Finance Analyst Report: 2026-05-20 09:15:54 ET
Signal Alignment
SPY Direction: SPY -0.3% (3d) | Alignment: 50% (3 aligned, 3 divergent) Status: MIXED — Mixed — no clear signal consensus
| Category | Signal Says | vs SPY | Key Driver |
|---|---|---|---|
| Dark Pool | 🔴 BEARISH | ✓ ALIGNED | DIX 0.407 below 0.42 — institutional support weakening |
| Gamma | 🟢 BULLISH | ✗ DIVERGENT | GEX +5.7B strong suppression |
| Credit | 🟢 BULLISH | ✗ DIVERGENT | HY OAS 2.83% moderate, NFCI -0.523 loose |
| Breadth | ⚪ NEUTRAL | — | Breadth 47% — mixed participation |
| Energy | 🔴 BEARISH | ✓ ALIGNED | Energy SHOCK — oil shock creates stagflation risk |
| growth_expectations | ⚪ NEUTRAL | — | Copper/Gold +8.8% growth optimism · real yield 2.10% restrictive |
| Correlations | 🔴 BEARISH | ✓ ALIGNED | SPY/Oil -0.76 — oil shock transmitting directly into equity pricing |
| Volatility | ⚪ NEUTRAL | — | VIX 18.0 sub-20 in contango · SKEW 136 normal · VVIX/VIX 5.26 dealer stress |
| Inflation | ⚪ NEUTRAL | — | Stagflation score 42 — moderate, watching |
| carry_risk | 🟢 BULLISH | ✗ DIVERGENT | USD/JPY 5d +0.8% stable, MOVE 85 calm |
| Liquidity | ⚪ NEUTRAL | — | Liquidity Adequate, cut prob 11% — hawkish lean but no BS drain |
Divergence read: Signals are mixed with no strong directional consensus against price.
Market Status
Regime: TRANSITIONAL | Score: 65/100 (Mixed) |
Leading indicators show energy SHOCK (WTI at $102, watch for margin compression); DIX stable at 0.407; GEX positive at 5.7B (vol-suppressing). Lagging confirmation: VIX at 18.0 (low-fear environment); sentiment reads Neutral; seasonal pattern historically neutral.
- Sentiment: Neutral (Score: 0.12)
What Changed
- No signal changes detected.
Key Levels
- SPY: $736.25 | 50 SMA $692.47 | 200 SMA $677.17 | +0.1% from 50d | ZGL $730.98
- QQQ: $706.01 | 50 SMA $635.46 | 200 SMA $612.39 | +0.1% from 50d | ZGL $701.88
- IWM: $274.45 | 50 SMA $264.72 | 200 SMA $251.62 | +0.0% from 50d | ZGL $247.42
- VIX: 17.99 — sub-20 (low vol)
- 10Y Yield: 4.653%
Equity & Derivatives Board
| Ticker | Price | RSI(14) | IVR | ZGL | γ-Sent | PCR |
|---|---|---|---|---|---|---|
| SPY | $736.25 ▼ | 67.57 | 36.1 | $730.98 | Neutral | 1.07 |
| QQQ | $706.01 ▼ | 71.53 | 61.1 | $701.88 | Neutral | 1.27 |
| IWM | $274.45 ▼ | 51.12 | 41.0 | $247.42 | Bearish | 4.53 |
Macro Board
| Ticker | Price | RSI(14) | IVR | ZGL | γ-Sent | PCR |
|---|---|---|---|---|---|---|
| VIX | 17.99 ▲ | 45.83 | 14.6 | $10.54 | Neutral | 0.86 |
| TNX | 46.53 ▼ | 70.58 | 51.1 | - | - | - |
| GLD | $413.64 ▲ | 45.12 | 27.3 | $417.09 | Neutral | 1.27 |
| DXY | 99.37 ▲ | 67.73 ▲ | 35.7 ▲ | - | - | - |
| SLV | $68.17 ▼ | 53.07 | 30.7 | $68.91 | Neutral | 1.26 |
Dark Pool Activity
- DIX (Dark Index): 0.407
- DIX Signal: Weak
- GEX (Gamma Exposure): 5.73B
Credit Conditions
- HY OAS Spread: 2.83% (Normal)
- BBB Spread: 0.94%
- 2s10s Spread: 0.54% (Healthy slope)
Market Breadth
- Stocks Above 50-Day SMA: 47.4%
- Stocks Above 200-Day SMA: 54.5%
- Breadth Signal: Moderately Bullish
- Total Stocks Analyzed: 500
- Mag 7 Concentration: 32.7%
- Top 10 Concentration: 43.4%
Sector Breadth
| Sector | % > 50d SMA | Stocks |
|---|---|---|
| Energy | 94.7% | 18/19 |
| Real Estate | 89.3% | 25/28 |
| Technology | 72.3% | 47/65 |
| Financials | 54.4% | 37/68 |
| Communication Services | 50.0% | 10/20 |
| Consumer Staples | 50.0% | 17/34 |
| Industrials | 37.3% | 25/67 |
| Health Care | 35.2% | 19/54 |
| Consumer Discretionary | 22.0% | 13/59 |
| Materials | 20.8% | 5/24 |
| Utilities | 20.0% | 6/30 |
Energy & Commodities
- Energy Regime: SHOCK
- WTI Crude: $101.82 ▲ (5d: +0.6% ▲)
- Brent Crude: $108.52 ▲ | Spread: $6.70 ▼
- RBOB Gasoline: $3.5100/gal ▲
- Heating Oil: $3.9700/gal ▲
- 3-2-1 Crack Spread: $52.04/bbl ▲ (Very wide)
- XLE (Energy Sector): $61.29
- UNG (Nat Gas): $11.90
Correlations
| Pair | 20d Corr | Signal |
|---|---|---|
| SPY / VIX | -0.516 | elevated |
| SPY / DXY | -0.602 | stretched |
| SPY / TNX | 0.383 | normal |
| SPY / Oil | -0.759 | stretched |
Volatility & Options
- Volatility Regime: Contango (Normal)
- MOVE Index (Bond Vol): 85.32
- VIX/MOVE Ratio: 0.21 ▲ (Normal Relationship)
- 0DTE Call Volume: 0.0
- 0DTE Put Volume: 0.0
- 0DTE Put/Call Ratio: 1.12 (No 0DTE Flow Yet)
- 0DTE Notional Dollar Volume: $580.8B
- Gamma Call Wall: $745 | Put Wall: $730 (Spot: $736.25)
CTA Trend Stack
- SMA Stack Score: 4/4 above
- Position: Above all 4 SMAs (full-stack long)
Positioning & Sentiment
- CFTC E-mini Specs Net: -143,835 contracts (Z -0.18, as of 2026-05-12)
- AAII Bull-Bear Spread: +2.7% (as of 2026-05-13)
- Squeeze Setup: none (0/4 triggers · no triggers active)
Macro Fundamentals
- 10Y Yield: 4.65% ▼
- Yield Curve (10Y-3M): 1.09 ▼ (Normal)
- DXY: 99.37 ▲
- Growth vs Value: 0.96 ▼
- Fed Funds Rate: 3.50-3.75% | Next FOMC: 2026-06-10
- Rate Probabilities: Hold 84.0% | Cut 11.0%
Inflation Expectations
- 5Y Breakeven: 2.69% (Above Target)
- 10Y Breakeven: 2.48%
- 5Y5Y Forward: 2.27%
- Stagflation Risk Score: 42/100
Fed & Global Liquidity
- Fed Balance Sheet (WALCL): $6728.5B
- Treasury General Account (TGA): $838.6B
- Reverse Repo (RRP): $12.9B
- US Net Liquidity (WALCL - TGA - RRP): $5,877B
- Liquidity Regime: Adequate
- ECB Balance Sheet: ~$7,176B
- BOJ Balance Sheet: ~$4,176B
- Global Net Liquidity: $17,229B
- BTC-USD (Liquidity Proxy): $77,376 ▼ (Neutral)
Active Alerts
- [WARNING] Oil market backwardation signal: energy regime SHOCK with crack spread at $51.47/bbl — supply disruption driving spot premium.
- [WARNING] 10Y real yield at 2.10% — restrictive monetary conditions weighing on growth assets.
- [CRITICAL] WTI crude at $101.55 — triple-digit oil, severe stagflation and margin pressure.
- [WARNING] Sector breadth divergence: wide spread between strongest and weakest sectors — rotation or narrow leadership.
- [WARNING] Oil-equity transmission active: SPY-Oil correlation at -0.756 with energy in SHOCK — crude shock propagating into equities.
- [CRITICAL] WTI crude at $101.55 — energy shock territory, stagflation risk rising.
- [WARNING] 5Y breakeven inflation at 2.69% — inflation expectations well above Fed target.
- [WARNING] 3-2-1 crack spread at $51.47/bbl — refining margins extremely elevated, consumer fuel price pressure.
- [WARNING] Oil spike alert: USO at $152.96 — potential geopolitical disruption or supply shock.
- [WARNING] Key correlation regime break detected — normal market relationships are shifting, increased unpredictability.
Seasonality
- Current Month: May
- Average Return: +1.02%
- Median Return: +1.61%
- Hit Rate: 80%
- Signal: Historically Neutral
Today's Events
Economic Releases:
- Crude Oil Inventories: ⏳ Pending
Earnings:
- NVDA: EPS Est. $1.77 (↓0.1% vs 30d)
Upcoming Calendar (30 Days)
Economic Releases:
- 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
- Industrial Production: 2026-06-15
- Retail Sales: 2026-06-17
Earnings & EPS Estimates:
- WMT (2026-05-21): EPS Est. $0.66 (↓0.1% vs 30d)
- JPM (2026-07-14): EPS Est. $5.40 (↑0.0% vs 30d)
- GS (2026-07-14): EPS Est. $13.74 (↓4.7% vs 30d)
- TSLA (2026-07-22): EPS Est. $0.45 (↑1.7% vs 30d)
- GOOGL (2026-07-23): EPS Est. $2.87 (↑4.0% vs 30d)
- MSFT (2026-07-29): EPS Est. $4.24 (↓0.2% vs 30d)
- META (2026-07-29): EPS Est. $7.20 (↑1.1% vs 30d)
- AAPL (2026-07-30): EPS Est. $1.90 (↑9.6% vs 30d)
- AMZN (2026-07-30): EPS Est. $1.82 (↑2.0% vs 30d)
FX News Wire
Unread articles (6):
[1] US Dollar: Bond sell-off supports stronger Dollar - ING URL: https://www.fxstreet.com/news/us-dollar-bond-sell-off-supports-stronger-dollar-ing-202605201303 Published: Wed, 20 May 2026 13:03:56 Z
[2] NZD/USD edges higher as safe-haven Dollar demand, steady PBoC rates limit gains URL: https://www.fxstreet.com/news/nzd-usd-edges-higher-as-safe-haven-dollar-demand-steady-pboc-rates-limit-gains-202605201253 Published: Wed, 20 May 2026 12:53:05 Z
[3] Japanese Yen: Losses hinge on 159.25 break - UOB URL: https://www.fxstreet.com/news/japanese-yen-losses-hinge-on-15925-break-uob-202605201251 Published: Wed, 20 May 2026 12:51:11 Z
[4] British Pound: Choppy range risks against Euro - Rabobank URL: https://www.fxstreet.com/news/british-pound-choppy-range-risks-against-euro-rabobank-202605201236 Published: Wed, 20 May 2026 12:36:35 Z
[5] Indonesian Rupiah: IDR supported by surprise BI hike - BNY URL: https://www.fxstreet.com/news/indonesian-rupiah-idr-supported-by-surprise-bi-hike-bny-202605201227 Published: Wed, 20 May 2026 12:27:06 Z
[6] Japanese Yen : Intervention risks rise near 160 versus US Dollar - OCBC URL: https://www.fxstreet.com/news/japanese-yen-intervention-risks-rise-near-160-versus-us-dollar-ocbc-202605201205 Published: Wed, 20 May 2026 12:05:11 Z
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