Stock index S&P 500 continue to move within the correction. At the time of the publication of the forecast, the index is trading at 3391. At the moment, we should expect an attempt to develop a bullish correction and test the resistance level near the 3405 area. Where can we expect a rebound and the continuation of the fall of the S&P 500 quotes to the area below the level of 3225.
S&P 500 Forecast and Analysis September 16, 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 resistance level and the upper border of the “Triangle” model. Cancellation of the option of falling index quotes will be a strong growth and a breakdown of the 3475 area. This will indicate a breakdown of the resistance level and continued growth of the S&P 500 index with a target above 3575. Expect an acceleration of the fall stock index quotes with a breakdown of the support area and closing below the 3265 area.
S&P 500 Forecast and Analysis September 16, 2020 suggests an attempt to test the resistance level near the 3405 area. Then, the continuation of the fall to the area below the 3225 level. In favor of the rise in 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 index value and a breakdown of the 3475 area. This will indicate a continued rise with a target above the 3575 area.
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