Stock index S&P 500 continue to move as part of a strong fall and an upward channel. At the time of the publication of the forecast, the index is trading at 3044. At the moment, we should expect an attempt to develop a downward correction and a test of the support level near the area of 2975. Where can we expect a rebound and continued growth of S&P 500 quotes to the area above the level of 3245.
S&P 500 Forecast and Analysis June 16, 2020
In favor of raising the quotes of the exchange index, a test of the support line on the relative strength index (RSI) will come out. The second signal will be the formation of an inverted «Head and Shoulders» model. Cancellation of the option to increase the quotes of the index will be a fall and a breakdown of the area of 2905. 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 2455. Expect acceleration of the rise of quotations of the stock index with a breakdown of the resistance area and closing above area 3135.
S&P 500 Forecast and Analysis June 16, 2020 suggests an attempt to test the support level near the area of 3045. Then, continued growth to the area above the level of 3245. 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 value of the index and a breakdown of the area of 2905. This will indicate a continued fall with a target below the area of 2455.
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