The ASX200 remains well above its recent lows but external influences are slowly but surely dragging the market lower as the news of a painful recession being almost inevitable in 2023 gathers momentum. The number of cogs driving the stock market engine at present is huge from the Ukraine to China, soaring bond yields and inflation to a recession looming next year, there’s certainly not much good news around but at this stage, we see no reason to alter our contrarian positive outlook into Christmas and of course for bonds and stocks to be around the current levels we flagged in August the news couldn’t be good!
- We continue to believe the ASX200 will trade in a 6400-7200 trading range into 2023 which by definition suggests the current risk/reward favours the buyers.
After another choppy session on Wall Street where the bulls again surrendered early gains, we saw the S&P500 ultimately close down -0.7% as selling pressure continued towards growth names, the SPI futures are pointing to another negative open locally down around 20-points.
MM remains bullish the ASX200 into Christmas
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