Daily Share Market Forecast August 31, 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 2457, a gain of 11 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 2470 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: 21,900

Recommendation: Buy, with a target of 21,900

The Dow Jones 30 also moved up yesterday – overall, it gained 27 points and closed at 21,892. 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 21,700 level. If the market goes below this level and closes below it, then the bullish near term trend will change and further downward movement would be possible. The 21,900 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 22,000 level. You should buy with a target of 21,900.

NASDAQ 100:

Expectation: Bullish

Target: 5950

Recommendation: Buy, with a target of 5950

The NASDAQ 100 also moved up yesterday – it ultimately ended the day 70 points higher and closed at 5932. The NASDAQ is now in a near term bullish or consolidation phase and the long term trend also 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 upwards further. You should buy with a target of 5950. The 5750 region is the immediate support level for this market. If the market closes below this level, then the near term bearish trend will strengthen 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 strengthen and further upward movement would be possible.