- The S&P 500 is up 0.19% today, remaining within yesterday’s trading range.
- The CB Consumer Confidence Index rose to 103.3 in August.
- Investors will be keeping an eye on Federal Reserve member Christopher Waller’s speech.
The S&P 500 hit a daily low of 5,593, finding buyers that pushed the index to a session high of 5,628. The SP 500 is currently trading at 5,625, gaining 0.19% on the day.
S&P 500 trades higher after consumer confidence index improves
The stock market index of the top 500 companies in the United States is up 10 points following the publication of the Conference Board’s Consumer Confidence Index, which improved to 103.3 in August from 101.9 in July.
The market is preparing for comments from Christopher Waller, a member of the Board of Governors of the Federal Reserve, who will give a speech after the close of the American session today.
Levels to consider in the S&P 500
The S&P 500 established short-term support at 5,511, given by the August 16 low that confluences with the 78.6% Fibonacci retracement. The next support is found at 5,090, the pivot point of August 5. The closest resistance is at the all-time high reached on July 16 at 5,667. The Relative Strength Index is at 61, above the midline of 50, showing us that buying pressure is still active, aiming to surpass the all-time high at 5,667.
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.
