US indices rallied back towards their 4-month highs overnight led by tech as optimism increased that the Fed might start to ease off with rate hikes over the coming months. However with the S&P500 index unchanged in 6-months it’s a brave person to call when/if stocks can follow through on early 2023 gains. Overnight was another “risk on” session in the US with only the defensive-facing Utilities Sector rallying less than 1% while Consumer Discretionary, Materials and Tech led the advance.
- Our preferred scenario is the current rotational style price action will eventually lead to a test of the 4300 area, or 5% higher.
MM remains cautiously optimistic towards US stocks into Q1
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