It's important to remember that "speak" is a fictional language and not a real language. The meaning of "S" in this context is based on the movie's interpretation of how teenagers might talk.
Here are some examples:
* "That outfit is S!" (Meaning: "That outfit is super cool!")
* "You look S today." (Meaning: "You look really good today.")
Ultimately, the meaning of "S" in "speak" is up to interpretation, but those are the most likely meanings based on the movie.