S&P 500 hits new record highs after key US economic data

• The S&P 500 is up 0.17% on the day, hitting a new all-time high at 5,772.
• Durable goods claims remain unchanged in August.
• U.S. Gross Domestic Product grew by 3% annual rate.
• Weekly jobless claims came in at 218,000 versus the market’s expected 225,000.

The S&P 500 hit a new all-time high at 5,772, encountering aggressive sellers who drove the index to a daily low of 5,745. At the time of writing, the S&P 500 is trading at 5,730, up 0.17% on the day.

S&P 500 hits new record highs after US economic data

According to the U.S. Census Bureau, durable goods claims were flat in August, in contrast to a 9.9% increase in July. Real gross domestic product, on the other hand, rose 3.00% on an annualized basis, in line with analysts’ estimates.

According to data from the U.S. Department of Labor, weekly claims for unemployment benefits came in at 218,000 for the week ending Sept. 21, down from an estimated 225,000 and a decline of 222,000 in the prior week.

Federal Reserve Board of Governors member Michelle Bowman stressed her dovish rate-cutting stance, without adding any relevant comments.

Federal Reserve Chairman Jerome Powell made no comment on monetary policy in his speech today.

Levels to consider in the S&P 500

The S&P 500 reacted to the downside at a short-term resistance given by the all-time high reached today at 5,772. The closest support zone is seen at 5,630, an area that converges with the 78.6% Fibonacci retracement. The next key support is seen at 5,400, the September 6 low that converges with the 50% Fibonacci retracement.

S&P 500 daily chart