Both the Swiss Franc and Copper are at present below today’s Neutral Zones; the balance of the BEGOS Markets are within same, and volatility is light. Q2 Earnings Season is not quite halfway completed for the S&P 500 constituents: of the 191 reports thus far, 69% are better than a year ago, which (ex-COVID quarters) is average for year-over-year improvement; ‘course the overall “live” S&P P/E of 39.8x remains significantly under-supported by the overall level of earnings, especially given the risk-free 5.147% 3mo T-Bill yield. At Market Trends, save for the “safe-haven” Bond and Swiss Franc, the “Baby Blues” of trend consistency for the other six BEGOS components all are falling. For the Econ Baro we’ve July’s Consumer Confidence. And the FOMC begins its two-day meeting toward tomorrow’s Policy Statement.