Stock index S&P 500 continue to move as part of the fall and the formation of the ”Triangle” model. Moving averages indicate a short-term bearish trend. 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 4365. At the moment, we should expect an attempt to develop a rise and test the resistance level near the 4385 area. Where can we expect a rebound and the continuation of the fall in the S&P 500 quotes to the area below the level of 4155.
S&P 500 Forecast and Analysis September 23, 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 upper border of the ”Triangle” pattern. Cancellation of the option of falling index quotes will be a strong growth and a breakdown of the area of 4475. This will indicate a breakdown of the resistance level and continued growth of the S&P 500 index with a target above the level of 4895. Expect an acceleration of the fall in quotations of the stock index with the breakdown of the support area and closing of quotations below the 4265 area, which will indicate a breakdown of the lower boundary of the ”Triangle” model.
S&P 500 Forecast and Analysis September 23, 2021 suggests an attempt to test the resistance level near the area of 4385. Then, the continuation of the fall to the area below the level of 4155. 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 4475 area. This will indicate a continued rise with a target above the 4895 area.
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