Stock index S&P 500 continue to move within the correction and the upward channel. Moving averages indicate a short-term bullish trend. Prices are again testing the area between the signal lines, which indicates pressure from buyers of the asset and a potential continuation of the growth 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 3689. At the moment, we should expect an attempt to develop a correction and test the support level near the 3575 area. Where can we expect a rebound and a continued rise in the S&P 500 quotes to the area above the 3835 level.
S&P 500 Forecast and Analysis December 24, 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 bullish Wolfe Wave pattern. Cancellation of the growth option for the index quotes will be a fall and a breakdown of the area of 3425. This will indicate a breakdown of the support level and a continued fall in the S&P 500 index with a target below 3035. Expect acceleration of growth in stock index quotes with the breakdown of the resistance area and closing of quotations above the 3805 area, which will indicate a breakdown of the upper border of the ascending channel. And such a price movement acts as a strong signal for continued growth by the width of the channel.
S&P 500 Forecast and Analysis December 24, 2020 suggests an attempt to test the support level near the 3575 area. Then, continued growth to the area above the 3835 level. A test of the trend line on the relative strength index (RSI) will be in favor of reducing the S&P 500 quotes. Cancellation of the upside option will be the fall in the index value and the breakdown of the 3425 area. This will indicate a continued decline with a target below the 3035 area.
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