Stock index S&P 500 continue to move within the correction and the upward channel. At the time of the publication of the forecast, the index is trading at 3480. At the moment, we should expect an attempt to develop a downward correction and test the support level near the 3425 area. Where can we expect a rebound and continued growth in the S&P 500 quotes to the area above the level of 3655.
S&P 500 Forecast and Analysis October 20, 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 area of 3305. 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 3255. Expect acceleration in the growth of stock index quotes with the breakdown of the resistance area and closing above the 3605 area.
S&P 500 Forecast and Analysis October 20, 2020 suggests an attempt to test the support level near the 3425 area. Then, continued growth to the area above the level of 3655. 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 3305 area. This will indicate a continued decline with a target below the 3255 area.
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