02 Sep ’22, 09:20 Central Euro Time:

The Euro, Gold, Silver and Oil are trading at present above their Neutral Zones for today; none of the other BEGOS Markets are below same, and volatility is mostly light ahead of August’s Payrolls data. The S&P 500, whilst having developed a near-term “textbook oversold” stance, nonetheless seems bent on retesting the year’s low (3637, 17 June) even as price is currently 3967; as regularly herein noted, the broad S&P support area is 3600-3200, and given the normal seasonal negativity of September (as detailed in the current edition of the Gold Update), 3600 is rationally within the realm. Of course fundamentally, sub-3000 gets due consideration given the unsubstantial level of S&P 500 earnings especially in this rising interest rate environment. Due as well for the Econ Baro today are July’s Factory Orders.