Stock index S&P 500 continue to move within the framework of the growth and the bullish channel. Moving averages indicate a short-term bullish trend. Prices broke through the areas between the signal lines upward, 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 the level of 4224. At the moment, we should expect an attempt to develop a correction and test the support level near the 4205 area. Where can we expect a rebound and a continued rise in the S&P 500 quotes to the area above the level of 4305.
S&P 500 Forecast and Analysis May 11, 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 bullish channel. Cancellation of the growth option for index quotes will be a fall and a breakdown of the area of 4135. 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 3705. Expect an acceleration of the rise in stock index quotes with a breakdown of the resistance area and closing of quotations above the 4275 area.
S&P 500 Forecast and Analysis May 11, 2021 suggests an attempt to test the support level near the 4205 area. Then, continued growth to the area above the 4305 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 4135 area. This will indicate a continued decline with a target below the 3705 area.
Looking for the Best Forex Broker? We trade at RoboForex. You can receive a rebates from each trade when registering using our partner link