Stock index S&P 500 continue to move within the framework of growth and left the descending channel. Moving averages indicate a short-term bullish 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 index in the market already from the current levels. At the time of the publication of the forecast, the index is trading at 3945. At the moment, we should expect an attempt to develop a correction and test the support level near the 3915 area. Where can we expect a rebound and a continued rise in the S&P 500 quotes to the area above the level of 4055.
S&P 500 Forecast and Analysis March 16, 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 lower border of the ”Triangle” pattern. Cancellation of the growth option for the index quotes will be a fall and a breakdown of the area of 3825. 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 3645. Expect an acceleration of the rise in stock index quotes with the breakdown of the resistance area and closing of quotations above the 4015 area.
S&P 500 Forecast and Analysis March 16, 2021 suggests an attempt to test the support level near the 3915 area. Then, continued growth to the area above the 4055 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 3825 area. This will indicate a continued decline with a target below the 3645 area.
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