# 18 Oct ’22, 09:25 Central Euro Time:

Both Silver and the Spoo are at present above today’s Neutral Zones; the other BEGOS Markets are within same, and volatility is again light. The S&P again had a substantive bounce off the top of its 3600-3200 support zone: prior to this, we’ve pointed out that a run toward the upper 3800s would seem reasonable, and today’s Spoo high thus far is 3765. By its Market Profile, the Spoo shows pricing congestion at 3770 and more so at 3795. At Market Values, the Spoo has closed much of its distance from being below the smooth valuation line: in real-time, price (3741) is just -58 points under the 3799 line. And at Market Trends, the Spoo’s “Baby Blues” of trend consistency are rising such that the downtrend is becoming less so. Fundamentally however, the “live” P/E of the S&P at 34.2x remains excessively high in this newly positive interest rate environment. For the Econ Baro today we’ve October’s NAHB Housing Index, plus September’s IndProd/CapUtil.