Stock index S&P 500 continue to move within the fall and the bullish channel. There is also a potential for the formation of the ”Triangle” model. Moving averages indicate a short-term bullish trend. Prices broke through the area between the signal lines downward, which indicates pressure from the sellers of the asset and a potential continuation of the fall of the stock index in the market from the current levels. At the time of the publication of the forecast, the index is trading at the level of 4552. At the moment, we should expect an attempt to develop a correction and test the support level near the 4515 area. Where can we expect an upward rebound and continued growth in the S&P 500 quotes to the area above the level of 4725.
S&P 500 Forecast and Analysis December 21, 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). 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 area of 4305. 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 4005. Expect an acceleration of the rise in stock index quotes with a breakdown of the resistance area and closing of quotations above the 4885 area, which will indicate a breakdown of the upper border of the ”Triangle” model.
S&P 500 Forecast and Analysis December 21, 2021 suggests an attempt to test the support level near the 4515 area. Then, continued growth to the area above the 4725 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 4305 area. This will indicate a continued decline with a target below the 4005 area.
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