21 November 2023 – 09:22 Central Euro Time

The Bond, Swiss Franc, Gold and Silver are all at present above their respective Neutral Zones for today; the other BEGOS Markets are within same, and volatility is leaning toward moderate, (the non-BEGOS Yen having again exceeded 100% of its Expected Daily Trading Range). The S&P 500 is now “textbook overbought” through the past 10 sessions, the last five of which are at an extreme overbought reading: the “live” P/E (futs-adj’d) is 44.7x, essentially double the 66-year historical mean. The Econ Baro awaits October’s Existing Home Sales; and late in the session comes the FOMC’s 31 Oct/01 Nov meeting minutes.