The ASX showed resilience towards the end of last week, closing on its highs in the last 3 sessions but it was still unable to deliver any kind of trend with the 8800-level acting like strong magnet for the index – it’s been well over 6-months since the ASX200 moved in either direction for four consecutive weeks. We can still see the ASX200 trading back above 9000 this month but it’s going to need a catalyst to move out of its comfort zone.
- On Saturday morning the futures market were calling the local market to open up +0.5%, although US Futures have opened lower this morning (-0.3%) as Oil prices rise (+2.7%) on further hostilities over the weekend.
MM is bullish towards the ASX200 around 8800
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