Stock index S&P 500 continue to move as part of the correction and the formation of the next “Triangle” pattern. At the time of the publication of the forecast, the index is trading at 3605. At the moment, we should expect an attempt to develop a correction and test the support level near the 3505 area. Where can we expect a rebound and a continuation of the rise in the S&P 500 quotes to the area above the 3825 level.
S&P 500 Forecast and Analysis November 18, 2020
An additional signal in favor of the growth of the stock exchange 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 “Triangle” pattern. Cancellation of the growth option for the index quotes will be a fall and a breakdown of the area of 3455. 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 3275. Expect acceleration of growth in stock index quotes with the breakdown of the resistance area and closing of quotations above the 3705 area, which will indicate a breakdown of the upper border of the “Triangle” model.
S&P 500 Forecast and Analysis November 18, 2020 suggests an attempt to test the support level near the 3505 area. Then, continued growth to the area above the 3825 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 the fall in the index value and the breakdown of the 3455 area. This will indicate a continued decline with a target below the 3275 area.
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