Daily Video Update for Friday, May 27, 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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Chapters:
00:00 Introduction, Overview, and Announcements
00:54 Recap
06:30 Sentiment
12:36 Sectors
13:18 Technical Alerts
13:42 Intraday and Daily Charts
15:14 Technical Overview
15:30 Trend Analysis
16:13 Breadth Analysis
17:01 Short Term Analysis
17:56 Intermediate Term Analysis
20:02 Chart Variations
20:41 Trading Systems
21:04 Long Term Analysis
21:27 Broad Market Stocks
21:49 Broad Market Other Markets
23:30 Bonds
23:45 Possible Positive Scenarios
25:08 Outlook
26:22 Scenarios
27:28 Conclusion
Daily Video Update
For Friday May 27, 2022
Recap 1: Thursday, May 26, 2022
Open
Gap higher Open to above R1 (4010)
Buying took prices to R2 (4042).
Midday:
Prices continued higher above R2 and hit resistance at previous LT support (4057.84).
Prices drifted sideways.
Close
Prices retreated and closed slightly off the high.
Up: 1.99%
Volume:
Below average
Fixation:
Technicals, inflation & interest rates (growth concerns), geopolitical concerns, earnings.
Recap 2: Thursday, May 26, 2022
Market Comments:
Regained 20 MAs.
Still watching the VIX.
Fear remains extreme.
S&P 500 is in correction territory.
Technical indicators are showing continued improvement.
Economic Reports:
Jobless claims decreased by 8,000 to 210,000 (expected 210,000).
The second estimate for Q1 GDP was revised down to show real GDP decreasing at an annual rate of 1.5% (expected -1.3%) from the advance estimate of -1.4%. The GDP Chain Deflator was revised up to 8.1% (expected 8.0%) from 8.0%.
Pending home sales declined 3.9%.
Trend Condition:
Trend: Negative (weakening). Bias (Positive). Momentum (Mixed).
The Day’s Session
Sentiment
SPX Sectors
Technical Alerts
Intraday
10-Minute Chart
Technical Overview
Friday, May 27, 2022 Positive
Market Positives
Energy
CRB
Gold
Interest rates
Staples.
Friday, May 27, 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
Friday, May 27, 2022 Outlook
Technicals: Negative but continue to improve. Some turning positive.
Sentiment remains extreme negative.
Growth vs Value battle
Economic Reports:
Personal Income and Spending Report, the April Adv. Intl. Trade in Goods, Retail Inventories, and Wholesale Inventories Report, and the final May reading for the Univ. of Michigan Index of Consumer Sentiment.
Geopolitical events:
Russia/Ukraine. China/Supply Chain. Inflation & Interest rates (growth concerns). Oil. Earnings. Fed Speak & Policy. Japan.
Friday, May 27, 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 negative.
2. Up (Positive)
A. The technicals are negative, but still showing improvement. Sentiment is extreme negative.
B. Possible positive scenarios.
Coppock Curve and Pring Bottom Fisher have turned up. Staples spike is looking more viable.
C. Technicals: Pivots, fib retracements, and previous levels may provide S/R.
3. Sideways: (Neutral)
ADX is above 20 and showing a negative trend.
Conclusion based on Thursday, May 26, 2022
Overview:
The SPX is negative.
Short-Term:
Negative but showing improvement.
Intermediate-Term:
Negative but improving.
Long-Term:
Negative: Below 200 SMA.
Thank You!
John Clay
The SPX Investing Program
John@SPXInvesting.com