Stock index S&P 500 continue to move within the fall and the downtrend channel. Moving averages indicate a short-term bearish trend. Prices are again testing the area between the signal lines, 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 4561. At the moment, we should expect an attempt to develop growth and test the resistance level near the 4605 area. Where can we expect a rebound down and the continuation of the fall in the S&P 500 quotes to the area below the level of 4365.
S&P 500 Forecast and Analysis December 3, 2021
An additional signal in favor of reducing the stock index quotes will be a test of the resistance line on the relative strength index (RSI). The second signal will be a rebound from the upper border of the descending channel. Cancellation of the option of falling index quotes will be a strong growth and a breakdown of the area of 4655. This will indicate a breakdown of the resistance level and a continued rise in the S&P 500 index with a target above the level of 4955. Expect to accelerate the fall in stock index quotes with the breakdown of the support area and closing of quotations below the 4475 area.
S&P 500 Forecast and Analysis December 3, 2021 suggests an attempt to test the resistance level near the 4605 area. Then, the continuation of the fall to the area below the 4365 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 fall option will be a strong growth in the value of the index and a breakdown of the 4655 area. This will indicate a continued rise with a target above the 4955 area.
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