27 Sep ’22, 09:30 Central Euro Time:

In a complete role reversal, all eight BEGOS Markets are higher, indeed all at present above their respective Neutral Zones for today. Of note (and as detailed in the current edition of The Gold Update) the S&P had become significantly oversold such that this bounce is normal within the overall downtrend: 3600 has yet to be tested, and with the “live” P/E of the S&P at 33.1x in this rising interest rate environment, the 3600-3200 remains ripe for said test. Per the Market Values page, in real-time the Spoo shows at 248 points below its smooth valuation line, Oil as 9 points low, Gold as 45 points low, the Euro as spot on its valuation line, and the Bond as nearly 6 points low. For the Econ Baro we’ve Sep’s Consumer Confidence, plus Aug’s Durable Orders and New Home Sales.