Stock index S&P 500 continue to move within the correction and the upward channel. At the time of the publication of the forecast, the index is trading at the level of 3369. At the moment, we should expect an attempt to develop a downward correction and test the support level near the 3315 area. Where can we expect a rebound and continued growth in the S&P 500 quotes to the area above the level of 3465.
S&P 500 Forecast and Analysis August 21, 2020
An additional signal in favor of the growth of the stock index quotes will be a test of the support line on the relative strength index (RSI), as we see, the indicator values do not fall below this line. 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 area of 3275. 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 3115. Expect an acceleration of the rise in stock index quotes with a breakdown of the resistance area and closing above 3445.
S&P 500 Forecast and Analysis August 21, 2020 suggests an attempt to test the support level near the 3315 area. Then, continued growth to the area above the 3465 level. A test of the trend line on the relative strength index (RSI) will be in favor of raising the S&P 500 quotes. Cancellation of the growth option will be a fall in the value of the index and a breakdown of the area of 3275. This will indicate a continued decline with a target below the area of 3115.
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