Daily Video Update for Wednesday, May 25, 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 25, 2022
Recap 1: Tuesday, May 24, 2022
Open
Gap lower Open below S1 (3928)
Selling took prices to S2 (3882).
Midday:
Prices rebounded from S2 but hit resistance back at S1.
Close
Buying eventually took prices above S1 to the daily pivot (3955) but backed-off at the Close.
Down: -0.81%
Volume:
Below average
Fixation:
Technicals, inflation & interest rates (growth concerns), geopolitical concerns, earnings.
Recap 2: Tuesday, May 24, 2022
Market Comments:
The rebound has stalled or possibly ended.
The S&P 500 was down as much as 2.5%.
The VIX is producing some interesting information.
10-5 Yield Curve is even.
Fear remains extreme.
S&P 500 is in correction territory.
Economic Reports:
New home sales decreased 16.6% m/m and down 26.9% y/y.
The preliminary IHS Markit Manufacturing PMI decreased to 57.5 from 59.2. The preliminary IHS Markit Services PMI decreased to 53.5 from 55.6.
Trend Condition:
Trend: Negative (strengthening). Bias (Mixed/Negative). Momentum (Mixed/Negative).

The Day’s Session
Sentiment
SPX Sectors
Technical Alerts
Intraday
10-Minute Chart
Technical Overview
Wednesday, May 25, 2022 Positive
Market Positives
Energy
CRB
Gold
Interest rates
Staples.
Wednesday, May 25, 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 25, 2022 Outlook
Technicals: Negative with no follow through buying.
Sentiment remains extreme negative.
Growth vs Value battle
Economic Reports:
The weekly MBA Mortgage Applications Index, Durable Goods Orders Report, EIA Crude Oil Inventories, and the FOMC Minutes.
Geopolitical events:
Russia/Ukraine. China/Supply Chain. Inflation & Interest rates (growth concerns). Oil. Earnings. Fed Speak & Policy. Japan.
Wednesday, May 25, 2022 Scenarios
1. Down (Negative)
A. Rising interest rates, inflation fears, growth concerns, earnings, Fed Speak & policy, Fear.
B. Technicals are negative.
2. Up (Positive)
A. The technicals are negative, but still showing some improvement. Sentiment is extreme negative.
B. Possible positive scenarios.
Coppock Curve and Pring Bottom Fisher have turned up. Staples spike is not looking as 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 Tuesday, May 24, 2022
Overview:
The SPX is negative.
Short-Term:
Negative but showing some improvement.
Intermediate-Term:
Negative but may be improving.
Long-Term:
Negative: Below 200 SMA.
Thank You!
John Clay
The SPX Investing Program
[email protected]