S&P 500 could downtrend towards the 3925 level

Anton Kolhanov Anton Kolhanov

Wednesday Forecast (March 8, 2023)

Uptrend scenario

An uptrend will start as soon, as the market rises above resistance level 4024,75, which will be followed by moving up to resistance level 4060,75.

Downtrend scenario

The downtrend may be expected to continue, while market is trading below resistance level 4024,75, which will be followed by reaching support level 3925.

Weekly forecast (March 6 – 10, 2023)

Uptrend scenario

The uptrend may be expected to continue in case the market rises above resistance level 4061, which will be followed by reaching resistance level 4180.

Downtrend scenario

An downtrend will start as soon, as the market drops below support level 4024,75, which will be followed by moving down to support level 3947,5 and if it keeps on moving down below that level, we may expect the market to reach support level 3814,5.

Monthly forecast, February – March 2023

Uptrend scenario

An uptrend will start as soon, as the market rises above resistance level 4180, which will be followed by moving up to resistance level 4361.

Downtrend scenario

The downtrend may be expected to continue, while market is trading below resistance level 4180, which will be followed by reaching support level 3901,75, 3788,50 and if it keeps on moving down below that level, we may expect the market to reach support level 3530,25.

Author

Anton Kolhanov

Anton Kolhanov is a trader and an analyst. He started to study the Forex market in 2003.

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