The S&P500 index covers the gap
The S&P500 index advances as the index notches its best day since 2022. The rally accelerated after breaking above the previous gap at 5280, and a rising trend line with a steep angle indicates robust bullish pressure. The index is on its way to 5560, with 5400 as an intermediate resistance. The RSI’s move towards the upside could temporarily limit the upward thrust if intraday buyers start to take profit. 5160 is the closest support should this happen.
GBPUSD finds support
The pound bounced back after tumbling over 300 pips in the past few weeks. A clean cut above the first resistance at 1.2700 suggests that short-term sellers have trimmed their exposures. Medium-term sentiment remains upbeat, though the bulls could see the current pullback as an opportunity. As the RSI brings out a bullish divergence, price action could shift dramatically, especially if the Bank of England has further rate cuts in mind.
USOIL shifts higher
WTI crude rallies after a fall in the latest crude inventories. On the chart, a move above the significant supply zone 75.00 is a strong recovery signal by shifting the market mood. The rally has been fuelled by sellers looking to cover and momentum buyers jumping at the rebound opportunity. 74.00 is fresh support, and 77.40 is a recent top offering. The bulls need some breathing room, and a break above this level would extend the rally towards the psychological level of 80.00.