Daily Share Market Forecast August 17, 2017

S&P 500:

Expectation: Bullish

Target: 2500

Recommendation: Buy with a target of 2500

The S&P 500 moved up yesterday – it ended the day at 2468, a gain of 3 points. This reflects that the market is currently in a near term bullish or consolidation phase. At this time, trend analysis indicates that this market will continue to be bullish in the longer term and in the near term. We do not recommend shorting this market with a longer term perspective. You should buy with a target of 2500. This market has an immediate support at the 2400 level. If the market goes below the key 2400 support level and closes below it, then the bearish near term trend will return and further downward movement will be possible. The 2475 level is the immediate resistance level for this market. If the market closes above this point, then the near term trend will turn strongly bullish and the 2500 level could be tested.

Dow Jones 30:

Expectation: Bullish

Target: 22,100

Recommendation: Buy with a target of 22,100

The Dow Jones 30 moved slightly upwards yesterday – overall, it gained 25 points and closed at 22,024. This reflects the near term bullish or consolidation phase of the market. Trend analysis indicates that this market will continue to be bullish in the long term and we do not recommend shorting this market with a long term investment horizon. This market has an immediate support at the 21,850 level. If the market goes below this level and closes below it, then the bearish near term trend will return and further downward movement would be possible. The 22,100 level is the immediate resistance point for this market. If the market closes above this level, then the near term bullish trend will become stronger and the market would move upwards once again and test the 22,250 level. You should buy with a target of 22,100.

NASDAQ 100:

Expectation: Bullish

Target: 6000

Recommendation: Buy, with a target of 6000

The NASDAQ 100 also moved upwards yesterday – it ultimately ended the day 10 points higher and closed at 5917. The NASDAQ is now in a near term bullish or consolidation phase and the long term trend too remains bullish. We do not recommend shorting this market with a long term perspective since the long term trend is bullish. In the near term too, the market is bullish and will move up further. You should buy with a target of 6000. The 5850 region is the immediate support level for this market. If the market closes below this level, then the near term bearish trend will return and further downward movement would be possible. The 5950 level is the immediate resistance point for this market. If the market closes above this level, then the near term bullish trend will become stronger and further upward movement would be possible.