20 January 2023 – 09:24 Central Euro Time

The Euro and Silver are at present above their respective Neutral Zones for today; the balance of the BEGOS Markets are within same, and volatility is light. The S&P 500’s monetary outflow specific to the past two negative days has been sufficiently without thrust that per the MoneyFlow page’s weekly read such that the differential is rising; however by the broad quarterly measure, the S&P appears as 400 points “high”. Even as the S&P has come some 100 points off the year’s high, the P/E is not materially coming off (the futs-adj’d “live” read now 37.4x) as only 52% of constituents having reported bettered their bottom lines from a year ago. Whilst the Spoo is pointing to a higher S&P opening today, both the Market Value and Market Magnet for the Spoo have confirmed negative crossovers, suggesting still lower levels in the near-term balance. The Econ Bare completes its week with December’s Existing Home Sales.