Finance Analyst Report: 2026-04-20 14:15:29
Signal Alignment
SPY Direction: SPY +0.8% (5d) | Alignment: 80% (4 aligned, 1 divergent) Status: MIXED — Mixed — no clear signal consensus
| Category | Signal Says | vs SPY | Key Driver |
|---|---|---|---|
| Dark Pool | ⚪ NEUTRAL | — | DIX 0.509 moderate |
| Gamma | 🟢 BULLISH | ✓ ALIGNED | GEX +9.8B — dealers long gamma, suppressing downside vol |
| Credit | 🟢 BULLISH | ✓ ALIGNED | HY OAS 2.83% benign, NFCI -0.465 avg |
| Breadth | 🟢 BULLISH | ✓ ALIGNED | Breadth 63% — broad participation supports rally |
| Energy | ⚪ NEUTRAL | — | Energy ELEVATED — watch for transmission but not yet bearish |
| growth_expectations | ⚪ NEUTRAL | — | Copper/Gold 20d RoC +1.4% — growth expectations stable |
| Correlations | 🔴 BEARISH | ✗ DIVERGENT | SPY/Oil -0.65 — oil shock transmitting directly into equity pricing |
| Volatility | 🟢 BULLISH | ✓ ALIGNED | VIX 19.1 sub-20 in contango · VVIX/VIX 5.19 above-trend |
| Inflation | ⚪ NEUTRAL | — | Stagflation score 33 — moderate, watching |
| carry_risk | ⚪ NEUTRAL | — | USD/JPY 5d -0.3% stable |
| Liquidity | ⚪ NEUTRAL | — | Liquidity Adequate |
Divergence read: Risk-on regime with gamma, credit, and breadth leaning bullish, but correlations haven't signed on yet — rally is concentrated, watch for broadening.
Market Status
Regime: RISK-ON | Score: 85/100 (Favorable) |
Leading indicators show DIX stable at 0.509; GEX positive at 9.8B (vol-suppressing); credit spreads tightening (risk appetite improving). Lagging confirmation: VIX at 19.1 (low-fear environment); sentiment reads Bullish; seasonal pattern historically bullish.
- Sentiment: Bullish (Score: 0.23)
What Changed
- No signal changes detected.
Key Levels
- SPY: $708.10 | 50 SMA $674.99 | 200 SMA $666.48 | +0.0% from 50d | ZGL $687.25
- QQQ: $646.21 | 50 SMA $602.10 | 200 SMA $598.89 | +0.1% from 50d | ZGL $623.27
- IWM: $276.79 | 50 SMA $257.19 | 200 SMA $245.38 | +0.1% from 50d | ZGL $274.49
- VIX: 19.05 — sub-20 (low vol)
- 10Y Yield: 4.254%
Equity & Derivatives Board
| Ticker | Price | RSI(14) | IVR | ZGL | GEX Sent | PCR |
|---|---|---|---|---|---|---|
| SPY | $708.10 | 96.83 | 92.0 | $687.25 | Neutral | 1.15 |
| QQQ | $646.21 | 95.47 | 96.4 | $623.27 | Neutral | 1.17 |
| IWM | $276.79 | 89.87 | 83.7 | $274.49 | Neutral | 0.82 |
Macro Board
| Ticker | Price | RSI(14) | IVR | ZGL | GEX Sent | PCR |
|---|---|---|---|---|---|---|
| VIX | 19.05 | 10.98 | 62.1 | $11.34 | Neutral | 1.01 |
| TNX | 42.54 | 27.34 | 74.8 | - | - | - |
| GLD | $442.12 | 73.33 | 53.3 | $415.04 | Neutral | 0.51 |
| DXY | 98.06 | 15.28 | 36.2 | - | - | - |
| SLV | $72.27 | 77.71 | 27.5 | $50.00 | Neutral | 0.71 |
Dark Pool Activity
- DIX (Dark Index): 0.509
- DIX Signal: Strong buying
- GEX (Gamma Exposure): 9.78B
Credit Conditions
- HY OAS Spread: 2.83% (Normal)
- BBB Spread: 1.01%
- 2s10s Spread: 0.55% (Healthy slope)
Market Breadth
- Stocks Above 50-Day SMA: 62.9%
- Stocks Above 200-Day SMA: 61.4%
- Breadth Signal: Strong Bullish
- Total Stocks Analyzed: 501
Sector Breadth
| Sector | % > 50d SMA | Stocks |
|---|---|---|
| Real Estate | 92.9% | 26/28 |
| Financials | 85.3% | 58/68 |
| Technology | 75.4% | 49/65 |
| Communication Services | 75.0% | 15/20 |
| Materials | 70.8% | 17/24 |
| Consumer Discretionary | 66.1% | 39/59 |
| Industrials | 55.2% | 37/67 |
| Utilities | 53.3% | 16/30 |
| Health Care | 48.1% | 26/54 |
| Energy | 25.0% | 5/20 |
| Consumer Staples | 20.6% | 7/34 |
Energy & Commodities
- Energy Regime: ELEVATED
- WTI Crude: $87.37 (5d: -4.3%)
- Brent Crude: $95.26 | Spread: $7.89
- RBOB Gasoline: $3.0400/gal
- Heating Oil: $3.4400/gal
- 3-2-1 Crack Spread: $45.91/bbl (Very wide)
- XLE (Energy Sector): $55.46
- UNG (Nat Gas): $10.92
Correlations
| Pair | 20d Corr | Signal |
|---|---|---|
| SPY / VIX | -0.811 | normal |
| SPY / DXY | -0.557 | elevated |
| SPY / TNX | -0.678 | stretched |
| SPY / Oil | -0.652 | stretched |
Volatility & Options
- Volatility Regime: Contango (Normal)
- MOVE Index (Bond Vol): 65.70
- VIX/MOVE Ratio: 0.29 (Equity Vol Elevated vs Rates)
- 0DTE Call Volume: 2,419,467
- 0DTE Put Volume: 2,926,623
- 0DTE Put/Call Ratio: 1.21 (Balanced 0DTE Flow)
- Gamma Call Wall: $711 | Put Wall: $709 (Spot: $708.10)
Macro Fundamentals
- 10Y Yield: 4.25%
- Yield Curve (10Y-3M): 0.65 (Normal)
- DXY: 98.06
- Growth vs Value: 0.91
- Fed Funds Rate: 3.50-3.75% | Next FOMC: 2026-04-29
- Rate Probabilities: Hold 82.0% | Cut 13.0%
Inflation Expectations
- 5Y Breakeven: 2.56% (Above Target)
- 10Y Breakeven: 2.36%
- 5Y5Y Forward: 2.16%
- Stagflation Risk Score: 33/100
Fed & Global Liquidity
- Fed Balance Sheet (WALCL): $6705.7B
- Treasury General Account (TGA): $751.4B
- Reverse Repo (RRP): $0.1B
- US Net Liquidity (WALCL - TGA - RRP): $5,954B
- Liquidity Regime: Adequate
- ECB Balance Sheet: ~$7,362B
- BOJ Balance Sheet: ~$4,170B
- Global Net Liquidity: $17,487B
- BTC-USD (Liquidity Proxy): $76,336 ▲ (Neutral)
Active Alerts
- [WARNING] SPY near gamma wall — expect increased resistance/support and potential pinning at key strike.
- [WARNING] SKEW at 142 — elevated tail-risk hedging activity.
- [INFO] DIX at 0.509 — strong dark pool buying activity.
- [WARNING] Sector breadth divergence: wide spread between strongest and weakest sectors — rotation or narrow leadership.
- [INFO] Full bullish alignment: DIX 0.509, GEX +9.8B, HY OAS 2.83%, breadth 63%.
- [WARNING] 5Y breakeven inflation at 2.56% — inflation expectations well above Fed target.
- [WARNING] 3-2-1 crack spread at $45.91/bbl — refining margins extremely elevated, consumer fuel price pressure.
- [WARNING] Regime shifted from CAUTIOUS to RISK-ON.
- [INFO] GEX flipped positive to 5.6B — dealer hedging now dampens moves.
Seasonality
- Current Month: April
- Average Return: +2.36%
- Median Return: +1.57%
- Hit Rate: 80%
- Signal: Historically Bullish
Today's Events
Economic Releases:
- Industrial Production: 101.7898 | Prev: 102.344
Upcoming Calendar (30 Days)
Economic Releases:
- Retail Sales: 2026-04-21
- Philadelphia Fed Mfg Index: 2026-04-28
- Gross Domestic Product (GDP): 2026-04-30
- Employment Situation (Payrolls): 2026-05-08
- Consumer Price Index (CPI): 2026-05-12
- Producer Price Index (PPI): 2026-05-13
- Retail Sales: 2026-05-14
- Industrial Production: 2026-05-15
Earnings & EPS Estimates:
- TSLA (2026-04-22): EPS Est. $0.36 (↓11.2% vs 30d)
- MSFT (2026-04-29): EPS Est. $4.07 (↑0.1% vs 30d)
- GOOGL (2026-04-29): EPS Est. $2.61 (↑0.3% vs 30d)
- AMZN (2026-04-29): EPS Est. $1.65 (↑0.4% vs 30d)
- META (2026-04-29): EPS Est. $6.62 (↑0.3% vs 30d)
- AAPL (2026-04-30): EPS Est. $1.94 (↓0.9% vs 30d)
- NVDA (2026-05-20): EPS Est. $1.78 (↓0.0% vs 30d)
- WMT (2026-05-21): EPS Est. $0.66 (↓0.3% vs 30d)
- JPM (2026-07-14): EPS Est. $5.41 (↓0.8% vs 30d)
- GS (2026-07-14): EPS Est. $13.80 (↓3.0% vs 30d)
FX News Wire
No new articles found since last report.
Iran War News
No new Iran International updates since last report.
Hormuz Strait Status
Hormuz Strait: no change since last report.
Strait of Hormuz Dashboard:
- Ships Transiting: Near zero (normal: ~60/day)
- Stranded Vessels: 150+ ships including tankers, bulk carriers, and other commercial vessels
- Oil Prices: Brent crude surging due to supply disruption
- War Risk Insurance: Premiums at extreme levels, over 16x normal rates
- Throughput: Under 2% of normal daily deadweight tonnage
- Global Impact: 21% of world oil supply at risk; 25% of global LNG trade at risk; est. $4 billion/day economic cost
- Shipping: +14 days via Cape reroute; tanker rates tripled