Stock index S&P 500 continue to move in the framework of the rise and the downward channel. Moving averages indicate a short-term uptrend. Prices broke 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 the current levels. At the time of the publication of the forecast, the index is trading at 4330. At the moment, we should expect an attempt to develop a rise and test the resistance level near the 4345 area. Where can we expect a rebound and the continuation of the fall in the S&P 500 quotes to the area below the level of 4195.
S&P 500 Forecast and Analysis July 22, 2021
An additional signal in favor of reducing the stock index quotes will be a test of the resistance line on the relative strength index (RSI). The second signal will be a rebound from the upper border of the channel. Cancellation of the option of falling index quotes will be a strong growth and a breakdown of the area of 4405. This will indicate a breakdown of the resistance level and continued growth of the S&P 500 index quotes with a target above the level of 4605. Expect an acceleration of the fall in stock index quotes with the breakdown of the support area and closing of quotations below the 4285 area.
S&P 500 Forecast and Analysis July 22, 2021 suggests an attempt to test the resistance level near the area of 4345. Then, the continuation of the fall to the area below the level of 4195. In favor of reducing the S&P 500 quotes, a test of the trend line on the relative strength index (RSI) will come out. Cancellation of the fall option will be a strong growth in the value of the index and a breakdown of the 4405 area. This will indicate a continued rise with a target above the 4605 area.
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