Stock index S&P 500 continue to move as part of the correction and the formation of the “Triangle” model. At the time of the publication of the forecast, the index is trading at the level of 3551. At the moment, we should expect an attempt to develop a downward correction and test the support level near the 3545 area. Where can we expect a rebound and continued growth of the S&P 500 quotes to the area above the level of 3595.
S&P 500 Forecast and Analysis September 3, 2020
An additional signal in favor of the growth of 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 lower border of the ascending channel. Cancellation of the growth option for the index quotes will be a fall and a breakdown of the area of 3505. This will indicate a breakdown of the support level and a continued fall in the S&P 500 index with a target below the level of 3345. Expect an acceleration of the rise in quotes of the stock index with a breakdown of the resistance area and closing above the 3605 area, which will indicate on the breakdown of the upper boundary of the “Triangle” model.
S&P 500 Forecast and Analysis September 3, 2020 suggests an attempt to test the support level near the 3545 area. Then, continued growth to the area above the 3595 level. 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 3505 area. This will indicate a continued decline with a target below the 3345 area.
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