Stock index S&P 500 continue to move as part of a strong fall and a bearish channel. At the time of the publication of the forecast, the index is trading at 2368. At the moment, we should expect an attempt to develop an upward correction and test the resistance level near the area of 2555. Where can we expect a rebound and a continued decline in S&P 500 quotes to the area below the level of 1935.
S&P 500 Forecast and Analysis March 20, 2020
A test of the resistance line on the relative strength index (RSI) will be in favor of falling stock market quotes. The second signal will be a rebound from the upper boundary of the downward channel. Cancellation of the option of falling quotes of the index will be a strong growth and a breakdown of the area of 2625. This will indicate a breakdown of the resistance level and continued growth of the S&P 500 with a target above the level of 3055. Expect an acceleration of the fall in the quotes of the stock index with a breakdown of the support area and closing below 3065.
S&P 500 Forecast and Analysis March 20, 2020 suggests an attempt to test the resistance level near the area of 2555. Then, a continuation of the fall to the area below the level of 1935. A test of the resistance line on the relative strength index (RSI) will be in favor of reducing the S&P 500 quotes. Cancellation of the fall option will be a strong growth and the breakdown of the area of 2625. This will indicate a continuation of the rise with the target above the area of 3055.
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