Finance Analyst Report: 2026-05-15 04:00:21 ET
Signal Alignment
SPY Direction: SPY +0.7% (3d) | Alignment: 60% (3 aligned, 2 divergent) Status: MIXED — Mixed — no clear signal consensus
| Category | Signal Says | vs SPY | Key Driver |
|---|---|---|---|
| Dark Pool | ⚪ NEUTRAL | — | DIX 0.454 moderate |
| Gamma | 🟢 BULLISH | ✓ ALIGNED | GEX +8.6B strong suppression |
| Credit | 🟢 BULLISH | ✓ ALIGNED | HY OAS 2.82% moderate, NFCI -0.524 loose |
| Breadth | ⚪ NEUTRAL | — | Breadth 47% — mixed participation |
| Energy | 🔴 BEARISH | ✗ DIVERGENT | Energy SHOCK — oil shock creates stagflation risk |
| growth_expectations | ⚪ NEUTRAL | — | Copper/Gold +12.5% growth optimism · real yield 1.99% firm |
| Correlations | 🔴 BEARISH | ✗ DIVERGENT | SPY/Oil -0.72 — oil shock transmitting directly into equity pricing |
| Volatility | ⚪ NEUTRAL | — | VIX 17.3 sub-20 in contango · SKEW 139 normal · VVIX/VIX 5.46 dealer stress |
| Inflation | ⚪ NEUTRAL | — | Stagflation score 42 — moderate, watching |
| carry_risk | 🟢 BULLISH | ✓ ALIGNED | USD/JPY 5d +1.0% stable, MOVE 70 calm |
| Liquidity | ⚪ NEUTRAL | — | Liquidity Adequate |
Divergence read: Signals are mixed with no strong directional consensus against price.
Market Status
Regime: CAUTIOUS | Score: 71/100 (Favorable, with caution) | Score reads 71 (Favorable) but regime is CAUTIOUS — breadth at 47% and energy regime SHOCK keeps full risk-on classification at bay.
Leading indicators show energy SHOCK (WTI at $102, watch for margin compression); DIX stable at 0.454; GEX positive at 8.6B (vol-suppressing). Lagging confirmation: VIX at 17.3 (low-fear environment); sentiment reads Bullish; seasonal pattern historically neutral.
- Sentiment: Bullish (Score: 0.23)
What Changed
- No signal changes detected.
Key Levels
- SPY: $747.95 | 50 SMA $687.62 | 200 SMA $674.98 | +0.1% from 50d | ZGL $737.93
- QQQ: $719.95 | 50 SMA $627.28 | 200 SMA $609.48 | +0.1% from 50d | ZGL $703.94
- IWM: $284.27 | 50 SMA $262.96 | 200 SMA $250.46 | +0.1% from 50d | ZGL $266.99
- VIX: 17.26 — sub-20 (low vol)
- 10Y Yield: 4.461%
Equity & Derivatives Board
| Ticker | Price | RSI(14) | IVR | ZGL | γ-Sent | PCR |
|---|---|---|---|---|---|---|
| SPY | $747.95 | 81.91 | 28.1 | $737.93 | Bearish | 0.27 |
| QQQ | $719.95 | 84.05 | 51.7 | $703.94 | Bearish | 0.40 |
| IWM | $284.27 | 60.31 | 30.1 | $266.99 | Bearish | 0.46 |
Macro Board
| Ticker | Price | RSI(14) | IVR | ZGL | γ-Sent | PCR |
|---|---|---|---|---|---|---|
| VIX | 17.26 | 41.84 | 14.7 | $10.58 | Neutral | 1.42 |
| TNX | 44.61 | 65.80 | 33.7 | - | - | - |
| GLD | $426.80 | 49.53 | 25.3 | $419.46 | Neutral | 0.92 |
| DXY | 98.88 | 54.75 | 32.3 | - | - | - |
| SLV | $75.45 | 73.21 | 21.6 | $70.33 | Neutral | 0.50 |
Dark Pool Activity
- DIX (Dark Index): 0.454
- DIX Signal: Moderate buying
- GEX (Gamma Exposure): 8.6B
Credit Conditions
- HY OAS Spread: 2.82% (Normal)
- BBB Spread: 0.96%
- 2s10s Spread: 0.48% (Flat-ish)
Market Breadth
- Stocks Above 50-Day SMA: 47.3%
- Stocks Above 200-Day SMA: 55.4%
- Breadth Signal: Moderately Bullish
- Total Stocks Analyzed: 499
- Mag 7 Concentration: 33.0%
- Top 10 Concentration: 43.9%
Sector Breadth
| Sector | % > 50d SMA | Stocks |
|---|---|---|
| Real Estate | 82.1% | 23/28 |
| Technology | 64.6% | 42/65 |
| Energy | 57.9% | 11/19 |
| Financials | 54.4% | 37/68 |
| Industrials | 50.7% | 34/67 |
| Communication Services | 50.0% | 10/20 |
| Materials | 45.8% | 11/24 |
| Consumer Staples | 42.4% | 14/33 |
| Health Care | 33.3% | 18/54 |
| Consumer Discretionary | 25.4% | 15/59 |
| Utilities | 23.3% | 7/30 |
Energy & Commodities
- Energy Regime: SHOCK
- WTI Crude: $102.02 (5d: +6.9%)
- Brent Crude: $106.55 | Spread: $4.53
- RBOB Gasoline: $3.4800/gal
- Heating Oil: $3.9300/gal
- 3-2-1 Crack Spread: $50.44/bbl (Very wide)
- XLE (Energy Sector): $58.07
- UNG (Nat Gas): $11.16
Correlations
| Pair | 20d Corr | Signal |
|---|---|---|
| SPY / VIX | -0.552 | elevated |
| SPY / DXY | -0.716 | stretched |
| SPY / TNX | 0.366 | normal |
| SPY / Oil | -0.723 | stretched |
Volatility & Options
- Volatility Regime: Contango (Normal)
- MOVE Index (Bond Vol): 69.63
- VIX/MOVE Ratio: 0.25 (Normal Relationship)
- 0DTE Call Volume: 4,289,692.0
- 0DTE Put Volume: 3,142,193.0
- 0DTE Put/Call Ratio: 0.73 (Balanced 0DTE Flow)
- 0DTE Notional Dollar Volume: $556.0B
- Gamma Call Wall: $750 | Put Wall: $730 (Spot: $747.95)
CTA Trend Stack
- SMA Stack Score: 4/4 above
- Position: Above all 4 SMAs (full-stack long)
Positioning & Sentiment
- CFTC E-mini Specs Net: -103,885 contracts (Z +0.76, as of 2026-05-05)
- AAII Bull-Bear Spread: +2.7% (as of 2026-05-13)
- Squeeze Setup: none (0/4 triggers · no triggers active)
Macro Fundamentals
- 10Y Yield: 4.46%
- Yield Curve (10Y-3M): 0.87 (Normal)
- DXY: 98.88
- Growth vs Value: 0.96
- Fed Funds Rate: N/A | Next FOMC: 2026-06-10
- Rate Probabilities: Hold None | Cut None
Inflation Expectations
- 5Y Breakeven: 2.70% (Above Target)
- 10Y Breakeven: 2.47%
- 5Y5Y Forward: 2.24%
- Stagflation Risk Score: 42/100
Fed & Global Liquidity
- Fed Balance Sheet (WALCL): $6728.5B
- Treasury General Account (TGA): $838.6B
- Reverse Repo (RRP): $2.0B
- US Net Liquidity (WALCL - TGA - RRP): $5,888B
- Liquidity Regime: Adequate
- ECB Balance Sheet: ~$7,198B
- BOJ Balance Sheet: ~$4,200B
- Global Net Liquidity: $17,286B
- BTC-USD (Liquidity Proxy): $80,804 ▲ (Risk-on)
Active Alerts
- [WARNING] SPY near gamma wall — expect increased resistance/support and potential pinning at key strike.
- [CRITICAL] WTI crude at $102.02 — triple-digit oil, severe stagflation and margin pressure.
- [WARNING] Oil market backwardation signal: energy regime SHOCK with crack spread at $50.44/bbl — supply disruption driving spot premium.
- [WARNING] Oil-equity transmission active: SPY-Oil correlation at -0.723 with energy in SHOCK — crude shock propagating into equities.
- [CRITICAL] WTI crude at $102.02 — energy shock territory, stagflation risk rising.
- [WARNING] 5Y breakeven inflation at 2.70% — inflation expectations well above Fed target.
- [WARNING] 3-2-1 crack spread at $50.44/bbl — refining margins extremely elevated, consumer fuel price pressure.
- [WARNING] Oil spike alert: USO at $143.0 — potential geopolitical disruption or supply shock.
- [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).
Seasonality
- Current Month: May
- Average Return: +1.12%
- Median Return: +1.61%
- Hit Rate: 80%
- Signal: Historically Neutral
Today's Events
Economic Releases:
- Core Retail Sales(MoM)(Apr): 0.7% vs Est. 0.7% (INLINE) | Prev: 1.9%
- Initial Jobless Claims: 211 vs Est. 205 (BEAT) | Prev: 199
- Retail Sales(MoM)(Apr): 0.5% vs Est. 0.5% (INLINE) | Prev: 1.6%
- Atlanta Fed GDPNow(Q2): 4.0% vs Est. 3.7% (BEAT) | Prev: 3.7%
- Business Inventories(MoM)(Mar): 0.9% vs Est. 0.8% (BEAT) | Prev: 0.4%
- Continuing Jobless Claims: 1,782 vs Est. 1,790 (MISS) | Prev: 1,758
- Export Price Index(MoM)(Apr): 3.3% vs Est. 1.1% (BEAT) | Prev: 1.5%
- Fed's Balance Sheet: 6,729 | Prev: 6,710
- Import Price Index(MoM)(Apr): 1.9% vs Est. 1.0% (BEAT) | Prev: 0.9%
- Retail Control(MoM)(Apr): 0.5% vs Est. 0.4% (BEAT) | Prev: 0.8%
- Retail Inventories Ex Auto(Mar): 0.4% vs Est. 0.5% (MISS) | Prev: 0.5%
Upcoming Calendar (30 Days)
Economic Releases:
- Industrial Production: 2026-05-15
- Philadelphia Fed Mfg Index: 2026-05-26
- Gross Domestic Product (GDP): 2026-05-28
- Employment Situation (Payrolls): 2026-06-05
- Consumer Price Index (CPI): 2026-06-10
- Producer Price Index (PPI): 2026-06-11
Earnings & EPS Estimates:
- NVDA (2026-05-20): EPS Est. $1.78 (↑0.1% vs 30d)
- WMT (2026-05-21): EPS Est. $0.66 (↓0.6% vs 30d)
- JPM (2026-07-14): EPS Est. $5.40 (↑1.0% vs 30d)
- GS (2026-07-14): EPS Est. $13.74 (↓0.2% vs 30d)
- TSLA (2026-07-22): EPS Est. $0.45 (↑1.8% vs 30d)
- GOOGL (2026-07-23): EPS Est. $2.88 (↑4.1% vs 30d)
- MSFT (2026-07-29): EPS Est. $4.25 (↓0.2% vs 30d)
- META (2026-07-29): EPS Est. $7.22 (↑1.4% vs 30d)
- AAPL (2026-07-30): EPS Est. $1.89 (↑9.4% vs 30d)
- AMZN (2026-07-30): EPS Est. $1.82 (↑1.6% vs 30d)
FX News Wire
Unread articles (19):
[1] British Pound dives to five-week lows below 1.3350 as UK political crisis deepens URL: https://www.fxstreet.com/news/british-pound-dives-to-five-week-lows-below-13350-as-uk-political-crisis-deepens-202605150737 Published: Fri, 15 May 2026 07:37:22 Z
[2] EUR/JPY Price Forecast: Slips below 184.50 near the confluence around descending wedge top URL: https://www.fxstreet.com/news/eur-jpy-price-forecast-slips-below-18450-near-the-confluence-around-descending-wedge-top-202605150732 Published: Fri, 15 May 2026 07:32:45 Z
[3] Indian Rupee: Policy steps shape currency outlook - DBS URL: https://www.fxstreet.com/news/indian-rupee-policy-steps-shape-currency-outlook-dbs-202605150726 Published: Fri, 15 May 2026 07:26:38 Z
[4] USD/CHF Price Forecast: Advances to two-week high to test 0.7865 confluence on bullish USD URL: https://www.fxstreet.com/news/usd-chf-price-forecast-advances-to-two-week-high-to-test-07865-confluence-on-bullish-usd-202605150723 Published: Fri, 15 May 2026 07:23:26 Z
[5] Turkish Lira: Reserve drain and inflation risks - Commerzbank URL: https://www.fxstreet.com/news/turkish-lira-reserve-drain-and-inflation-risks-commerzbank-202605150705 Published: Fri, 15 May 2026 07:05:23 Z
[6] New Zealand Dollar tumbles to near 0.5850 on Fed rate hike bets URL: https://www.fxstreet.com/news/new-zealand-dollar-tumbles-to-near-05850-on-fed-rate-hike-bets-202605150657 Published: Fri, 15 May 2026 06:57:54 Z
[7] Indian Rupee underperfoms amid concerns over forex reserves, elevated oil prices URL: https://www.fxstreet.com/news/indian-rupee-remains-weak-amid-concerns-over-indias-forex-reserves-202605150524 Published: Fri, 15 May 2026 06:57:18 Z
[8] Equities: Tech and AI leadership drive record highs - Deutsche Bank URL: https://www.fxstreet.com/news/equities-tech-and-ai-leadership-drive-record-highs-deutsche-bank-202605150654 Published: Fri, 15 May 2026 06:54:53 Z
[9] GEN Restaurant Group, Inc. (GENK) reports Q1 loss, lags revenue estimates URL: https://www.fxstreet.com/news/gen-restaurant-group-inc-genk-reports-q1-loss-lags-revenue-estimates-202605150640 Published: Fri, 15 May 2026 06:40:23 Z
[10] US Dollar Index (DXY) rallies above 99.00 amid soaring US yields URL: https://www.fxstreet.com/news/us-dollar-index-dxy-rallies-above-9900-amid-soaring-us-yields-202605150639 Published: Fri, 15 May 2026 06:39:44 Z
[11] AUD/USD Price Forecast: Near-term bias turns bearish as correction extends below 20-day EMA URL: https://www.fxstreet.com/news/aud-usd-price-forecast-near-term-bias-turns-bearish-as-correction-extends-below-20-day-ema-202605150639 Published: Fri, 15 May 2026 06:39:37 Z
[12] Gold declines further below $4,600 as USD buying remains unabated amid Fed hike bets URL: https://www.fxstreet.com/news/gold-declines-for-fourth-straight-day-as-hawkish-fed-bets-and-geopolitics-support-usd-202605150343 Published: Fri, 15 May 2026 06:38:40 Z
[13] US Dollar: Strong data supports Dollar gains - Rabobank URL: https://www.fxstreet.com/news/us-dollar-strong-data-supports-dollar-gains-rabobank-202605150636 Published: Fri, 15 May 2026 06:36:38 Z
[14] Indian Rupee: Policy support amid pressure - MUFG URL: https://www.fxstreet.com/news/indian-rupee-policy-support-amid-pressure-mufg-202605150628 Published: Fri, 15 May 2026 06:28:05 Z
[15] British Pound: Political strain weighs on Sterling - Commerzbank URL: https://www.fxstreet.com/news/british-pound-political-strain-weighs-on-sterling-commerzbank-202605150617 Published: Fri, 15 May 2026 06:17:10 Z
[16] Euro falls as risk aversion increases, Fed policy shifts URL: https://www.fxstreet.com/news/euro-falls-as-risk-aversion-increases-fed-policy-shifts-202605150610 Published: Fri, 15 May 2026 06:10:57 Z
[17] Pound Sterling Price News and Forecast: GBP/USD attracts some sellers to around 1.3365 URL: https://www.fxstreet.com/news/pound-sterling-price-news-and-forecast-gbp-usd-attracts-some-sellers-to-around-13365-202605150556 Published: Fri, 15 May 2026 05:56:59 Z
[18] Canadian Dollar declines to near 1.3750 as Trump-Xi summit supports US Dollar URL: https://www.fxstreet.com/news/canadian-dollar-declines-to-near-13750-as-trump-xi-summit-supports-us-dollar-202605150554 Published: Fri, 15 May 2026 05:54:16 Z
[19] USD/JPY Price Forecast: Extends winning streak and stabilizes above 20-day EMA URL: https://www.fxstreet.com/news/usd-jpy-price-forecast-extends-winning-streak-and-stabilizes-above-20-day-ema-202605150547 Published: Fri, 15 May 2026 05:47:17 Z
Iran War News
Updates (6):
[1] Asian-bound oil cargoes continue through Hormuz - Reuters
Time: 2026-05-15T07:42:36.162Z
[BREAKING] [2] UAE to speed up pipeline project to bypass Hormuz Time: 2026-05-15T07:18:33.838Z
[3] Iranians report medicine shortages and soaring drug prices Time: 2026-05-15T07:06:13.154Z
[4] Israel seeking renewed military campaign against Iran, report says Time: 2026-05-15T06:54:16.385Z
[5] Germany says Iran war likely to hit economy in second quarter Time: 2026-05-15T06:44:01.419Z
[6] Iran urges Security Council reform at BRICS meeting Time: 2026-05-15T05:52:21.875Z
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