Stock index S&P 500 continue to move within the framework of the growth and the ascending channel. At the time of the publication of the forecast, the index is trading at 3292. At the moment, we should expect an attempt to develop a downward correction and a test of the support level near the 3265 area. Where can we expect a rebound and continued growth in the S&P 500 quotes to the area above the level of 3395.
S&P 500 Forecast and Analysis August 5, 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). 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 3215. This will indicate a breakdown of the support level and a continuation of the fall in the S&P 500 index with a target below 3105. Expect an acceleration of the rise in stock index quotes with a breakdown of the resistance area and closing above the 3345 area.
S&P 500 Forecast and Analysis August 5, 2020 suggests an attempt to test the support level near the 3265 area. Then, continued growth to the area above the 3395 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 3215 area. This will indicate a continued decline with a target below the 3105 area.
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