Daily Share Market Forecast July 13, 2017

S&P 500:

Expectation: Bullish

Target: 2450 and upwards

The S&P 500 moved upwards yesterday – it ended the day at 2443, a gain of 17 points. This gain is a part of the overall long term trend. At this time, trend analysis indicates that this market will continue to be bullish. Hence, we do not recommend shorting this market. We expect this market to move upwards and it should close above the 2450 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: 21,750

The Dow Jones 30 was bullish yesterday – overall, it gained 123 points and closed at 21,532. We had predicted that this market would close above 21,500 soon. 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 21,750 levels and then move higher. Unless the market drops below the 21,250 level, this long term bull trend will continue. The 21,250 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: 5900

The NASDAQ 100 moved upwards yesterday – it ultimately ended the day 69 points higher and closed at 5778. 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 5900 level. The 5550 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.