Over recent weeks the ASX200 has ground slowly but surely higher although this morning we’re likely to see it open back around 7200 – we do remain optimistic over the coming weeks, especially when we consider what’s been thrown at the local index i.e. only correcting ~5% is a great performance. MM sees no fresh reasons either technically or fundamental to anticipate a strong move in either direction which coincides with MM’s preferred scenario of an ongoing begrudging bounce by stocks primarily due to a squeeze on an overly bearish market. i.e. market positioning is bearish and the direction of most pain is up.
MM is neutral/bullish the ASX200 short-term
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