Daily Share Market Forecast May 31, 2017

S&P 500:

Expectation: Bullish

Target: 2450 and upwards

The S&P 500 was bearish yesterday and ended the day at 2412. Keeping in mind that the market has been heavily bullish over the last few sessions, a minor pullback should be on the cards. Such pullbacks are part and parcel of the natural variation during a long term bull run. In the longer term, 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 and you can use minor pullbacks as a buying opportunity.

Dow Jones 30:

Expectation: Bullish

Target: 21,100

The Dow Jones 30 too was bearish yesterday and closed at 21,029. Keeping in mind that the market has been heavily bullish over the last few sessions, a minor pullback should be on the cards. Such pullbacks are part and parcel of the natural variation during a long term bull run. In the longer term, 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 21,100 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 and you can use minor pullbacks as a buying opportunity.

NASDAQ 100:

Expectation: Bullish

Target: 5800

The NASDAQ 100 was bullish yesterday and closed at 5794. Our longer term forecast for this market continues to remain strongly bullish. But, since the market has been heavily bullish over the last few sessions, a minor pullback should be on the cards in the near term. Such pullbacks are part and parcel of the natural variation during a long term bull run. In the longer term, 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 5800 level soon. The 5730 region is a support level for this market and the NASDAQ 100 should remain above this level in the near term.