Finance Analyst Report: 2026-05-28 15:42:47 ET
Signal Alignment
SPY Direction: SPY +0.7% (3d) | Alignment: 100% (4 aligned, 0 divergent) Status: MIXED — Mixed — no clear signal consensus
| Category | Signal Says | vs SPY | Key Driver |
|---|---|---|---|
| Dark Pool | ⚪ NEUTRAL | — | DIX 0.424 moderate, 0DTE PCR 1.09 balanced |
| Gamma | 🟢 BULLISH | ✓ ALIGNED | GEX +8.2B strong suppression |
| Credit | 🟢 BULLISH | ✓ ALIGNED | HY OAS 2.71% benign, NFCI -0.510 loose |
| Breadth | 🟢 BULLISH | ✓ ALIGNED | Breadth 56% — broad participation supports rally |
| Energy | ⚪ NEUTRAL | — | Energy ELEVATED — watch for transmission but not yet bearish |
| growth_expectations | ⚪ NEUTRAL | — | Copper/Gold +11.2% growth optimism · real yield 2.10% restrictive |
| news_sentiment | ⚪ NEUTRAL | — | AI news sentiment unavailable |
| Correlations | ⚪ NEUTRAL | — | SPY/VIX -0.55 elevated, SPY/DXY -0.37 normal, SPY/TNX -0.74 stretched, SPY/Oil -0.71 stretched |
| Volatility | ⚪ NEUTRAL | — | VIX 15.7 sub-20 in contango · SKEW 139 normal · VVIX/VIX 5.40 dealer stress |
| Inflation | ⚪ NEUTRAL | — | Stagflation score 32 — moderate, watching |
| carry_risk | 🟢 BULLISH | ✓ ALIGNED | USD/JPY 5d +0.2% stable, MOVE 71 calm |
| Liquidity | ⚪ NEUTRAL | — | Liquidity Adequate, cut prob 11% — hawkish lean but no BS drain |
Divergence read: Transitional regime with a bullish tilt (gamma, credit, and breadth) — but transitional is by definition unstable, so take the lean at a discount until regime settles.
Market Status
Regime: TRANSITIONAL | Score: 72/100 (Favorable, with caution) | Score reads 72 (Favorable) but regime is TRANSITIONAL — DIX below threshold (0.424) keeps full risk-on classification at bay.
Leading indicators show DIX rising to 0.424 (institutional accumulation increasing); GEX positive at 8.2B (vol-suppressing). Lagging confirmation: VIX at 15.7 (low-fear environment); sentiment reads Bullish; seasonal pattern historically neutral.
- Sentiment: Bullish (Score: 0.19)
What Changed
- No signal changes detected.
Key Levels
- SPY: $754.88 | 50 SMA $700.07 | 200 SMA $680.01 | +0.1% from 50d | ZGL $732.69
- QQQ: $735.97 | 50 SMA $647.42 | 200 SMA $616.24 | +0.1% from 50d | ZGL $711.45
- IWM: $292.46 | 50 SMA $268.31 | 200 SMA $253.26 | +0.1% from 50d | ZGL $280.99
- VIX: 15.67 — sub-20 (low vol)
- 10Y Yield: 4.455%
Equity & Derivatives Board
| Ticker | Price | RSI(14) | IVR | ZGL | γ-Sent | PCR |
|---|---|---|---|---|---|---|
| SPY | $754.88 | 65.84 | 31.7 | $732.69 | Bearish | 0.32 |
| QQQ | $735.97 | 69.67 | 57.1 | $711.45 | Bearish | 0.25 |
| IWM | $292.46 | 54.32 | 62.1 | $280.99 | Bearish | 0.27 |
Macro Board
| Ticker | Price | RSI(14) | IVR | ZGL | γ-Sent | PCR |
|---|---|---|---|---|---|---|
| VIX | 15.67 | 44.40 | 14.7 | $10.52 | Neutral | 1.27 |
| TNX | 44.55 | 60.06 | 79.4 | - | - | - |
| GLD | $413.00 | 24.63 | 23.7 | $340.00 | Neutral | 1.02 |
| DXY | 99.00 | 61.49 | 35.2 | - | - | - |
| SLV | $68.42 | 45.72 | 29.6 | $64.45 | Neutral | 0.63 |
Dark Pool Activity
- DIX (Dark Index): 0.424
- DIX Signal: Neutral
- GEX (Gamma Exposure): 8.17B
Credit Conditions
- HY OAS Spread: 2.71% (Normal)
- BBB Spread: 0.93%
- 2s10s Spread: 0.48% (Flat-ish)
Market Breadth
- Stocks Above 50-Day SMA: 56.1%
- Stocks Above 200-Day SMA: 61.0%
- Breadth Signal: Strong Bullish
- Total Stocks Analyzed: 499
- Mag 7 Concentration: 32.4%
- Top 10 Concentration: 43.0%
Sector Breadth
| Sector | % > 50d SMA | Stocks |
|---|---|---|
| Real Estate | 92.9% | 0/0 |
| Technology | 75.4% | 0/0 |
| Industrials | 62.7% | 0/0 |
| Consumer Staples | 61.8% | 0/0 |
| Communication Services | 60.0% | 0/0 |
| Financials | 49.3% | 0/0 |
| Consumer Discretionary | 49.2% | 0/0 |
| Health Care | 46.3% | 0/0 |
| Energy | 42.1% | 0/0 |
| Materials | 41.7% | 0/0 |
| Utilities | 26.7% | 0/0 |
Energy & Commodities
- Energy Regime: ELEVATED
- WTI Crude: $89.05 (5d: -7.6%)
- Brent Crude: $92.82 | Spread: $3.77
- RBOB Gasoline: $3.1100/gal
- Heating Oil: $3.5600/gal
- 3-2-1 Crack Spread: $47.87/bbl (Very wide)
- XLE (Energy Sector): $56.97
- UNG (Nat Gas): $11.91
Correlations
| Pair | 20d Corr | Signal |
|---|---|---|
| SPY / VIX | -0.549 | elevated |
| SPY / DXY | -0.368 | normal |
| SPY / TNX | -0.744 | stretched |
| SPY / Oil | -0.713 | stretched |
Volatility & Options
- Volatility Regime: Contango (Normal)
- MOVE Index (Bond Vol): 70.90
- VIX/MOVE Ratio: 0.22 (Normal Relationship)
- 0DTE Call Volume: 2,637,589.0
- 0DTE Put Volume: 2,876,626.0
- 0DTE Put/Call Ratio: 1.09 (Balanced 0DTE Flow)
- 0DTE Notional Dollar Volume: $416.2B
- Gamma Call Wall: $755 | Put Wall: $750 (Spot: $754.88)
CTA Trend Stack
- SMA Stack Score: 4/4 above
- Position: Above all 4 SMAs (full-stack long)
Positioning & Sentiment
- CFTC E-mini Specs Net: -140,605 contracts (Z -0.08, as of 2026-05-19)
- AAII Bull-Bear Spread: -6.3% (as of 2026-05-27)
- Squeeze Setup: none (0/4 triggers · no triggers active)
Macro Fundamentals
- 10Y Yield: 4.46%
- Yield Curve (10Y-3M): 0.87 (Normal)
- DXY: 99.00
- Growth vs Value: 0.97
- Fed Funds Rate: 3.50-3.75% | Next FOMC: 2026-06-10
- Rate Probabilities: Hold 84.0% | Cut 11.0%
Inflation Expectations
- 5Y Breakeven: 2.53% (Above Target)
- 10Y Breakeven: 2.39%
- 5Y5Y Forward: 2.25%
- Stagflation Risk Score: 32/100
Fed & Global Liquidity
- Fed Balance Sheet (WALCL): $6713.6B
- Treasury General Account (TGA): $781.3B
- Reverse Repo (RRP): $1.2B
- US Net Liquidity (WALCL - TGA - RRP): $5,931B
- Liquidity Regime: Adequate
- ECB Balance Sheet: ~$7,194B
- BOJ Balance Sheet: ~$4,160B
- Global Net Liquidity: $17,285B
- BTC-USD (Liquidity Proxy): $73,449 (Neutral)
Active Alerts
- [WARNING] SPY near gamma wall — expect increased resistance/support and potential pinning at key strike.
- [WARNING] 10Y real yield at 2.10% — restrictive monetary conditions weighing on growth assets.
- [WARNING] 5Y breakeven inflation at 2.53% — inflation expectations well above Fed target.
- [WARNING] 3-2-1 crack spread at $47.87/bbl — refining margins extremely elevated, consumer fuel price pressure.
- [WARNING] Key correlation regime break detected — normal market relationships are shifting, increased unpredictability.
- [WARNING] Oil spike alert: USO at $130.65 — potential geopolitical disruption or supply shock.
- [WARNING] CTA SMA stack now 4.0/4 — systematic trend trigger fired. Above all 4 SMAs (full-stack long).
- [INFO] SPY (750.28) reclaimed ZGL (732.58) — volatility dampening resumes.
- [WARNING] DIX dropped below 0.45 to 0.446 — institutional buying support fading.
- [WARNING] Regime shifted from RISK-ON to TRANSITIONAL.
Seasonality
- Current Month: May
- Average Return: +1.16%
- Median Return: +1.61%
- Hit Rate: 80%
- Signal: Historically Neutral
Today's Events
Economic Releases:
- Core PCE Price Index(MoM)(Apr): 0.2% vs Est. 0.3% (MISS) | Prev: 0.3%
- Core PCE Price Index(YoY)(Apr): 3.3% vs Est. 3.3% (INLINE) | Prev: 3.2%
- Crude Oil Inventories: -3.327 vs Est. -3.800 (BEAT) | Prev: -7.863
- Durable Goods Orders(MoM)(Apr): 7.9% vs Est. 4.0% (BEAT) | Prev: 1.3%
- GDP(QoQ)(Q1): 1.6% vs Est. 2.0% (MISS) | Prev: 0.5%
- Initial Jobless Claims: 215 vs Est. 211 (BEAT) | Prev: 210
- New Home Sales(Apr): 622 vs Est. 661 (MISS) | Prev: 663
- 7-Year Note Auction: 4.290% | Prev: 4.175%
- Atlanta Fed GDPNow(Q2): 3.8% vs Est. 4.3% (MISS) | Prev: 4.3%
- Building Permits(Apr): 1.423 vs Est. 1.442 (MISS) | Prev: 1.363
- Continuing Jobless Claims: 1,786 vs Est. 1,780 (BEAT) | Prev: 1,771
- Core Durable Goods Orders(MoM)(Apr): 1.1% vs Est. 0.5% (BEAT) | Prev: 1.1%
- Core PCE Prices(Q1): 4.40% vs Est. 4.30% (BEAT) | Prev: 2.70%
- Cushing Crude Oil Inventories: -2.794 | Prev: -1.604
- GDP Price Index(QoQ)(Q1): 3.5% vs Est. 3.6% (MISS) | Prev: 3.6%
- New Home Sales(MoM)(Apr): -6.2% | Prev: 3.4%
- PCE Price index(YoY)(Apr): 3.8% vs Est. 3.8% (INLINE) | Prev: 3.5%
- PCE price index(MoM)(Apr): 0.4% vs Est. 0.5% (MISS) | Prev: 0.7%
- Personal Spending(MoM)(Apr): 0.5% vs Est. 0.5% (INLINE) | Prev: 1.0%
Upcoming Calendar (30 Days)
Economic Releases:
- 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
- Philadelphia Fed Mfg Index: 2026-06-23
- Gross Domestic Product (GDP): 2026-06-25
Earnings & EPS Estimates:
- JPM (2026-07-14): EPS Est. $5.39 (↑0.1% 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. $2.88 (↑3.9% vs 30d)
- MSFT (2026-07-29): EPS Est. $4.24 (↓0.3% vs 30d)
- META (2026-07-29): EPS Est. $7.20 (↑1.0% vs 30d)
- AAPL (2026-07-30): EPS Est. $1.90 (↑9.2% vs 30d)
- AMZN (2026-07-30): EPS Est. $1.82 (↑2.0% vs 30d)
- WMT (2026-08-20): EPS Est. $0.74 (↓0.4% vs 30d)
- NVDA (2026-08-26): EPS Est. $2.09 (↑7.1% 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, 89 days ago)
- Ships Transiting: 4 of 60 normal daily — 6.7% of normal
- Throughput: 5.0% of normal (0.5M / 10.3M DWT)
- Stranded Vessels: 0
- Oil Prices: Brent $116.73 (+2.43%)
- War Risk Insurance: EXTREME — 30.0x normal
- Tanker Rates: WS85 (+70% vs pre-crisis)
- Global Impact: 21% of world oil supply at risk; est. $2.8 billion/day economic cost