The Euro and all the components of the metals triumvirate are at present below their Neutral Zones for today; none of the other BEGOS Markets are above same, and volatility is light-to-moderate. The S&P 500, even having dropped -1.3% yesterday, remains “textbook overbought” now through the past 12 trading days; and by the MoneyFlow page, all three measures have returned to positive differentials, indicative that the recent S&P 500 was substantive; however with the “live” P/E at 38.6x, lack of supportive earnings remains the downside key. As anticipated per the current edition of The Gold Update, the yellow metal’s price is starting to come off. Moreover at Market Trends, the “Baby Blues” are falling (inclusive of real-time) for all eight BEGOS components. Today’s Econ Baro looks to January’s Chicago PMI and Consumer Confidence, plus Q4’s Employment Cost Index.