Stock index S&P 500 continue to move within the framework of the rise and the bullish channel. Moving averages indicate a short-term bullish trend. Prices went up from the area between the signal lines, which indicates pressure from buyers of the asset and a potential continuation of the growth of the stock exchange index in the market already from the current levels. At the time of the publication of the forecast, the index is trading at the level of 4705. At the moment, we should expect an attempt to develop a small correction and test the support level near the 4605 area. Where can we expect an upward rebound and continued growth of the S&P 500 quotes to the area above the level of 4915.
S&P 500 Forecast and Analysis December 17, 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), which has been broken upwards. The second signal will be a rebound from the lower border of the bullish channel. Cancellation of the growth option for the index quotes will be a fall and a breakdown of the 4465 area. 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 4255. Expect an acceleration of the rise in stock index quotes with a breakdown of the resistance area and closing of quotations above the 4825 area, which will indicate a breakdown of the upper border of the ”Head and Shoulders” pattern.
S&P 500 Forecast and Analysis December 17, 2021 suggests an attempt to test the support level near the 4605 area. Then, continued growth to the area above the 4915 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 4465 area. This will indicate a continued decline with a target below the 4255 area.
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