Stocks out of fuel

Wednesday 6 August 2025

The Market Ear on the stock stall.

SPX levels

SPX is trading inside the trend channel that has been in place since late May. Short term support at 6300 (futures), which is the lower part of the channel. 50 day comes in around the 6200 area. Resistance: ATHs.

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.