Both the Bond and Oil are trading at present below their respective Neutral Zones for today; the balance of the BEGOS Markets are within same, and volatility is light-to-moderate. Yesterday’s -4.3% S&P decline was complemented by an even deeper drop per the MoneyFlow, evidence that we’re finally seeing some fear in the stock market; (as oft herein posted, the S&P 3600-3200 support zone seems a reasonable target). Whilst a notably high reading for August’s Core CPI is credited for the selling, the real negative catalyst for the S&P remains its constituents’ ongoing lack of earnings support: even as through yesterday’s settle (3933) as adjusted for today’s futures level (at this instant pointing to an opening at 3939), the “live” P/E of the S&P is an excessively high 34.5x (versus the lifetime mean of 22.4x). August’s inflation at the wholesale level comes into the Econ Baro today per the PPI.