Love the hated rally

Wednesday 28 May 2025

The Market Ear looks at the hated rally.

Intact

SPX’s steep trend channel since April panic lows remains intact. So far a perfect bounce on the lower part of the trend channel and the 21 day moving average. Support 5800, resistance 6000.

Source: LSEG Workspace

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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.