- The S&P 500 is trading with slight losses of 0.03% after reaching new historical highs at 5,739.
- New home sales fell 4.7% in August, compared with a 10.3% increase in July.
- The US economic agenda includes a speech by FOMC member Adriana Kugler at the close of trading.
The S&P 500 set a daily low at 5,716 where it attracted buyers that pushed the index to a new all-time high at 5,739. Currently, the S&P 500 is trading above 5,733 down 0.03% on the day.
S&P 500 hits new record highs ahead of FOMC remarks
According to data released by the U.S. Census Bureau, the share of new home sales in the United States fell by 4.7% in August, compared to a 10.3% increase in July. The median sales price of new homes sold in August 2024 was $420,600, while the median sales price was $492,700.
Elsewhere, the S&P 500 hit a new all-time high at 5,739 ahead of speeches by Federal Reserve Chairman Jerome Powell, as well as Federal Open Market Committee (FOMC) members Susan Collins, Michelle Bowman, John Williams, Lisa Cook, Michael Barr and Neel Kashkari tomorrow.
In this context, Adriana Kugler, member of the Board of Governors of the Federal Reserve, will offer a speech at the end of today’s session.
Levels to consider in the S&P 500
The S&P 500 remains in an uptrend after reacting to the upside at support at 5,614, the low of September 18. The next key support is at 5,400, the pivot point of September 6.
The nearest resistance is at 6,000, a closed number that converges with the 1.50% Fibonacci extension. The relative strength index is at 64.24, well above the 50 midline, confirming the strength of the buying pressure with intentions to reach higher levels.
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.
