The Bond, Euro, Swiss Franc and Gold all are at present below today’s Neutral Zones; above same are Copper and Oil, and BEGOS Markets’ volatility is mostly moderate. The Gold Update queries if last week’s rally was one of “relief” given the 21-day linregs for both Gold and Silver remain negative, but less so as the “Baby Blues” of trend consistency are rising (see Market Trends); cited too is our long-ongoing concern of the S&P 500’s extreme overvaluation; by the Spoo’s BEGOS Market Value in real-time, ’tis +532 points above the smooth valuation line and the S&P’s “live” (futs-adj’d) P/E is 48.1x. That stated, substantive money has been getting thrown into the S&P: per our MoneyFlow page, all three time gauges (weekly, monthly and quarterly) suggest the S&P can continue higher still by a few hundred points, (barring this being a “blow-off top”). ‘Tis a busy week for the Econ Baro with 15 incoming metrics scheduled, beginning today with April’s Existing Home Sales.