- The S&P 500 is trading in positive territory, breaking a three-day losing streak.
- Democratic Party members will decide their candidate at the Chicago convention to be held from August 19 to 22.
- Investors will be focused on US gross domestic product and core consumer spending price index releases.
The S&P 500 hit a daily low of 5,514 during the European session, finding buyers that pushed the index to a daily high of 5,560 during the American session. The index is currently trading at 5,539, gaining 0.59% on today’s trading.
US President shows his support for Kamala Harris as a possible candidate to face Donald Trump
The current Vice President of the United States, Kamala Harris, has received significant support from congressmen and governors of the Democratic Party after announcing her aspiration to compete in the next elections following the withdrawal of President Joe Biden’s candidacy. The Democrats are expected to make their candidate official at the convention to be held in Chicago from August 19 to 22, although it is not ruled out that they could do so earlier.
Investors will be focusing their attention on the release of U.S. gross domestic product on Thursday. The consensus of analysts expects an increase to 1.9% from the previous reading of 1.4%. Similarly, expectations for the annualized core price index for consumer spending, to be published next Friday, indicate a decrease to 2.5% from 2.6%.
Levels to consider in the S&P 500
The S&P 500 has formed a resistance at 5,560, in convergence with the 9-period Exponential Moving Average. The first support is at 5,495, the low of July 19. The next support is at 5,544, the pivot point of July 2.
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.
