Stock index S&P 500 continue to move as part of the growth and development of the «Wedge» model. At the time of the publication of the forecast, the index is trading at 3079. At the moment, we should expect an attempt to develop a downward correction and test the support level near the area of 3045. Where can we expect a rebound and continued growth of S&P 500 quotes to the area above the level of 3165.
S&P 500 Forecast and Analysis July 2, 2020
A test of the support line on the relative strength index (RSI) will be in favor of raising the stock index quotes. The second signal will be a rebound from the upper boundary of the «Wedge» model. Cancellation of the option of raising the quotes of the index will be a fall and a breakdown of the area of 2965. 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 2725. Expect acceleration of the rise of quotations of the stock index with a breakdown of the resistance area and closing above area 3155, which will indicate a breakdown upper boundary of the reversal pattern.
S&P 500 Forecast and Analysis July 2, 2020 suggests an attempt to test the support level near the area of 3045. Then, continued growth to the area above the level of 3165. A test of the support line on the relative strength index (RSI) will speak 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 2965. This will indicate a continued decline with a target below the area of 2725.
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