Stock index S&P 500 continue to move within the framework of the fall and the descending channel, moreover, the quotes were able to break through the lower border of the channel, which indicates a strong pressure from the bears. At the time of the publication of the forecast, the index is trading at the level of 3319. At the moment, we should expect an attempt to develop a bullish correction and test the resistance level near the 3345 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 3215.
S&P 500 Forecast and Analysis October 29, 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 3465 area. This will indicate a breakdown of the resistance level and continued growth of the S&P 500 index quotes with a target above 3505. Expect an acceleration in the fall in stock index quotes with a breakdown of the support area and closing of quotations below the 3280 area.
S&P 500 Forecast and Analysis October 29, 2020 suggests an attempt to test the resistance level near the 3345 area. Then, the continuation of the fall to the area below the 3215 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 3465 area. This will indicate a continued rise with a target above the 3505 area.
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