28 March 2024 – 09:07 Central Euro Time

The week’s final trading day is underway with the Euro, Swiss Franc and Silver all at present below today’s Neutral Zones; the other BEGOS Markets are within same, and volatility is light-to-moderate, the Euro, Gold and Copper already exceeding 50% of their respective EDTRs (see Market Ranges). Per our S&P 500 Moneyflow page, all three time measures (week, month, quarter) are lately indicative of money not flowing from the Index, but neither is inflow increasing; the “live P/E of the S&P (futs’adj’d) is now 47.3x, which as you regular readers know is essentially double that since this measure’s inception a dozen years ago: the S&P thus remains significantly (understatement) expensive. ‘Tis a busy two days for the Econ Baro: today’s incoming metrics include March’s Chi PMI and revision to the UofM Sentiment Survey, February’s Pending Home Sales, and the final revision to Q4 GDP. Tomorrow whilst the markets are closed the Baro nonetheless looks to February’s Personal Income/Spending, plus the “Fed-favoured” PCE data. Joyeuses Pâques à Tous !