Stock index S&P 500 continue to move in the rise and the ascending channel. Moving averages indicate a short-term bullish trend. Prices went up from the area between the signal lines, which indicates pressure from buyers of the asset and a potential continuation of the growth of the stock index in the market already from the current levels. At the time of the publication of the forecast, the index is trading at the level of 3833. At the moment, we should expect an attempt to develop a correction and test the support level near the 3785 area. Where can we expect a rebound and a continued rise in the S&P 500 quotes to the area above the level of 4005.
S&P 500 Forecast and Analysis January 21, 2021
An additional signal in favor of the growth of the stock index quotes will be a test of the support line on the relative strength index (RSI). The second signal will be a rebound from the lower border of the ascending channel. Cancellation of the growth option for the index quotes will be a fall and a breakdown of the area of 3675. This will indicate a breakdown of the support level and a continued fall in the S&P 500 index with a target below 3545. Expect an acceleration in the growth of stock index quotes with a breakdown of the resistance area and closing of quotations above the 3945 area.
S&P 500 Forecast and Analysis January 21, 2021 suggests an attempt to test the support level near the 3785 area. Then, continued growth to the area above the 4005 level. In favor of reducing the S&P 500 quotes, a test of the trend line on the relative strength index (RSI) will come out. Cancellation of the upside option will be the fall in the value of the index and the breakdown of the 3675 area. This will indicate a continued decline with a target below the 3545 area.
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