S&P 500 Weekly Forecast

This/Next Week Forecast (November  9 – 13, 2020)

Uptrend scenario
The uptrend may be expected to continue in case the market rises above resistance level 1386, which will be followed by reaching resistance level 3705.
Downtrend scenario
An downtrend will start as soon, as the market drops below support level 3505, which will be followed by moving down to support level 3222.

Chart S&P 500 This/Next Week Forecast, Technical Analysis

previous week S&P 500 forecast chart
Chart S&P 500 This/Next Week Forecast, Technical Analysis

Fundamental Analysis

Economic recovery shows potential for uptrend to the level 3900, but if due to covid US will go to lockdown, market can drop to 3000.

Monthly Forecast

Uptrend scenario
An uptrend will start as soon, as the market rises above resistance level 3540, which will be followed by moving up to resistance level 3800 – 3900.
Downtrend scenario
The downtrend may be expected to continue, while market is trading below resistance level 3540, which will be followed by reaching support level 3191.

Chart S&P 500 Forecast 2020, Long-term Outlook, Technical Analysis

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