Dow jones weekly-consolidating and taking support at 20800
Dow future this week closed at 20896 with loss. After last 3 weeks strong Bull Run prices are seeing some profit booking on higher levels. Dow future is in strong uptrend and recorded recent high near 21050. Now correcting and consolidating near support of 20800. Above 20800 on daily closing basis Dow future will remain bullish and buy on dips. On upside 21225 and then 21500 are resistances as well as target zones for month of May. From long term view, Dow jones index is in strong bullish trend and making higher tops and bottoms. Already hit 2017 investment target of 20950 and above it expect next target at 22050.
S&P 500 weekly-consolidating above 2370 but remain buy on dips
NASDAQ weekly-almost hit bullish target of 6155 with high 6133
NASDAQ composite index this week closed at 6121 with gain. This was fourth week of gain for this tech index. In these 4 weeks we saw almost 300+ point rally in this major index and outperformance as compared to others. NASDAQdaily chart price trend and momentum both are strong bullish. NASDAQ composite may swing target was 6155 and we saw high of 6133 in this week. Above 6155 next major target will be 6250. On downside NASDAQ composite daily chart support zones are 6086 and then 6040. These are buying levels on retracement. NASDAQ composite on long term chart, is in strong bullish trend and hit 2017 bullish target of 5895 and now heading for next target of 6355. For 2017 opened strong bullish and continuously making higher highs.