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S&P 500 hits new all-time high as Jerome Powell testifies before the Senate

  • The S&P 500 is on a six-day winning streak, hitting a new all-time high at 5,588.
  • Jerome Powell said interest rate cuts are not appropriate until the Fed gains greater confidence that inflation is heading toward 2%
  • The agenda includes a speech by Michelle Bowman, a member of the Fed’s Board of Governors.

The S&P 500 hit a daily low of 5,577 during the European session, finding buyers that pushed the index to a new all-time high of 5,588 during the American session. The index is currently trading at 5,585, gaining 0.27%, on the day.

Investors will focus on Jerome Powell’s remarks before the US Senate.

Federal Reserve Chairman Jerome Powell stressed that interest rate cuts are not appropriate until the Fed gains greater confidence that inflation is heading sustainably toward its 2% target.

Michael S. Barr, Vice Chairman of the Federal Reserve for Supervision, highlighted the importance of financial inclusion in promoting a sound and stable financial system. He mentioned technological advances in improving access to financial services that meet the needs of individuals and businesses.

The day of speeches will conclude with Michelle W. Bowman, a member of the Fed’s Board of Governors. Investors are awaiting clarity on the next moves in interest rates, in a context in which the probability of a cut has increased.

Technical levels in the S&P 500

The 9-period Moving Average has been acting as support in the short term, with the index reacting at 5,524 and establishing a first support in this area. The next support is located at 5,478, in convergence with the 23.6% Fibonacci retracement. The closest resistance is located at 5,680, given by the 161.8% Fibonacci extension.

S&P 500 4-hour chart

Source: Fx Street

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