The ASX is highly correlated to the UK FTSE and at this stage there appears nothing to worry about although we don’t see any reason to chase a market close to its 2021 highs and we feel is complacently assuming that the pandemic is under control – the logical technical target to again start buying this index is in the 6700 region, or 5% lower.
MM is a buyer of the UK FTSE into pullbacks
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