Stocks enter the Trump dimension

Thursday 23 April 2026

In the Trump dimension, stocks only go up, all by themselves. TME with the charts.

SPX Pushes Higher… Alone

SPX keeps grinding higher… but the cross-asset picture is starting to diverge. Oil, vol, rates, and macro are all telling a different story, with gaps widening across the board. These setups tend to resolve one way or another.

The full text of this article is available to MacroBusiness subscribers

$1 for your first month, then:

$24.99 / month

$249 / year

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.