Stock index S&P 500 continue to move as part of the fall, quotes were able to break through the lower border of the ascending channel, which indicates strong pressure from sellers of the index. At the time of the publication of the forecast, the index is trading at 3277. At the moment, we should expect an attempt to develop a bullish correction and test the resistance level near the 3340 area. Where can we expect a rebound and the continuation of the fall in the S&P 500 quotes to the area below 3005.
S&P 500 Forecast and Analysis September 23, 2020
An additional signal in favor of falling stock index quotes will be a test of the broken 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 option of falling index quotes will be a strong growth and a breakdown of the area of 3505. This will indicate a breakdown of the resistance level and continued growth of the S&P 500 index quotes with a target above 3855. Expect an acceleration of the fall in stock index quotes with a breakdown of the support area and closing below 3205.
S&P 500 Forecast and Analysis September 23, 2020 suggests an attempt to test the resistance level near the 3340 area. Then, the continuation of the fall to the area below the 3005 level. In favor of reducing the 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 value of the index and a breakdown of the 3505 area. This will indicate a continued rise with a target above the 3855 area.
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