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 exchange index in the market already from the current levels. At the time of the publication of the forecast, the index is trading at 3912. At the moment, we should expect an attempt to develop a correction and test the support level near the 3865 area. Where can we expect a rebound and a continued rise in the S&P 500 quotes to the area above the level of 4085.
S&P 500 Forecast and Analysis March 24, 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 bottom of the Double Bottom reversal pattern. Cancellation of the growth option for the index quotes will be a fall and a breakdown of the area of 3755. This will indicate a breakdown of the support level and a continued fall in the S&P 500 index with a target below the level of 3375. Expect an acceleration of the rise in stock index quotes with a breakdown of the resistance area and closing of quotations above the 4005 area.
S&P 500 Forecast and Analysis March 24, 2021 suggests an attempt to test the support level near the 3865 area. Then, continued growth to the area above the 4085 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 3755 area. This will indicate a continued decline with a target below the 3375 area.
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