US stocks were closed overnight but the futures drifted lower before tonight’s re-opening.
- Our preferred scenario remains the S&P500 will eventually test the 4300 area, now ~5% away.
MM remains mildly bullish on US equities through February/March
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The $US Index continues to grind higher but there’s nothing impulsive about the advance over the last few weeks as our initial 105 target comes into sight.
- We are bearish on the $US medium/long term but believe its recent bounce still has further to travel.
MM is bullish on the $US short term
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