Stock index S&P 500 continue to move within the correction and the downward channel. Moving averages indicate the presence of a short-term bearish trend. Prices are again testing the area between the signal lines, which indicates pressure from sellers of the asset and a potential continuation of the fall 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 4289. At the moment, we should expect an attempt to develop growth and test the resistance level near the 4325 area. Where should we expect a rebound down and the S&P 500 quotes continue to fall to the area below the level of 3955.
S&P 500 Forecast and Analysis March 8, 2022
An additional signal in favor of falling stock index quotes will be a test of the resistance line on the relative strength index (RSI). The second signal will be a rebound from the upper border of the descending channel. Cancellation of the option of falling quotes of the index will be a strong growth and a breakdown of the 4525 area. This will indicate a breakdown of the resistance level and continued growth of the S&P 500 index quotes with a target above the level of 5345. It is worth expecting an acceleration in the fall of the stock index quotes with a breakdown of the support area and closing quotes below the 4105 area.
S&P 500 Forecast and Analysis March 8, 2022 suggests an attempt to test the resistance level near the area of 4325. Then, continuing to fall to the area below the level of 3955 In favor of falling S&P 500 quotes, a test of the trend line on the relative strength index (RSI) will come out. Cancellation of the reduction option will be a strong increase in the value of the index and a breakdown of the 4525 area. This will indicate continued growth with a target near the 5345 area.
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