Stock Market Outlook for Thu Aug 27 2020 – Extremely Overbought, Dips Likely But Still Higher

Wednesday saw new all-time highs again the both the S&P and the NASDAQ. With news overnight on further advances by Moderna for vaccine development, markets may try to still push higher on Thursday.

As the evening was again spent on the work being done on the members site, there is no full stock market outlook for tonight. Instead there is a short write-up below.

Support and Resistance Levels To Be Aware Of:

3500 is major resistance

3450 is resistance

3400 is resistance

3375 is resistance

3300 is resistance

3275 is support

3200 is support

3150 is support

3050 is support

3000 is support

2975 is light support

2950 is light support

2900 is light support

 Stock Market Outlook for Tomorrow – Thu Aug 27 2020 

For Thursday all eyes will be on Powell’s speech, although it is expected to be a “non-event” as far as surprises are concerned. Nonetheless we will see some nervousness during the day. As well the index is extremely overbought as it approaches 3500 which is major resistance.

There is weakness expected for the morning on Thursday but no large dips are expected. The outlook remains unchanged at still higher by the close.

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