Stock index S&P 500 continue to move within the correction and the upward channel. Moving averages indicate a short-term bearish 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 3846. At the moment, we should expect an attempt to develop a correction and test the support level near the 3785 area. Where can we expect a rebound and a continued rise in the S&P 500 quotes to the area above the 4015 level.
S&P 500 Forecast and Analysis February 24, 2021
An additional signal in favor of the growth of the stock index quotes will be a test of the rising support line on the relative strength index (RSI). The second signal will be a rebound from the lower border of the ascending channel. Cancellation of the growth option for the index quotes will be a fall and a breakdown of the area of 3745. 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 3505. Expect an acceleration in the growth of stock index quotes with a breakdown of the resistance area and closing of quotations above the 3935 area, which will indicate a breakdown of the upper border of the descending channel.
S&P 500 Forecast and Analysis February 24, 2021 suggests an attempt to test the support level near the 3785 area. Then, continued growth to the area above the 4015 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 upside option will be a fall in the value of the index and a breakdown of the 3745 area. This will indicate a continued decline with a target below the 3505 area.
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