Stock Market Outlook for Tue Jan 21 2020 – Overbought With Dips Likely

Weakness Dips Likely

Markets are very overbought heading into the new week. My day was spent with tech support and the developers as new features are nearing unveiling so tonight’s outlook is shortened.


 

Support and Resistance Levels To Be Aware Of:

3250 is resistance

3200 is light support

3100 is light support

3075 is light support

3030 is light support

3000 is support

2960 is light support

2950 was light support

2900 is light support

2860 is light support

2840 is support

2800 is strong support


 Stock Market Outlook for Tomorrow – Tue Jan 21 2020 

For Tuesday there is weakness brewing but the technical indicators are still strong. MACD has a very strong signal after Friday’s close. However most indicators are pointing to an extremely overbought market and that means dips are going to happen on Tuesday.

Despite this the market could still close flat to positive while the index works out the overbought condition.


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