Stock index S&P 500 continue to move within the correction. At the time of the publication of the forecast, the index is trading at 3215. At the moment, we should expect an attempt to develop a bullish correction and test the resistance level near the 3245 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 3075.
S&P 500 Forecast and Analysis July 28, 2020
In favor of falling stock index quotes, a test of the broken trend line on the relative strength index (RSI) will come out. The second signal will be a rebound from the lower border of the ascending channel. Cancellation of the option of falling index quotes will be a strong growth and a breakdown of the area of 3305. This will indicate a breakdown of the resistance level and continued growth of the S&P 500 with a target above the level of 3645. Expect to accelerate the fall in stock index quotes with a breakdown of the support area and closing below the 3155 area.
S&P 500 Forecast and Analysis July 28, 2020 suggests an attempt to test the resistance level near the 3245 area. Then, the continuation of the fall to the area below the 3075 level. 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 3305 area. This will indicate a continued rise with a target above the 3645 area.
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