The ASX200 is set to open back around 7070 this morning probably making a fresh 10-week high in the process, we are still adopting a neutral stance but the bounce has extended a little further than we expected – assuming we follow the US this morning the Tech and Consumer Discretionary Sectors are likely to lead the gains.
- The upside momentum has waned in August but while it continues to make higher highs the short-term trend is clearly up – a technical breakdown doesn’t occur until we see a close below 6750.
- At this stage we’re not chasing the strength / “Risk on” momentum in line with our outlook for 2022 i.e. “buy weakness and sell strength with more emphasis towards the latter”.
MM remains neutral the ASX200
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