Stock index S&P 500 continue to move within the framework of the growth and the upward channel. At the time of the publication of the forecast, the index is trading at the level of 3378. At the moment, we should expect an attempt to develop a downward correction and a test of the support level near the 3295 area. Where can we expect a rebound and continued growth in the S&P 500 quotes to the area above the 3535 level.
S&P 500 Forecast and Analysis October 7, 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 upper border of the descending channel, which buyers have confidently broken up. Cancellation of the growth option for the index quotes will be a fall and a breakdown of the area of 3205. 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 2805. Expect an acceleration in the growth of stock index quotes with a breakdown of the resistance area and closing above 3445.
S&P 500 Forecast and Analysis October 7, 2020 suggests an attempt to test the support level near the 3295 area. Then, continued growth to the area above the 3535 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 growth option will be a fall in the value of the index and a breakdown of the area of 3205. This will indicate a continued fall with a target below the area of 2805.
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