Indices: Australian ASX 200
The ASX200 has trod water around the 6800 area for the last few days which is encouraging for the bulls, at MM we have been looking for the 6850-6900 region for almost a month and the combination of the FOMC and ongoing reporting season is likely to deliver more than enough volatility to achieve this conservative goal. A mixed night on Wall Street was again ignored by the SPI Futures which are pointing to a +0.4% gain by the ASX200 early this morning.
The ASX200 looks set to open down around 10-points this morning assuming it can follow the SPI Futures on Saturday morning and largely shrug off the weakness on Wall Street on Friday night, if we are correct last week’s breakout to the upside should follow through a touch further towards the 6850-6900 area in the coming few weeks:
