• On Wednesday, US equities are rising between 0.24% and 0.87%.
  • Fed’s Chair Powell: “Fed is strongly committed to bringing inflation back down, moving expeditiously to do so.”
  • The Nasdaq Composite leads the pack, followed by the S&P 500 and the Dow Jones.
  • The greenback and US Treasury yields are falling despite the Fed’s Chief Powell’s hawkish commentary.

US equities remain in the green despite a hawkish speech by the Federal Reserve Chairman Jerome Powell, who takes the stand at the US Senate Banking Committee on Wednesday as the North American session begins.

At the time of writing, the S&P 500 jumps from hostile territory, recording minimal gains of 0.34%, sitting at 3,780.63, while the Nasdaq Composite leads the pack climbing 0.87%, up at 11,165.14. In the meantime, the Dow Jones Industrial (DJIA) is rising 0.24%, advancing to 30,602.45.

Speaking about sectors, the gainers are Consumer Discretionary, up 1.38 %, followed by Communications Services and Real Estate, each printing gains of 1.27% and 1.25%, respectively. The main lossers are Energy, Materials, and Industrials, dropping by 3.02 %, 0.84%, and 0.30% each.

Meanwhile, the US Dollar Index extends its weekly losses and is tumbling towards 104.165, down by 0.25%. US Treasury yields remain high but down, and the US 10-year note hovers around 3.149%, falling twelve basis points.

Fundamentally nothing has changed, though stocks keep pushing higher, despite the US Federal Reserve Chair Jerome Powell saying that the Fed is “strongly committed to bringing inflation back down.” Furthermore, he added that data and decisions would determine the pace of rate hikes, which will be made “meeting by meeting.”

In the commodities complex, the US crude oil benchmark, WTI plummets 4.53%, exchanging hands at $104.47 BPD. At the same time, precious metals like gold (XAU/USD), grind higher by 0.26%, trading at $1843.70 a troy ounce.

SP 500 Chart

Key Technical Levels

SP 500

Overview
Today last price 3786.82
Today Daily Change 23.16
Today Daily Change % 0.62
Today daily open 3763.66
 
Trends
Daily SMA20 3964.26
Daily SMA50 4080.79
Daily SMA100 4249.25
Daily SMA200 4411.73
 
Levels
Previous Daily High 3778.8
Previous Daily Low 3717.01
Previous Weekly High 3852.15
Previous Weekly Low 3636.65
Previous Monthly High 4305.91
Previous Monthly Low 3809.41
Daily Fibonacci 38.2% 3755.2
Daily Fibonacci 61.8% 3740.61
Daily Pivot Point S1 3727.51
Daily Pivot Point S2 3691.37
Daily Pivot Point S3 3665.72
Daily Pivot Point R1 3789.3
Daily Pivot Point R2 3814.95
Daily Pivot Point R3 3851.09

 

 

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