Stock index S&P 500 continue to move within the framework of strong growth and a bullish channel. Moving averages indicate a short-term bullish trend. Prices broke up the area between the signal lines upward, which indicates pressure from the buyers of the asset and a potential continuation of the rise 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 4615. At the moment, we should expect an attempt to develop a fall and test the support level near the 4505 area. Where can we expect a rebound and a continued rise in the S&P 500 quotes to the area above the level of 4745.
S&P 500 Forecast and Analysis November 2, 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 4375. This will indicate a breakdown of the support level and a continued fall in the S&P 500 index with a target below 3775. Expect an acceleration of the rise in stock index quotes with a breakdown of the resistance area and closing of quotations above the 4695 area.
S&P 500 Forecast and Analysis November 2, 2021 suggests an attempt to test the support level near the 4505 area. Then, a continuation of the rise to the area above the level of 4745. In favor of the rise in the S&P 500 quotes, a test of the trend line on the relative strength index (RSI) will come out. Cancellation of the growth option will be a fall in the value of the index and a breakdown of the 4375 area. This will indicate a continued decline with a target below the 3775 area.
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