Stock stress mounts

Thursday 23 October 2025

The Market Ear on overheated.

Stuck

NASDAQ reversed right at the upper part of the range. Note the slightly lower high as we continue trading the range. Despite all the narratives, equities have done little (but produce volatility) since mid September. 50 day comes in at the lower part of the big trend channel.

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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.