Quotes of the S&P 500 stock index continue to move within the growth and bullish channel. Moving averages indicate a short-term upward trend. Prices have broken through the area between the signal lines upward, which indicates pressure from buyers of the asset and a potential continuation of the growth of the stock index in the market from current levels. At the time of publication of the forecast, the index is trading at the level of 5243. At the moment, we can expect an attempt to develop a correction and a test of the support level near the 5045 area. From where we can expect a rebound upward and continued growth of S&P 500 quotes to the area above the level of 5865.
S&P 500 stock index Forecast June 3 — 7, 2024
An additional signal in favor of growth in stock index quotes will be a test of the support line on the relative strength index. The second signal will be a rebound from the lower border of the bullish channel. Cancellation of the option to increase index quotes will be a fall and a breakdown of the 4405 area. This will indicate a breakdown of the support level and a continued fall in S&P 500 index quotes with a target below the level of 3765. Expect an acceleration in the growth of stock index quotes with a breakdown of the resistance area and closing of quotes above the 5485 area.
S&P 500 stock index Forecast June 3 — 7, 2024 assumes an attempt to test the support level near the area of 5045. Then, continued growth to the area above the level of 5865. A test of the trend line on the relative strength index (RSI) will support the rise in S&P 500 quotes. Cancellation of the growth option will be a fall in the value of the index and a breakdown of the 4405 area. This will indicate a continuation of the decline with a target near the 3765 area.
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