Daily Share Market Forecast June 6, 2017

S&P 500:

Expectation: Bullish

Target: 2450 and upwards

The S&P 500 was range bound yesterday and ended the day at 2436. This reflects the strong underlying bullish sentiment and shows that bears are unable to dominate this market. We expect this market to continue to be bullish and we do not recommend shorting this. We expect this market to move upwards and it should close above the 2450 levels and then move towards higher levels. At this point in time, the 2400 mark is a support level for this market. If the market goes below this level and closes below it, then further downward movement may be possible. However, we expect this market to remain bullish. Do note that since the market has been heavily bullish over the last week, a minor pullback could be on the cards. Such pullbacks are part and parcel of the natural variation during a long term bull run. You can use such pullbacks as a buying opportunity.

Dow Jones 30:

Expectation: Bullish

Target: 21,500

The Dow Jones 30 was slightly bearish yesterday and closed at 21,184. We expect this market to continue to be bullish and we do not recommend shorting this. We expect that this market will soon reach the 21,500 levels and then move higher. The 21,000 mark is a support level for this market. If the market goes below this level and closes below it, then further downward movement may be possible. However, we expect this market to remain bullish. Do note that since the market has been heavily bullish over the last week, a minor pullback could be on the cards. Such pullbacks are part and parcel of the natural variation during a long term bull run. You can use such pullbacks as a buying opportunity.

NASDAQ 100:

Expectation: Bullish

Target: 5950

The NASDAQ 100 too was largely range bound yesterday and closed at 5878. We expect this market to continue to be bullish and we do not recommend shorting this. We expect this market to continue moving upward and hit the 5950 level soon. The 5800 region is a new support level for this market and the NASDAQ 100 should remain above this level in the near term. Do note that since the market has been heavily bullish over the last week, a minor pullback could be on the cards. Such pullbacks are part and parcel of the natural variation during a long term bull run. You can use such pullbacks as a buying opportunity.