12 November 2024 – 08:29 Central Euro Time

The elements of the EuroCurrencies and Metals Triumvirate all are at present below their respective Neutral Zones for today; the other BEGOS Markets are within same, and volatility is pushing toward moderate. As anticipated through recent weeks, Gold finally let go yesterday to the downside: price’s intra-day drop by both points (-76) and percentage (-2.8%) ranked fifth-weakest year-to-date. In turn, Gold’s weekly parabolic trend has provisionally flipped from Long to Short, whilst price has moved below its smooth valuation line (see Market Values). That for the Spoo is (in real-time) +247 points above same: the S&P 500 itself with its “live” P/E of 46.4x is now “textbook overbought” through 19 days of the past 23. We’re extending our coverage of Q3 earnings out an additional week (through 22 November) given some key constituent S&P stragglers still therein to report. Again the Econ Baro is quiet today with 14 metrics due Wednesday through Friday.