Daily Share Market Forecast May 9, 2017
Target: 2450 and upwards
Yesterday, the S&P 500 initially trended upwards and peaked at 2407 before settling lower. This market is still quite bullish and we do not recommend shorting this. We expect this market to move upwards and it should close above the 2400 levels shortly and then move towards higher levels. 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. However, we expect this market to remain bullish.
Dow Jones 30:
Target: 21,500 to 22,000
Yesterday, the Dow Jones 30 also moved higher initially but later dropped significantly before finally recovering and moving upwards from the daily low. We believe that there is strong underlying bullish sentiment in this market and we expect the bullish momentum to return soon. Some fluctuations and dips will 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 21,070 level and then move towards the 22,000 level.
The NASDAQ 100 also followed the Dow Jones 30 yesterday – it trended higher initially but later dropped significantly before finally recovering and moving upwards from the daily low. 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.