Daily Video Update for Monday, May 23, 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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Chapters:
00:00 Introduction, Overview, and Announcements
01:10 Recap
05:28 Sentiment
13:47 Sectors
14:27 Technical Alerts
15:00 Intraday and Daily Charts
16:51 Technical Overview
17:05 Trend Analysis
17:27 Breadth Analysis
18:26 Short Term Analysis
19:04 Intermediate Term Analysis
21:23 Chart Variations
21:51 Trading Systems
22:10 Long Term Analysis
23:47 Broad Market Stocks
24:15 Broad Market Other Markets
2:56 Bonds
28:17 Possible Positive Scenarios
29:38 Outlook
30:31 Scenarios
31:34 Conclusion
Daily Video Update
For Monday May 23, 2022
Recap 1: Friday, May 20, 2022
Open
Gap higher Open up to R1 (3939) which set the daily high.
Prices retreated and broke below the daily pivot (3908).
Midday:
Prices fell to S1 (3872) before breaking down to below S2 (3838).
Prices found support at the daily S2 level (3810) and staged a strong rebound.
Close
Late day buying took prices back to UNCH.
Up: 0.01%
Volume:
Above average (Options expiration)
Fixation:
Technicals, inflation & interest rates (growth concerns), geopolitical concerns, earnings.
Recap 2: Friday, May 20, 2022
Market Comments:
Options Expiration (3900).
Very big intraday spread (3.4%)
China unexpectedly cut interest rates. Their 5-year prime loan rate was cut by 15 basis points to 4.45% from 4.60%.
The VIX is producing some interesting information.
10-5 Yield Curve is inverted again.
Interest rates declined.
Fear remains extreme.
S&P 500 is in correction territory.
Economic Reports:
None
Trend Condition:
Trend: Negative (strengthening). Bias (Negative). Momentum (Negative).
The Day’s Session
Sentiment
SPX Sectors
Technical Alerts
Intraday
10-Minute Chart
Technical Overview
Monday, May 23, 2022 Positive
Market Positives
Energy
CRB
Gold
Interest rates
Staples.
Monday, May 23, 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
Monday, May 23, 2022 Outlook
Technicals: Negative with oversold readings. Impressive rebound from lows on Friday. Can it continue, or was it due to options expiration?
Sentiment remains extreme negative.
Growth vs Value battle
Economic Reports:
None
Geopolitical events:
Russia/Ukraine. China/Supply Chain. Inflation & Interest rates (growth concerns). Oil. Earnings. Fed Speak. Japan.
Monday, May 23, 2022 Scenarios
1. Down (Negative)
A. Rising interest rates, inflation fears, growth concerns.
Earnings and Fed Speak. Fear.
B. Technicals negative.
2. Up (Positive)
A. Technicals negative with some OS readings. Sentiment extreme negative. Impressive rebound on Friday.
B. Possible positive scenarios. N/A but might be setting up.
C. Technicals: Pivots and previous levels may provide S/R.
3. Sideways: (Neutral)
ADX is above 20 and showing a negative trend.
Conclusion based on Friday, May 20, 2022
Overview:
The SPX is negative.
Short-Term:
Negative but oversold indications.
Intermediate-Term:
Negative but oversold indications.
Long-Term:
Negative: Below 200 SMA.
Thank You!
John Clay
The SPX Investing Program
[email protected]