Stock index S&P 500 continue to move as part of strong growth and an upward channel. At the time of the publication of the forecast, the index is trading at 3118. At the moment, we should expect an attempt to develop a downward correction and test the support level near the area of 3075. Where can we expect a rebound and continued growth of S&P 500 quotes to the area above the level of 3295.
S&P 500 Forecast and Analysis June 4, 2020
In favor of raising the quotes of the exchange index, a test of the support line on the relative strength index (RSI) will come out. The second signal will be a rebound from the lower boundary of the ascending channel. Cancellation of the option to increase the quotes of the index will be a fall and a breakdown of the area of 3005. This will indicate a breakdown of the support level and a continuation of the fall of the S&P 500 with a target below the level of 2855. Expect acceleration of the rise of quotations of the stock index with a breakdown of the resistance area and closing above area 3205.
S&P 500 Forecast and Analysis June 4, 2020 suggests an attempt to test the support level near the area of 3075. Then, continued growth to the area above the level of 3295. A test of the support line on the relative strength index (RSI) will be in favor of raising the S&P 500 quotes. Cancellation of the growth option will be a fall in the value of the index and a breakdown of the area of 3005. This will indicate a continued decline with a target below the area of 2855.
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