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Now what for stocks?

David Llewellyn-Smith
Tuesday 6 May 2025
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The Market Ear on the rally nobody wanted.

Now what?

SPX is hitting some sort of short term trend line here. We moved above the 50 day, but are still slightly below the 200 day. The death cross is still in place, but as we pointed out a few weeks ago, last time we got the death cross (back in 2022), the SPX decided to squeeze big time, trade above the 50 and the 200, and later turned lower, losing some 20% in the following 6 months.

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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.