Stock index S&P 500 continue to move within the fall and the bullish channel. Moving averages indicate a short-term bullish trend. Prices broke through the area between the signal lines downward, which indicates pressure from the sellers of the asset and a potential continuation of the fall 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 4281. At the moment, we should expect an attempt to develop a rise and test the resistance level near the 4325 area. Where can we expect a rebound and a continuation of the fall in the S&P 500 quotes to the area below the level of 4175.
S&P 500 Forecast and Analysis July 9, 2021
An additional signal in favor of falling stock index quotes will be a test of the resistance line on the relative strength index (RSI). The second signal will be a breakdown of the lower boundary of the bullish channel. Cancellation of the option to reduce the index quotes will be a strong growth and a breakdown of the area of 4355. This will indicate a breakdown of the resistance level and a continued rise in the S&P 500 index with a target above 4505. Expect an acceleration of the fall in stock index quotes with the breakdown of the support area and closing of quotations below the 4265 area.
S&P 500 Forecast and Analysis July 9, 2021 assumes an attempt to test the resistance level near the 4325 area. Then, the continuation of the fall to the area below the 4175 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 4355 area. This will indicate a continued rise with a target above the 4505 area.
