26 January 2023 – 09:26 Central Euro Time

The Spoo is the sole BEGOS Market at present above its Neutral Zone for today, all the other components are within same, and volatility is again mostly light. Today brings the first read of Q4’s GDP: the consensus expects a lower read than for Q3’s +3.2%, and the Econ Baro not only agrees, but suggests the +2.6% expectation may be too robust; (indeed we wouldn’t be entirely surprised by a negative read). The S&P 500 has been “textbook overbought” for nine consecutive trading days: the fut’s-adj’d “live” P/E is 39.2x. OIl has yet to respond to its negative 12-hr. MACD cross; mind too Oil’s price versus its smooth valuation line (see Market Values). Other metrics included for the Baro today are December’s Durable Orders and New Home Sales.