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Important Disclaimers The content provided on the website includes general news and publications, our personal analysis and opinions, and contents provided by third parties, which are intended for educational and research purposes only. In case this attempt is successful, SP500 will move towards the next resistance at 4730 – 4750. The weaker-than-expected report highlighted the challenging situation in the manufacturing sector, which is an additional reason for the Fed to be more dovish.Ĭurrently, SP500 is trying to settle above the resistance at 4575 – 4600. The report indicated that ISM Manufacturing PMI remained unchanged at 46.7, while analysts expected that it would improve to 47.6. Today, traders also had a chance to take a look at ISM Manufacturing PMI report for November. Traders will continue to prepare for rate cuts in the first half of the next year. Fed Chair said that Fed would move carefully, and the markets believe that the central bank will not raise rates again.

Powell also noted that the benchmark overnight interest rate was in the restrictive territory. Fed Chair noted that the risks of slowing the economy have become more balanced with the risks of not reaching a sufficiently restrictive level of interest rates. SP500 tests new highs as traders react to Powell’s comments.

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