SP 500 – Technical Chart

May 5, 2022

SP500 to SELL OFF to New Yearly Lows

PTGai  anticipating continued downside in SPX.  Intraday HFT bots are to the buy side but dominant volume is absorbing to the sell side. Tech earnings were atrocious with the sector further beaten by rate hikes and supply chain crisis. Fed rate hike of .50 signals that a .75 basis hike will likely happen for the June 15th meeting.  Macro continues to be bearish along with order flow.  Expect the intraday volatility to continue.  Risk off continues in full effect while the war in Ukraine remains a wild card for markets.  Short term downside target is 3925-3961. 
*Update 5/11: Downside target hit, PTGai reset neutral

Leave a Reply

Your email address will not be published. Required fields are marked *