The Institute for Supply Management in the US is going to report the most recent changes to the ISM manufacturing PMI for September, which is yet another pivotal indicator for the state of the American economy.
The manufacturing sector contracted in August, amidst the rising tensions between the US and China, for the first time since January 2016.
Timothy Fiore, Chair of the Institute for Supply Management (ISM) Manufacturing Business Survey Committee, commented last month’s manufacturing performance by saying that:
“August saw the end of the PMI® expansion that spanned 35 months, with steady expansion softening over the last four months. […] Respondents expressed slightly more concern about U.S.-China trade turbulence, but trade remains the most significant issue, indicated by the strong contraction in new export orders..” [source]
Following the release of the last ISM report on the 3d of September, the S&P 500 fell with 0.69 per cent in a single day, which was attributed to the recorded deterioration of the export orders.
Currently, the index is trading at 2961, which is just above the 23.6 per cent Fibonacci retracement level at 2959.5.
If this week's ISM Manufacturing data disappoints investors once again, the price of the S&P is more than likely to tumble below that support level.
Image source: Trendsharks ©, created with TradingView.com
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