Technical analysis of the S&P 500 as it consolidates as EUR/GBP and silver price stabilise above key support.
DailyFX Real Time News 2026-07-14 10:00:16
Context: The S&P 500 is consolidating as investors await the US consumer price report for June, with a core CPI reading of 0.3% or higher potentially leading to a Federal Reserve rate hike as early as July. Meanwhile, EUR/GBP and silver prices are trying to stabilize above key support levels. Global markets are also reacting to geopolitical tensions, including the US reinstating its naval blockade of Iran and proposed levies on cargo transiting the Strait of Hormuz.
Key Facts
- The S&P 500 index continues to flirt with its mid-June peak of 7,578, which acts as resistance, with a rise above this level potentially pushing the June record high at 7,620 to the fore.
- EUR/GBP is trading at a 1-year low, with the pair trying to find support above £0.8509, the June 2025 low, and a rise above £0.8541 this week needed to revisit minor resistance around £0.8575.
- The price of silver seems to be finding support above its late June low at $29.5967, but may be retested over the coming days, with a fall through this level potentially opening the way for the October-to-November 2025 highs at $28.4852-to-$28.3935.
- US inflation data, specifically the core CPI reading, is expected to play a significant role in determining the likelihood of a Federal Reserve rate hike as early as July, with a reading of 0.3% or higher seen as increasing the likelihood of such a move.
- Oil prices, specifically Brent crude, rose nearly 3% to around $84.80 a barrel after the US reinstated its naval blockade of Iran and proposed a 20% levy on cargo transiting the Strait of Hormuz.