Daily Share Market Forecast June 29, 2017

S&P 500:

Expectation: Bullish

Target: 2450 and upwards

The S&P 500 finally snapped its losing streak yesterday – it was bullish and ended the day at 2440, a gain of 21 points. It appears that the market is now past its consolidation phase before moving on to new highs. 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 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: 21,500

The Dow Jones 30 too was bullish yesterday – overall, it gained 143 points and closed at 21,454. 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 22,000 levels and then move higher. Unless the market drops below the 21,100 level, this long term bull trend will continue. The 21,100 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: 5800

The NASDAQ 100 was strongly bullish yesterday – it ultimately ended the day 81 points higher and closed at 5753. 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 5650 region is the immediate support level for this market and the NASDAQ 100 should remain above this level in the near term. You should use short term dips in order to buy and consolidate your positions.