- The S&P 500 loses 0.95%, reaching lows not seen since September 23.
- JOLTS job openings increase to 8.04 million in August, surpassing market consensus.
- The US manufacturing PMI stood at 47.2 in September, unchanged from August’s reading.
The S&P 500 set a day’s high at 5,764, where it attracted aggressive sellers that took the index to lows not seen since September 23 at 5,686. Currently, the S&P 500 is trading above 5,691, down 1.18% early in the session.
The S&P 500 reacts lower after the publication of the United States ISM Manufacturing PMI
US manufacturing activity stood at 47.2 points in September, below the 47.5 estimated by analysts and equaling the August figure.
On the other hand, JOLTS job offers amounted to 8.04 million in August, above the 7,655 million expected and the 7,711 registered in July.
Following these economic results, the S&P 500 lost 54 points today, in line with the main stock indices.
Levels to consider in the S&P 500
The S&P 500 established resistance given by the all-time high reached on September 26 at 5,772, breaking down the key 5,700 level, close to the 78.6% Fibonacci retracement.
We see the closest support at 5,672, the pivot point of September 20. The next key support area is at 5604, given by the September 16 low, in line with the 50% Fibonacci retracement.
The Relative Strength Index is at 46.65, below the midline of 50, showing strength in the selling pressure with intentions of reaching the support of 5.672.
S&P 500 4-hour 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.
