Stock index S&P 500 continue to move within the correction and the downward channel. Moving averages indicate a short-term bearish trend. Prices have broken through the area between the signal lines upwards again, which indicates pressure from buyers of the asset and a potential continuation of the growth of the stock exchange index in the market already from the current levels. At the time of the publication of the forecast, the index is trading at 3857. At the moment, we should expect an attempt to develop a correction and test the support level near the 3765 area. Where can we expect a rebound and a continued rise in the S&P 500 quotes to the area above the level of 3965.
S&P 500 Forecast and Analysis March 10, 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 lower border of the Head and Shoulders reversal pattern. Cancellation of the growth option for the index quotes will be a fall and a breakdown of the area of 3685. 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 3395. Expect acceleration in the growth of stock index quotes with a breakdown of the resistance area and closing of quotations above the 3915 area.
S&P 500 Forecast and Analysis March 10, 2021 suggests an attempt to test the support level near the 3765 area. Then, continued growth to the area above the 3965 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 upside option will be a fall in the value of the index and a breakdown of the 3685 area. This will indicate a continued decline with a target below the 3395 area.
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