Stock index S&P 500 continue to move within the framework of the growth and the ascending channel. At the time of the publication of the forecast, the index is trading at the level of 3528. At the moment, we should expect an attempt to develop a downward correction and test the support level near the 3485 area. Where can we expect a rebound and continued growth of the S&P 500 quotes to the area above the level of 3665.
S&P 500 Forecast and Analysis October 14, 2020
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 ascending channel. Cancellation of the growth option for the index quotes will be a fall and a breakdown of the 3365 area. 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 acceleration in the growth of stock index quotes with a breakdown of the resistance area and closing above the 3575 area.
S&P 500 Forecast and Analysis October 14, 2020 suggests an attempt to test the support level near the 3485 area. Then, continued growth to the area above the 3665 level. In favor of raising 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 3365 area. This will indicate a continued fall with a target below the 3265 area.
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