Daily Video Update for Friday, May 6, 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 Friday May 6, 2022
Access to Slides
SPXInvestingBlog.com
All slides used in each day’s video can be viewed, downloaded as a PDF, and/or saved individually.
Slides of charts NOT used in the video, but are viewed each day, are also uploaded for viewing and saving.
Recap 1: Thursday, May 5, 2022
Open
Large gap lower Open
Below the Daily Pivot and S1 (4197).
Midday:
Selling took prices to below yesterday’s low.
Close
Late day selling set a new low.
Some buying at the Close improved the chart slightly.
Down: -3.56%
Volume:
Above average
Fixation:
Technicals, inflation & interest rates, geopolitical concerns, earnings shocks and surprises.
Recap 2: Thursday, May 5, 2022
Market Comments:
Very negative day after Wednesday’s rally. Resumed prevailing trend.
Wednesday’s gains were quickly erased.
Earnings disappointing
All sectors negative.
Rising interest rates negatively impacted stocks.
Lost IT support
Not oversold
Staples/SPX Spike not looking as viable.
Heating oil rising and Gas spiking
S&P 500 is in correction territory.
10-5 Yield curve is back to normal.
Economic Reports:
Nonfarm business sector labor productivity down -7.5% (expected -2.8%). Unit labor costs rose 11.6% (expected 7.3%). Weak economic activity and rising labor costs that threaten corporate profit margins.
Trend Condition:
Trend: Negative (weakening). Bias (Negative). Momentum (Negative).
Recap 3: Thursday, May 5, 2022
YTD performance:
Dow Jones Industrial Average -9.2% YTD
S&P 500 -13.0% YTD
Russell 2000 -16.7% YTD
Nasdaq Composite -21.3% YTD
The Day’s Session
Sentiment
Inflation
SPX Sectors
Isabelnet Blog
Technical Alerts
Intraday
10-Minute Chart
Technical Overview
Thursday, May 5, 2022 Positive
Market Positives
Energy
CRB
Gold
Interest rates
Staples.
Thursday, May 5, 2022 Negative
Technical Overview: Market Negatives
Dow Jones Comp
World Indexes but improving
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.
Thursday, May 5, 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.
Staples/SPX Spike?
Trend Analysis
Breadth Analysis
Advance/Decline, NH/NL Studies
Intermediate Term
Weeks to Months
Trading Systems
Long Term
Months to Years
Broad Market
Stocks
Broad Market
Other Markets
Bonds
Potential Scenarios Developing
Friday, May 6, 2022 Outlook
Technicals: Negative and not oversold.
The markets remain in a trendless IT range.
Growth vs Value battle
Economic Reports:
Employment Situation Report. Consumer Credit.
Geopolitical events:
Russia/Ukraine. China/Supply Chain. Inflation & Interest rates. Oil. Earnings. Fed Speak. Japan.
Friday, May 6, 2022 Scenarios
1. Down (Negative)
A. Rising interest rates and inflation fears.
Earnings and Fed Speak that spooks the markets.
B. Technicals negative and not ST oversold.
2. Up (Positive)
B. Possible positive scenarios
B. Technicals: MAs and pivots may provide support/resistance.
3. Sideways: (Neutral)
ADX is above 20, starting but declining and showing a negative trend.
Conclusion based on Thursday, May 5, 2022
Overview:
The SPX is negative.
Short-Term:
Negative and not oversold.
Intermediate-Term:
Negative
Oscillators: Negative and below important MAs.
Long-Term:
Negative: Below 200 SMA.
Thank You!
John Clay
The SPX Investing Program
John@SPXInvesting.com