The Swiss Franc is at present below its Neutral Zone for today; the other seven BEGOS Markets are within same, and volatility is light in context with all EDTRs (see Market Ranges) increasing of late. Speaking of the Swissie, its daily Parabolics are leading our Market Rhythms studies for consistency on a 24-test swing basis. As noted in the current edition of The Gold Update: “…the stock market [is] poised for a downward skate…” even as it has been descending over the past couple of weeks: indeed the Spoo’s daily Price Oscillator study indicated a fresh Short per this morning’s open; there is some arbitrary structural support into the lower 4900s, (depending upon one’s measuring of such); again, the S&P 500 remains a vastly overvalued index relative to earnings, especially in an attractively-positive risk-free interest rate environment. The Econ Baro looks to March’s Housing Starts/Permits and IndProd/CapUtil.