Daily Video Update for Tuesday, May 31, 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 Tuesday May 31, 2022
Recap 1: Friday, May 27, 2022
Open
Gap higher Open to above R1 (4094)
Buying took prices to R2 (4128).
Midday:
Prices drifted at R2 and went above R2.
Close
Buying continued into the Close and closed at the high.
Up: 2.47%
Volume:
Below average and declining
Fixation:
Technicals, inflation & interest rates (growth concerns), geopolitical concerns, earnings.
Recap 2: Friday, May 27, 2022
Market Comments:
Will the rebound last or be short-lived?
Gas is spiking.
Still watching the VIX but it is calming down from an high irregular reading.
Fear remains extreme.
S&P 500 is in correction territory.
Technical indicators are showing continued improvement. But possibly ST OB.
The markets are closed on Monday for Memorial Day.
Economic Reports:
Personal income increased 0.4% (expected 0.5%) and personal spending rose 0.9% (expected 0.6%)
The PCE Price Index was up 0.2% (expected 0.3%) and the core-PCE Price Index, which excludes food and energy, was up 0.3% (expected 0.3%).
The final May reading for the University of Michigan's Index of Consumer Sentiment fell to 58.4 from the preliminary reading of 59.1.
The advance goods trade deficit narrowed.
Advance Retail Inventories increased by 0.7%.
Advance Wholesale Inventories increased by 2.1%.
Trend Condition:
Trend: Negative (weakening). Bias (Positive). Momentum (Positive).
The Day’s Session
Sentiment
Inflation
Valuation
SPX Sectors
Technical Alerts
Intraday
10-Minute Chart
Technical Overview
Tuesday, May 31, 2022 Positive
Market Positives
Energy
CRB
Gold
Interest rates
Staples.
Tuesday, May 31, 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
Tuesday, May 31, 2022 Outlook
Technicals: Turning positive but could be ST OB.
Sentiment remains extreme negative.
Growth vs Value battle
Economic Reports:
Consumer Confidence
Geopolitical events:
Russia/Ukraine. China/Supply Chain. Inflation & Interest rates (growth concerns). Oil. Earnings. Fed Speak & Policy. Japan.
Tuesday, May 31, 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 still negative but turning positive.
2. Up (Positive)
A. The technicals are turning positive. Sentiment is extreme negative.
B. Possible positive scenarios.
Coppock Curve and Pring Bottom Fisher have turned up. Staples spike is looking more viable. The Mass Index has triggered a signal. Have 2 Year Yields topped? Fed Pivot?
C. Technicals: Pivots, ST MAs, fib retracements, and previous levels may provide S/R.
3. Sideways: (Neutral)
ADX is above 20 and showing a negative trend.
Conclusion based on Friday, May 27, 2022
Overview:
The SPX could be turning positive.
Short-Term:
Turning positive but possibly overbought.
Intermediate-Term:
Negative but turning positive.
Long-Term:
Negative: Below 200 SMA.
Thank You!
John Clay
The SPX Investing Program
[email protected]