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 buyers of the asset and a potential continuation of the rise 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 the level of 4655. At the moment, we should expect an attempt to develop a small correction and test the support level near the 4625 area. Where can we expect a rebound and a continued rise in the S&P 500 quotes to the area above the level of 4755.
S&P 500 Forecast and Analysis November 5, 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 4605. This will indicate a breakdown of the support level and a continued fall in the S&P 500 index with a target below 4055. Expect an acceleration of the rise in stock index quotes with the breakdown of the resistance area and closing of quotations above the 4695 area.
S&P 500 Forecast and Analysis November 5, 2021 suggests an attempt to test the support level near the 4625 area. Then, a continuation of the rise to the area above the level of 4755. A test of the trend line on the relative strength index (RSI) will be in favor of the rise in the S&P 500 quotes. Cancellation of the growth option will be a fall in the value of the index and a breakdown of the 4605 area. This will indicate a continued decline with a target below the 4055 area.
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