SIGNAL SCAN — May 20
Risk 100/100 · 6 movers
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SIGNAL SCAN — May 20, 2026
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SNAPSHOT
Energy leading defensive rotation amid mixed cross-asset flow, as crypto faces institutional outflows while metals pull back from recent strength. Risk appetite selective with staples and real estate finding bids against commodity headwinds.
BTC at $76,605, above $75K.
Crypto sentiment: 27 (Fear, 7d avg 31) (falling).
Equity sentiment (CNN F&G): 60.4 (Greed), 7d avg 65.1, 30d avg 68.6.
BTC ETF flows: -$331M outflow on May 20 (Wed close), after -$1.8B outflow trailing 5-trading-day.
SECTOR STRENGTH
Top sectors: XLE +3.1%, XLP +1.7%, XLRE +1.6%, COPX -4.4%, URA -5.5%.
1. Energy (XLE +3.1%) — strong
2. Consumer Staples (XLP +1.7%) — bid
3. Real Estate (XLRE +1.6%) — bid
4. Copper Miners (COPX -4.4%) — weak
5. Uranium (URA -5.5%) — dump
MACRO RISK DASHBOARD
Pre-market — tradfi reflects Tue close, crypto live.
Risk Gauge: 100.0/100 (Critical). Phase: OVERHEATING.
SPY -0.7% | QQQ -1.0% | VIX +1.3% | TLT -0.8% | DXY +0.4% | OIL -4.2%
Composite Risk: 45.4/100 (ELEVATED).
CAPE: 41.4 (BUBBLE_TERRITORY, 99th %ile, +142% vs mean).
Geopolitical risk: 42/100 (MODERATE). Top: Middle East / Red Sea 46/100 (MODERATE, natural_gas bullish).
RATES + CYCLE
ICSA: 211K (FLAT trend, +0.03z)
Business cycle: LEI 99.85 (STABLE), claims ↑211K, 2s10s +0.54.
Fed implied: -1.8 cuts (HIKES_PRICED); 10Y breakeven 2.49% (NORMAL).
FORWARD SCENARIOS
SCENARIO A (33%) — Risk-on Continuation
SPY: $757.11-772.70 (+3-5%)
QQQ: $738.79-761.15 (+5-8%)
BTC: $80,674-84,743 (+5-11%)
SCENARIO B (33%) — Crypto Decoupling
BTC: $83,116-88,812 (+8-16%)
TLT: $80.37-82.14 (-3 to -1%)
QQQ: $679.17-694.08 (-3 to -1%)
SCENARIO C (34%) — Defensive Bid
TLT: $85.67-87.43 (+3-5%)
DXY: 100.41-102.52 (+1-3%)
SPY: $710.35-718.14 (-3 to -2%)
NARRATIVES
↓ Copper: 0.607 (Δ -0.029, CORE)
↓ Korea: 0.490 (Δ -0.021, MIXED)
↓ Robotics: 0.556 (Δ -0.021, CORE)
BIG MOVES + DRIVERS
Top movers: TKMS +7.0%, WPP +6.4%, WTI -4.2%, TON -4.0%, XLE +3.1%, SLV -3.1%.
TKMS $76.00 (+7.0%) — flow-driven move, positioning-led with no specific catalyst
WPP $278.70 (+6.4%) — advertising services momentum on positioning flows
WTI $104.13 (-4.2%) — profit-taking after recent energy sector strength
TON $1.94 (-4.0%) — crypto selloff pressuring Telegram ecosystem tokens
XLE $61.29 (+3.1%) — energy sector technical breakout driving momentum
SLV $66.90 (-3.1%) — precious metals rotation as industrial demand concerns weigh
Defensive rotation favoring energy and staples while crypto and metals face headwinds
POSITIONING
BTC ETF flows (DefiLlama, issuer-reported): -$331M outflow on May 20 (Wed close) (IBIT -$326M, BRRR -$4M, FBTC -$2M). Trailing 5-trading-day net: -$1.8B outflow.
Copper #1 (COMEX): +73.5K net, Δ +10.4K (ADDING_LONGS)
Gold (COMEX): +100.6K net, Δ +5.0K (ADDING_LONGS)
INTEL
▼ Fed Tightening Cycle Acceleration [SPY, TLT, USD, BTC]
▼ Bitcoin Institutional Retreat [BTC, MSTR, COIN]
▼ Commodities Under Pressure [GLD, USO, COPX, URA]
Congress (last 3 pages): 13 buys / 23 sells [D:13B/23S].
IMPLICATION
Energy's breakout against metals weakness signals commodity rotation rather than broad risk-off. Watch for continuation in defensive plays like staples and real estate, while crypto institutional flows remain under pressure. The selective risk appetite suggests sector-specific positioning over macro regime shift.
JSON
{"regime":"OVERHEATING","riskGauge":100,"cape":41.35,"equitySentiment":60.4}
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