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S&P 500 declines after reaching new all-time high

  • The S&P 500 remains slightly bearish awaiting the speeches from the members of the FED.
  • US weekly jobless claims fell by 10,000 during the week of May 10.

The S&P 500 has registered a new all-time high at 5,323 in the American session, which has been rejected and has reached a low at 5,302. Currently, it remains oscillating around 5,305.

Investors keep their attention on economic data and the members of the FED

The Philadelphia FED Manufacturing Index has fallen to 4.5 from 15.5 points in April. Weekly jobless claims fell to 222,000 from 232,000 posted on May 9. Speeches are expected from Loretta J. Mester, CEO of the Cleveland Federal Reserve, and Raphael W. Bostic, president of the Atlanta Federal Reserve.

Technical levels in the S&P 500

The S&P 500 has formed short-term resistance at 5,318, given by the pivot points. We see the closest support at 5,390, in confluence with the 1,618% Fibonacci extension. The next support is found at 5,275, the maximum of the session on May 15.

S&P 500 1-Minute Chart

Source: Fx Street

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