2026-05-22
Daily Report
2026-05-22
Health Care led the session at +1.17%, while Communication Svcs lagged at -0.55%, with UNG -3.44% setting the thematic tone.
SPY +0.39% QQQ +0.42% 15 qualifying setups
Market Signal
RISK ON
Score 0.55
Generated
2026-05-22 19:27
Static build timestamp
Leaders
Health Care
Best-performing sector today
Lagging
Communication Svcs
Weakest sector on the tape
Overview
Index & Macro Snapshot
Core benchmarks, volatility, and curve shape for the session.
S&P 500
$745.64
+0.39% today · +9.44% YTD
Nasdaq 100
$717.54
+0.42% today · +17.18% YTD
Russell 2000
$285.12
+0.93% today · +14.81% YTD
Dow Jones
$506.12
+0.60% today · +5.15% YTD
VIX
16.70
-9.39% over 5d
10Y Treasury
4.56%
Long-end benchmark
2Y Treasury
3.58%
Policy-sensitive front end
2s/10s Curve
+97bps
Normal / steepening
Tape Read
What's Moving Markets Today
Daily strategist letter and the cross-sector spreads behind today's tape.
Strategist Letter · 2026-05-22
Morning Note
The tape is trading risk on (composite score +0.55), with SPY +0.39%, QQQ +0.42% and IWM +0.93% on the session. Universe breadth sits at 58% above 50-day and 57% above 200-day, and VIX prints 16.70 (-9.4% over five sessions). At the GICS sub-industry level, leadership concentrated in Automobile Manufacturers (+4.26%), Personal Care Products (+4.12%), Technology Hardware, Storage & Peripherals (+3.57%), Apparel Retail (+3.55%). On the laggard side, Wireless Telecommunication Services -1.97% headed the weak list. No industries crossed into the Leading RRG quadrant in the last five sessions. Cross-asset color: the dollar (UUP) +0.14%; long bonds (TLT) +0.55%; high yield (HYG) +0.01% — credit stress tightening; crude (USO) -1.14%; gold (GLD) -0.76%; bitcoin (BITO) -2.36%. The 2s10s curve sits at +97bps. Risks worth tracking: watch the recent death-cross prints in Aerospace & Defense; and 200-day breaks in Health Care Supplies, Investment Banking & Brokerage, Hotels, Resorts & Cruise Lines; the breadth tape shows 8 new stock-level golden crosses against 6 death crosses. Catalysts in the wires: on geopolitics: 'Kevin Warsh's real Fed 'regime change' may happen deep inside Wall Street's plumbing' [CNBC]; on Fed / macro: 'Kevin Warsh's real Fed 'regime change' may happen deep inside Wall Street's plumbing' [CNBC]; on AI / tech: 'An under-the-radar AI stock just delivered the best quarter of the chip sector' [CNBC]; on energy: 'From panic to pricing in: Are markets past 'peak fear and sell-off' despite oil price surge?' [CNBC]. Positioning takeaway: lean into Health Care pockets where breadth is improving and trim exposure in Communication Svcs until 200-day support is reclaimed.
Cyclicals vs Defensives
mixed
Cyclicals (+0.64%) are leading Defensives (+0.56%) by 0.07pp.
Mixed leadership — the tape can't pick a regime.
Discretionary vs Staples
mixed
XLY +0.40% vs XLP +0.17% (spread +0.23pp).
Consumer mixed — no clear signal on household risk appetite.
Small caps vs Large caps (IWM vs SPY)
risk-on
IWM +0.93% vs SPY +0.39% — spread +0.54pp.
Rally is broadening — small caps participating; risk-on with breadth confirmation.
Stocks vs Bonds (SPY vs TLT)
risk-on
SPY +0.39% AND TLT +0.55% — both bid.
Liquidity tape — stocks and bonds rallying together signals easing financial conditions.
Dollar vs Equities
neutral
UUP +0.14% / SPY +0.39%.
Dollar strong with equities up = US exceptionalism / yield-driven, watch EM.
Gold vs Equities
risk-on
GLD -0.76% / SPY +0.39%.
Gold sold while equities rally — risk-on rotation out of safe-haven.
Growth vs Value (factors)
neutral
VUG +0.07% vs VLUE +1.30% — spread -1.23pp.
Value factor leading — short-duration / cash-flow names bid; cyclical / re-flation tape.
Momentum vs Min Vol
neutral
MTUM +0.48% vs USMV +0.87% — spread -0.39pp.
Momentum / Min-Vol balanced — neutral risk preference.
Cross-Sector Synthesis
The cross-sector tape is unambiguously risk-on. Cyclicals vs Defensives: Cyclicals (+0.64%) are leading Defensives (+0.56%) by 0.07pp. Mixed leadership — the tape can't pick a regime. Discretionary vs Staples: XLY +0.40% vs XLP +0.17% (spread +0.23pp). Consumer mixed — no clear signal on household risk appetite. Small caps vs Large caps (IWM vs SPY): IWM +0.93% vs SPY +0.39% — spread +0.54pp. Rally is broadening — small caps participating; risk-on with breadth confirmation.
Moving-Average Events
Industry golden crosses: Managed Health Care, Health Care Services; Industry death crosses: Aerospace & Defense; Industry 200d reclaims: Hotels, Resorts & Cruise Lines, Broadline Retail, Investment Banking & Brokerage, Passenger Airlines, Electric Utilities; Industry 200d losses: Health Care Supplies, Investment Banking & Brokerage, Hotels, Resorts & Cruise Lines; Industry EMA(12/26) bull crosses: Household Products, Property & Casualty Insurance, Broadline Retail, Air Freight & Logistics, Passenger Airlines; Industry EMA(12/26) bear crosses: Building Products, Specialty Chemicals, Broadcasting. Stock-level: 8 new golden crosses, 6 new death crosses across the S&P 1500 in the last 5 sessions.
News Flow
Catalysts driving the tape
112 relevant headlines across 5 sources, theme-tagged.
Headlines grouped by what's actually moving the market: geopolitics, Fed/macro, AI/tech, earnings, energy, regulation. Each headline is tagged to the sectors it most likely impacts. Urgency markers (!) indicate market-moving signals.
Geopolitics
12
Fed / Macro
12
AI / Tech
12
Earnings
12
Energy / Oil
4
China / Trade
11
Healthcare
2
Crypto
9
Mergers & Acquisitions
3
Regulation
2
Layoffs / Labor
1
Narrative
Sector Commentary
GPT-5.4 commentary grounded in the market inputs for this session.
Health Care led the session at +1.17%, while Communication Svcs lagged at -0.55%, with UNG -3.44% setting the thematic tone.
Health Care +1.2%
Health Care led the sector leaderboard at +1.17% as the strongest large-cap gainers were QCOM +11.60%, ZS +6.64%, SMCI +6.34%.
Communication Svcs -0.6%
Communication Svcs was the weakest major group at -0.55% with pressure concentrated in COIN -4.43%, UBER -2.43%, COST -2.11%.
Commodities — Natural Gas -3.4%
UNG moved -3.44% on the day and -3.44% over 5 days, giving the market a clear read on thematic leadership.
Factor & Regime +0.5%
Momentum led the factor complex at +0.48% while Low Vol trailed at +0.54%. Market signal registered RISK ON at +0.55.
Industry Leaders — Automobile Manufacturers +4.3%
At the GICS sub-industry level, leadership came from Automobile Manufacturers +4.26%, Personal Care Products +4.12%, Technology Hardware, Storage & Peripherals +3.57%. Universe breadth: 58% of S&P 1500 names above their 50-day MA, 57% above the 200-day.
Industry Laggards — Wireless Telecommunication Services -2.0%
Weakest sub-industries today: Wireless Telecommunication Services -1.97%, Consumer Staples Merchandise Retail -1.91%, Integrated Telecommunication Services -1.70%.
Moving-Average Cross Events +0.0%
Industry golden crosses: Managed Health Care, Health Care Services; Industry death crosses: Aerospace & Defense; Industry 200d reclaims: Hotels, Resorts & Cruise Lines, Broadline Retail, Investment Banking & Brokerage, Passenger Airlines, Electric Utilities; Industry 200d losses: Health Care Supplies, Investment Banking & Brokerage, Hotels, Resorts & Cruise Lines; Industry EMA(12/26) bull crosses: Household Products, Property & Casualty Insurance, Broadline Retail, Air Freight & Logistics, Passenger Airlines; Industry EMA(12/26) bear crosses: Building Products, Specialty Chemicals, Broadcasting.
Geopolitics +0.0%
12 active headlines tagged Geopolitics. Top items: [CNBC] Kevin Warsh's real Fed 'regime change' may happen deep inside Wall Street's plumbing; [CNBC] What new Fed chair Kevin Warsh may mean for markets
Fed / Macro +0.0%
12 active headlines tagged Fed/Macro. Top items: [CNBC] Kevin Warsh's real Fed 'regime change' may happen deep inside Wall Street's plumbing; [CNBC] What new Fed chair Kevin Warsh may mean for markets
AI / Tech +0.0%
12 active headlines tagged AI/Tech. Top items: [CNBC] An under-the-radar AI stock just delivered the best quarter of the chip sector; [CNBC] Alibaba's core profit plunges 84% as CEO defends AI investments
Earnings Tape +0.0%
12 active headlines tagged Earnings. Top items: [CNBC] Hims & Hers plummets 13% after first-quarter loss, weak earnings guidance; [CNBC] Nintendo plunges 8% after Switch 2 price hike and weak sales forecast
Sector Breadth
Health Care
+1.17%
Technology
+1.00%
Utilities
+0.78%
Industrials
+0.73%
Energy
+0.61%
Materials
+0.54%
Financials
+0.41%
Cons. Discretionary
+0.40%
Cons. Staples
+0.17%
Real Estate
+0.13%
Communication Svcs
-0.55%
Top Movers
QCOM
QCOM
+11.60%
ZS
ZS
+6.64%
SMCI
SMCI
+6.34%
MRK
MRK
+5.64%
WDAY
WDAY
+5.16%
COIN
COIN
-4.43%
UBER
UBER
-2.43%
COST
COST
-2.11%
NVDA
NVDA
-1.90%
ABNB
ABNB
-1.42%
Scan Output
Full Breakout Table
Composite score combines relative strength, base quality, trend structure, and stage confirmation.
# Ticker Name Sector Score RS Base Trend Stage 2 Price 52W High vs High Avg Vol Vol/Avg
1 ONTO Onto Innovation Inc. Technology
76.8
85.7 50.0 100.0 ✓ $262.25 $307.86 -14.8% 977K 2.01x
2 RXO RXO, Inc. Industrials
72.8
85.8 38.5 100.0 ✓ $24.37 $24.37 +0.0% 2.4M 1.77x
3 D ★ 4d Dominion Energy, Inc. Utilities
72.0
49.0 78.3 100.0 ✓ $67.67 $68.29 -0.9% 5.7M 3.04x
4 ROIV ★ 3d Roivant Sciences Ltd. Healthcare
71.4
81.6 39.3 100.0 ✓ $29.96 $32.41 -7.6% 5.7M 1.79x
5 KEYS ★ 4d Keysight Technologies, Inc. Technology
71.2
75.6 45.5 100.0 ✓ $346.56 $366.68 -5.5% 1.4M 1.91x
6 SATS ★ 4d EchoStar Corporation Communication Services
67.9
100.0 8.2 100.0 ✓ $124.20 $141.80 -12.4% 6.8M 1.13x
7 ENPH Enphase Energy, Inc. Technology
67.1
77.0 32.1 100.0 ✓ $64.03 $64.03 +0.0% 7.4M 1.64x
8 AMD ★ 4d Advanced Micro Devices, Inc. Technology
65.0
100.0 0.0 100.0 ✓ $467.51 $467.51 +0.0% 39.1M 0.84x
9 CIEN ★ 4d Ciena Corporation Technology
65.0
100.0 0.0 100.0 ✓ $583.74 $591.57 -1.3% 2.6M 0.76x
10 COHR ★ 4d Coherent Corp. Technology
65.0
100.0 0.0 100.0 ✓ $377.57 $404.94 -6.8% 7.3M 0.70x
11 FIX ★ 4d Comfort Systems USA, Inc. Industrials
65.0
100.0 0.0 100.0 ✓ $1828.25 $2041.56 -10.4% 405K 0.99x
12 GLW ★ 4d Corning Incorporated Technology
65.0
100.0 0.0 100.0 ✓ $194.05 $208.28 -6.8% 12.9M 1.01x
13 DDOG Datadog, Inc. Technology
65.0
100.0 0.0 100.0 ✓ $222.32 $222.32 +0.0% 5.5M 0.94x
14 DELL Dell Technologies Inc. Technology
65.0
100.0 0.0 100.0 ✓ $295.19 $295.19 +0.0% 7.5M 0.90x
15 HPE Hewlett Packard Enterprise Company Technology
65.0
100.0 0.0 100.0 ✓ $37.58 $37.58 +0.0% 16.8M 0.93x