Daily Share Market Forecast October 17, 2017

S&P 500:

Expectation: Bullish

Target: 2600

Recommendation: Buy, with a target of 2600

The S&P 500 moved higher yesterday – it ended the day at 2557, thus gaining 4 points in the day’s trade. This reflects that the market is currently in a near term bullish or consolidation phase. At this time, trend analysis indicates that this market will continue to be bullish in the longer term and in the near term. We do not recommend shorting this market with a longer term perspective. You should buy with a target of 2600. This market has an immediate support at the 2500 level. If the market goes below the key 2500 support level and closes below it, then the bearish near term trend will return and further downward movement will be possible. The 2600 level is the immediate resistance level for this market. If the market closes above this point, then the near term trend will turn strongly bullish and the market could move higher, towards the 2650 level.

Dow Jones 30:

Expectation: Bullish

Target: 23,050

Recommendation: Buy, with a target of 23,050

The Dow Jones 30 also moved higher yesterday and closed at 22,952, thus gaining 65 points in the day’s trade. This reflects the near term bullish or consolidation phase of the market. Trend analysis indicates that this market will continue to be bullish in the long term and we do not recommend shorting this market with a long term investment horizon. This market has an immediate support at the 22,750 level. If the market goes below this level and closes below it, then the bullish near term trend will change and further downward movement would be possible. The 23,050 level is the immediate resistance point for this market. If the market closes above this level, then the near term bullish trend will become stronger and the market would move upwards once again and test the 23,150 level. You should buy with a target of 23,050.

NASDAQ 100:

Expectation: Bullish

Target: 6150

Recommendation: Buy, with a target of 6150

The NASDAQ 100 too moved higher yesterday – it ultimately ended the day at 6114, thus gaining 21 points in the day’s trade. The NASDAQ is now in a near term bullish or consolidation phase and the long term trend also remains bullish. We do not recommend shorting this market with a long term perspective since the long term trend is bullish. In the near term too, the market is bullish and will move upwards further. You should buy with a target of 6150. The 6000 region is the immediate support level for this market. If the market closes below this level, then the near term bearish trend will strengthen and further downward movement would be possible. The 6150 level is the immediate resistance point for this market. If the market closes above this level, then the near term bullish trend will strengthen and further upward movement would be possible.