Daily Video Update for Friday, June 17, 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 Friday June 17, 2022
Announcements
Program opening for membership. I hope to prepare a video this weekend.
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Attempts are being made to make more use of the blog:
SPXInvestingblog.com
No daily video Friday June 24, 2022.
I am taking out the Technical Overview for now since it is the same each day. It will be moderated and added when relevant.

Recap 1: Thursday, June 16, 2022
Open
Gap lower below S1 (3729) to S2 (3668).
Midday:
Prices drifted above and below S2.
Close
Prices closed just below S2.
Down: -3.25%
Volume:
Above average
Fixation:
Technicals, inflation & interest rates (growth concerns), geopolitical concerns, earnings.
Recap 2: Thursday, June 16, 2022
Market Comments:
Other central banks in the world have announced they will be more aggressive after the FOMC raised interested on Wednesday.
The Swiss National Bank announced a surprise rate hike of 50 basis points, the Bank of England increased its key rate by 25 basis points while also projecting a decline of 0.3% in Q2 GDP, and Brazil's central bank raised its key rate by 50 basis points. Are hey trying to catch up? Could a recession be near?
Fear is extreme.
Recession concerns.
Economic Reports:
Housing starts declined 14.4% m/m.
Building permits declined 7.0% m/m.
Initial jobless claims decreased by 3,000 to 229,000 (expected 215,000).
The Philadelphia Fed survey fell to -3.3 in June (expected 5.0) from 2.6 in May.
Trend Condition:
Trend: Negative. Bias (Mixed). Momentum (Negative).

The Day’s Session
Sentiment
Earnings
Edward Yardeni Insights
Edward Yardeni believes Future EPS forecasts are unrealistic due to the S&P 500 entering a bear market, while the economy may be entering a recession.
Through the week of June 9, the S&P 500 consensus revenues estimates for 2022 and 2023 are still at record highs. Industry analysts are trimming their profit margin estimates for 2022 and 2023, but the forward profit margin rose to a record high last week.
His current odds that the US will enter a recession are at 45%, up from 40% a few weeks back.

Support and Resistance
SPX Sectors
Technical Alerts
Intraday
10-Minute Chart
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
Friday June 17, 2022 Outlook
Technicals: Negative and oversold.
Sentiment is extreme.
Economic Reports:
Industrial Production & Capacity Utilization.
Geopolitical events:
Russia/Ukraine. China/Supply Chain. Inflation & Interest rates (growth concerns). Margin calls. Oil. Earnings. Fed Speak & Policy. Japan.
Friday, June 17, 2022 Scenarios
1. Down (Negative)
A. Rising interest rates, inflation fears, growth concerns, earnings, Fed Speak & policy, Fear. Margin calls. FOMC reaction.
B. Technicals are negative but oversold.
2. Up (Positive)
A. The technicals are oversold. Disbelief. FOMC reaction.
B. Possible positive scenarios.
Staples spike is looking more viable(?).
C. Technicals: Pivots, ST MAs, fib retracements, and previous levels may provide S/R.
3. Sideways: (Neutral)
ADX is above 20 and negative.
Conclusion based on Thursday, June 16, 2022
Overview:
The SPX is negative.
Short-Term:
Negative and oversold.
Intermediate-Term:
Negative and oversold.
Long-Term:
Negative: Below 200 SMA.
Thank You!
John Clay
The SPX Investing Program
[email protected]