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SP500 – Extended run looks vulnerable as sellers begin to step in [Video]
![SP500 – Extended run looks vulnerable as sellers begin to step in [Video]](https://editorial.fxsstatic.com/images/i/SP500-bearish-withoutbear.jpg)
Potential for the bigger pullback.
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Petar Jaćimović
FXCentrum
Petar Jaćimović was born on 8 July 1989 in Jagodina, Serbia.
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AUD/USD attracts follow-through selling during Tuesday’s Asian session, looking to extend the overnight rejection slide from 0.7000, or a two-week top, following the release of RBA meeting Minutes. The US Dollar retains a bullish undertone near its highest level since April 2025 as energy-driven inflation risks keep December Fed rate hike bets firmly on the table. Adding to this, geopolitical risks further underpin the safe-haven USD.
USD/JPY edges lower during the Asian session on Tuesday, snapping a two-day winning streak and pulling back from an over two-week top touched the previous day, despite Japan's soft PPI print. Bulls turn cautious amid speculation that authorities will step in to prop up the Japanese Yen, which, in turn, weighs on the currency pair. The downside, however, seems limited as the US Dollar stands firm near its highest level since April 2025, bolstered by the hawkish Fed and geopolitical uncertainties.
Gold remains depressed during the Asian session on Tuesday as elevated US Treasury yields and a hawkish Fed keep the US Dollar near its highest level since April 2025. Adding to this, persistent geopolitical uncertainties stemming from Middle East conflicts continue to underpin the safe-haven buck, which, in turn, is seen as weighing on the bullion. Traders now look to US inflation figures for some impetus ahead of Fed Chair Kevin Warsh's appearance on Friday.
Bitcoin remained range-bound above $82,000 on Monday as upcoming US economic data and onchain indicators weigh on market sentiment. Crypto trading firm QCP Group stated in its Monday report that Bitcoin has maintained a firmer footing a year after the market’s largest single-day liquidation event.
Stocks have been remarkably resilient this year. They have navigated geopolitical turmoil, an energy price spike and surging global bond yields which is rapidly pushing up the cost of borrowing. US blue chip stocks are now in their 4th year of a bull market, however, they now face their toughest test of Q4 so far, the latest earnings updates.
Over 17 years ago, Satoshi Nakamoto designed Bitcoin (BTC) on the back of a global financial crisis as an alternative to the global monetary system outside the control of central banks, governments and traditional intermediaries. This raises a key question: has Bitcoin really become independent of the macroeconomic forces it was built to challenge?
