Stock index S&P 500 continue to move as part of the correction and the upward channel. At the time of the publication of the forecast, the index is trading at 3145. At the moment, we should expect an attempt to develop a downward correction and test the support level near the area of 3115. Where can we expect a rebound and continued growth of S&P 500 quotes to the area above the level of 3295.
S&P 500 Forecast and Analysis July 8, 2020
A test of the support line on the relative strength index (RSI) will be in favor of raising the stock index quotes. The second signal will be a rebound from the lower boundary of the ascending channel. Cancellation of the option to increase the quotes of the index will be a fall and a breakdown of the area of 3015. This will indicate a breakdown of the support level and a continuation of the fall of the S&P 500 with a target below the level of 2805. Expect acceleration of the rise of quotations of the stock index with a breakdown of the resistance area and closing above area 3235.
S&P 500 Forecast and Analysis July 8, 2020 suggests an attempt to test the support level near the area of 3115. Then, continued growth to the area above the level of 3295. A test of the support line on the relative strength index (RSI) will speak in favor of raising the S&P 500 quotes. Cancellation of the growth option will be a fall in the index value and a breakdown of the area of 3015. This will indicate a continuation of the fall with a target below the area of 2815.
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