16 November 2022 – 09:19 Central Euro Time

The Euro is the sole BEGOS Market at present outside (above) its Neutral Zone for today; the other components are within same, and volatility is mostly moderate. By Market Trends, all eight products continue to sport positive linear regressions per the past 21 trading days (one month). The “live” (futs-adj’d) P/E of the S&P is 37.5x; (its historical lifetime mean is 22.4x); and the yield curve remains flat-to-inverted: the 3-month U.S. T-Bill yield is 4.130% whilst 10-year money is 3.799. By our S&P MoneyFlow page, even as the Flow has improved in the past week, both the month and quarterly readings depict the S&P as 100s of points too high; by Market Values, the real-time reading of the Spoo (at 4012) shows as 255 points above the smooth valuation line. Too, the S&P has been “textbook overbought” these past four trading days. There is a substantive load of metrics due today for the Econ Baro: we’ve November’s NAHB Housing Index, October’s Retails Sales, Ex/Im Prices and IndProd/CapUtil, plus September’s Business Inventories.