Stock index S&P 500 continue to move within the framework of a strong correction and an upward channel. At the time of the publication of the forecast, the index is trading at the level of 3468. At the moment, we should expect an attempt to develop a downward correction and test the support level near the 3445 area. Where can we expect a rebound and continued growth of the S&P 500 quotes to the area above the level of 3635.
S&P 500 Forecast and Analysis August 28, 2020
An additional signal in favor of the growth of the stock exchange 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 3445 area. This will indicate a breakdown of the support level and a continued fall in the S&P 500 index with a target below 3315. Expect an acceleration in the rise of the stock index quotes with the breakdown of the resistance area and closing above the 3545 area.
S&P 500 Forecast and Analysis August 28, 2020 suggests an attempt to test the support level near the 3445 area. Then, continued growth to the area above the level of 3635. In favor of raising 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 3445 area. This will indicate a continued decline with a target below the 3315 area.
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