The ASX200 posted new highs on Monday afternoon only to close down 3.8% by Friday with a weekly 8.5% drop by the materials sector weighing heavily on the index with much of the same likely today. After the miners it was the rate-sensitive names that were on the receiving end of the selling as inflation concerns swept through global markets, with the consumer discretionary and real estate sectors both retreating by more than 4%. We wouldn’t be surprised to see concerns around the Middle East drag the ASX200 back towards 8400 support, only 3-4% lower than where its expected open this morniung.
- The SPI Futures are calling the ASX200 to open down around 8700 following the Friday night weak session on Wall Street.
MM is bullish towards the ASX200 around 8700
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