Daily Share Market Forecast May 8, 2017
Target: 2450 and upwards
On Friday, the S&P 500 initially trended lower but later moved upwards. This market is still quite bullish and we do not recommend shorting this. The current slow movement phase of the market is a part of the natural fluctuation that forms part of any bullish run. We expect the bullish momentum to return soon and the market should reach the 2400 levels shortly and then move upwards. At this point in time, the 2370 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.
Dow Jones 30:
Target: 21,500 to 22,000
The Dow Jones 30 also fell initially on Friday but later moved upwards. We believe that there is strong underlying bullish sentiment in this market and we expect bullish momentum to return soon. Some fluctuations and dips may appear from time to time as the market moves upwards. Stay on the lookout for such dips and aim to buy and consolidate your position during these dips. We expect that this market will soon breach the 21,000 level and then move towards the 22,000 level.
The NASDAQ 100 remained neutral to bullish last week. Overall, our forecast for this market continues to remain strongly bullish. We expect strong bullish momentum to continue for some more time and strongly advise against going short here. If there are any minor dips along the way as the market continues upwards, then you can aim to buy and consolidate your positions. This market has a lot of potential to move further upwards at this point in time. We expect this market to continue moving upward and target the 5700 level soon. The 5580 to 5600 region is likely to be a support level for this market and the NASDAQ 100 should remain above this level in the near term.