- The S&P 500 gained 0.13% on the day, reaching highs not seen since July 17.
- Major stock indices show low volume due to the Labor Day celebrations in the US.
- Investors will be focused on Nonfarm Payrolls, due out this Friday.
The S&P 500 hit a daily low of 5,624, attracting aggressive buyers who pushed the index to a one-and-a-half-month high not seen since July 17 at 5,653. The S&P 500 is currently trading at 5,650, gaining 0.13% today.
Investors will be looking to the August Nonfarm Payrolls
The market is showing low volume due to the Labor Day holiday in the United States. However, the S&P 500 is at a one-and-a-half-month high of 5,653, with clear intentions of surpassing the all-time high reached on July 16 at 5,667.
Investors will be keeping an eye on the Non-Farm Payrolls results, which will be released on Friday. It is expected that 165,000 formal jobs will be added in August compared to 114,000 in July.
Levels to consider in the S&P 500
The S&P 500 formed a short-term support at 5,541 which is concurrent with the 78.6% Fibonacci retracement. The next key support is at 5,090, the pivot point from August 5. The closest resistance is at 5,667, an all-time high set on July 16. The Relative Strength Index is at 62.11, showing the strength of the buying pressure with intentions to set new all-time highs in the coming sessions.
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.
