History points to strong run for ASX200
Over the last 6 years the average range for December is 284 points with extremes at 189 and 344 respectively. The average trading range for these recent Decembers has relatively large extremes but it is very comparable to the typical November retracements of 7% (7.5% for this November). So, if Tuesday's low of 5166 holds then the average target for this December is 5450 with outliers at 5355 and 5510. The ASX200 has a perfect ‘bull’ pattern forming with the ‘abc’ target discussed previously of 5446 tying in nicely with the above (see chart –1). Market Matters remains committed to its view that the S&P500 will see new highs in coming weeks / months, ideally ~5% higher. This supports our short term view of the ASX200 being strong into Christmas. Read our full report for further analysis and our conclusion: (VIEW LINK)
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