The S&P 500 operates without significant changes prior to Jerome Powell’s speech

• The S&P 500 operates with a slight loss of 0.02% at the beginning of the American session.
• Michelle Bowman presents her economic outlook to the Bankers Association in Charleston, South Carolina.
• Today’s US economic agenda considers Jerome Powell’s participation in front of the National Association of Business Economics in Nashville.

The S&P 500 hit a session high of 5,739 finding sellers that took the index to a three-day low of 5,718. At the time of writing, the S&P 500 is trading at 5,734, down slightly 0.02% daily.

Investors will focus on Jerome Powell’s speech

Michelle Bowman, a member of the FED Board of Governors, shared her economic outlook before the Bankers Association in Charleston, highlighting that inflation remains uncomfortably above the 2% target and signaling a preference for more moderate rate cuts.

On the other hand, investors’ attention will be on the participation of the president of the Federal Reserve, Jerome Powell, in front of the National Economic Association in Nashville, where he is expected to offer some guidance on the direction of monetary policy in the short term. .

Levels to consider in the S&P 500

The S&P 500 reacted lower at short-term resistance given by the all-time high reached on September 26 at 5,772. The closest support is found at 5672, the low of September 20 in convergence with the 78.6% Fibonacci retracement. The next key support is at the 5,604 September 16 pivot point.

S&P 500 4-hour chart