Stock index S&P 500 continue to move within the decline and have left the bullish channel. The moving averages indicate the presence of a short-term upward trend. Prices have broken through the area between the signal lines downwards, which indicates pressure from asset sellers and a potential continuation of the fall of the stock index on the market from the current levels. At the time of publication of the forecast, the index is trading at 5520. At the moment, we should expect an attempt to develop a bullish correction and a test of the resistance level near the 5635 area. Where should we expect a downward rebound and a continuation of the fall of SP500 quotes to the area below the 5245 level.
S&P 500 Forecast and Analysis for September 5, 2024
An additional signal in favor of a decrease in stock index quotes on September 5, 2024 will be a test of the resistance line on the relative strength indicator RSI. The second signal will be a rebound from the lower border of the bullish channel, which was broken down by sellers. The cancellation of the index quotes fall option will be a strong growth and a breakout of the 5735 area. This will indicate a breakout of the resistance level and continued growth of the SP500 index quotes with a target above the 5965 level. It is worth expecting an acceleration of the fall of the stock index quotes with a breakout of the support area and closing of quotes below the 5435 area.
S&P 500 Forecast and Analysis for September 5, 2024 suggests an attempt to test the resistance level near the 5635 area. Then, a continuation of the fall to the area below the 5245 level. A test of the trend line on the relative strength indicator will be in favor of a decrease in SP500 quotes. The cancellation of the fall option will be a strong growth in the index value and a breakout of the 5735 area. This will indicate a continuation of the rise with a target near the 5965 area.
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