Weekly Video Update for May 23-27, 2022.

Each week, a video is prepared which analyzes and evaluates current conditions of the S&P 500.
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https://www.currentmarketvaluation.com/
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https://insight.factset.com/sp-500-largest-negative-price-reaction-to-positive-eps-surprises-since-2011
https://insight.factset.com/sp-500-forward-p/e-ratio-falls-below-10-year-average-for-the-first-time-since-q2-2020
https://insight.factset.com/85-of-sp-500-companies-are-citing-inflation-on-q1-earnings-calls
Chapters
00:00 Introduction, Overview & Recap
05:01 Sectors
05:35 Current Market Valuation
06:43 Sentiment
10:08 Earnings & Valuation
12:44 Fed Watch
13:38 Breadth Analysis. Advance/Decline, NHNL Studies
14:14 Trend Analysis
15:06 Long Term
18:27 Chart Variations
18:51 Trading Systems
19:01 Broad Market Stocks
19:55 Broad Market Other Markets
20:37 Relative Studies
22:22 Outlook
23:23 Scenarios

Weekly Video Update
For May 23-27, 2022
The Week’s Session
Recap 1: Week of May 16-20, 2022
For the Week:
S&P 500 briefly entered bear market territory (3855).
Disappointed by corporate updates and economic data producing growth concerns.
Fear is extreme but led to failed rebound attempts.
Impressive rebound on Friday from lows to 3900 (options expiration).
Disappointing economic data:
The May Empire State Manufacturing Survey turned negative with a reading of -11.6 (expected 15.0)
Weekly jobless claims were higher than expected at 218,000 (expected 200,000)
The Philadelphia Fed Index dropped to 2.6 in May (expected 16.5)
The Conference Board's Leading Economic Index (LEI) decreased 0.3% (expected 0.0%)
Existing home sales fell 2.4%.
Building permits for April fell 3.2%.
The Weekly MBA Mortgage Applications Index fell 11.0%
Fed Chair Powell spoke but restated current Fed policy and plans.
Down: -3.05% for the week.
Volume:
Above Average
Fixation:
Technicals, inflation and interest rates, geopolitical concerns, China/Supply chain, Oil, Fed Speak, Earnings.
Trend Condition:
Strengthening Trend: Negative
Sectors
Current Market Valuation
https://currentmarketvaluation.com/
Sentiment
Earnings & Valuation
FED Watch
Breadth Analysis
Advance/Decline, NH/NL Studies
Trend Analysis
Long Term
Months to Years
Chart Variations
Trading Systems
Broad Market
Stocks
Broad Market
Other Markets
Relative Studies
Outlook for May 23-27, 2022
Major Economic Reports to be released:
Tuesday:
New Home Sales
Wednesday:
Durable Goods, FOMC Minutes
Thursday
GDP – Second Estimate
Friday
Personal Income & Spending. PCE Prices, Final Consumer Sentiment.
Things to Watch:
Technicals, inflation and interest rates, geopolitical concerns, Russia/Ukraine, China/Supply chain, Oil, Fed Speak, Earnings, 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.
Thank You!
John Clay
The SPX Investing Program
[email protected]