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The Market Ear on the crash up in stocks.
SPX – big levels are here
The panic round trip is over. Things from here are much more tricky. 5600, give or take, is huge, and acts as a resistance. Supports are 5500, 5450, and then the big 5400 area.
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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.