The ASX200 was already up over 2% before the much-welcomed news from the RBA which resulted in another 100-points on the upside enabling the market to close up +242-points / 3.75%, not surprisingly its best day in over 2 years.
- As we said on Tuesday a close above 6725 will deliver a technical buy signal targeting a test of August highs.
- Our “Gut Feel” is the ASX bottomed for 2022 on Tuesday, when half of the country was on holiday, our ideal target is currently the 7150-7200 area.
After strong gains on Wall Street overnight the SPI Futures are pointing to another +1.6% gain early this morning taking the index back to the 6800 area, ~6% above this week’s low – as the saying goes “I couldn’t be short for quids!”.
MM remains bullish the ASX200 into Christmas
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