Stocks out of fuel

Friday 24 April 2026

TME with the charts.

Crowded And Running Out Of Fuel

Price is pressing into key resistance, flows that powered the move are starting to fade, and positioning is getting crowded fast. The tape feels bullish, but under the hood things aren’t confirming in the same way.

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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.