Stock index S&P 500 continue to move within the framework of the growth and the ascending channel. Moving averages indicate a short-term bullish trend. Prices broke up the area between the signal lines, which indicates pressure from buyers of the asset and a potential continuation of the growth of the stock exchange index in the market from the current levels. At the time of the publication of the forecast, the index is trading at 3734. At the moment, we should expect an attempt to develop a correction and test the support level near the 3765 area. Where can we expect a rebound and a continued rise in the S&P 500 quotes to the area above the level of 3975.
S&P 500 Forecast and Analysis February 4, 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 upper border of the descending channel. Cancellation of the growth option for the index quotes will be a fall and a breakdown of the area of 3725. 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 3585. Expect acceleration in the growth of stock index quotes with the breakdown of the resistance area and closing of quotations above the 3885 area.
S&P 500 Forecast and Analysis February 4, 2021 suggests an attempt to test the support level near the 3765 area. Then, continued growth to the area above the 3975 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 a fall in the value of the index and a breakdown of the 3725 area. This will indicate a continued decline with a target below the 3585 area.
Looking for the Best Forex Broker? We trade at RoboForex. You can receive a rebates from each trade when registering using our partner link
