S&P, Dow Jones and NASDAQ 100

In my last post regarding market I had mentioned that S&P has good support at 1390 and as long as it stays above 1390 we should see the market going higher. On March 29th it hit 1391 and bounced back up. There was one bearish market cycle which had started a week ago and was expected to complete by March 30th so I believe it did. On Friday it closed at 1408. Now the resistance in S&P is at 1422 and if it gets conquered by end of April it will trigger the target of 1462 and possibly 1500.

Last week I had also mentioned that if NASDAQ 100 closed above 2745 by March 31st, it will activate itself to go much higher. So on March 31st it closed at 2755 and this means it is headed for 2915 and possibly to 3125. There are however two resistances NASDAQ 100 will face in coming days and these are 2780 (strong resistance) and 2825. Support of NASDAQ 100 is at 2729, 2695 and 2655  in case NASDAQ 100 pulls back from the current level.

DOW Jones was the laggard last week. It is facing strong resistance at 13,282. Its 200-day moving average is upward sloping and twice it dipped below 200-day moving average and closed above. The break of 13,310 will lead to my target of 14,000 by April close. At this level we will see if it is setting up for 15,000 the major target.

In summary if all three markets are synchronized then Dow Jones should hit 15,000, S&P 1500 and NASDAQ 100 3125 simultaneously. Only time will tell and God knows better!

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