S&P 500 hits new all-time high after US jobs data

• The S&P 500 hit a new all-time high of 5,547 ahead of the opening of the American session.
• Nonfarm Payrolls reports 206,000 job creation, beating estimates of 190,000 in June.
• The unemployment rate has increased to 4.1% in June, from its previous level of 4% in May.

The S&P 500 posted a daily low of 5,524, finding buyers that pushed the index to a new all-time high of 5,547 during the release of Nonfarm Payrolls and Unemployment Rate. Currently, the stock index is trading at 5,535, gaining marginally 0.06% on the day.

US releases Nonfarm Payrolls and Unemployment Rate for June

According to data from the U.S. Department of Labor, 206,000 non-farm payrolls were generated in June, compared to 272,000 in May. This result exceeds the 190,000 estimated by analysts.

On the other hand, the Unemployment Rate registered an increase to 4.1% from the previous and forecast level of 4%, thus marking its highest level since November 2021. Finally, the participation rate rose to 62.6% from its previous reading of 62.5%.

The stock market index has reached new record highs, driven by rising expectations of a rate cut by the Fed in September.

Technical levels in the S&P 500

We see a first support at 5,507, given by the 13-point Moving Average that converges with the pivot points of June 19 and 28. The next support is at 5,470, the mid-range established between June 17 and July 3, which converges with the 50% Fibonacci retracement. The closest resistance is located at the historical maximum reached today, at 5,457.

S&P 500 4-hour chart