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The Market Ear on where we are.
SPX stuck
SPX remains stuck in the wide range that’s been in place since September. We’re now sitting in the upper end of that range, an area that has rejected price on three prior occasions, with 7000 (futures) standing out as major resistance. Mean reversion has been the winning trade so far, but a clean breakout would open up a sizable upside vacuum. Initial support sits at the 50-day, near 6900.
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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.