Stock index S&P 500 continue to move within the framework of the rise and the bullish 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 4400. At the moment, we should expect an attempt to develop a decline and test the support level near the 4355 area. Where can we expect a rebound and continued growth of the S&P 500 quotes to the area above the 4525 level.
S&P 500 Forecast and Analysis July 28, 2021
An additional signal in favor of raising the stock index quotes will be a test of the support line on the relative strength index (RSI). The second signal will be a rebound from the lower border of the bullish channel. Cancellation of the growth option for the index quotes will be a fall and a breakdown of the 4295 area. This will indicate a breakdown of the support level and a continued fall in the S&P 500 index with a target below the level of 4135. Expect an acceleration of the rise in stock index quotes with a breakdown of the resistance area and closing of quotations above the 4475 area.
S&P 500 Forecast and Analysis July 28, 2021 imply an attempt to test the support level near the 4355 area. Then, continued growth to the area above the 4525 level. A test of the trend line on the relative strength index (RSI) will be 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 4295 area. This will indicate a continued decline with a target below the 4135 area.
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