US equities have again ground higher over the last week, our preference would be for a reasonable pullback in the coming 1-2 months to shake out the weak short-term / momentum traders but sector rotation continues support the index into any selling of specific market areas. From a simple risk / reward perspective US stocks feel a little tired but you cannot ignore their resilience.
MM’s ideal short-term pullback target for the S&P500 remains ~3,850
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Australian stocks have a large degree of correlation to European equities, more so than the US which might surprise some subscribers. At this stage it feels too early to fight this bullish trend and while the upside momentum is not huge it does continue producing a positive backdrop for the ASX.
European stocks again look set to make fresh all-time highs
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