Stock index S&P 500 continue to move as part of the rise and the beginning of the development of the ”Triangle” model. Moving averages indicate a short-term uptrend. Prices are again testing 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 4424. At the moment, we should expect an attempt to develop a decline and test the support level near the 4415 area. Where can we expect a rebound and a continued rise in the S&P 500 quotes to the area above the 4505 level.
S&P 500 Forecast and Analysis August 11, 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 upper border of the ”Triangle” pattern. Cancellation of the option to raise the index quotes will be a fall and a breakdown of the area of 4365. This will indicate a breakdown of the support level and a continued fall in the S&P 500 index with a target below 4235. Expect an acceleration of the rise in stock index quotes with a breakdown of the resistance area and closing of quotations above the 4455 area.
S&P 500 Forecast and Analysis August 11, 2021 suggests an attempt to test the support level near the 4415 area. Then, a continuation of the rise to the area above the 4505 level. In favor of the growth of 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 4365 area. This will indicate a continued decline with a target below the 4235 area.
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