Stocks rip too far, too fast

Friday 10 November 2023

The Market Ear kicks us off.

SPX – time to chill?

The SPX has traded inside the almost perfect trend channel that has been in place since July. We undershot once, recent lows, and have now overshot. Note the 100 day moving average is slightly higher…and the index has put in one hanging man candle, followed by an inverted hammer (so far today). These are typical candles that signal a possible pause in the short term trend, but we need a confirmation as always.

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About the author

David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific’s leading geo-politics and economics portal. He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.