US stocks struggled overnight in face of the major news over the coming days i.e. the FOMC rate decision and reports from the likes of Alphabet (GOOGL US) and Meta Platforms (META US). Considering the strength over recent weeks it’s not surprising we’re seeing some caution being adopted into these important releases with a -2.1% dip by the NASDAQ leading the weakness.
- We believe the influential US tech stocks remain the key to the relative performance of the broader US stock market.
- Our preferred scenario is the S&P500 eventually breaks to the upside and tests the 4300 area.
MM is mildly bullish on US equities into February
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