US market weekly technical analysis report for 15 to 19 may 2017

Dow jones weekly-consolidating and taking support at 20800

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

S&P 500 weekly-consolidating above 2370 but remain buy on dips

S&P 500 index this week closed with loss at 2390. After last 3 weeks strong Bull Run this major index taken some breather in this week. On daily chart, S&P 500 index price trend is bullish while momentum is fizzling out on profit booking. Though outlook still bullish and above 2370 support index future remain buy for targets of 2415 and 2440. Daily closing below 2370 means bearish breakdown for deep downside target of 2345 and then 2305. From long term view, S&P 500 index has achieved its 2017 first investment target of 2355 and now heading for 2460 which is next major long term target for this US market index. NASDAQ weekly-almost hit bullish target of 6155 with high 6133

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. NASDAQ future daily 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.

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