Daily Video Update for Wednesday, May 18, 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 18, 2022
Recap 1: Tuesday, May 17, 2022
Open
Gap higher Open above R1 (4042) but not to R2 (4075).
Prices fell back to the R1 Level.
Midday:
Prices rose to above R2 (4075).
Close
After a dip, prices climbed to closer at the high.
Up: 2.02%
Volume:
Advanced but below average
Fixation:
Technicals, inflation & interest rates, geopolitical concerns, earnings.
Recap 2: Tuesday, May 17, 2022
Market Comments:
LT support regained (4061).
Interest rates and stocks rose.
China lockdowns may be easing.
Technicals continue to show improvement.
Fed Chair Powell restated previous plans.
Fear remains extreme.
S&P 500 is in correction territory.
Economic Reports:
Retail Sales increased 0.9% (expected 1.1%). Industrial production increased 1.1% (expected 0.5%). Capacity Utilization increased to 79.0% (expected 78.6%). NAHB Housing Market Index decreased to 69 (expected 75) from 77 last month. Business inventories increased 2.0% (expected 1.9%).
Trend Condition:
Trend: Negative (weakening). Bias (Mixed). Momentum (Mixed/Negative).

The Day’s Session
Sentiment
SPX Sectors
Technical Alerts
Intraday
10-Minute Chart
Technical Overview
Wednesday, May 18, 2022 Positive
Market Positives
Energy
CRB
Gold
Interest rates
Staples.
Wednesday, May 18, 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, May 18, 2022 Outlook
Technicals: Improving but needs follow through.
The markets have broken below a trendless IT range. Regained LT support.
Growth vs Value battle
Economic Reports:
Housing Starts and Building Permits, and the weekly MBA Mortgage Applications Index.
Geopolitical events:
Russia/Ukraine. China/Supply Chain. Inflation & Interest rates. Oil. Earnings. Fed Speak. Japan.
Wednesday, May 18, 2022 Scenarios
1. Down (Negative)
A. Rising interest rates and inflation fears (?).
Earnings and Fed Speak that spooks the markets.
B. Technicals negative but improving.
2. Up (Positive)
A. Improving Technicals. Sentiment extreme negative.
B. Possible positive scenarios. N/A but might be setting up.
C. Technicals: Pivots and previous levels may provide support/resistance.
3. Sideways: (Neutral)
ADX is above 20 and showing a negative trend.
Conclusion based on Tuesday, May 17, 2022
Overview:
The SPX is negative.
Short-Term:
Negative but improving.
Intermediate-Term:
Negative but improving.
Oscillators: Negative and below important MAs.
Long-Term:
Negative: Below 200 SMA.
Thank You!
John Clay
The SPX Investing Program
[email protected]