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The S&P 500 remains attentive to economic data and speeches by Fed members

  • The index operates in positive territory, breaking a streak of three consecutive downward sessions.
  • The agenda includes a speech by Lisa Cook, member of the Fed Board of Governors.
  • The Conference Board Consumer Confidence Index weakens to 100.4 from 101.2 in May.

The S&P 500 hit a daily low of 5,441 during the European session, bouncing back and hitting a daily high of 5,463. At the time of writing, the S&P 500 is trading at 5,460, gaining 0.20% on the day.

The S&P remains attentive to the appearances of the Fed authorities

Federal Reserve Board of Governors Michelle Bowman stated that they are not yet at the right point to cut interest rates. She highlighted that if the data shows inflation moving towards 2%, it will be prudent to gradually reduce the monetary policy rate.

The Chicago Federal Reserve’s national activity index increased to 0.18 points in May from -0.26 in April after two months of negative readings. This result is the highest since July 2023.

On the other hand, the US Conference Board Consumer Confidence Index showed a decline in June, reaching 100.4 from 101.3 in May. The Current Situation Index rose to 141.5 from 140.8 in the same period.

The Federal Reserve Bank of Richmond published the manufacturing index for the month of June, standing at -10 from 0 recorded in May. This is its worst level in three months, well below expectations of a 2-point rise.

Later, the speech of Lisa Cook, member of the Board of Governors, is expected, which complements the round of statements by the Federal Reserve authorities.

Technical levels in the S&P 500

The first support is found in the 5,445 area, in confluence with the 23.6% Fibonacci retracement, the next support is located at 5,422, the minimum of the session on June 17. The nearest resistance is located at 5,470, which converges with the 50% Fibonacci retracement.

S&P 500 1-hour chart

Source: Fx Street

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