Dow jones yearly outlook-bullish trend for tgt 20950-22050
Dow jones industrial average index this week closed at 19885 with loss. This was first negative week for Dow jones after last week’s gains. This index is now in consolidation phase on weekly chart after strong Bull Run. Though outlook still bullish from short to long term view. Dow jones index for 2017, remain bullish and buy on dips above 18880 support level. On upside my year technical targets for Dow jones are around 20950 and then above it 22050. Dow jones index weekly chart price trend is strong bullish and now consolidating before next major move. For this week, Dow jones index above 19630 will remain bullish and buy. Might test 19630 level and then move upward towards my short term targets of 20140 and then 20500.
S&P 500 yearly outlook-above 2175 support remain buy tgts 2355-2460
NASDAQ yearly outlook-remain bullish expect tgts 5890-6350
NASDAQ this week closed at 5574 with gain. This was second strong weekly closing for this tech index. In last 2 weeks we saw rally from below 5400 to almost up to 5600. 200 points strong gains in 2 weeks reflecting underlying demand momentum in market. For 2017,. On upside 5890 is my first technical target for this index for 2017, above 5890 next target will be around 6350. For this week, NASDAQ already achieved my January target of 5530 and given strong breakout above it and now will trend higher towards next technical target of 5660.
VIX yearly outlook-heading towards record low levels
VIX for year 2017, opened in bearish zone and trending lower towards technical targets of 7.2 to 5 levels. Weekly chart price trend and momentum both are very bearish and prices are. This was second negative closing for vix and below 17 level, long term trend will remain on downside. Volatility will remain high but US market outlook might remain bullish for 2017 after analyzing VIX long term technical patterns.