02 Aug ’22, 09:18 Central Euro Time:

The Spoo has crept back below today’s Neutral Zone; above same is the Bond, and volatility is mostly moderate. The S&P 4100 area is displaying the anticipated resistance in concert with Q2 Earnings Season remaining comparatively weak: the “live” P/E of the S&P in a single day yesterday (wherein the Index itself was down a quiet -0.3%) leapt from 33.4x to 35.3x; better than half-way through the Season, 38% of S&P constituents reporting have not improved their bottom lines of a year ago: and back then, interest rates were essentially zero versus 2%-to-3% money today. Our live reading of the Spoo finds it 323 points above its smooth valuation line (see Market Values), whilst the Spoo settled yesterday 122 points above its Market Magnet.