Stock index S&P 500 continue to move as part of the fall and the beginning of the development of the “Head and Shoulders” reversal pattern. Moving averages indicate a short-term bearish trend. Prices broke down the area between the signal lines, which indicates pressure from the sellers of the asset and a 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 4623. At the moment, we should expect an attempt to develop growth and test the resistance level near the 4655 area. Where can we expect a rebound down and the continuation of the fall in the S&P 500 quotes to the area below the level of 4495.
S&P 500 Forecast and Analysis November 30, 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 lower border of the “Head and Shoulders” reversal pattern. Cancellation of the option to reduce the index quotes will be a strong growth and a breakdown of the area of 4755. This will indicate a breakdown of the resistance level and continued growth of the S&P 500 index quotes with a target above the level of 5045. Expect an acceleration in the fall in stock index quotes with the breakdown of the support area and closing of quotations below the 4525 area.
S&P 500 Forecast and Analysis November 30, 2021 suggests an attempt to test the resistance level near the 4655 area. Then, the continuation of the fall to the area below the 4495 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 4755 area. This will indicate a continued rise with a target above the 5045 area.
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