At present we’ve the Euro, Swiss Franc, Copper and Spoo all above their respective Neutral Zones for today; below same is Oil, and BEGOS Markets’ volatility is pushing toward moderate. In concert with the Spoo’s “Baby Blues” now in full cascade (see Market Trends), the S&P 500 (following Friday’s -2.6% fall) yesterday attempted a “relief rally”, at one point having recovered +1.1%, to then settle but +0.3%; our sense remains a fairly near-term return for the S&P down to at least the 6800s, especially as other entities eventually perceive the current rotation of trend toward negative; the Spoo’s best Market Rhythm for pure swing consistency has been its 30mn MACD, and by Market Values (in real-time), the Spoo is +176 points above its smooth valuation line. Today’s Econ Baro awaits May’s Existing Home Sales, plus April’s Trade Deficit and Wholesale Inventories.