Only the Spoo is at present outside (above) its Neutral Zone for today, and BEGOS Markets volatility is pushing toward moderate. The S&P 500 concluded yesterday as mildly “textbook oversold”, albeit its massive overvaluation vis-à-vis earnings remains the ultimate concern (the futs-adj’d “live” P/E is 39.3x). Still, by Market Values, the Spoo (in real time) is -107 points “low” per its smooth valuation line. Gold’s weekly parabolic trend looks to conclude its second week as Long even as both weeks have been net down for the yellow metal: more on that in tomorrow’s 767th consecutive Saturday edition of The Gold Update. And the Econ Baro rounds out its week with metrics including June’s Personal Income/Spending along with the “Fed-favoured” inflation gauge of Core PCE Prices.