The Swiss Franc is the sole BEGOS Market trading at present outside (above) its Neutral Zone for today; volatility is light-to-moderate. Silver reached the anticipated 19s, indeed trading briefly above 20 yesterday. The S&P has unwound its “textbook oversold” stance, and yesterday’s fourth consecutive up day had better MoneyFlow support than during the prior three. However, the vapid earnings for the index now find the “live” P/E at 38.3x along with a yield (1.573%) at less than half that of the U.S. debt market. Our sense remains that the S&P has yet to make its final low for this year (thus far 3637) with the test of the 3600-3200 support zone still in the wings. For the Econ Baro’s busy week, today brings August’s CPI and Treasury Budget.