Stock index S&P 500 continue to move within the framework of a sideways correction and a bullish channel. Moving averages indicate a short-term upward trend. Prices have broken through the area between the signal lines upward, which indicates pressure from buyers of the asset and a potential continuation of the growth of the stock index in the market from current levels. At the time of publication of the forecast, the index is trading at the level of 5690. At the moment, we can expect an attempt to develop a correction and a test of the support level near the area of 5655. From where we can expect a rebound upward and continued growth of SP500 quotes to the area above the level of 5835.
S&P 500 Forecast and Analysis July 17, 2024
An additional signal in favor of growth in stock index quotes on July 17, 2024 will be a test of the support line on the relative strength indicator (RSI). The second signal will be a rebound from the lower border of the bullish channel. Cancellation of the option to increase index quotes will be a fall and a breakdown of the area of 5595. This will indicate a breakdown of the support level and a continued fall in quotes of the SP500 index with a target below the level of 5065. Expect an acceleration in the growth of stock index quotes with a breakdown of the resistance area and closing of quotes above the area of 5745.
S&P 500 Forecast and Analysis July 17, 2024 assumes an attempt to test the support level near the area of 5655. Then, continued growth to the area above the level of 5835. A test of the trend line on the relative strength index (RSI) will support the rise in SP500 quotes. Cancellation of the growth option will be a fall in the value of the index and a breakdown of the 5595 area. This will indicate a continuation of the decline with a target near the 5065 area.
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