Stock index S&P 500 continue to move within the fall and the ascending channel. At the time of the publication of the forecast, the index is trading at 3439. At the moment, we should expect an attempt to develop a bullish correction and a test of the resistance level near the 3475 area. Where can we expect a rebound and the continuation of the fall in the S&P 500 quotes to the area below the level of 3345.
S&P 500 Forecast and Analysis October 16, 2020
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 breakdown of the lower border of the ascending channel. Cancellation of the option of falling index quotes will be a strong growth and a breakdown of the 3575 area. This will indicate a breakdown of the resistance level and continued growth of the S&P 500 index quotes with a target above 3865. Expect an acceleration in the fall in stock index quotes with a breakdown of the support area and closing below 3365.
S&P 500 Forecast and Analysis October 16, 2020 suggests an attempt to test the resistance level near the 3475 area. Then, the continuation of the fall to the area below the 3345 level. A test of the trend line on the relative strength index (RSI) will be in favor of raising the S&P 500 quotes. Cancellation of the fall option will be a strong growth in the value of the index and a breakdown of the 3575 area. This will indicate a continued rise with a target above the 3865 area.
Looking for the Best Forex Broker? We trade at RoboForex. You can receive a rebates from each trade when registering using our partner link
