US indices experienced a choppy session overnight as the S&P500 tests the psychological 4000 area, we feel a meaningful break above here is likely to see a sharp rally towards the next resistance area around 4150. The catalyst overnight for the gains was another weak inflation print from the producer price growth i.e. PPI. which measures wholesale prices. Ongoing signs of cooling by inflation are slowly starting to ignite the tech stocks which we believe is likely to be ongoing.
- We believe US stocks have bottomed for 2022 and the Tech Sector will help the S&P500 rally another 5-10%.
MM is now mildly bullish on US stocks into Christmas
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