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.
Overnight US stocks whipsawed around ahead of results from Apple Inc (AAPL US) and Alphabet (GOOGL US) plus of course the important FOMC decision on Wednesday night, the main hope could again be the markets entrenched negativity as the economy slows with bad news already expected from the mega caps e.g. Amazon.com is expected to grow at its slowest rate in decades and the pullback in consumer advertising looks set to weigh on Meta Platforms (META US).
MM is now neutral with our upside target only ~1.5% away BUT the “easy money” has gone
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