Most major US indices again made fresh all-time highs last week before retreating and finishing off the week marginally lower, in similar fashion to the ASX. The risk / reward isn’t exciting at current levels following the S&P500’s impressive 38% rally in less than a year, we’re more comfortable adopting a patient stance at least for the coming weeks as clarity returns toward the Delta Strains impact on the global economy, and especially the US but we do remain a keen buyer of a pullback towards the 4250 area, which is only where we were back in mid-May.
MM’s is a keen buyer of the S&P500 ~8% lower
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