Quotes of the S&P 500 stock index are ending the week with a correction within the bullish channel. Moving averages indicate the presence of a short-term upward trend. Prices have broken through the area between the signal lines upwards, which indicates pressure from asset buyers and potential continuation of the stock index growth on the market from the current levels. At the time of the forecast publication, the index is trading at 5478. At the moment, we should expect an attempt to develop a bearish correction and a test of the support level near the 5405 area. From where we should expect an upward rebound and a continuation of the rise in S&P 500 quotes to the area above the 6165 level.
S&P 500 stock index Forecast July 29 — August 2, 2024
An additional signal in favor of the growth of stock index quotes will be a test of the support line on the relative strength indicator (RSI). The second signal will be a rebound from the lower border of the bullish channel. The cancellation of the growth scenario for the index quotes will be a fall and a breakout of the 5075 area. This will indicate a breakout of the support level and a continuation of the fall in the S&P 500 index quotes with a target below the 4625 level. It is worth expecting an acceleration in the growth of the stock index quotes with a breakout of the resistance area and closing of quotes above the 5805 area.
S&P 500 stock index Forecast July 29 — August 2, 2024 suggests an attempt to test the support level near the 5405 area. Then, continued growth to the area above the 6165 level. A test of the trend line on the relative strength indicator will be in favor of an increase in S&P 500 quotes. The cancellation of the growth scenario will be a fall in the index value and a breakout of the 5075 area. This will indicate a continuation of the decline with a target near the 4625 area.
Looking for the Best Forex Broker? We trade at RoboForex. You can receive a rebates from each trade when registering using our partner link
