Yesterday’s failed S&P relief rally looks lower still at this point, the Spoo suggesting a – 0.7% drop were the S&P to open at this instant. Except for the Swiss Franc at present in its Neutral Zone, the seven other BEGOS Markets all are below same, and volatility is moderate. Whilst the broad trend of the S&P is down, the Index is extremely “textbook oversold”. In real-time, the Spoo by Market Values is 315 points below its smooth valuation line; and by our MoneyFlow page all three measures (weekly, monthly, quarterly) show the Flow differential to the Index as positive, which should lead to a bounce as real fear as yet to appear. The Econ Baro looks to August’s Pending Home Sales.