Stock index S&P 500 continue to move within the growth and downward channel. The moving averages indicate the presence of a short-term downward trend. Prices are again testing the area between the signal lines, which indicates pressure from asset sellers and a potential continuation of the fall of the stock index on the market from the current levels. At the time of the publication of the forecast, the index is trading at 5525. At the moment, we should expect an attempt to develop a bearish correction and a test of the support level near the 5495 area. Where should we expect an upward rebound and continued growth of SP500 quotes to the area above the 5685 level.
S&P 500 Forecast and Analysis for July 30, 2024
An additional signal in favor of the growth of stock index quotes on July 30, 2024 will be a test of the support line on the relative strength indicator RSI. The second signal will be a rebound from the upper border of the bearish channel. The option of the index rise will be cancelled if the index falls and breaks through the 5405 area. This will indicate a breakout of the support level and a continuation of the fall in the SP500 index with a target below the 5225 level. The growth of the stock index should be accelerated with a breakout of the resistance area and closing of the quotes above the 5595 area, which will indicate a breakout of the upper boundary of the descending channel.
S&P 500 Forecast and Analysis for July 30, 2024 suggests an attempt to test the support level near the 5495 area. Then, continued growth to the area above the 5685 level. A test of the trend line on the relative strength indicator will be in favor of the SP500 rise. The option of growth will be cancelled if the index falls and breaks through the 5405 area. This will indicate a continuation of the decline with a target near the 5225 area.
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