Stock index S&P 500 continue to move within the correction and the downward channel. At the time of the publication of the forecast, the index is trading at the level of 3219. At the moment, we should expect an attempt to develop a bullish correction and test the resistance level near the 3230 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 3140.
S&P 500 Forecast and Analysis July 29, 2020
In favor of falling stock index quotes, a test of the trend line resistance line on the relative strength index (RSI) will come out. The second signal will be a rebound from the upper border of the descending channel. Cancellation of the option of falling index quotes will be a strong growth and a breakdown of the area of 3285. This will indicate a breakdown of the resistance level and continued growth of the S&P 500 with a target above the level of 3605. Expect to accelerate the fall in stock index quotes with the breakdown of the support area and closing below the 3155 area.
S&P 500 Forecast and Analysis July 29, 2020 suggests an attempt to test the resistance level near the area of 3230. Then, the continuation of the fall to the area below the level of 3140. 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 3285 area. This will indicate a continued rise with a target above the 3605 area.
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