This/Next Week Forecast
(September 21 – 25, 2020)
An uptrend will start as soon, as the market rises above resistance level 3430, which will be followed by moving up to resistance level 3505 and if it keeps on moving up above that level, we may expect the market to reach resistance level 3586.
An downtrend will start as soon, as the market drops below support level 3296, which will be followed by moving down to support level 3219 – 3191.
previous week S&P 500 forecast chart
Manufacturing and labor market showing good recovery speed, that creating potential for further uptrend continuation. But the unemployment level is still high and looking on this, seems that market did too fast uptrend that looks like hype (hello to Tesla and Apple) and before to continue further uptrend it will need to made much deeper correction.
With present nonstandard fundamental situation furhther trend direction will be defined by technical analysis.
(Quarter III: July – September, 2020)
The uptrend may be expected to continue in case the market rises above resistance level 3397, which will be followed by reaching resistance level 3750.
An downtrend will start as soon, as the pair drops below support level 3191, which will be followed by moving down to support level 3011.
chart: S&P 500 technical analysis, market outlook