Daily Video Update for Wednesday, April 27, 2022.

Daily Video Update for Wednesday, April 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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Daily Video Update
For Wednesday April 27, 2022
Recap 1: Tuesday, April 26, 2022
Open
Gap lower Open to below the daily pivot (4265)
Selling quickly took prices below S1 (4231) to about yesterday’s low.
Midday:
S1 became resistance as prices chopped between S1 and yesterday’s low.
Close
Late day selling to below yesterday’s low.
Closed at the low.
Down: -2.81%
Volume:
Slightly below average
Fixation:
Market Comments:
Interest rates declined but so did growth & tech.
Oil back over $100.
Technicals negative.
S&P 500 is in correction territory.
10-5 Yield Curve is still inverted.
Economic Reports:
Consumer Confidence, New Home Sales, Durable Goods, Housing Price Index (increased), and the Case-Shiller Home Price Index.
Trend Condition:
New negative trend developing
Trend: Negative. Bias (Negative). Momentum (negative).
Technicals, inflation & interest rates, geopolitical concerns, earnings shocks and surprises.
The Day’s Session
Sentiment
Fear & Greed Index
VIX
The VIX of the VIX
Ulcer Indicator
Current Market Valuation
SPX Sectors
Tech Sector
SOXX Index: Semiconductors
Inflation
CRB Index
SPX/CRB Ratio
CRB/SPX Ratio
Fed Watch: May 4 FOMC Meeting
Technical Alerts
Intraday
10-Minute Chart
Daily Pivot Points
Support and Resistance levels
Retracement from High
Distance from 200 SMA
Growth vs. Value
Trend Analysis
ADX
AROON
DecisionPoint Market Scoreboard
Breadth Analysis
Advance/Decline, NH/NL Studies
Short Term: Days to Weeks
Moving Averages Studies
MACD
Swenlin Trading Oscillator: STO
McClellan Oscillator
StochRSI
Williams %R
Force Index
Intermediate Term: Weeks to Months
50 period moving averages
100 period moving averages
PMO: Price Momentum Oscillator and studies
BPI: Bullish Percent Index
Moving average rainbow
Stochastic Studies
Summation Index
Momentum Studies
CCI: Commodity Channel Index
VTX: Vortex
RSI Studies: Relative Strength Index
BOP: Balance of Power
ConnorsRSI
Trading Systems
Elder Impulse System
SAR: Stop and Reverse
Chart Variations
Heikin Ashi
Kagi
Renko
Three-line break
Equivolume with EMV: Ease of Movement
Point and Figure
Long Term: Months to Years
S&P 500: Arithmetic and Logarithmic Scales
Vanguard Mega Cap Growth ETF: MGK
SpecialK
Long-Term Moving Average Studies
Fibonacci Retracement
Broad Market: Stocks
Dow Jones Composite Average: DJA
Dow Theory
FANG Plus Index
ARKK Innovation ETF
Dow Jones Industrial Average
DIA: Diamonds ETF
S&P 600 Small Cap Index
S&P 400 Mid Cap Index
NASDAQ Composite
NASDAQ 100: NDX
VXN: NASDAQ 100 Volatility Index
QQQ
NYSE Composite Index
S&P 100/S&P 500 Ratio
Wilshire 5000 Composite Index
World Indexes
ACWI All-World Stocks
World Index Non-US
Broad Market: Other Markets
US Dollar Index daily and weekly
Light Crude Oil
Gold: GLD
Silver: SLV
BTC: Bitcoin Index
Bonds
Yield Curve Studies
30-year Bond Yield Fibonacci Retracement
US Treasury Yields
World 10 Year Bond Yields
Pring World Bond Index
Dow Jones Corporate Bond Index
Moody’s Seasoned Aaa Corporate Bond Yield
Junk Bond Index: High Yield
ICE BofA US High Yield Index Effective Yield
Relative Studies
Gold/S&P500 Ratio
Energy/SPY Ratio
Energy/Tech Ratio
Growth/Bond Ratio
Tech/SPY Ratio
Tech/10-Year Yield Ratio
Tech/10-Year Yield Correlation
10-Year Yield/Tech Ratio
Discretionary/Staples Ratio
S&P 500/10-Year Yield Ratio
S&P 500 Low Volatility ETF
S&P 500 Low Volatility/SPY Ratio
Staples/S&P 500 Ratio
Outlook
Technicals: Negative.
ST & IT: Some indicators oversold.
The markets remain in a trendless IT range.
Growth vs Value battle
Supply Chain issues
Economic Reports:
Scenarios
1. Down (Negative)
A. Rising interest rates and inflation fears.
Earnings and Fed Speak that spooks the markets.
B. Technicals negative.
2. Up (Positive)
A. ST and IT oversold.
B. Positive but not currently viable:
- Longer term “bottom signals” could be setting up to generate signals.
- Backdrop after yield curves re-invert.
- Staples Ratio spike.
- 2 Yr Yield Spike.
- Small Cap thrust prior to S&P 500 thrust.
B. Technicals: MAs and pivots may provide support/resistance.
3. Sideways: (Neutral)
ADX is below 20 but starting to climb and showing a negative trend.
Price movement slow-down and choppy.
Conclusion
Overview:
The SPX is negative.
Short-Term:
Negative but oversold
Intermediate-Term:
Negative but becoming oversold.
Oscillators: negative and below important MAs.
Long-Term:
Negative: Below 200 SMA.
John Clay
The SPX Investing Program
John@SPXInvesting.com