- The S&P 500 index registered a downward movement of 26 points when the United States Producer Price Index was published.
- The focus now shifts to Jerome Powell's speech.
The US Producer Price Index (PPI) rose to +0.5% monthly in April from -0.1% previously, clearly beating the consensus of +0.3%. The S&P 500 reached a daily high of 5,225 during the European session, but after the release of the PPI it fell to 5,198 to find aggressive buyers who reversed this move, taking the index back to 5,228 points.
Attention will be on Jerome Powell's speech
Lisa D. Cook, member of the Board of Governors of the Federal Reserve, highlighted the growth in demand for products and services from financial institutions during her speech in New York. Federal Reserve Chairman Jerome Powell is expected to provide greater clarity and certainty on inflation targeting in his speech at the Foreign Bankers Association Annual General Meeting in Amsterdam.
Technical levels in the S&P 500
The S&P 500 established short-term support at 5,200, being the minimum of the American session and confluence of the 50% Fibonacci retracement. We have the next resistance at the maximum of the session on May 13 at 5,239. If exceeded, the next objective is 5,263, the historical maximum reached on March 28.
S&P 500 1-Minute Chart
S&P 500 1-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.
