Stock index S&P 500 continue to move within the correction and the bullish channel. Moving averages indicate a short-term bullish trend. Prices have broken up the area between the signal lines upward, which indicates pressure from buyers of the asset and a potential continuation of the rise of the stock exchange index in the market from the current levels. At the time of the publication of the forecast, the index is trading at 4658. At the moment, we should expect an attempt to develop a small correction and test the support level near the 4605 area. Where can we expect a rebound and a continued rise in the S&P 500 quotes to the area above the 4825 level.
S&P 500 Forecast and Analysis November 12, 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 the index quotes will be a fall and a breakdown of the area of 4535. This will indicate a breakdown of the support level and a continued fall in the S&P 500 index with a target below 4425. Expect an acceleration of the rise in stock index quotes with a breakdown of the resistance area and closing of quotations above the 4775 area, which will indicate a breakdown of the upper border of the bullish channel.
S&P 500 Forecast and Analysis November 12, 2021 imply an attempt to test the support level near the 4605 area. Then, a continuation of the rise to the area above the level of 4825. A test of the trend line on the relative strength index (RSI) will be in favor of the rise in S&P 500 quotes. Cancellation of the growth option will be a fall in the value of the index and a breakdown of the 4535 area. This will indicate a continued decline with a target below the 4425 area.
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