18 Aug ’22, 09:55 Central Euro Time:

The Swiss Franc, Silver and Copper are at present below today’s Neutral Zones; the balance of the BEGOS Markets are within same, and volatility is light-to-moderate. Yesterday the Spoo reached its expected “low if a down day” for the first time since 14 July; Tuesday’s Spoo high of 4328 is key to monitor as potentially the top of the broader contra-trend rally; again, we’re sensitive to the 3600-3200 zone having yet to be tested, (not to mention the overvaluation of the S&P, especially in this positive interest rate environment). Silver as anticipated continues to work lower. Oil’s cac volume is rolling today from September into October. And this is the week’s final day for incoming Econ Baro metrics, including August’s Philly Fed Index along with July’s Existing Home Sales and Leading (lagging) Indicators.