Both the Bond and Spoo are at present above their respective Neutral Zones for today, whilst below same are the Swiss Franc, Copper and Oil; session volatility for the BEGOS Markets is again light-to-moderate. The S&P 500 completed an eighth consecutive day as “textbook oversold” and would see a bounce (were it to open at this instant) of +0.6%; clearly however, the Index broadly remains overvalued, the “live” futs-adj’d P/E at this moment 45.8x. Still, by Market Values, the Spoo is -336 points below its smooth valuation line. Gold’s 21-day linreg in real-time has provisionally rotated to negative, (see Market Trends). The Econ Baro awaits wholesale inflation for February via the PPI, and purportedly (again) January’s Factory Orders; then at 18:00 GMT comes the FOMC’s Policy Statement for we expect no change in rates, albeit with a cautionary note toward stubborn inflation.