03 February 2023 – 09:26 Central Euro Time

StateSide ’tis Payrolls day for January. Save for the Euro which is at present below its Neutral Zone for today, the other BEGOS Markets all are within same, and volatility is light. The S&P 500 now stands as 15 days “textbook overbought” and the futs-adj’d “live” P/E is 41.2x. The MoneyFlow for the S&P has substantively turned about to the upside, notably into the tech-heavy large cap-weighted constituents, even as year-over-year comparisons are weaker; ’tis remindful in a sense of the race into the 2000-2002 DotComBomb. The Dollar seems firming just above the 100 level, and in real-time the Euro has crossed below its smooth valuation line (See Market Values) suggestive of lower levels. In addition to the jobs data, we’ve also for the Econ Baro January’s ISM(Svc) Index.