- The S&P 500 attracted new buyers who are optimistic about the US economy.
- The focus will be on the speeches of the Fed authorities during the next week.
The S&P 500 opened the European session with a low of 5,267, rebounding and reaching a daily high of 5,309 in the American session. It is currently trading at 5,300, gaining 0.63% daily.
Investors' attention will be on the speeches of the members of the Fed and the economic data of the United States
The following week will be framed by speeches by Michelle W. Bowman, member of the Board of Governors of the Federal Reserve, Loretta J. Mester, CEO of the Federal Reserve Bank of Cleveland, and John C. Williams, president of the Bank of the New York Federal Reserve. On May 30, the preliminary Gross Domestic Product of the United States will be released, the market consensus expects 1.5%
Technical levels in the S&P 500
The first support is found at 5,260, given by the retracement to 78.6% Fibonacci. The second support is found at 5,150, in confluence with the pivot points and the 50% Fibonacci. The closest resistance is at 5,346, the all-time high reached on May 23.
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.
