Ahead of the Fed, both the Swiss Franc and Gold are at present above their respective Neutral Zones for today; below same are Copper and the Spoo; session volatility as expected is mostly light. 36 days now is the S&P 500 “textbook overbought” at what we deem an “extreme” level given BollBands, RSI and Stos all triggering as such. Our MoneyFlow page suggests weakening of the Flow vis-à-vis the Index itself, albeit since last Thursday’s massive monetary drain (see both our 21 July comment and the current edition of The Gold Update) there has yet to be any realized follow-though. June’s New Home Sales come due for the Econ Baro, followed late in the session by the FOMC’s Policy Statement incorporating a FedFunds raise of +0.25% to their 5.25%-5.50% target range.