Finance Analyst Report: 2026-05-05 11:06:15 ET
Signal Alignment
SPY Direction: SPY +0.5% (5d) | Alignment: 67% (2 aligned, 1 divergent) Status: MIXED — Mixed — no clear signal consensus
| Category | Signal Says | vs SPY | Key Driver |
|---|---|---|---|
| Dark Pool | ⚪ NEUTRAL | — | DIX 0.447 moderate |
| Gamma | 🟢 BULLISH | ✓ ALIGNED | GEX +5.9B strong suppression |
| Credit | 🟢 BULLISH | ✓ ALIGNED | HY OAS 2.78% benign, NFCI -0.518 loose |
| Breadth | ⚪ NEUTRAL | — | Breadth 54% — mixed participation |
| Energy | 🔴 BEARISH | ✗ DIVERGENT | Energy SHOCK — oil shock creates stagflation risk |
| growth_expectations | ⚪ NEUTRAL | — | Copper/Gold +7.9% growth optimism · real yield 1.91% firm |
| Correlations | ⚪ NEUTRAL | — | SPY/Oil correlation unavailable |
| Volatility | ⚪ NEUTRAL | — | VIX 17.4 sub-20 in contango · SKEW 142 firm · VVIX/VIX 5.45 dealer stress |
| Inflation | ⚪ NEUTRAL | — | Stagflation score 44 — moderate, watching |
| carry_risk | ⚪ NEUTRAL | — | USD/JPY 5d -1.1% stable |
| Liquidity | ⚪ NEUTRAL | — | Liquidity Adequate |
Divergence read: Signals are mixed with no strong directional consensus against price.
Market Status
Regime: TRANSITIONAL | Score: 69/100 (Mixed) |
Leading indicators show energy SHOCK (WTI at $102, watch for margin compression); DIX stable at 0.447; GEX positive at 5.9B (vol-suppressing). Lagging confirmation: VIX at 17.4 (low-fear environment).
- Sentiment: Neutral (Score: 0.08)
What Changed
- No signal changes detected.
Key Levels
- SPY: $723.53 | 50 SMA $680.79 | 200 SMA $671.39 | +0.1% from 50d | ZGL $704.68
- QQQ: $681.20 | 50 SMA $613.94 | 200 SMA $604.64 | +0.1% from 50d | ZGL $665.79
- IWM: $282.09 | 50 SMA $260.01 | 200 SMA $248.36 | +0.1% from 50d | ZGL $277.96
- VIX: 17.37 — sub-20 (low vol)
- 10Y Yield: 4.418%
Equity & Derivatives Board
| Ticker | Price | RSI(14) | IVR | ZGL | γ-Sent | PCR |
|---|---|---|---|---|---|---|
| SPY | $723.53 ▲ | 71.95 | 43.3 | $704.68 | Bearish | 0.50 |
| QQQ | $681.20 ▲ | 78.90 | 49.4 | $665.79 | Bearish | 0.32 |
| IWM | $282.09 ▲ | 65.43 | 31.6 | $277.96 | Neutral | 0.56 |
Macro Board
| Ticker | Price | RSI(14) | IVR | ZGL | γ-Sent | PCR |
|---|---|---|---|---|---|---|
| VIX | 17.37 ▼ | 49.64 | 40.7 | $11.31 | Neutral | 1.16 |
| TNX | 44.18 | 72.51 | 23.4 | - | - | - |
| GLD | $420.76 ▲ | 28.42 | 23.3 | $340.00 | Neutral | 0.96 |
| DXY | 98.40 ▲ | 55.45 ▲ | 25.6 | - | - | - |
| SLV | $66.76 ▲ | 36.36 | 16.7 | $65.91 | Neutral | 0.76 |
Dark Pool Activity
- DIX (Dark Index): 0.447
- DIX Signal: Neutral
- GEX (Gamma Exposure): 5.93B
Credit Conditions
- HY OAS Spread: 2.78% (Normal)
- BBB Spread: 1.01%
- 2s10s Spread: 0.50% (Healthy slope)
Market Breadth
- Stocks Above 50-Day SMA: 53.5%
- Stocks Above 200-Day SMA: 56.0%
- Breadth Signal: Moderately Bullish
- Total Stocks Analyzed: 501
- Mag 7 Concentration: 32.0%
- Top 10 Concentration: 43.0%
Sector Breadth
| Sector | % > 50d SMA | Stocks |
|---|---|---|
| Real Estate | 82.1% | 23/28 |
| Energy | 80.0% | 16/20 |
| Technology | 69.2% | 45/65 |
| Financials | 66.2% | 45/68 |
| Utilities | 53.3% | 16/30 |
| Materials | 50.0% | 12/24 |
| Industrials | 49.3% | 33/67 |
| Communication Services | 45.0% | 9/20 |
| Consumer Discretionary | 39.0% | 23/59 |
| Health Care | 35.2% | 19/54 |
| Consumer Staples | 32.4% | 11/34 |
Energy & Commodities
- Energy Regime: SHOCK
- WTI Crude: $101.69 ▼ (5d: -4.9% ▼)
- Brent Crude: $110.85 ▼ | Spread: $9.16 ▲
- RBOB Gasoline: $3.4800/gal
- Heating Oil: $4.0100/gal ▲
- 3-2-1 Crack Spread: $51.89/bbl ▲ (Very wide)
- XLE (Energy Sector): $59.18 ▲
- UNG (Nat Gas): $10.73
Correlations
| Pair | 20d Corr | Signal |
|---|---|---|
| SPY / VIX | -0.785 | normal |
| SPY / DXY | -0.712 | stretched |
| SPY / TNX | -0.751 | stretched |
| SPY / Oil | N/A | N/A |
Volatility & Options
- Volatility Regime: Contango (Normal)
- MOVE Index (Bond Vol): 77.86
- VIX/MOVE Ratio: 0.22 ▲ (Normal Relationship)
- 0DTE Call Volume: 1,214,448.0 ▲
- 0DTE Put Volume: 1,156,268.0 ▲
- 0DTE Put/Call Ratio: 0.95 ▼ (Balanced 0DTE Flow)
- 0DTE Notional Dollar Volume: $171.5B ▲
- Gamma Call Wall: $723 | Put Wall: $700 (Spot: $723.53)
CTA Trend Stack
- SMA Stack Score: 4/4 above
- Position: Above all 4 SMAs (full-stack long)
Positioning & Sentiment
- CFTC E-mini Specs Net: -101,440 contracts (Z +0.80, as of 2026-04-28)
- AAII Bull-Bear Spread: -1.6% (as of 2026-04-29)
- Squeeze Setup: none (0/4 triggers · no triggers active)
Macro Fundamentals
- 10Y Yield: 4.42%
- Yield Curve (10Y-3M): 0.82 ▼ (Normal)
- DXY: 98.40 ▲
- Growth vs Value: 0.94 ▲
- Fed Funds Rate: 3.50-3.75% | Next FOMC: 2026-06-10
- Rate Probabilities: Hold None | Cut None
Inflation Expectations
- 5Y Breakeven: 2.72% (Above Target)
- 10Y Breakeven: 2.50%
- 5Y5Y Forward: 2.28%
- Stagflation Risk Score: 44/100
Fed & Global Liquidity
- Fed Balance Sheet (WALCL): $6699.9B
- Treasury General Account (TGA): $981.9B
- Reverse Repo (RRP): $0.6B
- US Net Liquidity (WALCL - TGA - RRP): $5,717B
- Liquidity Regime: Adequate
- ECB Balance Sheet: ~$7,277B
- BOJ Balance Sheet: ~$4,198B
- Global Net Liquidity: $17,193B
- BTC-USD (Liquidity Proxy): $81,280 (Risk-on)
Active Alerts
- [WARNING] Key correlation regime break detected — normal market relationships are shifting, increased unpredictability.
- [WARNING] CTA SMA stack now 4/4 — systematic trend trigger fired. Above all 4 SMAs (full-stack long).
- [WARNING] SKEW at 142 — elevated tail-risk hedging activity.
- [CRITICAL] WTI crude at $102.09 — triple-digit oil, severe stagflation and margin pressure.
- [CRITICAL] WTI crude at $102.09 — energy shock territory, stagflation risk rising.
- [WARNING] DIX dropped below 0.45 to 0.447 — institutional buying support fading.
- [WARNING] Regime shifted from RISK-ON to TRANSITIONAL.
- [INFO] SPY (716.59) reclaimed ZGL (704.87) — volatility dampening resumes.
- [WARNING] SPY (719.82) dropped below ZGL (720.57) — expect amplified downside moves.
- [INFO] Breadth crossed above 50% (51% >50d SMA) — participation broadening, bullish reversal signal.
Seasonality
- Current Month: May
- Average Return: +0.94%
- Median Return: +1.46%
- Hit Rate: 80%
- Signal: Historically Neutral
Today's Events
Economic Releases:
- ISM Non-Manufacturing PMI(Apr): 53.6 vs Est. 53.7 (MISS) | Prev: 54.0
- ISM Non-Manufacturing Prices(Apr): 70.7 vs Est. 73.7 (MISS) | Prev: 70.7
- JOLTS Job Openings(Mar): 6.866 vs Est. 6.860 (INLINE) | Prev: 6.922
- New Home Sales(Feb): 635 | Prev: 587
- New Home Sales(Mar): 682 vs Est. 652 (BEAT) | Prev: 583
- S&P Global Services PMI(Apr): 51.0 vs Est. 51.3 (MISS) | Prev: 49.8
- API Weekly Crude Oil Stock: ⏳ Pending
- Atlanta Fed GDPNow(Q2): ⏳ Pending
- Building Permits(Feb): 1.538 vs Est. 1.538 (INLINE) | Prev: 1.386
- Building Permits(Mar): 1.363 vs Est. 1.372 (INLINE) | Prev: 1.538
- Exports(Mar): 320.90 | Prev: 314.70
- ISM Non-Manufacturing Employment(Apr): 48.0 vs Est. 48.3 (MISS) | Prev: 45.2
- Imports(Mar): 381.20 | Prev: 372.40
- New Home Sales(MoM)(Feb): 8.9% | Prev: -17.6%
- New Home Sales(MoM)(Mar): 7.4% | Prev: -19.9%
- S&P Global Composite PMI(Apr): 51.7 vs Est. 52.0 (MISS) | Prev: 50.3
- Trade Balance(Mar): -60.30 vs Est. -61.00 (BEAT) | Prev: -57.80
Upcoming Calendar (30 Days)
Economic Releases:
- Producer Price Index (PPI): 2026-05-13
- Industrial Production: 2026-05-15
- Philadelphia Fed Mfg Index: 2026-05-26
- Gross Domestic Product (GDP): 2026-05-28
Earnings & EPS Estimates:
- NVDA (2026-05-20): EPS Est. $1.77 (↓0.0% vs 30d)
- WMT (2026-05-21): EPS Est. $0.66 (↓0.3% vs 30d)
- JPM (2026-07-14): EPS Est. $5.39 (↑0.9% vs 30d)
- GS (2026-07-14): EPS Est. $13.76 (↓2.5% vs 30d)
- TSLA (2026-07-22): EPS Est. $0.45 (↓1.1% vs 30d)
- GOOGL (2026-07-23): EPS Est. $2.87 (↑3.8% vs 30d)
- MSFT (2026-07-29): EPS Est. $4.22 (↓0.9% vs 30d)
- META (2026-07-29): EPS Est. $7.23 (↑1.4% vs 30d)
- AAPL (2026-07-30): EPS Est. $1.89 (↑8.7% vs 30d)
- AMZN (2026-07-30): EPS Est. $1.82 (↑1.7% 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