US stocks suffered another weak session overnight led by Amazon (AMZN US) -3.4% and Meta Platforms (META US) -4.1%, we are still giving the index the benefit of the doubt for seasonal reasons but otherwise, it would be a 50-50 call as the S&P500 approaches 3800 support.
- We are still “hopeful” US stocks can rally into 2023 but a break of 4000 by the S&P500 remains the 1st level of major resistance.
MM remains cautiously optimistic and bullish on broad-based US equities into 2023
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