04 January 2024 – 09:09 Central Euro Time

The BEGOS Markets are quiet, at present all eight components within their respective Neutral Zones for today; obviously, volatility is light. Despite the S&P 500 having recorded two down days to commence the year, it nonetheless is entering what would be a 40th consecutive trading day as “textbook overbought”: having settled yesterday at 4704, an up session today would likely maintain that condition, else a down day would finally nix it. Too for the Spoo, its “Baby Blues” (see Market Trends) confirmed settling below their +80% axis yesterday, suggestive of still lower price levels ahead: whilst this is a highly reliable leading near-term indicator, the prior such occurrence failed to produce anything materially to the downside. Today’s Econ Baro metrics include December’s ADP Employment data.