Yesterday (May 20th), 4-Hourly chart gave a BUY signal at the lows that materialized and led to uptrend today.
Hourly and 4-Hourly trend is at <SP_H_T1> and <SP_4H_T1> respectively in S&P futures. This needs to be broken/cleared decisively to downtrend/uptrend. Hourly cycle is down bottoming around <SP_Day_Hour>.
TECH sector (whose short term cycles are UP till <NQ_Day1> and then down till <NQ_Day2>) seems to be having a significant impact to the direction of S&P possibly preventing the downside pressure right now.
VIX closed today at 14.95 and its daily trend level is at <VIX_D_T1>.
In the short term, right now, hourly trend level in S&P and daily trend level in VIX should be our guide. Price/Level movement above and below the trend should dictate the direction of the market.
US Dollar is about to give a daily sell signal unless price can hold above <DXY_H_T1> and overcome overhead resistance with good momentum. Daily trend level is at: <DXY_D_T1> and 4-Hourly trend level is at <DXY_4H_T1>.
EURUSD is about to give a daily buy signal unless price can hold below <EURO_H_T1> and continue downtrend with good momentum. Daily trend level is at: <EURO_D_T1>. 4-Hourly trend level is at <EURO_D_T1>.
On economic front, Chicago National Fed Activity Index for April came at a weak -0.45 primarily due to manufacturing and industrial production. Existing home sales for April declined -0.4% m/m and -4.4% y/y.