Overnight we saw US stocks struggle following ongoing hawkish comments from the Fed and likely trepidation ahead of tonight’s important US unemployment data i.e. US Non-Farm Payrolls which captures ~80% of their workforce. We still wouldn’t rule out another foray towards 3550 by the S&P500 but following its 26% correction this year we believe the risk /reward has swung around in favour of the buyers.
- We still believe US stocks will test their August highs into Christmas but it’s likely to be a volatile journey i.e. upside of 15-20%.
MM remains bullish US equities into Christmas
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