Stock index S&P 500 continue to move within the framework of the growth and the bullish channel. Moving averages indicate a short-term bullish trend. Prices broke through the area between the signal lines upward, 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 4686. At the moment, we should expect an attempt to develop a correction and test the support level near the 4605 area. Where can we expect an upward rebound and continued growth in the S&P 500 quotes to the area above the level of 4875.
S&P 500 Forecast and Analysis December 9, 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 ”Head and Shoulders” reversal pattern. Cancellation of the growth option for the index quotes will be a fall and a breakdown of the area of 4445. This will indicate a breakdown of the support level and a continued fall in the S&P 500 index with a target below 4255. Expect an acceleration of the rise in stock index quotes with the breakdown of the resistance area and closing of quotations above the 4755 area, which will indicate a breakdown of the upper border of the ”Head and Shoulders” pattern.
S&P 500 Forecast and Analysis December 9, 2021 suggests an attempt to test the support level near the 4605 area. Then, continued growth to the area above the 4875 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 4445 area. This will indicate a continued decline with a target below the 4255 area.
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