Stock index S&P 500 continue to move within the correction and the bullish channel. Moving averages indicate a short-term bearish 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 the level of 4172. At the moment, we should expect an attempt to develop a correction and test the resistance level near the 4205 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 4075.
S&P 500 Forecast and Analysis June 22, 2021
An additional signal in favor of raising the stock index quotes will be a test of the resistance line on the relative strength index (RSI). The second signal will be a rebound from the upper border of the bearish channel. Cancellation of the option to reduce the index quotes will be a strong growth and a breakdown of the 4265 area. This will indicate a breakdown of the resistance level and a continued rise in the S&P 500 index with a target above the level of 4305. Expect an acceleration in the fall in stock index quotes with the breakdown of the support area and closing of quotations below the 4105 area.
S&P 500 Forecast and Analysis June 22, 2021 suggests an attempt to test the resistance level near the 4205 area. Then, the continuation of the fall to the area below the 4075 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 reduction option will be a strong growth in the value of the index and a breakdown of the 4265 area. This will indicate a continued rise with a target above the 4305 area.
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