Stock index S&P 500 continue to move within the correction and the bullish channel. Moving averages indicate a short-term uptrend. Prices have broken through the area between the signal lines, 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 the level of 4522. At the moment, we should expect an attempt to develop a decline and test the support level near the 4505 area. Where can we expect a rebound and a continued rise in the S&P 500 quotes to the area above the level of 4605.
S&P 500 Forecast and Analysis September 8, 2021
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 lower border of the ascending channel. Cancellation of the option to raise the index quotes will be a fall and a breakdown of the area of 4475. This will indicate a breakdown of the support level and a continued fall in the S&P 500 index with a target below 4335. Expect an acceleration in the rise of the stock index quotes with the breakdown of the resistance area and closing of quotations above the 4595 area.
S&P 500 Forecast and Analysis September 8, 2021 suggests an attempt to test the support level near the 4505 area. Then, a continuation of the rise to the area above the level of 4605. In favor of the growth of 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 4475 area. This will indicate a continued decline with a target below the 4335 area.
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