Quotes of the S&P 500 stock index continue to move as part of growth and a bullish channel. Moving averages indicate a short-term uptrend. Prices broke through the area between the signal lines up, which indicates pressure from buyers of the asset and a potential continuation of the growth of the stock index on the market already from current levels. At the time of the publication of the forecast, the index is trading at 4465. At the moment, we should expect an attempt to develop a correction and test the support level near the 4325 area. Where should we expect a rebound upwards and the S&P 500 quotes continue to rise to the area above the level of 4825.
S&P 500 stock index Forecast June 19 — 23, 2023
An additional signal in favor of the growth of 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 4135 area. This will indicate a breakdown of the support level and a continued fall in the S&P 500 index quotes with a target below the level of 3875. Expect an acceleration in the growth of the stock index quotes with a breakdown of the resistance area and closing quotes above the 4585 area, which will indicate a breakdown of the upper border of the bullish channel, and this is a signal to increase the width of the channel.
S&P 500 stock index Forecast June 19 — 23, 2023 suggests an attempt to test the support level near the area of 4325. Then, continued growth to the area above the level of 4825. In favor of the rise in the S&P 500 quotes, a test of the trend line on the relative strength index (RSI) will come out. Cancellation of the growth option will be a fall in the value of the index and a breakdown of the 4135 area. This will indicate a continued decline with a target near the 3875 area.
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