Daily Video Update for Wednesday, June 1, 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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https://www.currentmarketvaluation.com/
Recap 1: Tuesday, May 31, 2022
Open
Gap lower Open below the Daily Pivot (4131) to S1 (4104).
Prices bounced back to the Daily Pivot (4131).
Midday:
Prices climbed to the UNCH level and went slightly above.
Close
Selling took prices back to the Daily Pivot at the Close.
Down: -0.63%
Volume:
Above average
Fixation:
Technicals, inflation & interest rates (growth concerns), geopolitical concerns, earnings.
Recap 2: Tuesday, May 31, 2022
Market Comments:
Oil hit $120 on the news of increased EU oil sanctions on Russia
The S&P 500 was down as much as 1.3%
Equity P/C Ratio declined on a down day.
Fed Governor Waller (FOMC voter) supports a policy rate above the neutral rate by the end of the year.
Will the rebound last or be short-lived?
Gas is spiking.
The VIX but is calming down from a high irregular reading.
Fear remains extreme.
S&P 500 is in correction territory.
Technical indicators are showing continued improvement. ST OB is being worked-off.
Economic Reports:
Consumer Sentiment decreased to 106.4 (expected 103.7)
The S&P Case-Shiller Home Price Index was up 21.2% y/y (expected 20.0%). The FHFA Housing Price Index increased 1.5% m/m.
Chicago PMI rose to 60.3 (expected 55.5) from 56.4.
Trend Condition:
Trend: Negative (weakening). Bias (Positive). Momentum (Positive).
The Day’s Session
Sentiment
Inflation
Current Market Valuation
https://www.currentmarketvaluation.com/
SPX Sectors
Technical Alerts
Intraday
10-Minute Chart
Technical Overview
Wednesday, June 1, 2022 Positive
Market Positives
Energy
CRB
Gold
Interest rates
Staples.
Wednesday, June 1, 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
Wednesday, June 1, 2022 Outlook
Technicals: Turning positive and working-off the ST OB condition.
Sentiment remains extreme negative (?).
Growth vs Value battle
Economic Reports:
Weekly Mortgage Applications Index, the Final IHS Manufacturing PMI, the ISM Manufacturing Index, the JOLTS - Job Openings Report, Construction Spending Report, and the Fed's Beige Book.
Geopolitical events:
Russia/Ukraine. China/Supply Chain. Inflation & Interest rates (growth concerns). Oil. Earnings. Fed Speak & Policy. Japan.
Wednesday, June 1, 2022 Scenarios
1. Down (Negative)
A. Rising interest rates, inflation fears, growth concerns, earnings, Fed Speak & policy, Fear. The recent trend of selling into strength.
B. Technicals are still negative but turning positive.
2. Up (Positive)
A. The technicals are turning positive. Sentiment is extreme negative.
B. Possible positive scenarios.
Coppock Curve and Pring Bottom Fisher have turned up. Staples spike is looking more viable. The Mass Index has triggered a signal. Have 2 Year Yields topped? Fed Pivot?
C. Technicals: Pivots, ST MAs, fib retracements, and previous levels may provide S/R.
3. Sideways: (Neutral)
ADX is above 20 and showing a negative trend.
Conclusion based on Tuesday, May 31, 2022
Overview:
The SPX could be turning positive.
Short-Term:
Turning positive but possibly still overbought.
Intermediate-Term:
Negative but turning positive.
Long-Term:
Negative: Below 200 SMA.
Thank You!
John Clay
The SPX Investing Program
[email protected]