The ASX200 looks set to open down around 10-points this morning assuming it can follow the SPI Futures on Saturday morning and largely shrug off the weakness on Wall Street on Friday night, if we are correct last week’s breakout to the upside should follow through a touch further towards the 6850-6900 area in the coming few weeks:
- MM is looking for the local index to scramble another 1-2% higher which is starting to sound way too pedantic i.e. we are very close to migrating towards a neutral stance.
- Importantly we will lose this bullish skew if / when the ASX200 closes back below 6750 – we’ve been bullish for a number of weeks but this targeted journey is almost complete.
MM remains mildly bullish the ASX200 short-term
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