07 September 2023 – 09:05 Central Euro Time

At present, all eight BEGOS Markets are again within today’s respective Neutral Zones, and volatility is, in turn, light. Our “live” P/E of the S&P 500 (in fut’s-adj’d real-time) is below 40x (now 39.7x) for the first time since May; ‘course historically, this remains an extremely high level, as we’ve regularly said especially given risk-free three-month U.S. dough yielding 5.3% annualized. Whilst no material “fear” has yet to hit the S&P, there was a tinge of it yesterday as the MoneyFlow suggested an S&P drop of -1.0% vs. that of -0.7% for the Index itself; by Market Profiles, the Spoo’s most dominant overhead resistor is 4518, (price at present is 4458). Meanwhile for whirl-around Oil, price (87.26) is better than +7 points above its smooth valuation line (see Market Values). Included today for the Econ Baro are the revisions to Q2’s Productivity and Unit Labor Costs.