03 Aug ’22, 09:25 Central Euro Time:

Copper is the sole BEGOS Market trading at present outside (above) its Neutral Zone; volatility is again mostly moderate. Given the weakness of Q2 Earnings Season and the S&P 500 having achived the suggested 4100 level, we’re anticipating the Index to crack, especially as the Spoo is (in real-time) 314 points above its smooth valuation line (see Market Values); in looking back century-to-date, the only stint of like points deviation was during the post-COVID bounce in April 2020, following which there were bi-directional moves of 100+ points over the ensuing few weeks. To the current end, we’re minding the Spoo’s “Baby Blues” (see Market Trends), which thus far today are again notched a bit higher. The futs-adj’d “live” P/E of the S&P is 35.1x. Due for the Econ Baro are July’s ISM(Svc) Index and June’s Factory Orders.

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