Finance Analyst Report: 2026-05-22 15:01:49 ET
Signal Alignment
SPY Direction: SPY +1.2% (3d) | Alignment: 100% (6 aligned, 0 divergent) Status: STRONG ALIGNMENT — Strong alignment — structural signals confirm price direction
| Category | Signal Says | vs SPY | Key Driver |
|---|---|---|---|
| Dark Pool | 🟢 BULLISH | ✓ ALIGNED | DIX 0.455 moderate, 0DTE PCR 0.74 call-heavy |
| Gamma | 🟢 BULLISH | ✓ ALIGNED | GEX +7.3B strong suppression |
| Credit | 🟢 BULLISH | ✓ ALIGNED | HY OAS 2.78% benign, NFCI -0.523 loose |
| Breadth | 🟢 BULLISH | ✓ ALIGNED | Breadth 58% — broad participation supports rally |
| Energy | 🟢 BULLISH | ✓ ALIGNED | Energy FALLING — oil decline, mild equity tailwind |
| growth_expectations | ⚪ NEUTRAL | — | Copper/Gold +10.3% growth optimism · real yield 2.13% restrictive |
| Correlations | ⚪ NEUTRAL | — | SPY/VIX -0.57 elevated, SPY/DXY -0.61 stretched, SPY/TNX +0.34 normal, SPY/Oil -0.74 stretched |
| Volatility | ⚪ NEUTRAL | — | VIX 16.5 sub-20 in contango · SKEW 137 normal · VVIX/VIX 5.46 dealer stress |
| Inflation | ⚪ NEUTRAL | — | Stagflation score 34 — moderate, watching |
| carry_risk | 🟢 BULLISH | ✓ ALIGNED | USD/JPY 5d +0.2% stable, MOVE 80 calm |
| Liquidity | ⚪ NEUTRAL | — | Liquidity Adequate, cut prob 11% — hawkish lean but no BS drain |
Divergence read: Structural signals broadly confirm the risk-on rally — dark pool, gamma, and credit align with SPY's uptrend (100% of directional signals in agreement).
Market Status
Regime: RISK-ON | Score: 79/100 (Favorable) |
Leading indicators show DIX stable at 0.455; GEX positive at 7.3B (vol-suppressing); credit spreads tightening (risk appetite improving). Lagging confirmation: VIX at 16.5 (low-fear environment); sentiment reads Neutral; seasonal pattern historically neutral.
- Sentiment: Neutral (Score: 0.11)
What Changed
- No signal changes detected.
Key Levels
- SPY: $747.08 | 50 SMA $695.08 | 200 SMA $678.29 | +0.1% from 50d | ZGL $732.24
- QQQ: $719.79 | 50 SMA $639.70 | 200 SMA $613.91 | +0.1% from 50d | ZGL $698.93
- IWM: $285.45 | 50 SMA $265.85 | 200 SMA $252.23 | +0.1% from 50d | ZGL $280.9
- VIX: 16.52 — sub-20 (low vol)
- 10Y Yield: 4.558%
Equity & Derivatives Board
| Ticker | Price | RSI(14) | IVR | ZGL | γ-Sent | PCR |
|---|---|---|---|---|---|---|
| SPY | $747.08 | 67.52 | 33.3 | $732.24 | Bearish | 0.34 |
| QQQ | $719.79 | 71.66 | 59.8 | $698.93 | Bearish | 0.42 |
| IWM | $285.45 | 53.69 | 54.6 | $280.90 | Bearish | 0.42 |
Macro Board
| Ticker | Price | RSI(14) | IVR | ZGL | γ-Sent | PCR |
|---|---|---|---|---|---|---|
| VIX | 16.52 | 48.61 | 14.8 | $10.52 | Neutral | 0.87 |
| TNX | 45.58 | 65.43 | 69.6 | - | - | - |
| GLD | $414.49 | 44.85 | 23.6 | $416.76 | Neutral | 1.25 |
| DXY | 99.23 | 60.94 | 35.6 | - | - | - |
| SLV | $68.67 | 51.78 | 29.0 | $67.70 | Neutral | 0.85 |
Dark Pool Activity
- DIX (Dark Index): 0.455
- DIX Signal: Moderate buying
- GEX (Gamma Exposure): 7.3B
Credit Conditions
- HY OAS Spread: 2.78% (Normal)
- BBB Spread: 0.94%
- 2s10s Spread: 0.49% (Flat-ish)
Market Breadth
- Stocks Above 50-Day SMA: 58.3%
- Stocks Above 200-Day SMA: 59.4%
- Breadth Signal: Moderately Bullish
- Total Stocks Analyzed: 499
- Mag 7 Concentration: 32.5%
- Top 10 Concentration: 43.0%
Sector Breadth
| Sector | % > 50d SMA | Stocks |
|---|---|---|
| Real Estate | 96.4% | 0/0 |
| Technology | 75.4% | 0/0 |
| Financials | 73.1% | 0/0 |
| Energy | 63.2% | 0/0 |
| Industrials | 61.2% | 0/0 |
| Consumer Staples | 58.8% | 0/0 |
| Communication Services | 55.0% | 0/0 |
| Utilities | 46.7% | 0/0 |
| Health Care | 40.7% | 0/0 |
| Consumer Discretionary | 37.3% | 0/0 |
| Materials | 33.3% | 0/0 |
Energy & Commodities
- Energy Regime: FALLING
- WTI Crude: $96.24 (5d: -11.4%)
- Brent Crude: $103.22 | Spread: $6.98
- RBOB Gasoline: $3.3400/gal
- Heating Oil: $3.7700/gal
- 3-2-1 Crack Spread: $50.06/bbl (Very wide)
- XLE (Energy Sector): $59.38
- UNG (Nat Gas): $10.95
Correlations
| Pair | 20d Corr | Signal |
|---|---|---|
| SPY / VIX | -0.574 | elevated |
| SPY / DXY | -0.609 | stretched |
| SPY / TNX | 0.339 | normal |
| SPY / Oil | -0.739 | stretched |
Volatility & Options
- Volatility Regime: Contango (Normal)
- MOVE Index (Bond Vol): 79.72
- VIX/MOVE Ratio: 0.21 (Normal Relationship)
- 0DTE Call Volume: 3,303,165.0
- 0DTE Put Volume: 2,448,940.0
- 0DTE Put/Call Ratio: 0.74 (Balanced 0DTE Flow)
- 0DTE Notional Dollar Volume: $429.8B
- Gamma Call Wall: $745 | Put Wall: $735 (Spot: $747.08)
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: -11.9% (as of 2026-05-20)
- Squeeze Setup: none (0/4 triggers · no triggers active)
Macro Fundamentals
- 10Y Yield: 4.56%
- Yield Curve (10Y-3M): 0.97 (Normal)
- DXY: 99.23
- 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: 2.57% (Above Target)
- 10Y Breakeven: 2.39%
- 5Y5Y Forward: 2.21%
- Stagflation Risk Score: 34/100
Fed & Global Liquidity
- Fed Balance Sheet (WALCL): $6713.6B
- Treasury General Account (TGA): $781.3B
- Reverse Repo (RRP): $1.0B
- US Net Liquidity (WALCL - TGA - RRP): $5,931B
- Liquidity Regime: Adequate
- ECB Balance Sheet: ~$7,178B
- BOJ Balance Sheet: ~$4,168B
- Global Net Liquidity: $17,277B
- BTC-USD (Liquidity Proxy): $76,410 (Neutral)
Active Alerts
- [WARNING] SPY near gamma wall — expect increased resistance/support and potential pinning at key strike.
- [INFO] Full bullish alignment: DIX 0.455, GEX +7.3B, HY OAS 2.78%, breadth 58%.
- [WARNING] 10Y real yield at 2.13% — restrictive monetary conditions weighing on growth assets.
- [CRITICAL] WTI crude at $96.24 — energy shock territory, stagflation risk rising.
- [WARNING] 5Y breakeven inflation at 2.57% — inflation expectations well above Fed target.
- [WARNING] 3-2-1 crack spread at $50.06/bbl — refining margins extremely elevated, consumer fuel price pressure.
- [WARNING] Oil spike alert: USO at $140.99 — potential geopolitical disruption or supply shock.
- [WARNING] Key correlation regime break detected — normal market relationships are shifting, increased unpredictability.
- [WARNING] CTA SMA stack now 4.0/4 — systematic trend trigger fired. Above all 4 SMAs (full-stack long).
- [WARNING] Regime shifted from TRANSITIONAL to RISK-ON.
Seasonality
- Current Month: May
- Average Return: +1.11%
- Median Return: +1.61%
- Hit Rate: 80%
- Signal: Historically Neutral
Today's Events
Economic Releases:
- Michigan 1-Year Inflation Expectations(May): 4.8% vs Est. 4.5% (BEAT) | Prev: 4.7%
- Michigan 5-Year Inflation Expectations(May): 3.9% vs Est. 3.4% (BEAT) | Prev: 3.4%
- Michigan Consumer Expectations(May): 44.1 vs Est. 48.5 (MISS) | Prev: 48.1
- Michigan Consumer Sentiment(May): 44.8 vs Est. 48.2 (MISS) | Prev: 48.2
- US Leading Index(MoM)(Apr): 0.1% vs Est. -0.1% (BEAT) | Prev: -0.6%
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:
- 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 (↑3.9% vs 30d)
- MSFT (2026-07-29): EPS Est. $4.24 (↓0.4% 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 (↑1.8% vs 30d)
- WMT (2026-08-20): EPS Est. $0.66 (↓0.0% 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:
- Strait Status: RESTRICTED (since 2026-02-28, 83 days ago)
- Ships Transiting: 35 of 60 normal daily — 58.3% of normal
- Throughput: 49.0% of normal (5.0M / 10.3M DWT)
- Stranded Vessels: 285
- Oil Prices: Brent $116.73 (+2.43%)
- War Risk Insurance: EXTREME — 30.0x normal
- Tanker Rates: WS348 (+596% vs pre-crisis)
- Global Impact: 21% of world oil supply at risk; est. $3.2 billion/day economic cost