Stock index S&P 500 continue to move within the framework of the growth and the bullish channel. Moving averages indicate a short-term bearish trend. Prices broke through the area between the signal lines upward, which indicates pressure from buyers of the asset and a potential continuation of the rise 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 4271. At the moment, we should expect an attempt to develop a correction and test the support level near the 4230 area. Where can we expect a rebound and a continued rise in the S&P 500 quotes to the area above the 4330 level.
S&P 500 Forecast and Analysis June 29, 2021
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 upper border of the bearish channel. Cancellation of the growth option for the index quotes will be a fall and a breakdown of the 4215 area. 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 3945. Expect an acceleration in the rise of the stock index quotes with the breakdown of the resistance area and closing of quotations above the 4305 area.
S&P 500 Forecast and Analysis June 29, 2021 suggests an attempt to test the support level near the 4230 area. Then, continued growth to the area above the 4330 level. A test of the trend line on the relative strength index (RSI) will be 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 4215 area. This will indicate a continued decline with a target below the 3945 area.
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