Copper is the sole BEGOS Market at present above its Neutral Zone for today; below same are the Swiss Franc and Silver, and volatility is mostly light. Following two days of nearly completely underwinding its extreme oversold condition, the S&P competed a minor Golden Ratio retracement (38.2%) and in turn is set (at the moment) to open lower. With US Debt paying almost 4% and the S&P’s P/E still very high at 35.0x, we sense the 3600-3200 zone shall continue to be tested; again should the P/E’s mean be revisited, we’d see price substantially lower still in the mid-2000s. Q3 Earnings Season is underway and material improvement (doubtful we sense) is needed to keep the S&P aloft up here. The Econ Baro awaits September’s ADP Employment data and ISM(SVC) Index, plus August’s Trade Deficit.