Stock index S&P 500 continue to move as part of the rise and 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 the level of 4430. At the moment, we should expect an attempt to develop a decline and test the support level near the 4405 area. Where can we expect a rebound and a continued rise in the S&P 500 quotes to the area above the level of 4525.
S&P 500 Forecast and Analysis August 12, 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 4345. This will indicate a breakdown of the support level and a continued fall in the S&P 500 index with a target below the level of 4225. Expect an acceleration in the rise of the stock index quotes with the breakdown of the resistance area and closing of quotations above the 4485 area.
S&P 500 Forecast and Analysis August 12, 2021 suggests an attempt to test the support level near the 4405 area. Then, the continuation of the rise to the area above the 4525 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 4345 area. This will indicate a continued decline with a target below the 4225 area.
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