Daily Video Update for Tuesday, May 24, 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 Monday May 23, 2022
Daily Video Update
For Tuesday May 24, 2022
Recap 1: Monday, May 23, 2022
Open
Gap higher Open
Prices advanced to above R1 (3960).
Midday:
Prices fell to below R1 before rebounding to the daily high.
Close
Some late day selling but prices closed near the high.
Up: 1.85%
Volume:
Below average
Fixation:
Technicals, inflation & interest rates (growth concerns), geopolitical concerns, earnings.
Recap 2: Monday, May 23, 2022
Market Comments:
Friday’s late day rebound continued on Monday.
Oversold bounce or reversal?
The VIX is producing some interesting information.
10-5 Yield Curve remains inverted.
Some tariffs on China may be lifted.
Fear remains extreme.
S&P 500 is in correction territory.
Economic Reports:
None
Trend Condition:
Trend: Negative (strengthening). Bias (Mixed/Positive). Momentum (Mixed/Negative).
The Day’s Session
Sentiment
SPX Sectors
Technical Alerts
Intraday
10-Minute Chart
Technical Overview
Tuesday, May 24, 2022 Positive
Market Positives
Energy
CRB
Gold
Interest rates
Staples.
Tuesday, May 24, 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
Tuesday, May 24, 2022 Outlook
Technicals: Negative but bouncing from oversold readings. Can the rebound continue?
Sentiment remains extreme negative.
Growth vs Value battle
Economic Reports:
Preliminary IHS Markit Manufacturing and Services PMIs, and New Home Sales.
Geopolitical events:
Russia/Ukraine. China/Supply Chain. Inflation & Interest rates (growth concerns). Oil. Earnings. Fed Speak. Japan.
Tuesday, May 24, 2022 Scenarios
1. Down (Negative)
A. Rising interest rates, inflation fears, growth concerns, earnings, Fed Speak, Fear.
B. Technicals are negative.
2. Up (Positive)
A. The technicals are negative, but improving from OS readings. Sentiment is extreme negative. Follow through from the Friday’s rebound.
B. Possible positive scenarios.
Coppock Curve is turning up. Pring Bottom Fisher may soon cross. Staples spike is looking viable.
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 Monday, May 23, 2022
Overview:
The SPX is negative.
Short-Term:
Negative but bouncing from oversold conditions.
Intermediate-Term:
Negative but may be improving.
Long-Term:
Negative: Below 200 SMA.
Thank You!
John Clay
The SPX Investing Program
[email protected]