The US S&P500 had a quiet Monday compared to most of 2022 although encouragingly it largely held onto its recent gains. The trend remains clearly down but at the moment our preferred scenario is the index continues to bounce towards the 4150-4200 area which would provide an excellent risk/reward selling opportunity. The tech stocks are struggling to embrace the pullback in bond yields which has helped the broader market over the last week, we probably need the heavyweight FANG’s to attract some buying for our target to be achieved.
- We are concerned medium term that analysts are looking for S&P500 stocks to enjoy profit growth of ~10.7%, it feels optimistic in today’s environment to MM i.e. reporting season could be challenging.
MM is mildly bullish US equities over the coming weeks
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