Stock index S&P 500 continue to move within the correction and the upward channel. The “Wedge” reversal pattern is also formed here. At the time of the publication of the forecast, the index is trading at 3405. At the moment, we should expect an attempt to develop a downward correction and test the support level near the 3405 area. Where can we expect a rebound and continued growth in the S&P 500 quotes to the area above the level of 3645.
S&P 500 Forecast and Analysis October 21, 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 3335. This will indicate a breakdown of the support level and a continued fall in the S&P 500 index with a target below 3265. Expect an acceleration in the growth of stock index quotes with a breakdown of the resistance area and closing above the 3605 area.
S&P 500 Forecast and Analysis October 21, 2020 suggests an attempt to test the support level near the 3405 area. Then, continued growth to the area above the level of 3645. 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 growth option will be a fall in the value of the index and a breakdown of the 3335 area. This will indicate a continued decline with a target below the 3265 area.
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