Our Q&As are emailed in our Saturday Morning Report, find the answer to this question below.
Hi Shawn, Carter Holt, well respected chartist in US thinks it’s another dead cat bounce, that we will definitely see more downside ( up to -10% from here) and advises against “ buying the story”. Far from over were his words, seeing 3,300 for S & P500. Food for thought. I tend to agree but will probably be wrong…David
Hi David,
MM has adopted a contrarian bullish view into Christmas looking for a test of the August high for the S&P500 i.e. around the 4300 area. This outlook has been formulated around a number of factors including investors excessive bearish positioning / sentiment, seasonality factors and our view that bond yields have topped out for 2022.
However, we remain open-minded with our outlook towards 2023/4 with the resilience of company earnings likely to be the dominant factor as an economic slowdown plays out – another down leg towards 3300 by the S&P500 unfortunately wouldn’t surprise us – but we believe a more sustained bounce will play out first.
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