#Indices Weekly Forex Forecast -#NASDAQ100,#SP500,#DAX (25-29 March 2024)

Posted by Clara Mellor on 06:07 with No comments

Weekly Market Forecast: NASDAQ 100 aims for 19,000, S&P 500 stays strong, DAX targets €18,500.

NASDAQ 100



The NASDAQ 100 has been very bullish most of the week, but it was a little lackluster on Friday. All things being equal, the 17,750 level underneath is a significant support level, and therefore I think we have a situation where we continue to go back and forth and try to find value on short-term charts. This is a market that looks like it may do a little bit of consolidation, but that makes sense considering we have been so much in the way of upward momentum. If we can break above the high of this past week, then I think the market is looking to the 19,000 level given enough time, perhaps even as high as the 20,000 level. I have no interest in shorting.


S&P 500



The S&P 500 rallied significantly during the course of the trading week, breaking above the 5200 level. This is a market that every time we pull back, there will be plenty of buyers as it is driven higher by just a handful of stocks, which of course everybody owns. In general, I think this is a market that will continue to go higher as far as I can see, and right now, I believe that the 5000 level underneath is going to continue to be a major floor in the market.

DAX



The German index initially pullback during the course of the week, only to turn around and show signs of strength again. This is an index that I think is ready to take off to the upside and continue to go much higher. The €18,500 level is an area that I think people will be looking to get to. Short-term pullbacks offer value, and I think the €17,750 level offers a significant amount of support.


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