Stock index S&P 500 continue to move within the correction and the ascending 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 3894. At the moment, we should expect an attempt to develop a correction and test the support level near the 3845 area. Where can we expect a rebound and a continued rise in the S&P 500 quotes to the area above the level of 4005.
S&P 500 Forecast and Analysis March 23, 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 boundary of the bullish ”Wedge” pattern. Cancellation of the growth option for the index quotes will be a fall and a breakdown of the area of 3795. 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 3415. Expect an acceleration of the rise in stock index quotes with the breakdown of the resistance area and closing of quotations above the 4155 area.
S&P 500 Forecast and Analysis March 23, 2021 suggests an attempt to test the support level near the 3845 area. Then, continued growth to the area above the level of 4005. In favor of raising the S&P 500 quotes, a test of the trend line on the relative strength index (RSI) will come out. Cancellation of the growth option will be a fall in the value of the index and a breakdown of the 3795 area. This will indicate a continued decline with a target below the 3415 area.
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