S&P 500 trades higher after US retail sales

• The stock market index has recorded its third consecutive session of gains.
• Retail sales were virtually unchanged at $704.3 billion in June, down from $704.5 billion in May.
• Bank of America and Morgan Stanley beat estimates in quarterly earnings reports.
• The agenda includes a speech by Adriana Kugler, member of the Board of Governors of the Federal Reserve.

The S&P 500 hit a daily low during the European session at 5,622, finding interested buyers to take the market to a daily high at 5,653 during the American session. At the time of writing, the index is trading at 5,652, gaining 0.35%, on today’s trading.

The market maintains a bullish outlook after the publication of retail sales in the United States

The S&P 500 Index posted its third day of gains after the U.S. Census Bureau reported that retail sales fell marginally in June, from $704.5 billion in May to $704.3 billion in June, down 0.05%. This result is in line with market expectations.

Retail sales excluding autos rose 0.4% in June, up from the previously forecast 0.1% increase. Retail sales increased 0.9% in June from 0.4% in May.

Elsewhere, Bank of America released its quarterly report, beating expectations by reporting revenues of $25.4B versus the expected $25.24B. Similarly, Morgan Stanley had revenues of $15B, above the consensus of $14.32B. At the close of the market, investors will be focusing their attention on Adriana Kugler, a member of the Fed’s Board of Governors.

Levels to consider in the S&P 500

We see a first support at the 13-period Exponential Moving Average located at 5,618, the minimum of July 15. The next support is located at 5,580, given by the 61.8% Fibonacci retracement. The closest resistance is at the historical maximum reached on July 15 at 5,664.

S&P 500 4-hour chart