oil reached four-month peaks, and the United States (US) dollar remained under pressure despite official support.

​S&P 500 trades in record highs

​The S&P 500's rally to a record high at 7002 has been followed by a slight sell-off to 6964 on Wednesday. While remaining above this level on a daily chart closing basis, a 261.8% Fibonacci extension at 7018 should remain in sight.

​Were Wednesday's low at 6964 to be slipped through, though, the 7 January high at 6965 and possibly the late December peak at 6945 may be revisited.

​Short-term outlook:

Bullish while above the 20 January 6,789 low.

​Medium-term outlook:

Bullish while above the 6,721 mid-December low.

S&P 500 daily candlestick chart Source: TradingView Source: TradingView USD/JPY hovers above ¥152 region

​USD/JPY's near 4% drop following probable concerted intervention by the Bank of Japan (BoJ) and US Fed earlier this week has been followed by a slight recovery from this week's ¥152.10 low.

​The ¥154.05 - ¥154.95 resistance area is thus in sight but may well cap.

​Were this week's low at ¥152.10 to be fallen through, the late October low at ¥151.54 would be next in line.

​Short-term outlook:

Bearish while below ¥154.95.

​Medium-term outlook:

Toppish while below ¥159.45.

USD/JPY daily candlestick chart Source: TradingView Source: TradingView ​Silver price continues to trade in record highs

​The silver price has so far made yet another all-time high, this time at $120.47, whilst gunning for the $125 region.

​Only a bearish reversal to below the 26 January $102.5166 low may lead to a short-term trend reversal. While above this level, further upside remains the more likely scenario.

​Short-term outlook:

Bullish while above the 26 January $102.5166 low.

​Medium-term outlook:

Bullish while above the 21 January low at $90.3355.

Silver daily candlestick chart Source: TradingView Source: TradingView Important to know

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