Stock index S&P 500 continue to move within the framework of the growth and the bullish channel. Moving averages indicate a short-term bullish trend. Prices broke through the area between the signal lines upward, which indicates pressure from buyers of the asset and a potential continuation of the rise 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 4375. At the moment, we should expect an attempt to develop a decline and test the support level near the 4365 area. Where can we expect a rebound and continued growth of the S&P 500 quotes to the area above the level of 4505.
S&P 500 Forecast and Analysis July 14, 2021
An additional signal in favor of raising the stock index quotes will be a test of the support line on the relative strength index (RSI). The second signal will be a breakdown of the resistance area. Cancellation of the option to raise the index quotes will be a fall and a breakdown of the area of 4305. This will indicate a breakdown of the support level and a continued fall in the S&P 500 index with a target below 4045. Expect an acceleration of the rise in stock index quotes with a breakdown of the resistance area and closing of quotations above the 4395 area.
S&P 500 Forecast and Analysis July 14, 2021 suggests an attempt to test the support level near the 4365 area. Then, continued growth to the area above the 4505 level. In favor of raising 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 4305 area. This will indicate a continued decline with a target below the 4045 area.
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