Stock index S&P 500 continue to move within the fall and the downtrend channel. At the time of the publication of the forecast, the index is trading at 3418. At the moment, we should expect an attempt to develop a bullish correction and test the resistance level near the 3435 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 3305.
S&P 500 Forecast and Analysis October 28, 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 rebound from the upper border of the descending channel. Cancellation of the option of falling index quotes will be a strong growth and a breakdown of the 3480 area. This will indicate a breakdown of the resistance level and continued growth of the S&P 500 index quotes with a target above 3235. Expect an acceleration in the fall of the stock index quotes with the breakdown of the resistance area and closing above the 3505 area.
S&P 500 Forecast and Analysis October 28, 2020 suggests an attempt to test the resistance level near the 3435 area. Then, the continuation of the fall to the area below the 3305 level. In favor of reducing the S&P 500 quotes, a test of the trend line on the relative strength index (RSI) will come out. Cancellation of the fall option will be a strong growth in the value of the index and a breakdown of the 3480 area. This will indicate a continued rise with a target above the 3235 area.
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