Copper is at present below its Neutral Zone for today, whilst above same is the Spoo; BEGOS Markets’ volatility is quiet ahead of the Fed. The S&P 500 is now 29 trading days “textbook overbought” and indeed so through 44 of the past 48; the “live” P/E (futs-adj’d) is at this instant 48.4x; technically, the daily Parabolics on the March Spoo are into their fourth Short day, and the 12hr MACD continues to sink, now at its lowest level since the negative crossover was confirmed from 09 December; and by Market Values, the Spoo in (real-time) is +163 points above it smooth valuation line; the other four primary BEGOS Markets are reasonably near their own like metric. Even as inflation is increasing, the Fed is expected to cut its Funds Rate by -25bps, the FOMC Policy Statement due at 19:00 GMT, prior to which the Econ Baro receives November’s Housing Starts/Permits and Q3’s Current Account Balance.