- The S&P 500 gained 0.23%, remaining within yesterday’s trading range.
- Raphael Bostic, president of the Federal Reserve Bank of Atlanta, said the monetary authority should not maintain a restrictive policy for too long.
- JOLTS job offers are declining and are not meeting market expectations.
The S&P 500 hit a daily low of 5,493, finding aggressive buyers who pushed the index to a daily high of 5,550. The S&P 500 is currently trading at 5,515, gaining 0.23% on the day.
Raphael Bostic sees soft landing for US economy
In his speech today, Federal Reserve Bank of Atlanta President and member of the Federal Open Market Committee, Raphael Bostic, stressed that a soft landing for the American economy may be within reach. He added that the most recent inflation reports confirm his confidence in a sustainable return to 2%, although the monetary authority must continue to monitor the data to ensure that inflation risks continue to diminish.
On the other hand, based on information provided by the United States Bureau of Labor Statistics, JOLTS job openings decreased to 7.67 million in July, falling short of the estimated 8.1 million and the expected 7.91 million.
Levels to consider in the S&P 500
The S&P 500 formed a short-term resistance at 5,654, given the high of September 2. The first support is at 5,293, the pivot point of August 9 and close to the 50% Fibonacci retracement. The next key support is at 5,090, the low of August 5 that confluences with the 23.6% Fibonacci retracement.
S&P 500 daily chart
Source: Fx Street
I am Joshua Winder, a senior-level journalist and editor at World Stock Market. I specialize in covering news related to the stock market and economic trends. With more than 8 years of experience in this field, I have become an expert in financial reporting.
