Stock index S&P 500 continue to move as part of the fall and have left the bullish channel. Moving averages indicate the presence of a short-term bearish trend. Prices have gone down from the area between the signal lines, which indicates pressure from sellers of the asset and a potential continuation of the fall of the stock index on the market already from current levels. At the time of the publication of the forecast, the index is trading at the level of 4414. At the moment, we should expect an attempt to develop growth and test the resistance level near the 4465 area. Where should we expect a rebound down and the S&P 500 quotes continue to fall to the area below the level of 4210.
S&P 500 Forecast and Analysis February 16, 2022
An additional signal in favor of falling 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 bearish channel. Cancellation of the option of falling quotes of the index will be a strong growth and a breakdown of the 4585 area. This will indicate a breakdown of the resistance level and continued growth of the S&P 500 index quotes with a target above the level of 4705. Expect an acceleration in the fall of the stock index quotes with a breakdown of the support area and closing quotes below the 4305 area.
S&P 500 Forecast and Analysis February 16, 2022 suggests an attempt to test the resistance level near the area of 4465. Then, the continuation of the fall to the area below the level of 4210. In favor of falling S&P 500 quotes, a test of the trend line on the relative strength index (RSI) will come out. Cancellation of the reduction option will be a strong increase in the value of the index and a breakdown of the area of 4585. This will indicate a continuation of the rise in order to raise the area of 4705.
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