Max long into max uncertain election

Tuesday 5 November 2024

The robots have done it again. The Market Ear with more.

Revisiting the SPX wedge

We broke below the rising wedge last week. Note the SPX is “dancing” around the 50 day here. The 5750/5700 (futures) area is short term support. A close below and the next big level comes in at 5500, right where the 200 day comes in. Resistance is the all time high levels we saw a few weeks ago.

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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.