S&P 500: Downtrend expected to continue while it trades below 3505
|Thursday Forecast
Uptrend scenario
An uptrend will start as soon, as the market rises above resistance level 3505, which will be followed by moving up to resistance level 3586.
Downtrend scenario
The downtrend may be expected to continue, while market is trading below resistance level 3505, which will be followed by reaching support level 3420 - 3397 and if it keeps on moving down below that level, we may expect the market to reach support level 3283.
This/Next Week Forecast (October 12 - 16, 2020)
Uptrend scenario
The uptrend may be expected to continue, while market is trading above support level 3397, which will be followed by reaching resistance level 3505 and if it keeps on moving up above that level, we may expect the market to reach resistance level 3586.
Downtrend scenario
An downtrend will start as soon, as the market drops below support level 3397, which will be followed by moving down to support level 3283.
Previous week S&P 500 forecast chart
Fundamental Analysis
Slowdown in labor and manufacturing sectors showing fair price on the level 3000.
Long-Term Forecast (Quarter III: July - September, 2020)
Uptrend scenario
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.
Downtrend scenario
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.
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