S&P 500 rebounds to seven-day high

• The S&P 500 gained 0.74%, reaching its highest level since September 3.
• The US Producer Price Index came in at 1.7%, below market expectations.
• Weekly jobless claims stood at 230,000, above the previous record.

The S&P 500 set an intraday low at 5,533, finding aggressive buyers who pushed the index to a seven-day high of 5,598. The S&P 500 is currently trading at 5,496, up 0.78% on the day.

S&P 500 trades higher after US PPI in line with major indices

According to data from the Bureau of Labor Statistics, the US Producer Price Index came in at 1.7% in August, down from 2.1% in July and below the 1.8% estimate by analysts.

Weekly jobless claims, meanwhile, rose to 230,000 from 228,000 in the week ending Sept. 6.

With these results, the S&P 500 reached highs not seen since September 3 at 5,598, rising 43 points at the close of trading.

Levels to consider in the S&P 500

The S&P 500 pushed higher at short-term support at 5,400, given the low of September 6. The next key support is seen at 5,090, the pivot point of August 5, in convergence with the 23.6% Fibonacci retracement. The closest resistance is at 5,667, the all-time high reached on July 16.

S&P 500 daily chart