US stocks rallied 1.1% overnight as the GDP grew at a faster pace than forecast on the surface but there were signs of slowing demand as rate hikes start to bite. Overnight the S&P500 managed to post its highest level since early December dismissing a disappointing report card from IBM (IBM US) which saw the stock fall over 4%.
- Our preferred scenario is the NASDAQ breaks above its December swing high over the coming weeks/ months which should help the broad market eventually test our 4200-4300 target area.
MM remains mildly bullish on US equities into Q1 of 2023
Add To Hit List
