Stock index S&P 500 continue to move within the correction and the upward channel. Moving averages indicate a short-term bullish trend. Prices are again testing 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 from the current levels. At the time of the publication of the forecast, the index is trading at 3731. At the moment, we should expect an attempt to develop a correction and test the support level near the 3675 area. Where can we expect a rebound and a continued rise in the S&P 500 quotes to the area above the level of 4085.
S&P 500 Forecast and Analysis January 29, 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 3625. This will indicate a breakdown of the support level and a continued fall in the S&P 500 index with a target below 3515. Expect an acceleration in the growth of stock index quotes with a breakdown of the resistance area and closing of quotations above the 3805 area.
S&P 500 Forecast and Analysis January 29, 2021 suggests an attempt to test the support level near the 3675 area. Then, continued growth to the area above the level of 4085. 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 index value and the breakdown of the 3625 area. This will indicate a continued decline with a target below the 3515 area.
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