US stocks experienced a tough session overnight on rising concerns that the Fed Funds Rate would indeed hit 5.1% next year and stay there longer than many are bargaining on. The broad-based S&P500 closed down -1.4% having managed to halve its losses in the last hour’s trade, what comes next is starting to feel like a coin toss.
- We are 50-50 whether US stocks can make another attempt on major resistance around the 4300 area but we do anticipate another foray on the downside through the year.
MM is now neutral on US equities into Q1 of 2023
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