Stock index S&P 500 continue to move as part of the correction and a strong fall. Moving averages indicate a short-term uptrend. Prices broke through the area between the signal lines downward, which indicates pressure from the sellers of the asset and a potential continuation of the fall of the stock index in the market from the current levels. At the time of the publication of the forecast, the index is trading at 4391. At the moment, we should expect an attempt to develop a rise and test the resistance level near the 4435 area. Where can we expect a rebound and the continuation of the fall in the S&P 500 quotes to the area above the level of 4145.
S&P 500 Forecast and Analysis September 22, 2021
An additional signal in favor of reducing the 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 lower border of the ascending channel. Cancellation of the option of falling index quotes will be a strong growth and a breakdown of the 4560 area. This will indicate a breakdown of the resistance level and continued growth of the S&P 500 index quotes with a target above 4865. Expect to accelerate the fall in stock index quotes with a breakdown of the support area and closing of quotations below 4265.
S&P 500 Forecast and Analysis September 22, 2021 suggests an attempt to test the resistance level near the 4435 area. Then, the continuation of the fall to the area below the 4145 level. In favor of the fall in the S&P 500 quotes, a test of the trend line on the relative strength index (RSI) will come out. Cancellation of the reduction option will be a strong growth in the value of the index and a breakdown of the 4560 area. This will indicate a continued rise with a target above the 4865 area.
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