Daily Video Update for Thursday, May 19, 2022.

Each day the market is open, a video is prepared which analyzes and evaluates current conditions of the S&P 500.
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Daily Video Update
For Thursday May 19, 2022
Recap 1: Wednesday, May 18, 2022
Open
Gap lower to S1 (4052) and quickly fell to S2 (4014).
Midday:
Selling took prices below 4000 and below S3 (3965).
Close
Prices kept falling into the Close.
Down: -4.04%
Volume:
Above average
Fixation:
Technicals, inflation & interest rates, geopolitical concerns, earnings.
Recap 2: Wednesday, May 18, 2022
Market Comments:
The S&P 500 is below 4000.
10-5 Yield has gone inverted again.
LT support lost again (4061).
Interest rates and stocks declined.
China lockdowns may be easing.
Technical improvements have been lost.
Fear remains extreme.
S&P 500 is in correction territory.
Economic Reports:
Housing starts declined 0.2%. Building permits decreased 3.2%. The weekly MBA Mortgage Applications Index declined 11.0% following a 2.0% increase last week.
Trend Condition:
Trend: Negative (strengthening). Bias (Negative). Momentum (Negative).
The Day’s Session
Sentiment
SPX Sectors
Technical Alerts
Intraday
10-Minute Chart
Technical Overview
Thursday, May 19, 2022 Positive
Market Positives
Energy
CRB
Gold
Interest rates
Staples.
Thursday, May 19, 2022 Negative
Technical Overview: Market Negatives
Dow Jones Comp
World Indexes
Junk Bonds
FANG Index
Small Caps
Dow
Mid Caps
NASDAQ
NDX
NYSE Comp
All Stocks ETF
ARK Innovation ETF
Bitcoin Index
WLSH
Treasury and Corporate Bond Prices.
Trend Analysis
Breadth Analysis
Advance/Decline, NH/NL Studies
Short Term
Days to Weeks
Intermediate Term
Weeks to Months
Chart Variations
Trading Systems
Weeks to Months
Long Term
Months to Years
Broad Market
Stocks
Broad Market
Other Markets
Bonds
Possible Positive Scenarios
Thursday, May 19, 2022 Outlook
Technicals: Improvements lost
The markets have broken below a trendless IT range. Lost LT support.
Growth vs Value battle
Economic Reports:
Jobless Claims, Existing Home Sales, the Philadelphia Fed Index, and the LEI.
Geopolitical events:
Russia/Ukraine. China/Supply Chain. Inflation & Interest rates. Oil. Earnings. Fed Speak. Japan.
Thursday, May 19, 2022 Scenarios
1. Down (Negative)
A. Rising interest rates and inflation fears (?).
Earnings and Fed Speak that spooks the markets.
B. Technicals negative.
2. Up (Positive)
A. Improving Technicals. Sentiment extreme negative.
B. Possible positive scenarios. N/A but might be setting up.
C. Technicals: Pivots and previous levels may provide support/resistance.
3. Sideways: (Neutral)
ADX is above 20 and showing a negative trend.
Conclusion based on Wednesday, May 18, 2022
Overview:
The SPX is negative.
Short-Term:
Negative but slightly oversold.
Intermediate-Term:
Negative
Oscillators: Negative and below important MAs.
Long-Term:
Negative: Below 200 SMA.
Thank You!
John Clay
The SPX Investing Program
[email protected]
Thank You!