Daily Share Market Forecast September 21, 2017

S&P 500:

Expectation: Bullish

Target: 2550

Recommendation: Buy, with a target of 2550

The S&P 500 moved up yesterday – it ended the day at 2508, thus gaining 2 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 2550. This market has an immediate support at the 2450 level. If the market goes below the key 2450 support level and closes below it, then the bearish near term trend will return and further downward movement will be possible. The 2550 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 2600 level.

Dow Jones 30:

Expectation: Bullish

Target: 22,500

Recommendation: Buy, with a target of 22,500

The Dow Jones 30 moved up yesterday – overall, it gained 39 points and closed at 22,412. 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 22,250 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 22,500 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 22,600 level. You should buy with a target of 22,500.

NASDAQ 100:

Expectation: Bullish

Target: 6050

Recommendation: Buy, with a target of 6050

The NASDAQ 100 moved lower yesterday – it ultimately ended the day 17 points lower and closed at 5973. 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 6050. The 5950 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 6050 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.