The ASX200 has slipped 2.2% so far in September, which is nothing dramatic, for the infamous September although the local index has been noticeably soft compared to the US Indices, with the S&P 500 posting new intra-day highs on Friday, up +3.2% month-to-date relative to the ASX which is down 2%.. Looking forward, our “Gut Feel” continues to anticipate a deeper pullback by the local index, especially if/when US equities take a breather as we approach the volatile October – obvious support going back to early 2025 comes in around 8600.
- On Saturday morning, the SPI Futures were calling the ASX200 to open up 0.3% this morning, back around the 8800 level.
MM remains neutral towards the ASX200 in the short term
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