StateSide ’tis February’s Payrolls day for the Econ Baro (and late in the session January’s Consumer Credit). At present we’ve the Bond, Euro, Swiss Franc and Oil all above their respective Neutral Zones for today; volatility for the BEGOS Markets is light. The S&P 500 remains “textbook oversold” such that a so-called “dead cat bounce” may be warranted; however the Index’s broader technical picture is facing a negative crossover on the monthly MACD that seemingly can confirm into April; given the unsustainably high “live” P/E of 40.4x, the S&P ought deservingly suffer rough sledding at least over the near-to-medium term, especially with the short-term U.S. Treasuries yielding better than triple that of the S&P (4.197% vs. 1.343%). ‘Tis to worthy to note that from the S&P’s March 2009 low, the Index has increased by as much as 822%: thus this 7% pullback is essentially noise; indeed were it not for COVID and the monetary creation thereto, the S&P today (5739) would instead be ’round 3000.