Stock index S&P 500 continue to move within the fall and the bullish channel. Moving averages indicate a short-term bullish trend. However, prices broke through the area between the signal lines downward, which indicates pressure from the sellers of the asset and a potential continuation of the fall of the stock index in the market from the current levels. At the time of the publication of the forecast, the index is trading at the level of 4066. At the moment, we should expect an attempt to develop a decline and test the support level near the 3985 area. Where can we expect a rebound and continued growth in the S&P 500 quotes to the area above the level of 4325.
S&P 500 Forecast and Analysis May 14, 2021
An additional signal in favor of raising the stock index quotes will be a test of the support line on the relative strength index (RSI). The second signal will be a rebound from the lower border of the bullish channel. Cancellation of the growth option for the index quotes will be a fall and a breakdown of the area of 3755. This will indicate a breakdown of the support level and a continuation of the fall in the S&P 500 index with a target below 3455. Expect an acceleration of the rise in stock index quotes with the breakdown of the resistance area and closing of quotations above the 4145 area.
S&P 500 Forecast and Analysis May 14, 2021 suggests an attempt to test the support level near the 3985 area. Then, continued growth to the area above the 4325 level. A test of the trend 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 3755 area. This will indicate a continued decline with a target below the 3455 area.
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