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The fragile bull

David Llewellyn-Smith
Wednesday, 17 January 2024
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The Marlet Ear kicks us off.

Double top?

NASDAQ could be putting in a lower high, making a “kinked” double top. Not pretty. Note the negative RSI divergence as well as the fact the 21 day moving average coming in right here. Note we had a similar set up at July highs.

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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.