Indices: Australian ASX 200
The ASX200 tested its all-time high this time last week but this morning we look set to open down ~2% taking the index back into the middle of its multi-week trading range. With the Resources Sector looking vulnerable to a steep correction it’s hard to imagine the ASX challenging its milestone level as we enter the infamous May i.e. “sell in May and go away”. Overall MM still believes the major action will be on the sector level with some reversion to 2022’s moves looking likely:
The local market continues to knock on the door of new all-time highs which I’m sure amazes many subscribers and even for bulls like MM its impressive when we consider the huge macro headwinds that have been thrown at equities through the early months of 2022:
