Stock index S&P 500 continue to move within the framework of the rise and the ascending channel. At the time of the publication of the forecast, the index is trading at the level of 3264. At the moment, we should expect an attempt to develop a downward correction and a test of the support level near the 3175 area. Where can we expect a rebound and a continued rise in the S&P 500 quotes to the area above the level of 3425.
S&P 500 Forecast and Analysis July 22, 2020
A test of the support line on the relative strength index (RSI) will be in favor of the growth of the stock index quotes. The second signal will be a rebound from the lower border of the ascending channel. Cancellation of the growth option for index quotes will be a fall and a breakdown of the area of 3145. 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 2905. Expect an acceleration in the growth of stock index quotes with a breakdown of the resistance area and closing above the 3325 area.
S&P 500 Forecast and Analysis July 22, 2020 suggests an attempt to test the support level near the area of 3175. Then, continued growth to the area above the level of 3425. In favor of raising the S&P 500 quotes, a test of the support line on the relative strength index (RSI) will come out. Cancellation of the growth option will be a fall in the value of the index and a breakdown of the area of 3145. This will indicate a continued fall with a target below the area of 2905.
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