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The S&P 500 continues its upward trend awaiting the FED minutes

  • The S&P 500 is trading at 5,320, with clear intentions of exceeding 5,325, the maximum reached in the European session.
  • The focus will be on the Fed minutes at the close of the American session.

The S&P 500 opened the European session with a daily high of 5,325, finding aggressive sellers and taking the market to a European session low of 5,312. Participants have shown a timid attitude during the American session, trading without significant changes at 5.320 -2.76 (-0.05%).

Investors' attention focused on Fed minutes

Federal Reserve authorities have used cautious language regarding a short-term rate cut since the publication of inflation data in April. The Federal Reserve will release the minutes of the April 30 and May 1 monetary policy meeting today. Strong movements are expected in stock indices, bond prices and the main currencies.

Technical levels in the S&P 500

The first technical support is found at 5,313, given by the pivot points in convergence with the 50% Fibonacci retracement. The second support is at 5,300, the closed number and minimum of the session on May 21. The closest resistance is located at 5,325, the maximum reached during today's European session.

S&P 500 one-hour chart

Source: Fx Street

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