Stock index S&P 500 continue to move in the framework of strong growth and were able to leave the descending channel. At the time of the publication of the forecast, the index is trading at 3375. At the moment, we should expect an attempt to develop a correction and test the support level near the 3305 area. Where can we expect a rebound and a continued rise in the S&P 500 quotes to the area above the 3535 level.
S&P 500 Forecast and Analysis November 4, 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 upper border of the descending channel. Cancellation of the growth option for the index quotes will be a fall and a breakdown of the area of 3195. This will indicate a breakdown of the support level and a continued fall in the S&P 500 index with a target below the level of 3025. Expect an acceleration in the growth of stock index quotes with a breakdown of the resistance area and closing of quotations above the 3445 area.
S&P 500 Forecast and Analysis November 4, 2020 suggests an attempt to test the support level near the 3305 area. Then, continued growth to the area above the 3535 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 area of 3195. This will indicate a continued decline with a target below the area of 3025.
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