Bulls overheat

Advertisement

The Market Ear with the latest equity internals. 


Stuck

SPX has traded inside the same range since September last year. We still lack a new trend, but people still get bearish at range lows, as well as they tend to get bullish at range highs. You are not early chasing this squeeze. Chart shows the range, as well as the 50/200 day moving averages.

The full text of this article is available to MacroBusiness subscribers

$1 for your first month, then:
Cancel at any time through our billing provider, Stripe
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.