01 Sep ’22, 09:20 Central Euro Time:

The Euro, Gold, Silver, Copper and the Spoo all are at present trading beneath their respective Neutral Zones for today; none of the other BEGOS Markets are above same, and volatility is mostly moderate. September begins, and despite resumption of the S&P’s correction, our S&P MoneyFlow page still lacks indication of selling “fear”, and indeed the 63-day (one quarter) version suggests a loftier S&P level; of course, the historically high P/E (“live” now 35.1x) fundamentally calls for lower price levels still: at this instant with the S&P set to open down at 3934 (vs. yesterday’s 3955 settle), the key test of the 3600-3200 support area is appearing more likely; recall the 17 June low was 3637, and by Market Trends the Spoo’s is firmly negative. Among today’s metrics for the Econ Baro come August’s ISM(Mfg) Index and July’s Construction Spending.