The ASX200 pushed higher yesterday enjoying its highest close for over 6-weeks but while the market looks & feels solid we caution that we now believe the “easy money” from MM’s bullish call last month is well and truly in the rear view mirror. Wednesday saw the banks and healthcare stocks lead the advance while the Resources Sector weighed on proceedings – China’s ongoing lockdowns certainly aren’t helping our miners.
- MM has been flagging a more conservative stance if / when the ASX200 headed towards the 6850-6900 area – watch for some initial alerts today.
Overnight US stocks surged following the comments from Jerome Powell with the broad-based S&P500 closing up +2.6% as tech surged +4.3% enjoying solid moves following earnings reports from Microsoft (MSFT US) and Alphabet (GOOGL US) the prior night.
MM is now neutral the ASX200 with our upside target likely to be hit on the open this morning
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