Stock index S&P 500 continue to move as part of the growth and the downward channel. Moving averages indicate the presence of a short-term bearish trend. Prices are again testing 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 4513. At the moment, we should expect an attempt to develop growth and test the resistance level near the 4605 area. Where should we expect a rebound down and the S&P 500 quotes continue to fall to the area below the level of 4225.
S&P 500 Forecast and Analysis February 4, 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 descending channel. Cancellation of the option of falling index quotes will be a strong growth and a breakdown of the 4755 area. This will indicate a breakdown of the resistance level and a continued rise in the S&P 500 index quotes with a target above the level of 4985. Expect an acceleration in the fall of the stock index quotes with a breakdown of the support area and closing quotes below the 4435 area.
S&P 500 Forecast and Analysis February 4, 2022 suggests an attempt to test the support level near the area of 4605. Then, continued growth to the area above the level of 4225. In favor of the rise in S&P 500 quotes, a test of the trend line on the relative strength index (RSI) will come out. Cancellation of the growth option will be a fall in the value of the index and a breakdown of the 4755 area. This will indicate a continued decline with the aim of falling the 4985 area.
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