US stocks remain in a holding pattern ahead of the Fed but considering they’re within 1% of their all-time highs after rallying over 80% from last March’s low it’s impossible not to acknowledge the bullish undertone remaining in risk assets however Jerome Powell et al could change that in a heartbeat this week hence the markets recent trepidation. Interestingly last week we saw a distinct pullback in market sentiment which has short-term contrarian implications creating a constructive backdrop and supports our view to see more strength over the coming weeks, albeit in a choppy manner.
MM remains bullish US stocks short-term targeting a break of 4000 in the coming weeks.
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