The ASX200 failed to close above 9000 as it exited August but it still delivered a stellar monthly performance. With a volatile but positive reporting season in the rear-view mirror, the next catalyst for local stocks could well be the RBA, and they aren’t expected to ease by another 0.25% until November. Hence, moving into September, we anticipate ongoing digestion of last month’s reports with plenty of appetite into dips if and when they occur.
Looking forward, our “Gut Feel” is that the next 100-point move is on the downside, with a likely test of the 8850 area, but there are still no sell signals ringing alarm bells.
- On Saturday morning, the SPI Futures called the ASX200 to open down 0.3% this morning following the weak overseas lead.
MM is now neutral towards the ASX200 in the short term
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