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S&P 500 hits new record highs amid Fed policymakers’ comments

  • The S&P 500 remains bullish and records new all-time highs at 5,593.
  • Federal Reserve Chairman Jerome Powell concludes his appearance before Congress today.
  • Investors will be keeping an eye on speeches from Fed members Austan Goolsbee, Michelle Bowman and Lisa Cook.

The S&P 500 hit a daily low of 5,575 during the European session, rebounding strongly to set a new all-time high of 5,593. At the time of writing, the index is trading at 5,589, gaining 0.21% on the day.

Investors will focus their attention on statements from Federal Reserve officials

Federal Reserve Chairman Jerome Powell concludes his Senate hearing today. After noting that more good data would bolster his confidence in inflation, he is expected to add more details on his stance as the likelihood of a rate cut increases in the near term.

Fed members Austan D. Golsbee, Michelle W. Bowman and Lisa D. Cook will speak later in the day, as investors pushed markets to new record highs.

Technical levels in the S&P 500

The 9-period Moving Average continues to function as a first short-term support, located at 5,577. The next support is located at 5,560, in convergence with the 78.6% 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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