S&P 500 hits new record highs after Fed members commented

• The S&P 500 rose 0.32% to a new all-time high of $5,734 today.
• FOMC Member Michelle Bowman shared her economic outlook in Virginia.
• The US Consumer Confidence Index came in at 98.7, below market expectations.

The S&P 500 hit a session low of 5,697 as aggressive buyers pushed the index to a new all-time high of 5,734. At the time of writing, the S&P 500 is trading above 5,716 gaining 0.32% on the day.

S&P 500 hits new record highs amid comments from Federal Reserve officials

The Conference Board’s Consumer Confidence Index for September fell to 98.7 points, down from the projected 103.9 and the 105.6 recorded in August.

On the other hand, Michelle Bowman, member of the Board of Governors of the Federal Reserve, presented her economic outlook at the Annual Convention of the Bankers Association of Kentucky, Virginia. She highlighted the current economic environment with no signs of weakening, keeping an eye on underlying inflation with upside risks due to spending and wages.

The market reacted positively to the comments, setting a new all-time high at 5,734, with intentions to explore higher levels in the coming sessions.

Levels to consider in the S&P 500

The S&P 500 reacted to the upside at a key support located at 5,400, given by the low of September 6. The next support is observed at 5,090, pivot point of August 5. The next resistance is found at 6,000, a closed number that converges with the 1.50% Fibonacci extension.

S&P 500 daily chart