Stock index S&P 500 continue to move within the correction and the upward channel. Here the ”Triangle” model is formed. At the time of the publication of the forecast, the index is trading at the level of 3338. At the moment, we should expect an attempt to develop a downward correction and test the support level near the 3285 area. Where can we expect a rebound and continued growth of the S&P 500 quotes to the area above the level of 3575.
S&P 500 Forecast and Analysis September 18, 2020
An additional signal in favor of falling 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 ”Triangle” model. Cancellation of the option to raise the index quotes will be a fall and a breakdown of the area of 3215. 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 3005. Expect an acceleration in the growth of stock index quotes is with a breakdown of the resistance area and closing above the 3475 area, which will indicate a breakdown of the upper boundary of the ”Triangle” model.
S&P 500 Forecast and Analysis September 18, 2020 suggests an attempt to test the support level near the 3285 area. Then, continued growth to the area above the 3575 level. In favor of the rise in 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 a fall in the value of the index and a breakdown of the 3215 area. This will indicate a continued fall with a target below the 3005 area.
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