Finance Analyst Report: 2026-06-03 02:44:20 ET
Signal Alignment
SPY Direction: SPY +0.4% (3d) | Alignment: 75% (3 aligned, 1 divergent) Status: MIXED — Mixed — no clear signal consensus
| Category | Signal Says | vs SPY | Key Driver |
|---|---|---|---|
| Dark Pool | ⚪ NEUTRAL | — | DIX 0.445 moderate, 0DTE PCR 1.01 balanced |
| Gamma | 🟢 BULLISH | ✓ ALIGNED | GEX +7.0B strong suppression |
| Credit | 🟢 BULLISH | ✓ ALIGNED | HY OAS 2.72% benign, NFCI -0.510 loose |
| Breadth | ⚪ NEUTRAL | — | Breadth 53% — mixed participation |
| Energy | ⚪ NEUTRAL | — | Energy ELEVATED — watch for transmission but not yet bearish |
| growth_expectations | ⚪ NEUTRAL | — | Copper/Gold +9.4% growth optimism · real yield 2.06% restrictive |
| news_sentiment | ⚪ NEUTRAL | — | AI news sentiment unavailable |
| Correlations | 🔴 BEARISH | ✗ DIVERGENT | SPY/VIX -0.38 stretched, SPY/DXY -0.38 normal, SPY/TNX -0.65 stretched, SPY/Oil -0.67 stretched |
| Volatility | ⚪ NEUTRAL | — | VIX 15.8 sub-20 in contango · SKEW 142 firm · VVIX/VIX 5.71 dealer stress |
| Inflation | ⚪ NEUTRAL | — | Stagflation score 33 — moderate, watching |
| carry_risk | 🟢 BULLISH | ✓ ALIGNED | USD/JPY 5d +0.2% stable, MOVE 73 calm |
| Liquidity | ⚪ NEUTRAL | — | Liquidity Adequate |
Divergence read: Transitional regime with a bullish tilt (gamma, credit, and carry) — but transitional is by definition unstable, so take the lean at a discount until regime settles.
Market Status
Regime: TRANSITIONAL | Score: 71/100 (Favorable, with caution) | Score reads 71 (Favorable) but regime is TRANSITIONAL — DIX below threshold (0.445) keeps full risk-on classification at bay.
Leading indicators show DIX stable at 0.445; GEX positive at 7.0B (vol-suppressing). Lagging confirmation: VIX at 15.8 (low-fear environment); seasonal pattern historically neutral.
What Changed
- No signal changes detected.
Key Levels
- SPY: $759.63 | 50 SMA $707.84 | 200 SMA $682.32 | +0.1% from 50d | ZGL $756.77
- QQQ: $746.06 | 50 SMA $659.21 | 200 SMA $619.49 | +0.1% from 50d | ZGL $727.53
- IWM: $290.92 | 50 SMA $271.85 | 200 SMA $254.54 | +0.1% from 50d | ZGL $267.5
- VIX: 15.77 — sub-20 (low vol)
- 10Y Yield: 4.455%
Equity & Derivatives Board
| Ticker | Price | RSI(14) | IVR | ZGL | γ-Sent | PCR |
|---|---|---|---|---|---|---|
| SPY | $759.63 | 71.17 | 27.1 | $756.77 | Bearish | 0.32 |
| QQQ | $746.06 | 75.24 | 51.3 | $727.53 | Bearish | 0.45 |
| IWM | $290.92 | 61.85 | 50.9 | $267.50 | Bearish | 0.46 |
Macro Board
| Ticker | Price | RSI(14) | IVR | ZGL | γ-Sent | PCR |
|---|---|---|---|---|---|---|
| VIX | 15.77 | 35.46 | 0.9 | $10.50 | Neutral | 0.77 |
| TNX | 44.55 | 49.24 | 74.4 | - | - | - |
| GLD | $410.70 | 30.60 | 22.6 | $360.03 | Neutral | 0.56 |
| DXY | 99.34 | 65.73 | 17.3 | - | - | - |
| SLV | $67.70 | 28.13 | 27.6 | $51.42 | Neutral | 0.67 |
Dark Pool Activity
- DIX (Dark Index): 0.445
- DIX Signal: Neutral
- GEX (Gamma Exposure): 7.03B
Credit Conditions
- HY OAS Spread: 2.72% (Normal)
- BBB Spread: 0.93%
- 2s10s Spread: 0.46% (Flat-ish)
Market Breadth
- Stocks Above 50-Day SMA: 52.6%
- Stocks Above 200-Day SMA: 56.1%
- Breadth Signal: Moderately Bullish
- Total Stocks Analyzed: 500
- Mag 7 Concentration: 32.1%
- Top 10 Concentration: 42.8%
Sector Breadth
| Sector | % > 50d SMA | Stocks |
|---|---|---|
| Technology | 81.5% | 0/0 |
| Real Estate | 75.0% | 0/0 |
| Industrials | 62.7% | 0/0 |
| Communication Services | 55.0% | 0/0 |
| Energy | 52.6% | 0/0 |
| Consumer Staples | 50.0% | 0/0 |
| Financials | 47.1% | 0/0 |
| Consumer Discretionary | 42.4% | 0/0 |
| Health Care | 37.0% | 0/0 |
| Materials | 33.3% | 0/0 |
| Utilities | 16.7% | 0/0 |
Energy & Commodities
- Energy Regime: ELEVATED
- WTI Crude: $95.54 (5d: +7.5%)
- Brent Crude: $97.77 | Spread: $2.23
- RBOB Gasoline: $3.1700/gal
- Heating Oil: $3.7700/gal
- 3-2-1 Crack Spread: $46.00/bbl (Very wide)
- XLE (Energy Sector): $57.96
- UNG (Nat Gas): $11.47
Correlations
| Pair | 20d Corr | Signal |
|---|---|---|
| SPY / VIX | -0.377 | stretched |
| SPY / DXY | -0.38 | normal |
| SPY / TNX | -0.653 | stretched |
| SPY / Oil | -0.665 | stretched |
Volatility & Options
- Volatility Regime: Contango (Normal)
- MOVE Index (Bond Vol): 73.43
- VIX/MOVE Ratio: 0.21 (Normal Relationship)
- 0DTE Call Volume: 398,075.0
- 0DTE Put Volume: 401,520.0
- 0DTE Put/Call Ratio: 1.01 (Balanced 0DTE Flow)
- 0DTE Notional Dollar Volume: $60.7B
- Gamma Call Wall: $760 | Put Wall: $740 (Spot: $759.63)
CTA Trend Stack
- SMA Stack Score: 4/4 above
- Position: Above all 4 SMAs (full-stack long)
Positioning & Sentiment
- CFTC E-mini Specs Net: -165,831 contracts (Z -0.66, as of 2026-05-26)
- 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): 0.84 (Normal)
- DXY: 99.34
- Growth vs Value: 0.98
- Fed Funds Rate: N/A | Next FOMC: 2026-06-10
- Rate Probabilities: Hold None | Cut None
Inflation Expectations
- 5Y Breakeven: 2.54% (Above Target)
- 10Y Breakeven: 2.39%
- 5Y5Y Forward: 2.24%
- Stagflation Risk Score: 33/100
Fed & Global Liquidity
- Fed Balance Sheet (WALCL): $6704.4B
- Treasury General Account (TGA): $830.3B
- Reverse Repo (RRP): $11.7B
- US Net Liquidity (WALCL - TGA - RRP): $5,862B
- Liquidity Regime: Adequate
- ECB Balance Sheet: ~$7,213B
- BOJ Balance Sheet: ~$4,165B
- Global Net Liquidity: $17,240B
- BTC-USD (Liquidity Proxy): $67,384 (Neutral)
Active Alerts
- [WARNING] SPY near gamma wall — expect increased resistance/support and potential pinning at key strike.
- [WARNING] Oil-equity transmission active: SPY-Oil correlation at -0.665 with energy in ELEVATED — crude shock propagating into equities.
- [WARNING] SKEW at 142 — elevated tail-risk hedging activity.
- [WARNING] 10Y real yield at 2.06% — restrictive monetary conditions weighing on growth assets.
- [WARNING] 5Y breakeven inflation at 2.54% — inflation expectations well above Fed target.
- [WARNING] 3-2-1 crack spread at $46.00/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 $137.27 — 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).
- [WARNING] Pack size threshold breach (refresh #2): max=105655B avg=77755B
Seasonality
- Current Month: June
- Average Return: +0.29%
- Median Return: +0.49%
- Hit Rate: 60%
- Signal: Historically Neutral
Today's Events
Economic Releases:
- ADP Nonfarm Employment Change(May): ⏳ Pending
- Crude Oil Inventories: ⏳ Pending
- ISM Non-Manufacturing PMI(May): ⏳ Pending
- S&P Global Services PMI(May): ⏳ Pending
- Factory Orders(MoM)(Apr): ⏳ Pending
- S&P Global Composite PMI(May): ⏳ Pending
Upcoming Calendar (30 Days)
Economic Releases:
- 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 (↑0.4% vs 30d)
- MSFT (2026-07-29): EPS Est. $4.24 (↑0.4% vs 30d)
- META (2026-07-29): EPS Est. $7.20 (↓0.6% vs 30d)
- AAPL (2026-07-30): EPS Est. $1.90 (↑9.2% vs 30d)
- AMZN (2026-07-30): EPS Est. $1.82 (↓0.1% vs 30d)
- WMT (2026-08-20): EPS Est. $0.74 (↓0.5% vs 30d)
- NVDA (2026-08-26): EPS Est. $2.08 (↑6.5% vs 30d)
FX News Wire
No new articles found since last report.
Iran War News
Updates (1):
[1] Iran lawmaker urges tougher response to US actions Time: 2026-06-03T06:21:52.730Z
Hormuz Strait Status
Hormuz Strait: no change since last report.
Strait of Hormuz Dashboard:
- Strait Status: CLOSED (since 2026-03-04, 91 days ago)
- Ships Transiting: 5 of 60 normal daily — 4.2% of normal
- Throughput: 4.0% of normal (0.4M / 10.3M DWT)
- Stranded Vessels: 350
- Oil Prices: Brent $102.75 (-3.88%)
- War Risk Insurance: EXTREME — 26.7x normal
- Tanker Rates: WS120 (+140% vs pre-crisis)
- Global Impact: 21% of world oil supply at risk; est. $2.1 billion/day economic cost