Both the Bond and the Swiss Franc are at present below their respective Neutral Zones for today, whilst above same are both Copper and the Spoo; overall BEGOS Markets’ volatility is mostly moderate: of note on the heels of yesterday’s Yen acceleration, it today has already traced 306% of its “expected daily trading range” (EDTR). At long last, the S&P may finally be running out of puff, its “textbook overbought” condition entering a 39th consecutive trading day which ties it for the 10th-longest such streak across the past 44 calendar years; yesterday’s selling after the Index reached 4607 was sufficiently swift that perhaps “the light is going on” as to stocks’ extreme overvaluation. Specific to the Spoo, its “Baby Blues” look to curl below their key +80% level come Monday, suggestive of materially lower price levels; and yesterday, the Spoo confirmed a negative crossing of its Market Magnet, which too points to lower price levels. The Econ Baro looks to the Fed’s favoured Core PCE for June, along with the month’s Personal Income/Spending data, plus Q2’s Employment Cost Index.