Stock Market Outlook for Wed Jan 22 2020 – Overbought But Bias Is Up

Stock Market Outlook Overbought Bias Up

Despite the weakness on Tuesday to start the week, the index is still overbought.

Tonight’s market direction outlook is shortened as I am spending my time on outlining trades planned for today for members.


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 – Wed Jan 22 2020 

For Wednesday we will continue to see weakness develop and dips are likely as the market works out being heavily overbought.

The morning could see a dip following rather ho-hum earnings from Netflix. However overall the dips remain opportunities to setup trades as the bias is still higher for the market. Wednesday should see a higher close.


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