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Are we bullish or bearish the ASX 200?

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Are we bullish or bearish the ASX 200?

Hi,

Always look forward to your reports which are a very good insight to the market. I do have a question; earlier in the week you said MM would be bullish if the market closed above 7485 and bearish if it closed below 7300. As it closed below 7300 today what is your current view of the direction of the market.

Many Thanks

Selwyn J.

Answer

Hi Selwyn,

An excellent question after the market “gapped” down under the psychological 7300 area, our current short term stance towards the index is a neutral one although we do see equities higher into Q1 of 2022:

  • A close back above 7350 would trigger bullish signals otherwise we have to be neutral with a dip towards 7000 far from out of the question with Omicron.
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ASX 200 Index
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