The banks have been quiet in 2023, with ANZ and CBA higher while NAB and WBC are currently lower, but they have paid healthy dividends along the way, and the underlying ASX200 (excluding dividends) is only up +4.8% with a few weeks remaining. The banks, like many stocks/sectors, have rallied strongly over the last fortnight, and they are on track to at least test the 9000 overhead resistance area, now only ~6% away. This move would significantly influence whether the underlying ASX200 can make new all-time highs over the coming months.
- We believe the banks will assist the ASX200 in making new all-time highs in the months ahead.
MM is cautiously bullish towards the banks short-term
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