Daily Share Market Forecast August 9, 2017

S&P 500:

Expectation: Bullish

Target: 2500 and upwards

Recommendation: Buy, with a target of 2500

The S&P 500 moved lower yesterday – it ended the day at 2474, a loss of 5 points. This reflects that the market is currently in a consolidation phase. At this time, trend analysis indicates that this market will continue to be bullish in the longer term. Hence, we do not recommend shorting this market. We expect this market to move upwards and it should close above the 2500 levels soon and then move towards higher levels. If the market goes below the key 2400 support level and closes below it, then the bullish trend may change and further downward movement may be possible. However, looking at the charts, we expect this market to remain bullish.

Dow Jones 30:

Expectation: Bullish

Target: 22,200

Recommendation: Buy, with a target of 22,200

The Dow Jones 30 also moved lower yesterday – overall, it lost 33 points and closed at 22,085. This reflects the consolidation phase of the market. Trend analysis indicates that this market will continue to be bullish in the near term and we do not recommend shorting this market. This market should soon reach the 22,200 levels and then move higher. Unless the market drops below the 21,850 level, this long term bull trend will continue. The 21,850 mark is the most immediate support level for this market. If the market goes below this level and closes below it, then the bullish trend may change and further downward movement may be possible. However, we expect this market to remain bullish. You can use minor dips to buy and consolidate your positions.

NASDAQ 100:

Expectation: Bullish

Target: 6000

Recommendation: Buy, with a target of 6000

The NASDAQ 100 also moved lower yesterday – it ultimately ended the day 8 points lower and closed at 5926. The NASDAQ has led the US markets during the bull run over the last one year and we do not see any change in this trend at this point of time. Currently, the charts indicate that this market will remain bullish in the near term and we do not recommend shorting this market. We expect this market to continue moving upward and test the 6000 level. The 5750 region is the immediate support level for this market and the NASDAQ 100 should largely remain above this level in the near term. You should use short term dips in order to buy and consolidate your positions.