- The S&P 500 lost 1.50%, reaching a four-day low.
- ISM manufacturing PMI rises to 47.2 in August, below market expectations.
- The Prices Paid Index rose to 54 in August, above the analyst consensus.
The S&P 500 set an intraday high of 5,650, attracting aggressive sellers who drove the index to a four-day low not seen since August 28 at 5,559. At the time of writing, the S&P 500 is trading above 5,567, losing 1.53% on the day.
S&P 500 trades lower after US ISM manufacturing PMI release
The manufacturing sector showed an increase to 47.2 in August, surpassing the 46.8 registered in July, however, it remained below the 47.5 expected by the market. On the other hand, the Price Paid Index rose to 54, placing it above the 52.9 and 52.5, previously and expected, respectively.
The S&P 500 fell to $5,559, hitting the low of August 28, ending a three-day winning streak.
Levels to consider in the S&P 500
The S&P 500 established short-term resistance at 5,654, given the pivot point of September 2. The closest support is at 5,511, the low of August 16, which converges with the 78.6% Fibonacci retracement. The next key support is at 5,090, the low of August 5, which converges 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.
