18 May 2023 – 09:20 Central Euro Time

Silver is the only BEGOS Market at present outside (below) its Neutral Zone for today; session volatility is again light. The Spoo yesterday worked up through its Market Profile 4135-4138 resistance zone, indeed reaching above our “high if an up day” for the first time since 05 May. However, the lack of growth in Q1 Earnings Season has pushed the “live” P/E of the S&P up to (futs adj’d) 52.3x; the Index’s yield is 1.609% versus that (annualized) for the 3-month T-Bill’s 5.088%. Of note per Market Ranges, EDTRs on balance are narrowing, certainly so for the Bond, Euro, Swiss Franc, Oil and the Spoo. For the Econ Baro, today’s metrics include May’s Philly Fed Index, plus April’s Leading (i.e. lagging) Indicators and Existing Home Sales.