Both the Swiss Franc and Gold are presently below today’s Neutral Zones; the other BEGOS Markets are within same, and volatility is very light. Despite the S&P 500 having made “lower lows” for three days in a row, the Index nonetheless remains technically “textbook overbought”, and obviously by any fundamental yardstick, dangerously overvalued, the fut’s-adj “live” P/E now 44.8x. Do mind an eye on the S&P MoneyFlow page: the outflow in recent days has been notably larger than the decline in the Index itself, the cumulative regressed differential for the past five sessions being -282 more flow points than actual S&P points lost; again, this is a valued leading indicator for lower levels ahead. Our best correlation amongst the five primary BEGOS components is currently positive between the Euro and Gold. And the Econ Baro concludes its own week today with metrics including August’s Philly Fed Index, plus July’s Existing Home Sales and Leading (i.e. “lagging”) Indicators.