22 September 2023 – 09:05 Central Euro Time

Our Metals Triumvirate, Oil and the Spoo are all at present above their respective Neutral Zones for today; none of the other BEGOS Markets are below same, and volatility is mostly light, (save for the Yen, which whilst not yet a formal BEGOS component, has traced 102% of its EDTR by our Market Ranges calculation). Yesterday’s selling in the S&P did not exhibit “fear” such as to drive the MoneyFlow differential lower; still by historical standards, the “live” p/e of the S&P remains excessively high, the futs-adj’d read now 37.3x. We continue to mind Oil (currently 90.19) and notably its “Baby Blues” (see Market Trends) which in real-time are at +89%: below +80% would make us anticipative of further near-term selling.