Stock index S&P 500 continue to move as part of growth and have left the limits of the downward channel. Moving averages indicate the presence of a short-term bearish trend. Prices have broken through the area between the signal lines up, which indicates pressure from buyers of the asset and a potential continuation of the growth of the stock index on the market already from current levels. At the time of the publication of the forecast, the index is trading at 4480. At the moment, we should expect an attempt to develop a correction and test the support level near the 4395 area. Where should we expect a rebound upwards and the S&P 500 quotes continue to rise to the area above the level of 4775.
S&P 500 Forecast and Analysis March 24, 2022
An additional signal in favor of the growth of 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 upper border of the ”Triangle” pattern. Cancellation of the growth option for the index quotes will be a fall and a breakdown of the 4085 area. This will indicate a breakdown of the support level and a continued fall in the S&P 500 index quotes with a target below the level of 3605. Expect an acceleration in the growth of the stock index quotes with a breakdown of the resistance area and closing quotes above the 4605 area.
S&P 500 Forecast and Analysis March 24, 2022 suggests an attempt to test the support level near the area of 4395. Then, continued growth to the area above the level of 4775. In favor of the rise in 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 4085 area. This will indicate a continued decline with a target near the 3605 area.
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