Stock index S&P 500 continue to move within the framework of the growth and the downward channel. At the time of the publication of the forecast, the index is trading at the level of 3336. At the moment, we should expect an attempt to develop a downward correction and a test of the support level near the 3265 area. Where can we expect a rebound and continued growth of the S&P 500 quotes to the area above the level of 3535.
S&P 500 Forecast and Analysis September 29, 2020
An additional signal in favor of raising the 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 upper border of the descending channel. Cancellation of the growth option for the index quotes will be a fall and a breakdown of the area of 3095. This will indicate a breakdown of the support level and a continued fall in the S&P 500 index with a target below 2765. Expect an acceleration in the growth of stock index quotes with a breakdown of the resistance area and closing above the 3405 area.
S&P 500 Forecast and Analysis September 29, 2020 suggests an attempt to test the support level near the area of 3265. Then, continued growth to the area above the level of 3535. In favor of raising 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 3095 area. This will indicate a continued fall with a target below the 2765 area.
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