Stock index S&P 500 continue to move within the framework of good growth and a bullish channel. Moving averages indicate a short-term bullish trend. Prices went up from the area between the signal lines, which indicates pressure from buyers of the asset and a potential continuation of the growth of the stock index in the market from the current levels. At the time of the publication of the forecast, the index is trading at the level of 4138. At the moment, we should expect an attempt to develop a correction and test the support level near the 4070 area. Where can we expect a rebound and a continued rise in the S&P 500 quotes to the area above the 4255 level.
S&P 500 Forecast and Analysis April 16, 2021
An additional signal in favor of raising the stock index quotes will be a test of the support line on the relative strength index (RSI). The second signal will be a rebound from the lower border of the ascending channel. Cancellation of the growth option for the index quotes will be a fall and a breakdown of the 3995 area. This will indicate a breakdown of the support level and a continued fall in the S&P 500 index with a target below 3565. Expect an acceleration of the rise in the stock index quotes with the breakdown of the resistance area and closing of quotes above the 4205 area.
S&P 500 Forecast and Analysis April 16, 2021 suggests an attempt to test the support level near the 4070 area. Then, continued growth to the area above the 4255 level. In favor of the rise in the S&P 500 quotes, a test of the trend line on the relative strength index (RSI) will come out. Cancellation of the growth option will be a fall in the value of the index and a breakdown of the 3995 area. This will indicate a continued decline with a target below the 3565 area.
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