S&P 500 Index Trades Higher Ahead of the FOMC Meeting

S&P 500 trades almost unchanged in early trading as investors await the FOMC statement tomorrow while we approach the December 15th deadline of the additional tariffs on Chinese imports. United States, Mexico and Canada have reached an agreement over labour, steel and aluminium in the USMCA trade agreement.

Earlier today, the United States Nonfarm Productivity came in at -0.2%, below forecasts of -0.1% in the third quarter. The United States Redbook Index (MoM) declined to -3.6% on December 6 from previous 0.4% the yearly reading also came down to 5% on December 6 from the previous 7.9%.

S&P dragged down by CF Industries Holdings Inc. -3.61%, CVS Health Corp. -2.66%, Cigna Corp. -2.67% and Comcast Corp. -2.15%. On the other hand the index getting a boost from AutoZone Inc. +7.24%, Western Digital Corp. +3.58% and NortonLifeLock Inc. +3.15%.

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S&P 500 Technical Levels

S&P 500 adds 0.17% higher at 3,138  as investors seeking for  direction amid mixed headlines from the trade negotiations between China and USA.

Looking north, S&P 500 immediate resistance will be met at 3,143 today’s high, while a move above will open the way to fresh highs above the 3,154 all-time high.

On the other hand, first support for the index stands at 3,116.6 the daily low, a break below that level will attract more offers to the next support at 3,083 the low from December 4th. If sellers breach this level, then the way will be open for a move down to the 50-day moving average at 3051.4.More content