01 Aug ’22, 09:14 Central Euro Time: Save for the Euro and Swiss Franc, the BEGOS Markets commence the week to the downside, notably at present with both Silver and Copper trading below today’s respective Neutral Zones (“NZ”). The S&P 500’s recent relief rally has extended the Index by “textbook technicals” to being “extremely overbought”, the Spoo itself (in real-time) now 356 points above its smooth valuation line (see Market Values), its highest deviation in better than two years. As noted in The Gold Update, the S&P has yet to test its 3600-3200 support zone, which we anticipate to occur in due course given the advantageous yield in the Bond market and the historically high “live” P/E of the S&P now reading 33.7x. The Gold Update further affirms by our Economic Barometer the StateSide economy being clearly weaker than suggested by the mildly negative Q2 GDP. The Econ Baro today looks to July’s ISM(Mfg) Index and June’s Construction Spending.