Daily Video Update for Thursday, June 9, 2022. Executive Summary

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
01:25 Market Notes
04:09 S&P 500 Notes
06:26 Various Charts of Interest
13:31 Interest Rates Impact on Stocks
15:52 S&P 500 Charts
18:29 Other Markets
20:16 Possible Positive Scenarios
22:44 Technical Overview
23:10 Outlook
24:02 Scenarios
25:21 Conclusion
Daily Video Update
Executive Summary
For Thursday June 9, 2022
Market Notes: Wednesday, June 8, 2022
Oil crossed above $120
Lumber has been declining for most of 2022.
Gold is still above its 200 MA
NASDAQ & NDX remain above the Monthly Pivot
Interest rates continue to climb
10-5 back to even
30-Year Yield breaking above Fib level.
Gas prices are the top news story as it spikes.
Fear is high but not extreme.
The OECD cut its 2022 global GDP view to 3.0% from 4.5% and raised its inflation outlook.
The Atlanta Fed's GDPNow model estimate for Q2 was lowered to 0.9% from 1.3%.
The Reserve Bank of India raised its key lending rate by a larger-than-expected 50 basis points to 4.90% (a 40 bps increase was expected). The Reserve Bank of Australia's raised rates higher-than-expected on Tuesday.
The MBA Mortgage Applications Index was down 6.5% week-over-week, driven by a 7% decline in purchase applications and a 6% decline in refinancing applications.
Wholesale Inventories increased 2.2% m/m (expected 2.1%).
S&P 500 Notes: Wednesday, June 8, 2022
SPX down -1.08% on below average volume.
10/11 sectors negative. Energy up 0.22%
Equity P/C Ratio declined on a down day.
The VIX and VXN declined on a down day.
Prices have moved to the bottom of the recent ST range.
The STO advanced on a down day.
The SPX is still above its 20 MAs.
ROC 10, PMOs Rising are no longer extreme.
Elder SPX & SPY neutral
Momentum Oscillators all positive
ST & IT Stochastics still extreme positive
NHNL MAs still rising
BPI holding up
Go-NoGo System has turned negative
Prices fell below a ST Fib level but still above IT & LT fib levels.
Staples spike still looks viable
Trend Condition:
Trend: Negative (Non-trending). Bias (Mixed/negative). Momentum (Mixed).

Interest Rates
The Impact on Stocks
Possible Positive Scenarios
Technical Overview
Thursday, June 7, 2022 Positive
Market Positives
Energy
CRB
Gold
Interest rates
Staples.
Thursday, June 9, 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.
Thursday, June 9, 2022 Outlook
Technicals: Weakening but holding up.
Sentiment remains negative.
Growth vs Value battle
Economic Reports:
ECB policy decision
Jobless Claims
Geopolitical events:
Russia/Ukraine. China/Supply Chain. Inflation & Interest rates (growth concerns). Oil. Earnings. Fed Speak & Policy. Japan.
Thursday, June 9, 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. Rising 2-year yield.
B. The technicals are still negative but showing improvement.
2. Up (Positive)
A. The technicals are improving. Sentiment is 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 below 20 and negative.
Conclusion based on Wednesday, June 8, 2022
Overview:
The SPX is mixed.
Short-Term:
Improving in spite of recent declines
Intermediate-Term:
Negative but possibly improving.
Long-Term:
Negative: Below 200 SMA.
Thank You!
John Clay
The SPX Investing Program
John@SPXInvesting.com