Stock index S&P 500 continue to move as part of the correction. Moving averages indicate a short-term bullish trend. Prices broke through the area between the signal lines upward, which indicates pressure from buyers of the asset and a potential continuation of the rise 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 4436. At the moment, we should expect an attempt to develop a rise and test the resistance level near the 4460 area. Where can we expect a rebound and a continuation of the fall in the S&P 500 quotes to the area below the level of 4305.
S&P 500 Forecast and Analysis September 29, 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 curtain of the Head and Shoulders reversal pattern. Cancellation of the option of falling index quotes will be a strong growth and a breakdown of the area of 4505. 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 4685. Expect an acceleration in the fall of the stock index quotes with the breakdown of the support area and closing of quotations below the 4385 area.
S&P 500 Forecast and Analysis September 29, 2021 suggests an attempt to test the resistance level near the 4460 area. Then, the continuation of the fall to the area below the 4305 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 4505 area. This will indicate a continued rise with a target above the 4685 area.
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