Stock index S&P 500 continue to move within the framework of the growth and the ascending channel. At the time of the publication of the forecast, the index is trading at 3419. At the moment, we should expect an attempt to develop a downward correction and test the support level near the 3385 area. Where can we expect a rebound and continued growth in the S&P 500 quotes to the area above the level of 3505.
S&P 500 Forecast and Analysis October 9, 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 3315. This will indicate a breakdown of the support level and a continued fall in the S&P 500 index with a target below 3205. Expect an acceleration in the growth of stock index quotes with a breakdown of the resistance area and closing above the 3465 area.
S&P 500 Forecast and Analysis October 9, 2020 suggests an attempt to test the support level near the 3385 area. Then, continued growth to the area above the 3505 level. 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 the fall in the value of the index and the breakdown of the 3315 area. This will indicate a continued fall with the target below the 3205 area.
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