Stock index S&P 500 continue to move as part of the correction and the formation of the “Triangle” model. At the time of the publication of the forecast, the index is trading at 3509. At the moment, we should expect an attempt to develop a downward correction and a test of the support level near the 3485 area. Where can we expect a rebound and continued growth in the S&P 500 quotes to the area above the 3575 level.
S&P 500 Forecast and Analysis September 2, 2020
An additional signal in favor of the growth of the stock exchange 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 3425. This will indicate a breakdown of the support level and a continued fall in the S&P 500 index with a target below the level of 3325. Expect an acceleration of the rise in the stock index quotes with the breakdown of the resistance area and closing above the 3545 area, which will indicate on the breakdown of the upper boundary of the “Triangle” model.
S&P 500 Forecast and Analysis September 2, 2020 suggests an attempt to test the support level near the 3485 area. Then, continued growth to the area above the 3575 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 3425 area. This will indicate a continued decline with a target below the 3325 area.
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