The S&P 500 sets a new all-time high after statements by Fed members

• The S&P 500 is up 0.83% on the day, reaching a new all-time high at 5,870.
• Neel Kashkari highlighted in his speech that current monetary policy remains restrictive, suggesting further modest rate cuts.
• FOMC member Christopher Waller noted today that recent US inflation data was disappointing.

The S&P 500 set a daily low at 5,810, finding aggressive buyers that led the index to a new all-time high at 5,870. At the time of writing, the S&P 500 is trading above 5,861, gaining 0.83% daily.

S&P 500 sets new all-time high amid Fed speeches

Federal Reserve Bank of Minneapolis President Neel Kashkari noted in his speech today that modest further rate cuts may be appropriate as the labor market remains strong and the economy is in the final stages of reaching to the 2% inflation target.

Along the same lines, member of the board of governors of the federal reserve Christopher Waller, highlighted that the monetary authority should act more cautiously in rate cuts, warning that, if inflation rises unexpectedly, the Fed could pause rate cuts. rates.

In the midst of this context, the S&P 500 signed its second consecutive session on the rise, reaching a new all-time high at 5,870.

Levels to consider in the S&P 500

The S&P 500 formed short-term support at 5,764, given by the low of October 10, the next key support level is observed at 5,672, pivot point of October 2.

On the upside, we see the key resistance zone at 6,000, given by the 1.618% Fibonacci extension, where participants are expected to take profits in the short term.

S&P 500 3-hour chart