Stock index S&P 500 continue to move as part of the correction after the fall. Moving averages indicate a short-term bullish trend. Prices broke through the areas between the signal lines downward, 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 the level of 4143. At the moment, we should expect an attempt to develop growth and test the support level near the 4205 area. Where can we expect a rebound and the continuation of the fall in the S&P 500 quotes to the area below the level of 4050.
S&P 500 Forecast and Analysis May 13, 2021
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 resistance area. Cancellation of the option to reduce the index quotes will be a strong growth and a breakdown of the 4240 area. This will indicate a breakdown of the resistance level and a continued rise in the S&P 500 index with a target above the level of 4655. Expect an acceleration of the fall in stock index quotes with the breakdown of the support area and closing of quotations below the 4065 area.
S&P 500 Forecast and Analysis May 13, 2021 suggests an attempt to test the resistance level near the 4205 area. Then, the continuation of the fall to the area below the 4050 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 fall option will be a strong growth in the value of the index and a breakdown of the 4240 area. This will indicate a continued rise with a target above the 4655 area.
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