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Things fall apart

David Llewellyn-Smith
Friday 14 November 2025
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The Market Ear on when things fall apart.

Lower high

SPX may be carving out a lower high, not a bullish look. 6800 is the key short-term support in futures; lose that and you’re into the channel lows and 50-day near 6750, with the big 6700 zone right below.

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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.