Stock index S&P 500 continue to move as part of the fall and the beginning of the “Head and Shoulders” reversal pattern. Moving averages indicate a short-term downward trend. Prices have broken through the area between the signal lines downwards, which indicates pressure from sellers of the asset and a potential continuation of the fall of the stock index in the market from current levels. At the time of publication of the forecast, the index is trading at the level of 5553. At the moment, we can expect an attempt to develop a bullish correction and a test of the resistance level near the area of 5535. From where we can expect a rebound downwards and a continuation of the fall of SP500 quotes to the area below the level of 5325.
S&P 500 Forecast and Analysis for July 26, 2024
An additional signal in favor of a fall in stock index quotes on July 26, 2024 will be a test of the resistance line on the relative strength indicator (RSI). The second signal will be a rebound from the upper border of the bearish channel. Cancellation of the option to reduce index quotes will be a strong growth and breakdown of the 5655 area. This will indicate a breakdown of the resistance level and continued growth of SP500 index quotes with a target above the level of 6235. Expect an acceleration in the fall of stock index quotes with a breakdown of the support area and closing of quotes below the 5385 area.
S&P 500 Forecast and Analysis for July 26, 2024 suggests an attempt to test the resistance level near the area of 5535. Then, a continuation of the fall to the area below the level of 5325. A test of the trend line on the relative strength index (RSI) will be in favor of reducing the SP500 quotes. Cancellation of the fall option will be a strong increase in the value of the index and a breakdown of the 5655 area. This will indicate a continuation of the rise with a target near the 6235 area.
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