Stock index S&P 500 continue to move within the correction and the upward channel. At the time of the publication of the forecast, the index is trading at 3235. At the moment, we should expect an attempt to develop a downward correction and test the support level near the 3175 area. Where can we expect a rebound and continued growth in the S&P 500 quotes to the area above the level of 3365.
S&P 500 Forecast and Analysis July 31, 2020
An additional signal in favor of the growth of 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 ascending channel. Cancellation of the growth option for the index quotes will be a fall and a breakdown of the area of 3085. This will indicate a breakdown of the support level and a continuation of the fall in the S&P 500 index with a target below 3015. Expect an acceleration of the rise in stock index quotes with a breakdown of the resistance area and closing above the 3305 area.
S&P 500 Forecast and Analysis July 31, 2020 suggests an attempt to test the support level near the area of 3175. Then, continued growth to the area above the level of 3365. In favor of raising the S&P 500 quotes, a test of the trend 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 3085 area. This will indicate a continued decline with a target below the 3015 area.
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