Stock index S&P 500 continue to move as part of the growth and the beginning of the development of the “Triangle” model, which the buyers of the index have confidently broken up. At the time of the publication of the forecast, the index is trading at 3700. At the moment, we should expect an attempt to develop a correction and test the support level near the 3675 area. Where can we expect a rebound and a continued rise in the S&P 500 quotes to the area above the level of 3785.
S&P 500 Forecast and Analysis December 17, 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 upper border of the “Triangle” pattern. Cancellation of the growth option for the index quotes will be a fall and a breakdown of the area of 3585. 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 3475. Expect acceleration in the growth of stock index quotes with the breakdown of the resistance area and closing of quotations above the 3755 area.
S&P 500 Forecast and Analysis December 17, 2020 suggests an attempt to test the support level near the 3675 area. Then, continued growth to the area above the 3785 level. In favor of reducing the S&P 500 quotes, a test of the trend line on the relative strength index (RSI) will come out. Cancellation of the upside option will be a fall in the value of the index and a breakdown of the 3585 area. This will indicate a continued decline with a target below the 3475 area.
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