18 July 2023 – 09:13 Central Euro Time

With the S&P 500 having just completed its 30th consecutive trading day as “textbook overbought”, today finds at present the Bond, Euro, Swiss Franc, Gold and Silver all above their Neutral Zones; none are below same, and volatility is light. The five primary BEGOS are now all in positive correlation, typical of what we’ve seen historically when “money is flowing into everything” during Dollar weakness. Moreover by Market Trends, the “Baby Blues” for all eight BEGOS components are rising. Q2 Earnings Season very early on appears off to a better start than in several years past. And ’tis a busy day for the Econ Baro as due is July’s NAHB index, June’s Retail Sales plus IndProd/CapUtil, and May’s Business Inventories.