08 February 2023 – 09:19 Central Euro Time

FedChairPowell’s address yesterday put the S&P into a highly whipsaw mode, albeit the Spoo at present early on is “unch”; the three elements of the Metals Triumvirate are above their Neutral Zones for today; none of the other BEGOS Markets are below same, and session volatility is light-to-moderate. Yesterday completed the S&P 500’s 18th consecutive day as “textbook overbought” and the “live” P/E this morning is 41.4x. At Market trends we’ve now negative linear regressions for the Bond, Silver, Copper and Oil. And by Market Values, four of the five primary components (the Bond, Euro, Gold and Oil) are below their smooth valuation lines, but none extremely so. For the Econ Baro today we’ve December’s Wholesale Inventories.