Stock index S&P 500 continue to move within the framework of the growth 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 3708. At the moment, we should expect an attempt to develop a correction and test the support level near the 3655 area. Where can we expect a rebound and a continued rise in the S&P 500 quotes to the area above the 3845 level.
S&P 500 Forecast and Analysis January 7, 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 3605. This will indicate a breakdown of the support level and a continuation of the fall in the S&P 500 index with a target below 3425. Expect to accelerate 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 7, 2021 suggests an attempt to test the support level near the 3655 area. Then, continued growth to the area above the 3845 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 a fall in the value of the index and a breakdown of the 3605 area. This will indicate a continued decline with a target below the 3425 area.
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