Stock index S&P 500 continue to move within the growth and bullish channel. The moving averages indicate the presence of a short-term bullish trend. Prices have broken through the area between the signal lines upwards, which indicates pressure from asset buyers and potential continuation of the stock index growth on the market from the current levels. At the time of the forecast publication, the index is trading at 5661. At the moment, we should expect an attempt to develop a bearish correction and a test of the support level near the 5640 area. Where should we expect an upward rebound and continued growth of SP500 quotes to the area above the 5855 level.
S&P 500 Forecast and Analysis for September 4, 2024
An additional signal in favor of the growth of stock index quotes on September 4, 2024 will be a test of the support line on the relative strength indicator RSI. The second signal will be a rebound from the lower border of the bullish channel. The index growth scenario can be cancelled if it falls and breaks through the 5505 area. This will indicate a breakout of the support level and a continuation of the SP500 index fall with a target below 5325. The stock index growth can be expected to accelerate with a breakout of the resistance area and quotes closing above the 5745 area.
S&P 500 Forecast and Analysis for September 4, 2024 suggests an attempt to test the support level near the 5640 area. Then, continued growth to the area above 5855. A test of the trend line on the relative strength indicator will be in favor of the SP500 rise. The index growth scenario can be cancelled if it falls and breaks through the 5505 area. This will indicate a continuation of the decline with a target near the 5325 area.
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