Daily Video Update for Wednesday, May 4, 2022.

Daily Video Update for Wednesday, May 4, 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 Wednesday May 4, 2022
Recap 1: Tuesday, May 3, 2022
Open
Positive Open
Little movement above UNCH
Midday:
Buying took prices to R1 (4196).
Selling took prices back down to UNCH.
Close
Late day buying took prices almost back to R1 followed by selling.
Up: 0.48%
Volume:
Below average
Fixation:
Technicals, inflation & interest rates, geopolitical concerns, earnings shocks and surprises.
Recap 2: Tuesday, May 3, 2022
Market Comments:
Technicals negative. Some improvement.
Growth was up but underperformed Value.
Copper continues to fall.
ST oversold bounce. Can it continue?
S&P 500 is in correction territory.
10-5 Yield curve remains inverted.
Economic Reports:
Factory orders increased 2.2% m/m in (expected +1.0%). Shipments of manufactured goods jumped 2.3% after increasing 1.1% in February.
Supports the view that the slowdown in factory orders in February was temporary due to Omicron.
Job openings increased.
Trend Condition:
Trend: Negative. Bias (Positive). Momentum (Mixed/Negative).
Recap 3: Tuesday, May 3, 2022
YTD performance:
Dow Jones Industrial Average -8.8% YTD
S&P 500 -12.4% YTD
Russell 2000 -15.4% YTD
Nasdaq Composite -19.7% YTD
The Day’s Session
Major Indexes
Major Markets
Sentiment
Fear & Greed Index
Rydex Bear/Bull Ratio
VIX, VIX of the VIX, Ulcer Index
SPX Sectors
FED Watch
Technical Alerts
Intraday
10-Minute Chart
Technical Overview
Tuesday, May 3, 2022 Outperforming
Technical Overview: Market Strength-Outperforming
Value/Growth
Growth/Bond prices.
10 Year Yield/Tech and SPX
Low Volatility/SPX
Energy/SPX/SPY
Energy/Tech
CRB/SPX
Gold/SPX
Staples/Discretionary
Junk Bonds/Treasury Bonds.
Tuesday, May 3, 2022 Positive
Market Positives
Energy
CRB
Gold
Interest rates
Staples
Tuesday, May 3, 2022 Underperforming
Technical Overview: Market Weakness-Underperforming
NASDAQ 100/S&P 500
S&P 500/10 Year Yield
Growth/Value
Tech/Interest rates and SPX/SPY
SPX/CRB
S&P 100/S&P 500
Discretionary/Staples
Tuesday, May 3, 2022 Negative
Technical Overview: Market Negatives
Dow Jones Comp
World Indexes continue to decline.
Junk Bonds outperforming Treasury Bonds but Junk Bonds are negative.
FANG Index
Small Caps
Dow
Mid Caps
NASDAQ
NDX
NYSE Comp
All Stocks ETF
ARK Innovation ETF
Bitcoin Index
WLSH
World Indexes
Corporate Bond Prices
Tuesday, May 3, 2022 SPX Negative
Technical Overview: SPX Negative Indicators
Tuesday, May 3, 2022 SPX Positive
Technical Overview: SPX Positive Indicators
Swenlin Trading Oscillator (STO)
Chaiken Oscillator
ROC 5
Tuesday, May 3, 2022 SPX Positive Setups
Technical Overview: Possible SPX Positive Setup Indicators
Coppick Curve
Mass index
Pring Bottom Fisher
SML/SPX Ratio Small Cap Thrust
Positive backdrop after an inverted yield curve.
Trend Analysis
Intermediate Term
Weeks to Months
Trading Systems
Long Term
Months to Years
Broad Market
Stocks
Broad Market
Other Markets
Bonds
Potential Scenarios Developing
Wednesday, May 4, 2022 Outlook
Technicals: Negative but bouncing from OS condition.
The markets remain in a trendless IT range.
Growth vs Value battle
FOMC Decision
Economic Reports:
ADP Employment Change, ISM Non-Manufacturing Index for April, Trade Balance, and the weekly MBA Mortgage Applications Index.
Geopolitical events:
Russia/Ukraine. China/Supply Chain. Inflation & Interest rates. Oil. Earnings. Fed Speak. Japan.
Wednesday, May 4, 2022 Scenarios
1. Down (Negative)
A. Rising interest rates and inflation fears.
Earnings and Fed Speak that spooks the markets.
B. Technicals negative but ST oversold.
2. Up (Positive)
A. ST and IT oversold bounce.
B. Possible positive scenarios
B. Technicals: MAs and pivots may provide support/resistance.
C. Sell the rumor, Buy the news?
3. Sideways: (Neutral)
ADX is above 20, starting to climb and showing a negative trend.
Conclusion based on Tuesday, May 3, 2022
Overview:
The SPX is negative.
Short-Term:
Negative and bouncing from oversold.
Intermediate-Term:
Negative and bouncing from oversold.
Oscillators: negative and below important MAs.
Long-Term:
Negative: Below 200 SMA.
Thank You!
John Clay
The SPX Investing Program
John@SPXInvesting.com