The ASX200 looks set to open around the psychological 6700 area this morning as it slowly approaches its high of the last 2-weeks, if we are correct this will be breached this month and the index will rally towards the 6850-6900 area:
- MM expects a rally by the local index of ~3% over the coming weeks but importantly we still believe another major test on the downside is likely before Christmas.
- Hence we’re sticking with our mantra for 2022 – “buy the dip and sell the pop with the emphasis now towards the sell side of the equation” i.e. we are looking to de-risk if the above-mentioned rally unfolds.
MM remains bullish the ASX200 short-term
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