Stock index S&P 500 continue to move within the correction and the upward channel. Moving averages indicate a short-term sideways trend. Prices broke through the area between the signal lines down again, which indicates pressure from the sellers of the asset and a potential continuation of the fall of the stock index in the market from the current levels. At the time of the publication of the forecast, the index is trading at the level of 3914. At the moment, we should expect an attempt to develop a correction and test the support level near the 3855 area. Where can we expect a rebound and a continued rise in the S&P 500 quotes to the area above the level of 4025.
S&P 500 Forecast and Analysis March 25, 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 descending channel. Cancellation of the growth option for the index quotes will be a fall and a breakdown of the area of 3765. 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 3365. 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 25, 2021 suggests an attempt to test the support level near the 3855 area. Then, continued growth to the area above the 4025 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 3765 area. This will indicate a continued decline with a target below the 3365 area.
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