28 April 2023 – 09:22 Central Euro Time

Following yesterday’s relief rally, the Spoo at present is below its Neutral Zone for today; the balance of the BEGOS Markets are within same, and volatility is pushing toward moderate; (of note, the Yen [not as yet in the BEGOS complex] has traced 212% of its EDTR following the BOJ’s steady policy statement). The “live” P/E (futs-adj’d) of the S&P 500 is 48.3x: thus far in Q1 earnings season with 242 constituents having reported, a full 42% have not bettered their bottom lines from a year ago; the Spoo (currently 4144) shows dominant Market Profile trading resistance at 4155; mind too the ongoing descent of the Spoo’s “Baby Blues” at Market Trends as its linear regression looks to be rotating toward negative into next week. Following yesterday’s slowing in reported Q1 GDP, the Econ Baro today awaits to April’s Chicago PMI and revised UofM Sentiment Survey, March’s Personal Income/Spending and Fed-favoured Core PCI Prices, plus Q1’s Employment Cost Index.