Stock index S&P 500 continue to move as part of the correction after a strong fall. At the time of the publication of the forecast, the index is trading at 3443. At the moment, we should expect an attempt to develop a bullish correction and a test of the resistance level near the 3475 area. Where can we expect a rebound and the continuation of the fall in the S&P 500 quotes to the area below 3275.
S&P 500 Forecast and Analysis September 9, 2020
An additional signal in favor of falling 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 resistance level. Cancellation of the option of falling index quotes will be a strong growth and a breakdown of the area of 3525. This will indicate a breakdown of the resistance level and continued growth in the S&P 500 index with a target above 3705. Expect an acceleration in the fall in stock index quotes with a breakdown of the support area and closing below 3375.
S&P 500 Forecast and Analysis September 9, 2020 suggests an attempt to test the resistance level near the 3475 area. Then, the continuation of the fall to the area below the 3275 level. In favor of the rise in the S&P 500 quotes, a test of the trend line on the relative strength index (RSI) will come out. Cancellation of the fall option will be a strong growth in the index value and a breakdown of the 3525 area. This will indicate a continued rise with a target above the 3705 area.
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