US stocks rallied overnight, and after breaking below the psychological 4300 area, the S&P500 is threatening to end the week on the front foot, delivering a strong technical signal in the process, i.e. technically, a close back above 4350 would be bullish, or +1.2% higher. The move overnight was broad-based, with 10 out of 11 sectors advancing, but only two managed to close more than +1% higher.
- We can now see the S&P500 Index making fresh 2023 highs into Christmas.
MM remains cautiously bullish on US stocks short-term
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“Dr Copper” closed up over +2% overnight, although it remains range bound. We are bullish on the industrial metal from a simple supply-demand perspective, but we are likely to need further encouraging news out of China before the bulls can regain control.
- We continue to like copper into any dips as we rapidly approach 2024.
MM is bullish toward copper medium-term
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