Copper is the only BEGOS Market at present above its Neutral Zone for today; below same are both the Bond and Spoo, and session volatility is pushing toward moderate. The S&P 500 is frightfully overcooked, its settle yesterday (4566) recording a 32nd straight day as “textbook overbought” (a combination of BollBands, Stos and RSI); indeed looking back through better than 40 years of daily data, such string is into rarefied air. Specific to the Spoo (4587) — when it finally lets go — structural support runs from 4498 down to 4411. Early on in Q2 Earnings Season, what had started robustly is starting to sag, thus far with only 58% of S&P constituents having improved their bottom lines over those of a year ago. ‘Tis a busy day for the Econ Baro (which wraps its week today), incoming metrics including July’s Philly Fed Index, plus June’s Existing Home Sales and Leading (i.e. lagging) Indicators.