Our Q&As are emailed in our Saturday Morning Report, find the answer to this question below.
Firstly, thanks for continuing to help explain the ASX Rollercoaster to us. Let me state firstly that I am not a chartist! However to my untrained eyes, the recent ASX 200 chart strongly resembles a classic "Head & Shoulders" pattern. Obviously, this will not be helpful to our portfolios in the short term. Any thoughts? Thanks George
Hi George,
Thanks for the positive feedback, always appreciated.
The simple answer is yes, while US indices have managed to punch through to fresh 2023 highs over recent weeks due to the large weighting in their indices of Tech the ASX which is more value focused (banks and resources) has struggled in comparison. Hence at this stage MM is adopting a relatively defensive stance including a 9% cash position in our Flagship Growth Portfolio.
Technically an initial test below 7000 is looking a strong possibility as we move into the EOFY – a Head & Shoulders pattern is regarded as a negative change in trend set up for chartists.
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