Stock Market Outlook for Wed Aug 26 2020 – Overbought, Dips Likely But Higher Close

Tuesday saw further advances by the S&P and NASDAQ but markets are now deeply overbought and dips should be expected.

As the evening was 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:

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 – Wed Aug 26 2020 

For the close of Tuesday MACD confirmed the up signal from Monday.  The market though is very overbought. While it is possible for the index to keep pushing higher, it is more likely that after being overbought twice in the past several weeks, the index will turn more sideways. Dips though remain opportunities for trades as the bullish stance of the market has not changed at all. August looks like it will go down in the history books as one of the better Augusts in decades. Most analysts has indicated they felt August would be lower by as much as 5% on average. Instead hope for a vaccine has kept the rally alive. With just 4 trading days left in August, it appears that analysts are wrong again. A higher close, even a slight one, is expected for Wednesday.

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