The S&P 500 stock index is trading at 2911. The index continues to move above the upper boundary of the Ichimoku Kinko Hyo Cloud. This indicates the presence of a bullish trend on the S&P 500. The scope of the stock index value forecast. A test of the upper boundary of the Ichimoku Kinko Hyo Cloud is expected near the level of 2895. Where should we expect an attempt to rebound and continue the development of the upward trend with the aim of growth near the level of 3020.
S&P 500 Prediction and Analysis April 18, 2019
An additional signal in favor of the growth of the index will be the test of the lower boundary of the ascending channel. The second signal will also be the support level test. Previously, a weak signal was received for BUY the S&P 500 stock index. The signal was obtained by crossing the signal lines at the level of 2780.
Cancellation of the growth of quotations of the stock index will be a breakdown of the lower border of the Ichimoku Kinko Hyo Cloud with the close of quotes below the 2830 region. This will indicate a change in the upward trend in favor of the downward trend and continued decline. Expect acceleration of growth of quotations of the stock index S&P 500 stands with the breakdown of the resistance area and closing above the level of 2880.
S&P 500 Prediction and Analysis April 18, 2019 suggests an attempt to develop a correction and test the support level near the 2895 area. Where can we expect the S&P 500 to continue to rise with a potential target near the 3020 level. In this case, we should expect further reduction of quotations.