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ASX200 – is there more left in the tank?

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Question asked 16/12/2023

ASX200 – is there more left in the tank?

Hi guys, sorry for the repeat questions; I have an ASX200 position and looking for a nice exit. Appreciate the replies and the work put in each day. I specifically like the general views on the indexes as quite often, I will just trade these over stocks when I don't have the time or the funds to fully diversify my portfolio. I've been holding a nice ASX200 position which I'm waiting to close out. I had 7500 as my target, which is getting very close now, although, as you mentioned, the final 2 weeks in December is normally when we get a run. Do you think it could have further to run in the next 2 weeks? I closed out NASDAQ and Dow positions last month, in hindsight, way too early. Regards, Simon

Answer

Hi Simon,

Thanks for the feedback, it is a good way to actively trade around the edges. We tweaked our view of the index on Friday morning, turning more positive given the clear pivot by the Federal Reserve. We have been discussing taking a more defensive stance into a Christmas Rally and while this is still under consideration we now expect higher levels from the ASX.

We can see the ASX200 making a new high into 1H 2024 with trendline resistance around the psychological 8000 level, still over 8% away.

A new high would imply ~7650, and we provided some more meat around this view here

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