- The S&P 500 is trading at 5,300, just shy of yesterday's all-time high of 5,324.
- Speeches by Fed members continue today with Thomas Barkin, Christopher Waller, John Williams, Michael Barr, Raphael Bostic, Loretta Mester and Susan Collins.
The S&P 500 opened the European session with a high of 5,313, finding aggressive sellers and taking the market to a daily low of 5,300. Investors are attentive to today's speeches by Fed members.
The speeches of the members of the Fed saturate the day
Christopher Waller, a member of the Fed's Board of Governors, stated that he needs to see several months of good inflation data before supporting an easing of monetary policy. On the other hand, Raphael Bostic, president of the Atlanta Federal Reserve, mentioned that the Fed's top priority is for inflation to decline at a relatively slow pace to 2% and would not expect a rate cut before the fourth quarter. Investors will cautiously follow the positions of Loretta J. Mester, CEO of the Cleveland Federal Reserve and Susan M. Collins, president of the Boston Federal Reserve.
The market is also preparing for the Fed minutes that will be published at the close of the American session on Wednesday, May 22, a significant reaction is expected in the main stock indices.
Technical levels in the S&P 500
The first resistance is found at 5,314, given by the pivot points in convergence with the 23.6% Fibonacci retracement. The second resistance is at 5,324, the all-time high reached yesterday. The first support is located at 5,290, given by the retracement to 78.6% Fibonacci. The second support is found at the low of the session on May 17 at 5,282.
S&P 500 15-minute 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.
