US stocks rallied strongly overnight with the Dow closing up more than 500 points, while all 11 sectors rallied energy was again the standout performer enjoying gains of ¬2%. In the context of things, the index looks to have stopped falling but there are no clear buy signals coming through at this stage.
- We are still “hopeful” US stocks can rally into 2023 with a break of 4000 by the S&P500 remaining the 1st level of major resistance. Potentially the first higher low technical structure, which is often followed by higher highs.
MM remains cautiously optimistic and bullish on broad-based US equities into 2023
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