Overbought and running out of fuel

Thursday 16 April 2026

Charts for TME. Now what?

From squeeze to chase – now what?

SPX is back at highs, but the character of the move is shifting. What began as forced buying is now turning into chasing, with vols firming and positioning getting crowded again. This is where things get more complicated.

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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.