Publication date: 28 May 2025

AEX

The AEX is trading at 1,035 points during the morning session on Thursday 28 May. This is an increase of 6 points, or 0.6%, compared with last week. 

 Market development 

On Monday, the AEX opened strongly at 1,050 points and reached a new record high of 1,056 points on the same day. The rise was mainly driven by positive reports about a possible upcoming end to the war between the United States and Iran. During the week, these reports were refuted, causing the AEX to fall this morning to the lowest level of the week, at 1,035 points.

Sentiment

Sentiment in the equity markets is very positive, but with an uncertain undertone. Concerns about a sharp correction in the AI hype are increasing.

Outlook 

For the coming weeks, our model suggests that the AEX may test the current high of 1,056 points and could even move slightly above it. After that, a correction towards the 995 to 985 point zone appears to be the most likely scenario.

Over the longer term, the positive scenario remains intact. Our model expects a new upward move within twelve months towards a new price target of 1,150 points.

A close below 920 points would invalidate this scenario and shift the technical picture to neutral to negative. As long as this level holds, the long term outlook remains constructive.

The chart above shows the AEX from November 2025 onwards, including the expected price development.

Nasdaq future

The Nasdaq future is trading at 29,945 points on Thursday morning 28 May. This is an increase of 680 points, or 2.3%, compared with last week.

Market development

The Nasdaq future reached a new record high on Wednesday, with the highest price at 30,379 points. The price then began to consolidate slightly lower. On Thursday morning, the provisional weekly low was set at 29,763 points.

Sentiment

Sentiment around technology remains strong, but the momentum of the recent rise is weakening, increasing the likelihood of an interim correction.

Outlook

According to our model, the Nasdaq future could correct by around 10% from the current level towards the zone between 27,500 and 26,500 points. After this correction, the upward long term trend may resume towards the new price target of around 32,500 points.

The chart below shows the Nasdaq future from November 2025 onwards, including the expected scenario.

 Dow Jones future 

The Dow Jones future is currently trading at 50,670 points. This is an increase of 670 points, or 1.35%, compared with last week.

Market development

De Dow Jones-future brak eind vorige week al uit het zijwaartse patroon en steeg maandag naar de recordstand van 51.207 punten. Gedurende de week corrigeerde de koers. Hiermee laat de Dow Jones-future een vergelijkbaar koersverloop zien als de AEX.

Sentiment

Sentiment around the Dow Jones future remains fundamentally strong, but concerns about a correction are increasing.

 Outlook 

In the short term, the Dow Jones future may test the high of 51,200 points and could then enter a correction towards 48,600 points. This level may then serve as a base for a new upward move towards the long term price target of around 55,000 points.

The chart below shows the Dow Jones future from November 2025 onwards, including the expected price development.

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Disclaimer: Investing involves risks. Our analysts are not financial advisers. Always consult an adviser when making financial decisions. The information and tips provided on this website are based on the personal insights and experiences of our analysts. They are therefore intended for educational purposes only.