Stock index S&P 500 continue to move as part of the growth and the beginning of the development of the «Wedge» model. At the time of the publication of the forecast, the index is trading at 3029. At the moment, we should expect an attempt to continue the development of a downward correction and test the support level near the area of 2995. Where can we expect a rebound and continued growth of S&P 500 quotes in the area above the level of 3245.
S&P 500 Forecast and Analysis July 1, 2020
In favor of raising the quotes of the exchange index, a test of the support line on the relative strength index (RSI) will come out. The second signal will be a rebound from the upper boundary of the «Wedge» model, as we see, buyers were able to break this model up. Cancellation of the option of raising the quotes of the index will be a fall and a breakdown of the area of 2915. This will indicate a breakdown of the support level and a continuation of the fall of the S&P 500 with a target below the level of 2705. Expect acceleration of the rise of quotations of the stock index with a breakdown of the resistance area and closing above area 3095, which will indicate a breakdown upper boundary of the reversal pattern.
S&P 500 Forecast and Analysis July 1, 2020 suggests an attempt to test the support level near the area of 2995. Then, continued growth to the area above the level of 3245. A test of the support line on the relative strength index (RSI) will be in favor of raising the S&P 500 quotes. Cancellation of the growth option will be a fall in the value of the index and a breakdown of the area of 2915. This will indicate a continued fall with a target below the area of 2705.
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