PRESCIENT COMMENTARY

We were wrong in anticipating the FOMC would vote to raise their bank’s FundsRate another 0.25%, albeit ’tis said more increases are still on table. Thus the Dollar is getting the bid today to the demise of all eight BEGOS Markets, seven of which (save for Oil) already are below their respective Neutral Zones. Session volatility ranges from light (for Oil with just a 29% EDTR tracing thus far) to robust (for Silver with at 116% tracing). EDTRs can be reviewed at our Market Ranges page. Cac volumes for the currencies are rolling from June into September, whilst for Oil ’tis rolling from July into August. This is a very busy day for the Econ Baro with 10 incoming metrics due, including June’s NY State Empire and Philly Fed Indices, May’s Retail Sales, Ex/Im Pricing and IndProd/CapUtil, plus April’s Business inventories.

‘Tis Fed Day, the consensus now overwhelming for a “pause” even as the Fed’s favoured inflation gauge (Core PCE as reported 26 May) is double (4% annualized) the desired rate (2%). We’ll see if the FOMC vote in unanimity to “pause”, or if there is dissent. At present, Copper is the only BEGOS component outside (below) today’s Neutral Zone; volatility is expectedly light. By Market Values, in real-time the Spoo is now 301 points (a massive deviation) above its smooth valuation line; and the S&P’s “textbook” gauge is now “extremely overbought”. Prior to the FOMC’s Policy Statement, the Econ Baro receives May’s PPI.

The Euro, Swiss Franc, Silver and Copper are all at present above their respective Neutral Zones for today; none of the other BEGOS Markets are below same, and volatility is light-to-moderate. Dough continues to flow into the S&P 500 as the FinMedia declares resumption of a “bull market”, a Fed “pause” on Wednesday (not by our math), and that earnings are “soaring”. (Really? Again, see the current edition of The Gold Update). At Market Values, the Spoo (in real-time) is +291 points above its smooth valuation line: even without the freshly-added +44 points of September contract premium, that’s still an extreme deviation of +247 points. The Econ Baro looks to May’s CPI.

The week starts with the contract volume for the Spoo rolling from June into September: there is +44 points of fresh premium in the September contract, indicative of sustained higher interest rates; and as reiterated in the current edition of The Gold Update (see therein the Core PCE chart), we expect the FOMC to add another +0.25% to its Bank’s FundsRate on Wednesday, (despite FinMedia writings for a “pause”). At present, we’ve both the Euro and Spoo above today’s Neutral Zones, whilst below same is Oil; volatility is pushing toward moderate. The Econ Baro’s busy week of 16 incoming metrics begins late in the session with May’s Treasury Budget.

Silver and Copper are at present above their respective Neutral Zones for today; all of the other BEGOS Markets are within same, and volatility remains light. The VIX continues to move lower (13.65); more on that in tomorrow’s 708th Edition of The Gold Update. The S&P 500 itself has now been “textbook overbought” for five consecutive trading sessions; its “live” P/E (futs-adj’d) is 53.1x and the yield 1.575%. At Market Trends, Copper’s linear regression has rotated to positive (as continues that for the Spoo); whilst the balance of the bunch are still in negative linear regression, their “Baby Blues” of trend consistency are all now rising. The Econ Baro’s week is complete ahead of an ample load ahead, as we pass through the Fed’s +0.25% rise to its FundsRate on Wednesday 14 June.

Similar to yesterday ’round this time, Silver is the sole BEGOS Market at present outside (this time above) today’s Neutral Zone; volatility is light. The $VIX is down into the 13s, where it last was one month prior to 2020’s COVID Crash; historically, 12 is one standard deviation below the VIX’s lifetime average and generally precedes a significant drop in the S&P 500; obviously by the Index’s high “live” P/E (51.6x), cap-weighted earnings growth for the S&P has essentially been non-existent. Of note, the 3-year U.S. T-Bill continues its annualized yield of greater than 5%. The Econ Baro concludes its fairly light week, today’s metrics including April’s Wholesale Inventories.

Silver is the sole BEGOS Market at present outside (below) its Neutral Zone for today; session volatility is mostly light. The precious metals appear rather stuck even as Gold’s weekly parabolic Short trend is into its third week, such broader measure being countered thus far by the nearer-term rise in the “Baby Blues” (see Market Trends). By Market Rhythms, the best of late for Gold is its 12-hr. MACD whilst for Sister Silver ’tis her 12-hr. Price Oscillator. And at Market Values, Gold remains pretty much in stead with its smooth valuation line, whereas for the Spoo that measure shows price (in real-time) as 196 points “high”. For the Econ Baro today we’ve April’s Trade Deficit and Consumer Credit.

Silver, Copper and Oil are all at present below today’s Neutral Zones; none of the other BEGOS Markets are above same, and volatility is mostly moderate. Looking at Market Rhythms (on a 24-swing test basis), the leaders are both Copper’s 4-hr. MoneyFlow and 30-min. Price Oscillator, plus the Bond’s 4-hr. MACD. The best correlation at present among the five primary BEGOS components is positive in pairing the Bond with Gold. By Market Values, the only deviation of note is for the Spoo which is (in real-time) 191 points above its smooth valuation line; the “live” (futs-adj’d) P/E of the S&P is 53.0x; the Spoo (currently 4279) shows fairly dominant trading resistance per its Market Profile at 4290 with trading support spanning from 4215-to-4191. Nothing is due today for the Econ Baro, which after its recent rocket shot has been receding across the last four trading days.

The week starts with most of the BEGOS Markets in the red, notably the Bond, Euro, Swiss Franc, Silver and Copper all at present below their respective Neutral Zones for today; above same is Oil, and volatility is light-to-moderate, the exception being Oil which already has traced 111% of its EDTR (see Market Ranges). The Gold Update still seeks the low-1900s to high-1800s as support during the current weekly parabolic Short trend; however, cited too are the precious metals’ “Baby Blues” (see Market Trends) beginning to curl up from in and around their -80% axes, typically a harbinger of high price levels near-term. The Econ Baro — which has defied ongoing “parroting” of recession — has a fairly light week, today featuring May’s ISM(Svc) Index and April’s Factory Orders.

The Swiss Franc, Copper and Oil are all above today’s Neutral Zones; none of the other BEGOS Markets are below same, and volatility is light ahead of May’s StateSide Payrolls data; only Copper has thus far traced in excess of 50% of its EDTR (see Market Ranges). Following a Wednesday’s “Flow-weaker-than-S&P” session, money has continued to return to the Index; too by Market Values, the Spoo is (in real-time) +160 points above its smooth valuation line. And as tweeted yesterday, the VIX (now sub-16) is approaching pre-COVID complacency (sub-13). Gold is firming even as the weekly parabolic Short trend is but a week old, the debt default’s being skirted raising the question: from where comes the money to keep going? Tomorrow brings the 707th Edition of The Gold Update.

Thus far we’ve little change in the S&P Futs even as the U.S. House passes the debt default deal, the Spoo at present within its Neutral Zone for today; above same are both Copper and Oil, whilst below same are the Bond, Euro, Gold and Silver; volatility is light-to-moderate. Yesterday was one of the few sessions we’ve seen of late where the S&P’s monetary outflow (-1.8%) notably exceeded the change in the Index itself (-0.6%); whether this is an inflection point toward a long overdue correction for the S&P remains to be seen, however Flow does lead Index; still by Market Trends, the Spoo remains the sole BEGOS Market exhibiting a positive linear regression trend. ‘Tis a busy session for the Econ Baro including May’s ADP Employment data and the ISM(Mfg) Index, April’s Construction Spending, and the revisions to Q1’s Productivity and Unit Labor Costs.

Both the Bond and Silver are at present above their respective Neutral Zones for today; below same are the Euro, Swiss Franc and Spoo, and volatility is mostly moderate, Oil being a bit of a laggard with just a 26% tracing of its EDTR (see Market Ranges). @deMeadvillePro tweets Oil’s 2-hr. MACD as having been a super Market Rhythm these past six weeks: of note, the average swing duration of the study is some 1 1/2 days (24 swings tested). Our S&P 500 MoneyFlow page continues to reflect the massive amount of money being thrown into the Index, the notable inflows yesterday going to NVDA, TSLA, AAPL and AMZN; (outflows were most for MSFT and AVGO). The (futs-adj’d) “live” P/E of the S&P is 55.6x; (the publicly “parroted” P/E is 24.3x). Today’s Econ Baro awaits May’s Chicago PMI. The Fed’s Tan Tome arrives late in the session.

The BEGOS Markets’ two-day session continues, finding Gold (not surprisingly) below its Neutral Zone for today, as are Silver, Copper and the Euro; above same is the Bond, and volatility is moderate-to-robust, the Bond notably having traced 117% of its EDTR (see Market Ranges). Gold’s contract rollover from June to August adds 19 points to price, reflective of broader bullish sentiment for the yellow metal, even as near-term price looks to fall (again per the current edition of the Gold Update). At Market Values, Gold (in real-time) shows as -49 points “low” and the Spoo as +149 points “high”. The Econ Baro awaits May’s Consumer Confidence.

The BEGOS Markets are into a two-day trading session (Tuesday settlement) as StateSide ’tis Memorial Day, and on this side of The Pond we’ve Whit Monday. There is little markets’ reaction to the tentative U.S. debt ceiling “deal” which still must pass Congressional muster: Copper is the sole BEGOS Market outside (above) its Neutral Zone at present. Gold confirms its weekly parabolic trend as having flipped from Long to Short. The Gold Update cites our near-term downside target zone for the yellow metal, notably selecting the 1893 level within the overall broad structural support from 1975 to 1810, within which we’ve Golden Ratio support from 1912 to 1874. The “live” (futs-adj’d) P/E of the S&P is 56.0x. And contract volume for the Bond is rolling from June into September, whilst for Gold ’tis rolling from June into August.

The metals triumvirate are above their Neutral Zones at present; the other BEGOS Markets are within same, and volatility is light-to-moderate. Gold’s weekly Parabolics have provisionally flipped from Long to Short: in tomorrow’s 706th Edition of The Gold Update we’ll look at “how low is low”. As noted earlier, the MACD has also provisionally gone Short. In tandem, the Dollar Index has crept above the 104 level for the first time since 17 March (Gold then 1994 vs. today’s 1950). ‘Tis a key day for the Econ Baro as we get the Fed’s favoured inflation metric of April’s Core PCE Prices (which we’ll also assess in tomorrow’s missive); other metrics include the month’s Personal Income/Spending and Durable Orders.

The Euro and Swiss Franc are at present below today’s Neutral Zones; the other BEGOS Markets are within same, and volatility is pushing toward moderate. Our “live” (futs-adj’d) P/E for the S&P is 51.7x and the yield is 1.644%; that for the 3-month T-Bill is 5.185%. Looking at Market Rhythms, on a 10-swing test our best study is Gold’s Daily Price Oscillator, whilst on a 24-swing test basis ’tis the Bond’s 2-hr. Parabolics. The Spoo now at 4138 is right on its Market Profile’s most heavily traded price of the past two weeks. Included for the Econ Baro today we’ve April’s Pending Home Sales, plus the second view of Q1’s GDP. Fitch is weighing a downgrade of the StateSide credit rating.

Silver and Copper are at present below their respective Neutral Zones for today; the balance of the BEGOS Markets are within same, and volatility is mostly light, save for Copper which has already traced 64% of its EDTR, (see Market Ranges). Despite yesterday’s S&P pullback, the Spoo remains the only BEGOS component in positive linear regression, (see Market Trends); the Index itself is mildly “textbook overbought”; key Market Profile trading support for the Spoo is 4138. ‘Tis another quiet day for the Econ Baro, however the FOMC Minutes from the 02-03 May meeting come due.

The Swiss Franc plus all three components of the metals’ triumvirate are at present below today’s Neutral Zones; none of the other BEGOS Markets are above same, and volatility is mostly moderate. Gold has traded thus far today to as low as 1956, (the prior week’s low being 1954); as previously noted, should 1942 trade before week’s end, the weekly parabolic Long trend shall flip to Short. Money continues to pour into the S&P 500: per our MoneyFlow page, the forward readings range from 100-to-600 points higher, albeit weak earnings combined with relative high interest rates ought actually see the S&P move materially lower. The rise in the Econ Baro these past three weeks certainly suggests the FOMC shall continue to raise rates. And today the Baro looks to April’s New Home Sales.

The BEGOS Markets begin the week with weakness in both Copper and Oil, the two components at present below their respective Neutral Zones for today. The Gold Update cites our being wrong about the yellow metal’s imminent rise to an All-Time High (i.e. above 2089, which still stands from 07 August 2020); instead, the weekly parabolic trend would flip from Long to Short this week were 1942.1 to trade, (price currently is 1977); too, Gold’s weekly MACD is provisionally crossing to negative. Q1 Earnings Season concludes with 56% of the reporting S&P 500 constituents having improved their bottom lines from a year ago: ex-COVID reporting periods, that is the second-weakest quarterly improvement since Q3 of 2017, (and in turns lends to why our “live” P/E for the S&P is now 52.2x). ‘Tis a quiet day for the Econ Baro with most incoming metrics due toward week’s end.

Following yesterday’s fallout across all of the BEGOS Markets — except for the Spoo — we’ve at present the Swiss Franc, Gold, Silver, Copper and Oil all above their respective Neutral Zones for today; none of the other components are below same, and volatility is pushing toward moderate. At Market Values, the Spoo (in real-time) is +136 points above its smooth valuation line; Oil is better than -4 points below same. And at Market Trends, the Spoo is now the sole component sporting positive linear regression. The Econ Baro has already wrapped up a positive week. And today is the final day of Q1 Earnings Season, (we’ll have S&P 500-specific details in tomorrow’s edition of The Gold Update).

Silver is the only BEGOS Market at present outside (below) its Neutral Zone for today; session volatility is again light. The Spoo yesterday worked up through its Market Profile 4135-4138 resistance zone, indeed reaching above our “high if an up day” for the first time since 05 May. However, the lack of growth in Q1 Earnings Season has pushed the “live” P/E of the S&P up to (futs adj’d) 52.3x; the Index’s yield is 1.609% versus that (annualized) for the 3-month T-Bill’s 5.088%. Of note per Market Ranges, EDTRs on balance are narrowing, certainly so for the Bond, Euro, Swiss Franc, Oil and the Spoo. For the Econ Baro, today’s metrics include May’s Philly Fed Index, plus April’s Leading (i.e. lagging) Indicators and Existing Home Sales.

Copper is at present the sole BEGOS Market outside (above) its Neutral Zone for today; otherwise, session volatility is light. Based on the rapid recent rise in the Econ Baro — plus inflation remaining at large — we don’t see the Fed making the FinMedia anticipated “pause” anytime soon. The precious metals are caught in the overall decline of all the BEGOS components as the Dollar gets a renewed bid. In fact, Gold is now the only component still sporting a positive linear regression trend (see Market Trends), although its “Baby Blues” of consistency are falling. Notably for the Spoo, by its Market Profile, the 1435-1438 zone shows as overhead trading resistance. A meager Q1 Earnings Season comes to a close at week’s end. And the Econ Baro today looks to April’s Housing Starts/Permits.

The precious metals’ recent weakness is continuing this morning, with both Gold and Silver at present below their respective Neutral Zones for today, as is Copper. Above same is the Bond, and volatility is pushing toward moderate. By our Market Trends page, only two of the BEGOS Markets are in positive (albeit weakening) linear regression: the Bond and Gold. In looking at Market Rhythms, the best consistency — on a 10-swing test basis — is for the Bond by both its 2hr. MACD and 2hr. Parabolic studies; on the 24-swing test basis ’tis Oil’s 2hr. MACD and its 4hr. Parabolics. Today’s load of incoming metrics for the Econ Baro include May’s NAHB Housing Index, April’s Retail Sales, IndProd/CapUtil, and March’s Business Inventories.

The Euro, Swiss Franc, Copper and the Spoo are at present above their Neutral Zones for today to start the week for the BEGOS Markets; below same is the Bond, and volatility is mostly light. The Gold Update emphasizes Silver’s selling last week as being overdone vis-à-vis the slippage in the other metals; indeed this morning, Gold, Silver and Copper all are up a bit early on; and specific to Silver, she finished Friday 1.30 points — an extreme deviation — below her Market Magnet. In looking at Market Values, only Oil is notably deviated from its smooth valuation line, by nearly -8 points. And the Econ Baro starts a fairly busy week with May’s NY State Empire Index.

Oil is the BEGOS Markets’ weak link this morning, at present below its Neutral Zone for today; the balance of the bunch are within same, and volatility is light-to-moderate. Silver yesterday took its worse high-to-low points shellacking since 09 March 2022, the intraday move being -1.375 points (-5.7%); more in tomorrow’s edition of The Gold Update. By Market Rhythms, our most consistent (10-swing test basis) at present is the Swiss Franc’s 1hr. Moneyflow study, whilst per the 24-swing test basis ’tis Oil’s 2hr. MACD. The Econ Baro concludes the week’s inflation data with April’s Ex/Im Prices, plus the UofM Sentiment Survey.

The Euro, Swiss Franc, Silver and Copper are all at present below today’s Neutral Zones; above same is the Bond, and BEGOS Markets’ volatility is already moderate-to-robust, Copper notably having thus far traded 121% of its EDTR (see Market Ranges). At Market Trends, Copper’s linear regression appears as the most negative of the components. The Gold/Silver ratio at 80.4x is provisionally higher than ’tis been since 06 April. Our “live” P/E (futs-adj’d) for the S&P is 53.2x; the yield is 1.623% versus that of 5.065% for the U.S. 3-month T-Bill. Amongst today’s inputs for the Econ Baro is April’s PPI.

At present we’ve both Copper and Oil below their respective Neutral Zones for today, whilst above same is the Bond; BEGOS Markets’ volatility is yet again mostly light, the sole exception being Copper having traced 85% of its EDTR (see Market Ranges). Yesterday, the S&P 500 itself traded its narrowest points range (14) since the half-day session of last 25 November, and since the full-day session of 24 August 2021: we expect this puts emphasis on the inflation data reports over these next three days, (CPI today, PPI tomorrow, Ex/Im Prices on Friday). Awaiting the Econ Baro as well for today is April’s Treasury Budget.

Copper is the sole BEGOS Market at present outside (below) today’s Neutral Zone; otherwise, volatility is again mostly light. Of note for Market Rhythms, leading the pack for consistency (of the 405 studies tested per night) is the Bond’s 1hr MACD. We had quite the surprise in seeing the P/E for the S&P 500 leap to its present level of 78.7x; it now appears that was due to a data broadcaster error which is being assessed; regardless, the still high “live” level of 54.2x is validated by the low level of incoming Q1 Earnings even as share prices remain extraordinarily high: see too our S&P Valuation and Rankings page for the cap-weighted truth. Whilst nothing is due today for the Econ Baro, StateSide debt ceiling discussions are said to get underway today.

The Euro, Swiss Franc, Copper and Oil all are at present above their respective Neutral Zones for today; the balance of the BEGOS Markets are within same, and volatility is mostly light. The Gold Update graphically highlights the yellow metal’s near miss at making an All-Time High this past Thursday, but that price’s trend remains up such as to anticipate the threshold being broken as the current weekly parabolic Long trend continues to unfold. Oil, which traded as low as the 63s this past week, sees its price (now 72.08) nonetheless some 5 points below its smooth valuation line (see Market Values). The Econ Baro starts its week with March’s Wholesale Inventories.

Both the Euro and Oil are at present above today’s Neutral Zones; below same is the Swiss Franc, and BEGOS Markets’ volatility is mostly light with April’s StateSide Payrolls data in the balance. Gold (2054) has remained fairly docile following yesterday’s spike to nearly an All-Time High, (more on that in tomorrow’s edition of The Gold Update). Our “live” P/E for the S&P 500 continues to reside in the stratosphere at 52.5x, reflective of a stagnant Q1 Earnings Season; the Index’s yield is 1.653% versus the U.S. 3-month T-Bill yield of 5.055%. Due too to close out the Econ Baro’s week is Consumer Credit for March.

Following the anticipated FOMC’s +25bp FedFunds increase, Gold made a significant gain at this session’s open up to 2085 on a very high-volume trade, to just 4 points shy of the 2089 All-Time High; however, ’tis all since been hoovered away, price now 2044, within today’s Neutral Zone. Above same are Copper and Oil, whilst below same is the Bond; BEGOS Markets’ volatility is nonetheless moderate-to-robust with Gold, Copper and Oil already having traded in excess of 100% of their respective EDTRs for today (see Market Ranges). Oil tested the key prior low (64.12) of 20 March, reaching down to 63.64 before then bouncing to as high as 69.42 thus far today. With nine metrics due for the Econ Baro in these next two sessions, those for today include March’s Trade Deficit, plus Q1’s Productivity and Unit Labor Costs.

New bank struggles boffed the S&P by -1.2% yesterday; however at present, the Spoo is marginally higher, plus the Bond, Euro and Swiss Franc are above their Neutral Zones; below same is Oil, and session volatility is mostly mild ahead of today’s FOMC +25bp rate rise (due at 18:00 GMT). Yesterday’s S&P MoneyFlow was only about a third as weak as the Index itself, evidence of the selling not being materially fear-based. Gold’s high yesterday (2029) was 60 points away from its All-Time High (2089), price reaching its best level since 14 April. Ahead of the Fed, the Econ Baro looks to April’s ADP Employment data and the ISM (Svc) Index.

With the StateSide debt ceiling coming to a head, we’ve the Bond and Spoo at present above their respective Neutral Zones for today; SiIver is below same, and overall BEGOS Markets volatility is again light. As Q1 Earnings Season weakens along, our “live” P/E of the S&P has now moved up to 52.1x. Still, by Market Values, none of the primary BEGOS components are at extreme deviations from their smooth valuation lines. Also by Market Magnets, we’ve no notable deviations at present. Today brings March’s Factory Orders for today’s Econ Baro.

The Bond begins the week at present below its Neutral Zone for today, as do Gold, Copper and Oil; the balance of the BEGOS Markets are within same, and volatility is light. The Gold Update displays the yellow metal as the BEGOS Markets’ leader year-to-date, followed by the S&P 500 and the Bond. We still see Gold eclipsing its All-Time High (2089) within the duration of the current weekly parabolic Long trend, should typical price follow-through again occur; too, the Gold Update cites a visual plethora of warning signs for the S&P 500. For Market Rhythms, the best consistency from our 10-swing test basis is Copper’s 6-hr. Moneyflow, whereas on a 24-swing test basis ’tis Oil’s 2-hr. MACD. The Econ Baro starts a very busy week with April’s ISM(Mfg) Index and March’s Construction Spending; Wednesday the FOMC votes to raise FedFunds another 0.25bp and today on this side of the pond bourses are closed for the 01 May holiday.

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.

Gold and Silver remain resilient even in the face of weakening near-term technicals (as previously cited); both precious metals are at present above today’s Neutral Zones; the balance of the BEGOS Markets are within same, and volatility is mostly light, save for Copper which has already traced 75% of its EDTR (see Market Ranges). Silver’s cac volume is rolling from May into July, (as did that Copper on Tuesday). By Market Profiles, Silver has a trading resistance band from 25.35 up to 25.60, (current price right at 25.35); and by Market Trends, Silver’s “Baby Blues” continue to accelerate lower, as do those for Gold, Copper, Oil and the Spoo. ‘Tis a key day for the Econ Baro as we get our first peek at Q1 GDP; in today’s mix as well are March’s Pending Home Sales.

We’ve the Euro, Swiss Franc, Copper and Oil all at present above their respective Neutral Zones for today; none of the other BEGOS Markets are below same, and volatility is (for this time of the session) again light-to-moderate. Yesterday, the S&P 500 stemmed a 17-session streak of being “textbook overbought”, the Spoo itself reaching below its “low if a down day” for just the second time in better than a month; at Market Trends, the Spoo’s “Baby Blues” are accelerating lower; at Market Values, the Spoo has only just pieced its smooth valuation line to the downside as, too, it has just done through its Market Magnet; and the Spoo’s lows of three weeks ago have now been penetrated; thus still lower Spoo levels ought be in the offing from here. (‘Course more broadly, our notion for the S&P reaching sub-3000 makes sense given lower earnings and higher interest rates). The Econ Baro awaits March’s Durable Orders.

Both the Bond and Gold are at present above today’s Neutral Zones; below same are Copper and the Spoo, and BEGOS Markets’ volatility is again light-to-moderate. Neither Gold nor Silver have yet to retrench further as we anticipate still they will ahead of the next surge to an All-Time High (above 2089): indeed, Silver’s “Baby Blues” (see Market Trends) confirmed settling yesterday below their +80% axis, indicative of lower price levels. For the S&P 500, our MoneyFlow page shows further deterioration both by the weekly and monthly measures; our “live” P/E (futs-adj’d) is 47.5x. The Econ Baro gets its week going with April’s Consumer Confidence and March’s New Home Sales.

The Bond begins the week at present above today’s Neutral Zone; Silver, Oil and the Spoo are below same, and BEGOS Markets’ volatility is light-to-moderate. The Gold Update anticipates a new All-Time High is nigh, but that some minor downside play out prior to the next leap higher; by Market Values, Gold finally closed its upside deviation, and in penetrating the smooth valuation line, that’s a notion for a bit further weakness. Of greater concern is the ongoing overvaluation of the S&P 500 along with key Spoo technicals now in the process of crossing to negative. Moreover at Market Trends, the “Baby Blues” are falling for every component except the Euro and Swiss Franc. The Econ Baro — at nearly a one-year low — is quiet today ahead of an otherwise fairly busy week.

Except for the Bond and the Spoo, the six other BEGOS Markets are at present below their respective Neutral Zones for today; volatility is light-to-moderate. The S&P 500’s MoneyFlow was materially affected yesterday by the fall in shares of TSLA, reminding us of the days when AAPL seemed to be the entirety of the S&P, one stock driving the bus. Still, by “textbook technicals”, the S&P is “overbought” for a 15th consecutive session (three weeks), albeit the Spoo’s daily MACD is now poised for a negative cross. Too, yesterday’s incoming metrics for the Econ Baro were notably negative, nearly driving the Baro to its lowest oscillative level in a year; (more in tomorrow’s edition of The Gold Update).

Both the Bond and Swiss Franc are at present above today’s Neutral Zones; below same is Oil, and session volatility is light. Oil has today traded as low (78.24) as it has since the OPEC+ price gap; too, Oil’s “Baby Blues” (see Market Trends) have provisionally slipped below their +80% axis, suggestive of lower price levels; it thus appears the gap down to 75.83 shall close near-term. Also per Market Trends, the Bond’s linear regression has rotated to negative; next to do so looks to be that for Copper. The “live” P/E of the S&P (futs-adj’d) is 47.8x and the yield 1.633%; that for annualized for the U.S 3-month T-Bill is 4.995%. ‘Tis a key day for the Econ Baro, incoming metrics including April’s Philly Fed Index, plus March’s Existing Home Sales and Leading (lagging per the Baro) Indicators.

At present, save for the Euro and Spoo, all the other BEGOS Markets are below their respective Neutral Zones for today; volatility is moderate. We continue to watch Oil (per yesterday’s comment) as its technicals weaken toward a gap-fill to the 75.83 level. The Bond, per Market Trends, has seen its linear regression trend return to flat; those for the balance of the other Components remain positive, albeit the “Baby Blues” in each case are weakening. As for Market Rhythms, on both a 10-swing test basis and 24-swing test basis, the best of the bunch is Gold’s 2-hr Parabolic study. Late in the RTH session comes the Fed’s Tan Tome.

As we write we’ve the Euro, Swiss Franc and Gold above their respective Neutral Zones for today, whilst below same is Oil; still, BEGOS Markets’ volatility is mostly light, again as noted yesterday per Market Ranges narrowing. Oil’s daily technicals are showing early signs of weakening: currently priced at 80.45 (June cac), the gap closure to the pre-OPEC+ production cut is to 75.83, should more material selling ensue; too by Market Values (in real-time), Oil’s price shows as 5.10 points “high” above the smooth valuation line. For the Econ Baro today we’ve March’s Housing Starts/Permits.

Gold opens the week at present above its Neutral Zone for today; the balance of the BEGOS Markets are within same, and volatility is mostly light. The 700th Edition of The Gold Update anticipates a new All-Time High (above 2089) is nigh, albeit that price being sufficiently stretched at present that more imminently a peek back into the 1900s first is warranted; by Market Values (in real-time), Gold shows as +54 points above its smooth valuation line; too by Market Trends, Gold’s “Baby Blues” have slipped below their +80% axis, the rule of thumb there being to expect lower levels. And by Market Ranges across the board for all the BEGOS components, “narrowing” is the watchword, notably so for both Oil and the Spoo, both at their tightest EDTRs in at least a year. The Econ Baro looks to April’s NY State Empire Index and NAHB Housing Index.

The BEGOS Markets are quiet ahead of a barrage of Econ Data with eight metrics due, including April’s UofM Sentiment Survey, March’s Retail Sales, Ex/Im Prices, IndProd/CapUtil, and February’s Business Inventories. Only the Euro is outside (above) its Neutral Zone for today. At Market Values, the Bond is matched with its smooth valuation line, as nearly is the Euro; Oil is almost 7 points “high”, the Spoo 74 points “high”, and Gold 96 points “high”. The yellow metal yesterday came to just 25 points away from its All-Time High (of 2089); tomorrow brings our 700th consecutive Saturday Edition of The Gold Update.

We have largely recovered from the aforementioned hardware IT issue such that the website’s analytics are basically up to date. At present for the BEGOS Markets, Gold is the sole component outside (above) its Neutral Zone for today; session volatility is light. By Market Trends, the linear regression trends are firmly positive across the board. But, the S&P 500’s Moneyflow is showing signs of lacking puff: notably our five-day measure is negative; and the Index’s “live” P/E is 46.3x, more than double its lifetime mean. Today’s incoming metrics for the Econ Baro include March’s PPI.

Apologies as we’ve no material comment for today. We are dealing with a material (however resolvable) hardware IT issue. Note therefore, too, that the website’s analytics have not been updated through yesterday. We’re on the case and look forward to resolution in due course. Many thanks for your ongoing valued interest and patience. …m…

Money on balance is flowing early on into the BEGOS Markets: The Euro, Swiss Franc, Copper and Oil all are at present above their Neutral Zones for today; none of the other components are below same, and volatility is again light-to-moderate. Whilst by Market Trends all eight components are in positive linear regression, we’ve “Baby Blues” signaling weakening upside trend consistency for the Bond, the Euro, Swiss Franc and Copper. Meanwhile by Market Rhythms, the best performer on a 10-test swing basis is Gold’s 15-mn MACD, whilst on a 24-test swing basis ’tis the Euro’s 2-hr. Parabolics. Nothing specific is due today for the Econ Baro with inflation data due through the balance of the week.

Following the abbreviated week, (and ’tis still a holiday on this side of the pond), the BEGOS Markets are in full session: the Bond, Gold and Silver are at present below their respective Neutral Zones for today; the balance of the components are within same, and volatility is light-to-moderate. The Gold Update points to price’s geo-political price pop on Finland joining NATO: in since trading as low as 2004, the majority of that spike has faded, (typically following such pops); still, the CHN/TWN activity, too, is a concern that can re-buoy price. The Euro’s 2-hr. Parabolics lead the consistency tests (24-swing basis); as well the Euro’s “Baby Blues” (see Market Trends) are provisionally crossing below their +80% axis. The Econ Baro begins its week with February’s Wholesale Inventories.

We’ve an abbreviated session today: Only the Bond, Euro, Swiss Franc and Spoo are trading, the former three until 15:15 GMT and the Spoo until 13:15 GMT. This enables these BEGOS Markets components to respond to the StateSide March Payrolls data due at 12:30 GMT. At present, all four of those components are within their Neutral Zones for today; we shall account for today’s activity as part of the Monday, 10 April trade date. For the Econ Baro, along with the employment report we’ve February’s Consumer Credit. Saturday’s 699the edition of The Gold Update shall note price not surprisingly being lackluster following Tuesday’s geo-politically-driven spike, even as the Econ Baro is again weakening.