At present above their respective Neutral Zones for today are the Bond and Swiss Franc, whilst below same are Gold, Silver, Oil and the Spoo; BEGOS Markets’ volatility is moderate-to-robust, the two precious metals already having traced 100% or more of their EDTRs (see Market Ranges). The -2.3% decline in the S&P 500 yesterday was the Index’s weakest session since 15 December 2022; however per our leading indicator Moneyflow, the selling to a degree lacked the change in the Index, (suggestive of -1.8% change rather than -2.3%); regardless, the S&P remains vastly overvalued vis-à-vis its earnings generation, the “live” futs-adj’d P/E now 39.5x. Today’s incoming metrics for the Econ Baro include June’s Durable Orders, plus the first peek at Q2 GDP, which — given the stark decline in the Baro — may be worse than consensus.