Stock index S&P 500 continue to move as part of the correction and the formation of another “Triangle” pattern. At the time of the publication of the forecast, the index is trading at 3611. At the moment, we should expect an attempt to develop a correction and test the support level near the 3535 area. Where can we expect a rebound and a continued rise in the S&P 500 quotes to the area above the level of 3805.
S&P 500 Forecast and Analysis November 19, 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 3465. 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 3265. Expect to accelerate the growth of stock index quotes with a breakdown of the resistance area and closing of quotations above the 3685 area, which will indicate a breakdown of the upper border of the “Triangle” model.
S&P 500 Forecast and Analysis November 19, 2020 suggests an attempt to test the support level near the 3535 area. Then, continued growth to the area above the 3805 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 3465 area. This will indicate a continued decline with a target below the 3265 area.
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