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The S&P 500 awaits inflation data to define the direction in the short term

  • The S&P 500 index remains without significant changes, pending the publication of inflation data on May 15.
  • Speeches by FED members continue today with Philip N. Jefferson and Loretta J. Mester.

The S&P 500 began the European session registering a daily high of 5,239, less than 25 points from the all-time high located at 5,263, made on March 28. During the American session, the index reached a low of 5.223, and at the time of writing it is trading at 5.227, in a session with low volume.

The speeches of the members of the FED continue

Philip N. Jefferson made remarks during the conference “Central Bank Communications: Theory and Practice.” In a series of questions and answers with Loretta J. Mester, head of the Federal Reserve Bank of Cleveland, Jefferson noted that rates should remain high until moderation in inflation is evident.

Technical levels in the S&P 500

The S&P 500 established short-term support at 5,223, being the minimum of the American session and confluence of the 50% Fibonacci retracement. We see the next support at 5,207, the minimum of May 10. We have the next resistance at today's session high at 5,239. If exceeded, the next objective is 5,263, the historical maximum reached on March 28.

S&P 500 15-minute chart

Source: Fx Street

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