The Swiss Franc is the sole BEGOS Market at present outside (below) its Neutral Zone for today; session volatility is light. Although the S&P 500 recorded a third consecutive modest down day yesterday, per our page of the Index’s MoneyFlow, such measure remains positively robust, despite our overwhelming sense of a significant correction being nigh. In real-time at Market Trends, the Spoo’s “Baby Blues” have again broken below the key +80% axis: recall their last so doing (18-22 July) was an unusual “failed signal” for this otherwise reliable leading indicator of near-term market direction. As for correlation within the five primary BEGOS components, our best at present is negative between the Euro and Oil. The Econ Baro concludes its busy week with July’s Payrolls data, ISM Index and revised UofM Sentiment Survey, plus June’s Construction Spending. And with essentially two weeks remaining in Q2 Earnings Season, S&P 500 year-over-year quarterly improvement is now up to 66%, which is an average rate, the fly in the ointment of course being the harrowingly-high “live” P/E at a futs-adj’d 47.5x.