Stock index S&P 500 continue to move within the correction and the bullish channel. Moving averages indicate a short-term uptrend. Prices are testing the area between the signal lines, which indicates pressure from buyers of the asset and a potential continuation of the growth 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 4221. At the moment, we should expect an attempt to develop a correction and test the support level near the 4205 area. Where can we expect a rebound and continued growth in the S&P 500 quotes to the area above the level of 4365.
S&P 500 Forecast and Analysis June 9, 2021
An additional signal in favor of raising 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 support level. Cancellation of the growth option for the index quotes will be a fall and a breakdown of the 4075 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 3705. 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 9, 2021 suggests an attempt to test the support level near the 4205 area. Then, continued growth to the area above the 4365 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 4075 area. This will indicate a continued decline with a target below the 3705 area.
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