S&P 500 Weekly Forecast, October 19 - 23

This/Next Week Forecast (October 19 - 23, 2020)

Uptrend scenario

The uptrend may be expected to continue, while S&P 500 is trading above support level 3430, which will be followed by reaching resistance level 3586 and if it keeps on moving up above that level, we may expect S&P 500 reach resistance level 3750.

Downtrend scenario

A downtrend will start as soon, as S&P 500 drops below support level 3430, which will be followed by moving down to support level 3283 - 3222.

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Previous week S&P 500 forecast chart

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Fundamental Analysis

The slowdown in labor and manufacturing sectors showing fair price on the level 3000.

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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

A 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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