Stock index S&P 500 continue to move within the correction and the downward channel. Moving averages indicate a short-term bearish trend. Prices pushed down from the area between the signal lines, which indicates pressure from the sellers of the asset and the 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 3801. At the moment, we should expect an attempt to develop a correction and test the support level near the 3775 area. Where can we expect a rebound and a continued rise in the S&P 500 quotes to the area above the level of 3955.
S&P 500 Forecast and Analysis March 9, 2021
An additional signal in favor of the growth of 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 Head and Shoulders reversal pattern. Cancellation of the growth option for index quotes will be a fall and a breakdown of the area of 3685. 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 3395. Expect acceleration in the growth of stock index quotes with a breakdown of the resistance area and closing of quotations above the 3915 area.
S&P 500 Forecast and Analysis March 9, 2021 suggests an attempt to test the support level near the 3775 area. Then, continued growth to the area above the 3955 level. In favor of reducing the S&P 500 quotes, a test of the trend line on the relative strength index (RSI) will come out. Cancellation of the upside option will be a fall in the value of the index and a breakdown of the area of 3685. This will indicate a continued decline with a target below the area of 3395.
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